Marketing Plan (Part 1) Flashcards
Define what a marketing plan is
A document that provides direction for the marketing activities for a specific period of time
What are the 2 purposes of a marketing plan
Use within a business
Prepared to obtain financing from outside investors for a new venture
List the 6 elements of a marketing plan
- Executive summary
- Situation analysis
- Marketing goals/objectives
- Marketing strategies
- Implementation
- Evaluation and control
Explain what an executive summary is and why it’s important
An overview of the entire marketing plan
Briefly addresses each topic in the plan
Provides an explanation of all costs involved
Explain what a situation analysis is
A study of the internal and external factors
Examples of internal factors
Target markets
Current performance
Financial resources
Examples of external factors
Competition
Political
Economical
Regulatory/legal
Technological
Cultural
Industry trends
What does SWOT stands for
Strength (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)
Explain what marketing goals and objectives are
Let everyone know what needs to be accomplished by the marketing plan
List the 6 ways to make your goals and objectives useful
- Simple
- Single-Minded
- Specific
- Reasonable
- Measurable
- Time frame
Explain simple
Everyone finds it easy to understand what is expected
Explain single-minded
One topic is addressed per objective
Explain specific
The objectives provides enough detail so there can be no misunderstanding
Explain reasonable
Objectives and goals are realistic and achievable
Explain measurable
The objective includes a way to evaluate it
