Developing a marketing plan--part 1

1. Marketing PlansPart 1

2. Marketing Plan tells you: What economic/business environment are you experiencing? What opportunities/problems are your facing? Who are your customers? Why should they buy from you? How will you communicate with them about your product? How are you going to measure your success?

3. Marketing Template Profile of business and SWOT Target customer profiles Marketing tactics Executive summary See pages 27-29 in the text Review template in Class Materials

4. Developing a SWOT Strengths=internal to company Weaknesses=internal to company Opportunities=in the marketplace for your company Threats=to your company in the marketplace

5. SWOT Analysis

6. Strengths and Weaknesses--internal Organizational--reputation, length of time in business, employees, sales force, leadership Financial--stability, sales Marketing--strength/diversity of customer base, market share, product/service performance, product mix

7. Opportunities and Threats--external Capitalize on opportunities--use current or potential capabilities Address threats--challenge to current market position Possible O or T--customers, pricing constraints, competitors, distribution issues, technology, regulations, suppliers, etc. Include demographic info from Census data Use handout to construct SWOT for your business

8. SWOT Business Research Sources U.S. Census--Population 2000 household census (www.census.gov) 2010 census—new info coming out now http://factfinder.census.gov State and county quick facts http://quickfacts.census.gov/qfd/index.html

9. Secondary Research Sources for Your SWOT Federal, State, County, local governments U.S. Commerce Department State economic development agencies U.S. Census (2010) for your location Chamber of Commerce—local Local business publications/newspapers Trade and industry associations (for your company) Your hometown website

11. Business and government

12. Economic fact sheet

13. Economic fact sheet for an industry

15. SAMPLE SWOT

16. Competitors Develop 3 for your product Use competitor sheet provided

17. Competitive Analysis Worksheet

18. Questions? Email instructor with questions