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- [Instructor] Hello, and welcome to

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the final video lecture of this semester,

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which is Marketing Plans.

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So why do marketing plans?

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Why do business plans?

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Two main reasons is because,

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for the external audience,

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it's a good way to get financing,

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and for an internal audience,

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it's a good way to map out
the roadmap to success,

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to plan out step-by-step

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how you're going to put
your goals into action,

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and even though they might change,

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it's always good to have a plan.

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When you think about doing
your marketing plans,

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there may be times when you
may wish to cite things.

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So make sure that you cite any information

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that is not your own.

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And here's an example,

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that if you're going to cite census data,

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that this is a way that you could do it.

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And know that not citing information

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that is not your own is plagiarism,

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and that is a violation
of the academic integrity.

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So, if you're not sure whether to cite,

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always better to cite if you're not sure,

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but you can always ask me as well.

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There's a difference
between business plans

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and marketing plans.

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Often, the marketing plan is
embedded in the business plan.

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The business plan has more financials,

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more management details,

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but certainly, especially
for any new venture,

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the marketing plan is
a very important part

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and can also be an important
standalone document.

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And again, in any case, it's
good for the internal audience

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so everybody knows the direction
in which you're heading,

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and for external to secure funding,

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in some cases, to secure
marketing partners,

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supply chain actors,

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and to just let them
know what your plans are.

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The big question here,

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does the marketing mix
link the target audience

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to the brand, to the
position, to the value,

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and ultimately to purchase
loyalty and success?

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So here is the basic
anatomy of a marketing plan,

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and it's the one that you will
be composing for this class.

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So I'll go through each one.

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First is an executive summary.

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So that's in many cases, the
very last thing that you write,

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but it comes first and
it's a succinct overview

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emphasizing key points.

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And in a way, it's the elevator speech.

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It's the first thing,

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maybe the only thing that people will read

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and you want to hook them so
they will continue to read

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and have interest in your work.

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Next, you write up your
situational analysis.

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We talked about the five C model,

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talk about the external environment,

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and you summarize it with a SWOT analysis.

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Next, you talk about the opportunity.

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What is your idea?

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What is it?

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Why did you choose it?

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And I would like you to
specifically talk about

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how it reflects your
values and your passions,

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and how does it create
community assets and,

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well, also talk about your brand.

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What do you want to be known for?

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What is the promise that you will make?

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Then you talk about
your marketing strategy,

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who's your target market,
identify key segments,

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what is your position,

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and then walk through your
marketing mix, the four Ps.

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Then you want to highlight
your marketing objectives

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and use SMART objectives.

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And what exactly do you want them to do?

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Are these objectives, will they know you?

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Will they like you?

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Will they trust you?

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What is the action that
you eventually hope

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that they will take?

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Then you want to lay out
what's the marketing team?

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Who does what?

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Who's responsible and
what are their background

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and experience?

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And make the case

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for why you have all the
personnel in place to do this.

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And finally, who will
circle back and make sure

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that your objectives are met?

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And how do you correct any shortcomings?

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This is the end of the video

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and the end of the very
last video lecture.

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I hope you've enjoyed this class.

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Note, there's no assessment for this one.

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Just use the time and begin
work on your marketing plan.

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And let me know if you have any questions.

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Thanks for a great semester and take care.