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Sinclair - A Marketing Plan - Lily Fullenhull
- 1. A Marketing Plan BYLILY FULLENHULL
- 2. What Is aMarketing Plan? A marketing plan defines a business and analyzes the current internal and external states of that market and business, in order to develop and maintain a plan of action A marketing plan is typically a 5 step plan segmented into 3 phases The steps can be used out of order as needed
- 3. Planning Phase Step1 Develop a mission statement with marketing executives and managers A mission statement identifies the three “Whats”. What type of business are we? What are our objectives? What can we do to accomplish these objectives?
- 4. Planning Phase Step2 Conduct a SWOT analysis SWOT stands for Strengths, Weaknesses, Opportunities, and Threats that the company has/is facing Internal environment: Strengths and Weaknesses External environment: Opportunities and Threats SWOT analyses are made with a 2x2 table with lists for under element
- 5. Implementation Phase Step3 Identify opportunities to increase profits using STP STP stands for Segmentation, Targeting, and Positioning S: Identify the different market segments that your customers are in and what their different needs are T: Identify which market segments you want to focus on marketing to P: Position yourself in the market by identifying and advertising what makes you different from competitors
- 6. Implementation Phase Step4 Implement the 4 P’s/Marketing Mix Product: Create value with your product by making something customers want Price: Capture value by setting a reasonable price for the consumer that will still bring the company profit Place: Deliver value to the customer with an organized supply chain Promotion: Communicate value to the customer using Integrated Marketing Communications
- 7. Control Phase Step5 Evaluate the results steps 1-4 have brought by analyzing metrics, and make and necessary adjustments Did you meet performance goals? Metrics are means of measuring different qualities
- 8. How To HoldPeople Accountable? Employees should only be held accountable for things they can control Do hold people accountable for unreasonable profit forecasts Do hold people accountable for lack of competency Don’t hold people accountable for losses that resulted from decisions from higher ups Ex: Loss of profits when headquarters lowered sale prices Don’t hold people accountable for the fluctuating economy
- 9. Different Metrics YouCan Utilize Many businesses develop their own personal metrics to measure what is specific to their business Financial metrics Revenues, sales, profits Portfolio analysis Determines how either product line (group of products often sold together) or an SBU (division of the firm) is doing BCG analysis
- 10. What is aBCG Growth Matrix? A BCG analysis uses a BCG growth matrix to place company products into 4 different categories using a 2x2 matrix Star: Grows quickly in the market but requires a huge investment Cash Cow: No longer requires large investments but still makes large profit Question Mark: Requires a large investment to potentially make large profit Dog: Do not make considerable profit and should be phased out