Chapter 2 - The marketing plan

Question 1

Phases of a Marketing Plan (6)

Answer 1

Phase 1: Situation Analysis
Phase 2: Goals & Objectives 
Phase 3: Strategic Positioning & Target Market 
Phase 4: Marketing Mix Decisions
Phase 5: Measurement 
Phase 6: Operational Decisions

Question 2

Phase 1 – Situation Analysis (3)

Answer 2

1. Review your online footprint
2. Internal audit
3. Swot analysis

Question 3

Phase 1 – Situation Analysis

**Review your online footprint

Answer 3

• Website audit
• SEO audit
• competition research
• technology research

Question 4

Phase 1 – Situation Analysis

**Internal audit

Answer 4

• Core Competencies (benefits to customers, business efficiencies)
• Marketing Effectiveness (leads, sales, customer loyalty)
• Internet Effectiveness (social media, video views, engagement)

Question 5

Phase 1 – Situation Analysis

**SWOT

Answer 5

Strengths, Weaknesses, Opportunities, Threats

Question 6

Phase 2 – Goals and objectives (2)

Answer 6

1. Goal is the overreaching statement you wish to accomplish

2. Objectives are the little steps you need to take to reach your overarching goal

Question 7

Objectives should be….

Answer 7

SMART

Question 8

SMART

Answer 8

1. Specific
2. Measurable
3. Attainable
4. Realistic
5. Time-bound

Question 9

Phase 3 – Strategic Positioning & Target Market (5)

Answer 9

1. Marketing strategy
2. Environmental scan
3. Positioning
4. Target market
5. Persona

Question 10

Phase 3 – Strategic Positioning & Target Market

**Marketing strategy

Answer 10

A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.

Question 11

Phase 3 – Strategic Positioning & Target Market

**Environmental scan

Answer 11

• Market development (new segments?)
• Diversification (related or unrelated businesses)
• Market penetration (market share, customer loyalty)
• Product development (add value to existing products, new products)

Question 12

Phase 3 – Strategic Positioning & Target Market

**Positioning

Answer 12

Your positioning strategy is all about figuring out how you want people to perceive your product, service, or organization.

Question 13

Phase 3 – Strategic Positioning & Target Market

**Target market

Answer 13

• Demographic (age, sex, marital status, income)
• Psychographic (personality, values, interests, lifestyle)
• Geographic (location, cities, countries, population size)
• Behavioral (occasions-birthdays, brand loyalty, special need)
• Segment, then prioritize. (primary and secondary)

Question 14

Phase 3 – Strategic Positioning & Target Market

**Persona

Answer 14

• Brief overview of a typical customer
• Better understand your customer
• Help to personalize your marketing

Question 15

Phase 1 – Marketing Mix (4)

Answer 15

• Product
• Price
• Place
• Promotion

Question 16

Phase 5 – Measurement

Answer 16

• Total visits
• New sessions
• Customer value
• Average order
• Cost per lead
• ROI

Question 17

Phase 5 – Operational Decisions

Answer 17

1. Resources Required (employees, equipment)
2. Partnering & Outsources (photographer, content writer)
3. Budget ($5k for online, $5k for print)
4. Timeline (Annual calendar)