WEBVTT 1 00:00:04.860 --> 00:00:08.313 Welcome to the video lecture on marketing plans. 2 00:00:11.250 --> 00:00:14.970 So when we think about why we do them, they can be helpful 3 00:00:14.970 --> 00:00:17.880 for both internal and external audiences. 4 00:00:17.880 --> 00:00:20.310 For external audience, it can do things 5 00:00:20.310 --> 00:00:23.490 like get you financing to show that you have a plan. 6 00:00:23.490 --> 00:00:27.933 And for the internal, it's the roadmap to success. 7 00:00:31.800 --> 00:00:34.800 Thinking about writing your final marketing plan, 8 00:00:34.800 --> 00:00:37.140 make sure to cite any information 9 00:00:37.140 --> 00:00:38.580 that's not your own. 10 00:00:38.580 --> 00:00:41.863 Footnotes or endnotes, all of those are good. 11 00:00:41.863 --> 00:00:43.683 When in doubt, cite. 12 00:00:47.100 --> 00:00:48.990 So what's the difference between a business plan 13 00:00:48.990 --> 00:00:50.670 and a marketing plan? 14 00:00:50.670 --> 00:00:53.400 So, a marketing plan is often embedded 15 00:00:53.400 --> 00:00:57.510 in a larger business plan, but especially for new ventures, 16 00:00:57.510 --> 00:00:59.460 the marketing is important 17 00:00:59.460 --> 00:01:02.280 and it can be a standalone of document. 18 00:01:02.280 --> 00:01:03.720 And again, it has these internal 19 00:01:03.720 --> 00:01:05.880 and external audiences, 20 00:01:05.880 --> 00:01:08.400 whereas the business plan has much more sort 21 00:01:08.400 --> 00:01:11.910 of financial detail, management and things like that, 22 00:01:11.910 --> 00:01:14.510 whereas the marketing plan just sticks to marketing. 23 00:01:18.870 --> 00:01:21.030 The big question is, 24 00:01:21.030 --> 00:01:25.110 does your marketing mix link the target market 25 00:01:25.110 --> 00:01:29.910 to all that consumers will know and love, the brand, 26 00:01:29.910 --> 00:01:32.460 the position, and the value 27 00:01:32.460 --> 00:01:37.130 and lead to that they will know, trust 28 00:01:38.190 --> 00:01:40.650 and like you, they will be loyal 29 00:01:40.650 --> 00:01:43.113 and your venture will be a success. 30 00:01:45.240 --> 00:01:49.323 So here's the basic anatomy of a marketing plan. 31 00:01:51.480 --> 00:01:54.900 It begins with the executive summary 32 00:01:54.900 --> 00:01:57.600 even though that's usually what you write last, 33 00:01:57.600 --> 00:02:00.720 it's like the abstract of a research paper. 34 00:02:00.720 --> 00:02:04.830 It gives the overall sense of it. 35 00:02:04.830 --> 00:02:06.780 And it's important 36 00:02:06.780 --> 00:02:09.720 because that may be all that your audience reads. 37 00:02:09.720 --> 00:02:13.470 So you wanna make sure that that will catch their attention 38 00:02:13.470 --> 00:02:15.033 and their interest. 39 00:02:17.340 --> 00:02:20.940 You go through the situational analysis, 40 00:02:20.940 --> 00:02:23.523 the internal and the external environments. 41 00:02:26.190 --> 00:02:29.670 You go through the marketing opportunity. 42 00:02:29.670 --> 00:02:30.503 What is it? 43 00:02:30.503 --> 00:02:32.892 Why did you chose it? 44 00:02:32.892 --> 00:02:35.220 What value does it create? 45 00:02:35.220 --> 00:02:37.743 What's its position and brand? 46 00:02:39.570 --> 00:02:43.920 And then you start to think about how to put that 47 00:02:43.920 --> 00:02:44.940 into a strategy 48 00:02:44.940 --> 00:02:49.940 with your choosing a target market position, marketing mix. 49 00:02:53.460 --> 00:02:56.850 And remember that you always want 50 00:02:56.850 --> 00:03:00.390 to have smart objectives, know, like, trust 51 00:03:00.390 --> 00:03:02.523 or awareness, attitude, and action. 52 00:03:07.363 --> 00:03:10.830 You want to detail who does what, who's responsible 53 00:03:10.830 --> 00:03:15.240 for each task, what's their background and experience? 54 00:03:15.240 --> 00:03:17.550 And finally, how will you circle back 55 00:03:17.550 --> 00:03:19.433 and see if objectives are met 56 00:03:19.433 --> 00:03:22.623 and how will you correct the shortcomings? 57 00:03:23.670 --> 00:03:24.670 Thanks for watching.