Copyright Goodheart-Willcox Co., Inc. 27 How does a marketing manager develop a marketing plan? Developing a Marketing Plan Learning Objectives LO 2.2-1 Identify components of the opening section of a marketing plan. LO 2.2-2 Describe the analysis section of a marketing plan. LO 2.2-3 Discuss marketing strategy. LO 2.2-4 State the purpose of the action plan for a marketing plan. Key Terms business plan vision statement mission statement SMART goal marketing strategy product positioning action plan marketing tactic budget metrics Section 2.2 LO 2.2-1 Opening Section The opening section of a marketing plan provides an overview and a snapshot of the busi- ness with information from the business plan. This section is usually divided into Executive Summary and Business Description subsections. Executive Summary A marketing plan usually begins with an execu- tive summary. An executive summary provides an y overview by highlighting the critical points in the plan. The goal is to provide a snapshot that will entice the reader to review the entire document. Even though the executive summary is the begin- ning of the marketing plan, it should be written last. The executive summary should be kept short, to the point, and not more than two pages in length. Business Description The business description presents an overview of the business as outlined in the business plan. A business plan is a written document that describes a business, n how it operates, and how it makes a profit. This infor- mation may be condensed, but anything created by company executives should not be edited or changed. In the business description section, the product is described and the business is identified as an online business, a brick-and-mortar store, or a combination. The vision statement, mission Scanrail1/Shutterstock.com To properly prepare a marketing plan, the environment in which the business operates must be evaluated. How might the business environment impact marketing activities?