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3.03

3.03. Explain the nature of marketing plans. What is a marketing plan?. A set of procedures or strategies for: Attracting the target market to a business Achieving marketing goals. Why should my business create a marketing plan?. It is part of the overall business plan.

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3.03

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  1. 3.03 Explain the nature of marketing plans.

  2. What is a marketing plan? • A set of procedures or strategies for: • Attracting the target market to a business • Achieving marketing goals

  3. Why should my business create a marketing plan? • It is part of the overall business plan. • Demonstrates goals and strategies for the upcoming year • Demonstrate intentions for: • Introducing a new product • Entering a new target market • Trying a new marketing strategy

  4. What are the benefits of a marketing plan? • Avoid past mistakes • Better understand your target markets • Goal-setting • Plan marketing strategies • Obtain funding • Provide organizational direction • Track overall progress

  5. Components of a marketing plan • Executive summary (includes your mission statement) Like the back of a book jacket---investors read it to see if the rest of your plan is worth reading.

  6. Components of a marketing plan • Situation Analysis: SWOT NOT Your control Your control NEGATIVE Positive

  7. Components of a marketing plan • Company Questions: What are our company’s overall goals? • Customer Questions: What are our customers buying? • Desired Target Market: • What do they want/need? • How will they use the product? • How much are they willing to pay for it? • What message do we want them to hear about our product?

  8. Components of a marketing plan SMART • Marketing Objectives • Specific • Measurable • Achievable • Realistic • Timely

  9. Components of a marketing plan • Marketing Strategies & Programs • How will we communicate with our target market? • Financial Plans • How much will it cost us to do the marketing that we need/want? • Performance & Implementation • What are our expected results? • Appendix: • Market Surveys • Product Photographs

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