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