Part 1 Marketing Dynamics
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monitoring and evaluating the plan. Read
further to learn how each of these elements
combines to lead a company to success, 1-10.
Market Opportunities and Analysis
The market opportunity and analysis
includes the best description about the current
marketplace—this is no time for guessing. It
is important to conduct a SWOT analysis. A
SWOT analysis helps a company determine
its Strengths, Weaknesses, Opportunities,
and Threats. For example, if you own an
accounting firm, one of your strengths
might be that you have been in business for
25 years. One of your weaknesses might
be that you are located on a side of town
with the least amount of business growth.
Another opportunity might be that two new
companies are relocating to your town and
have asked you to submit a proposal to do
their accounting. Another threat might be that
a larger accounting firm has just hired one of
your most experienced accountants.
Market Strategy
Before completing any marketing plan,
you have to set goals and objectives. Do
you want to increase your market by five
percent? Do you want to introduce a new
product line? Do you want to open a new
location in the next three years? Once you
know your goals, you need to identify the
target market, determine your marketing
mix (Product, Place, Price, Promotion), and
develop a position statement so you can stay
focused on your goals and objectives.
Action Plan
Once you have a plan, it is time to
put it into action. Develop a timeline or
calendar and determine your budget. Make
sure you include the specific activities for
accomplishing the goals of the marketing
plan. Identify who is responsible for carrying
out these activities.
Monitor and Evaluate the Plan
If you do not monitor and evaluate
the plan, you might never know if it was
successful. It is important to monitor sales,
market reactions, and other factors to
determine plan success. Reviewing revenue
from sales can help you forecast, or predict
future sales and revenue. The information
you collect can also help to determine if you
need to modify the current plan.
Key Elements of a Marketing Plan
Market Opportunity and
Analysis
Market Strategy Action Plan Monitor and
Evaluate Plan
Analyze company performance.
Perform a SWOT analysis.
Describe the competitors.
Analyze changes and trends in
the industry and economy.
Describe information about
current and potential customers.
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Develop marketing
objectives.
Identify the target
market.
Determine the marketing
mix (the Four Ps).
Develop a position
statement.
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Identify specific
activities to carry out the
marketing plan including
ways to use technology.
Create a budget.
Develop a timeline or
calendar for meeting
objectives.
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Monitor the budget.
Review sales and
revenue forecasts.
Monitor the market
response to the
marketing plan.
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1-10
A strong marketing plan helps a company stay focused on its goals and objectives.