P3

• marketing plan

  a document containing: marketing objectives, marketing strategies, actionable activities
• marketing plan key point

  include measurable objectives that allow for tracking performance and adjustments
• competitor analysis

  helps shape the marketing strategy

  • pricing strategies
  • distribution strategies
  • promotional tactics
• MADI question

  a tool used to assess and measure market gaps

  • what's missing
  • what's annoying
  • what's dissapointing
  • what's irritating
• steps in preparing the marketing plan

  • assessing the business situation
  • defining the target market
  • setting marketing goals and objectives
  • developing strategy and action plan
  • preparing the budget
• assessing the business situation

  analyze market conditions and competitor performance
• defining the target market

  do market segmentation
• market segmentation

  consider demographic, psychographic, and geographic factors

  1. select a market to enter
  2. segment based on customer characteristics
  3. choose target segments
  4. prepare a tailored marketing plan
• setting marketing goals and objectives

  SMART goals: specific, measurable, attainable, relevant, time-bound

  • market share
  • market penetration
  • product launches
  • customer service improvements
• developing marketing strategy and action programs

  • product strategy: features, branding, packaging
  • pricing strategy: cost-based, competition-based, value-based
  • place (distribution): choose channels based on market density, product type, and cost-effectiveness
  • promotion: utilize affordable promo
• developing a marketing budget

  1. marketing budget: key component to execute marketing strategy
  2. include budget in financial projections
  3. marketing decisions must consider financial resources available