Section 2.1

Vocab

SWOT analysis-- an assesment listing and analyzing a companys strengths and weaknesses.


Situation Analysis-- study of internal and external factors that affect maketing strategies.


PEST analysis-- Scanning of outside influences on an organization


Marketing strategy-- Identifies targt markets and sets marketing mix choices that focus on those markets


Marketing plan-- A formal, written document that directs a company's activities for a specific period of time.


Sales forecast-- The projection of probable, furture sales in units or dollars


Executive summary-- A brief overview of the entire marketing plan.


Performance Standard-- an expectation for performance that reflects the plan's objectives.

How to conduct a SWOT analysis

Figure out your Strengths, weaknesses, opportunities, and threats

three key areas of an internal company analysis

Company:

Staff related--)what is the mission statement of the company? is everyone on the staff following it? Financial Questions-- Has the company been profitable? In which areas? Why? Production Capability-- What changes in technology are required to remain competitive?

Customers: Who are they? How do groups of customers differ from one to another?

Competitive Position:

What is the company's market share? Are competitors taking away business? Why?


4 P's

Product: What products have been successful and why?

Place: Do product easily reach customers?

Price: Are the pricing strategies working?

Promotion: How is the company positioned in the marketplace?

External Factors

Competition: Companies need to know what their competitors are doing at all times.

PEST Analysis: Understanding the current influence of Political, Economic, Socio-Cultural, and Technnological has on the market.

PEST Analysis

Political: Companies must be alert to changes in laws and regulations that affect there company.

Economic Factors: Recession, unemployment, Currency Rates, import Pricing, Trade Restrictions.

Socio-Cultural: Diversity, health

Technology: Keep up to date on new technology

Elements of Market Planning

Executive Summary: Briefly addresses each topic in a plan and gives an explanation of the costs involved in implementing the plan.


Situation Analysis: takes stock of where the product has been, where it is now, and where it is headed.


Marketing Goals/Objectives: based around the company's mission statement. To be useful, an objective must be single minded, Specific, Realistic, Measurable, and have a time frame.

Marketing Strategies: Choosing a Target Market and considering the customers needs and wants.


Implementation- Obtaining the financial resources, mangament, and staffing neccasary to put the paln in action.


Evaluation and Control- Measures that will be used to evaluate the plan are discussed.