-: Welcome to the video lecture on marketing plans.
So when we think about why we do them, they can be helpful
for both internal and external audiences.
For external audience, it can do things
like get you financing to show that you have a plan.
And for the internal, it's the roadmap to success.
Thinking about writing your final marketing plan,
make sure to cite any information
that's not your own.
Footnotes or endnotes, all of those are good.
When in doubt, cite.
So what's the difference between a business plan
and a marketing plan?
So, a marketing plan is often embedded
in a larger business plan, but especially for new ventures,
the marketing is important
and it can be a standalone of document.
And again, it has these internal
and external audiences,
whereas the business plan has much more sort
of financial detail, management and things like that,
whereas the marketing plan just sticks to marketing.
The big question is,
does your marketing mix link the target market
to all that consumers will know and love, the brand,
the position, and the value
and lead to that they will know, trust
and like you, they will be loyal
and your venture will be a success.
So here's the basic anatomy of a marketing plan.
It begins with the executive summary
even though that's usually what you write last,
it's like the abstract of a research paper.
It gives the overall sense of it.
And it's important
because that may be all that your audience reads.
So you wanna make sure that that will catch their attention
and their interest.
You go through the situational analysis,
the internal and the external environments.
You go through the marketing opportunity.
What is it?
Why did you chose it?
What value does it create?
What's its position and brand?
And then you start to think about how to put that
into a strategy
with your choosing a target market position, marketing mix.
And remember that you always want
to have smart objectives, know, like, trust
or awareness, attitude, and action.
You want to detail who does what, who's responsible
for each task, what's their background and experience?
And finally, how will you circle back
and see if objectives are met
and how will you correct the shortcomings?
Thanks for watching.