MT-499 Unit 4 Seminar

1. MT-499Unit 4 Seminar Welcome!

2. Contents • SWOT Analysis • Components • Role of a SWOT Analysis • Spartan Stores Example • Group Exercise • Role of Research in Developing a Marketing Plan • Components of a Marketing Plan • Other Areas To Consider • eMarketing • Planning For Growth (Branching Out) • Adding Media • Tying it All Together

3. Components of a SWOT Analysis • Break up into Internal vs. External • Internal Components • Strengths • Weaknesses • External Components • Opportunities • Threats • Is it Internal or External? • Would the problem exist if the company did not exist – if yes, then it is external. MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

4. Components of a SWOT Analysis • Internal Components • Strengths • Weaknesses • Some Things to consider: • Size and financial resources • Scale and cost economies • Customer perceptions MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

5. Components of a SWOT Analysis • External Components • Opportunities • Threats • Some Things to consider: • Trends in competitive environment • Trends in technological environment • Trends in sociocultural environment MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

6. Role of a SWOT Analysis • A snapshot of a company’s current situation internally and externally • Internally-focused Actions • Determine how to capitalize on your strengths • Determine how to neutralize your weaknesses and if possible turn them into strengths • Without negatively affecting your existing strengths • Externally-focused Actions • Determine how to capitalize on your opportunities • Determine how to neutralize your threats and if possible turn them into opportunities • Without negatively affecting your existing weaknesses

7. Spartan Example • Let’s briefly discuss improvement Spartan can make • Not just strategic ideas, but actions for implementation • What actions can they take toward their weaknesses • What actions can they take toward their threats

8. Group Exercise • Let’s perform a quick SWOT Analysis of our own • Let’s choose a topic: • Toyota’s current situation • Amazon Kindle (and the competition) • Launch of the Apple iPad • GM’s Market Position • Other

9. Market Research – incl. Benchmarking (from Week 3) • Marketing is more than just advertising • Research can be both Quantitative and Qualitative • Research is used to: • Determine customer needs (Whether B2B or B2C) • Create or improve products/services • Determine effective Marketing campaigns • Benchmarking for Success • You need to offer a product/service that is superior to (or at least competitive with) your competitors’ products/services. • Therefore, you need to benchmark: • Competitors’ Products/Services • Competitor Processes (including supply chains) • Industry Best Practices

10. Marketing Plan Research • External Analysis • Changes in political positions & legislation • Changes in technology • Trends in society (values and habits) • Competitor analysis • Economic situation • Customer Analysis • Current and potential customers • Consumer buying trends • Why do consumers purchase (or not purchase) the product/service • Internal Analysis • Current and anticipated state of HR and Finances • Company performance in relation to customers MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

11. Components of a Marketing Plan • Executive summary (written last) • Situation Analysis (from the research) • SWOT Analysis (to determine/identify the company’s position) • Marketing Goals (changes you would like to achieve) and Objectives (SMART benchmark) • Marketing Strategies (4 P’s from last week) • Implementation Plan (the “How” you will make this happen) • Evaluation & Control (Monitoring and acting upon actual performance) MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

12. Other Areas to Consider • eMarketing – alone or in conjunction with other forms of marketing/advertising (as discussed last week) • Pay Per Click • Banner Advertising • Email Marketing • Organic Search • Planning for Growth (think of the Clean-Air Carpet Cleaning scenario from Week 1) • Branding (so people will know you immediately) • Adding Media (what other types of media should you consider adding and when) • Based on Growth (or loss) • Launch of new and/or improved products/services • Seasonally MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

13. Tying It All Together • Importance of a strong marketing plan in your business plan • Attracting investors • Helping to secure a loan • Gaining a better understanding of your competition and customers • A strategic plan on how to effectively reach your customer (current and potential) • Keep it current • As part of the evaluation and control, don’t let your marketing plan become stale – keep it updated (along with your business plan) MyEntre.net (2010). Components of a marketing plan. Retrieved from http://www.jpec.org/handouts/jpec33.pdf

14. Assignment (Combined Paper) • Marketing Strategy (3-4 pages) • How you plan to use marketing strategies to promote your business • Necessary market research • Ongoing costs as well as one-time fees • Marketing Plan (5-6 pages) • Benefits of market research • SWOT analysis • Marketing mix (4 Ps)

15. Final Questions?