Chapter 2 Marketing Plan 23 Copyright Goodheart-Willcox Co., Inc. train, or driving. The marketing tactics are the specific paths taken to reach the final destination, s such as highways and roads. The market planning function is responsible for creating an actionable marketing plan and is written by a marketing manager. In a small company, there may only be one marketing manager who creates the plan for the entire company. Large companies generally have multiple marketing managers who are respon- sible for individual product lines. Each marketing manager completes a plan for his or her product line. Preparing a marketing plan takes time and research. Marketers spend many months gathering information about the past performance of the company. They then analyze how marketing could influence future company performance. As research is conducted, resources that are used should be documented. A bibliography lists all the sources y used as resources to develop the marketing plan. A bibliography is shown in Figure 2-1. Resources might include interviews, books, periodicals, websites, and other information gathered for t he plan. The bibli- ography should be created when the writing process begins so that each source can be added as it is used. Marketing plans are usually written a year in advance of being implemented. They can, and should, be modified throughout the year to address market changes or take advantage of new opportunities. Established companies generally have a set format that outlines the components that are included in a marketing plan. However, if a format is not estab- lished, there are many professional organizations, such as the American Marketing Association (AMA), that provide templates free of charge. Marketing plans are read by company execu- tives, shareholders, and select members of the sales, marketing, and product development teams. If the company is seeking additional funding from outside sources, the marketing plan will accompany the request for funding. This is the opportunity to show how marketing can help drive future sales and profits for the company. As you progress through this text, you will be writing your own marketing plan. The template you will use is shown in Figure 2-2. Bibliography “Employment Situation Summary.” Bureau of Labor Statistics. United States Department of Labor. April 7, 2017. https://www.bls.gov/news.release/empsit.nr0.htm McCarthy, Alison. “News App Usage Rises Worldwide.” eMarketer. February 7, 2017. https://www.emarketer.com/Article/News-App-Usage- Rises-Worldwide/1015151 Wallace, Tracey. “Ecommerce Trends in 2017: 135 Statistics About Online Selling.” The BigCommerce Blog. April 13, 2017. https://www.bigcommerce.com/blog/ecommerce-trends/ Goodheart-Willcox Publisher Figure 2-1 The bibliography is an important record of the information sources used to write the marketing plan. Marketing Plan Title Page Table of Contents I. Executive Summary II. Business Description A. Overview B. Vision Statement C. Mission Statement D. Company Goals III. Market Analysis A. SWOT Analysis B. Environmental Scan (PEST Analysis) C. Competitive Analysis IV. Sales Analysis A. Sales History and Projection B. Best Opportunities C. Sales Goals V. Marketing Strategies A. Marketing Goals B. Target Market C. Marketing Mix 1. Product Strategies 2. Price Strategies 3. Place Strategies 4. Promotion Strategies D. Product Positioning VI. Action Plan A. Timeline B. Budget C. Metrics VII. Bibliography VIII. Appendices Goodheart-Willcox Publisher Figure 2-2 A marketing plan usually includes each of the elements listed in this outline.