- [Instructor] Hello, and welcome to
the final video lecture of this semester,
which is Marketing Plans.
So why do marketing plans?
Why do business plans?
Two main reasons is because,
for the external audience,
it's a good way to get financing,
and for an internal audience,
it's a good way to map out the roadmap to success,
to plan out step-by-step
how you're going to put your goals into action,
and even though they might change,
it's always good to have a plan.
When you think about doing your marketing plans,
there may be times when you may wish to cite things.
So make sure that you cite any information
that is not your own.
And here's an example,
that if you're going to cite census data,
that this is a way that you could do it.
And know that not citing information
that is not your own is plagiarism,
and that is a violation of the academic integrity.
So, if you're not sure whether to cite,
always better to cite if you're not sure,
but you can always ask me as well.
There's a difference between business plans
and marketing plans.
Often, the marketing plan is embedded in the business plan.
The business plan has more financials,
more management details,
but certainly, especially for any new venture,
the marketing plan is a very important part
and can also be an important standalone document.
And again, in any case, it's good for the internal audience
so everybody knows the direction in which you're heading,
and for external to secure funding,
in some cases, to secure marketing partners,
supply chain actors,
and to just let them know what your plans are.
The big question here,
does the marketing mix link the target audience
to the brand, to the position, to the value,
and ultimately to purchase loyalty and success?
So here is the basic anatomy of a marketing plan,
and it's the one that you will be composing for this class.
So I'll go through each one.
First is an executive summary.
So that's in many cases, the very last thing that you write,
but it comes first and it's a succinct overview
emphasizing key points.
And in a way, it's the elevator speech.
It's the first thing,
maybe the only thing that people will read
and you want to hook them so they will continue to read
and have interest in your work.
Next, you write up your situational analysis.
We talked about the five C model,
talk about the external environment,
and you summarize it with a SWOT analysis.
Next, you talk about the opportunity.
What is your idea?
What is it?
Why did you choose it?
And I would like you to specifically talk about
how it reflects your values and your passions,
and how does it create community assets and,
well, also talk about your brand.
What do you want to be known for?
What is the promise that you will make?
Then you talk about your marketing strategy,
who's your target market, identify key segments,
what is your position,
and then walk through your marketing mix, the four Ps.
Then you want to highlight your marketing objectives
and use SMART objectives.
And what exactly do you want them to do?
Are these objectives, will they know you?
Will they like you?
Will they trust you?
What is the action that you eventually hope
that they will take?
Then you want to lay out what's the marketing team?
Who does what?
Who's responsible and what are their background
and experience?
And make the case
for why you have all the personnel in place to do this.
And finally, who will circle back and make sure
that your objectives are met?
And how do you correct any shortcomings?
This is the end of the video
and the end of the very last video lecture.
I hope you've enjoyed this class.
Note, there's no assessment for this one.
Just use the time and begin work on your marketing plan.
And let me know if you have any questions.
Thanks for a great semester and take care.