MC - Marketing Plans [LESSON]

Marketing Plans

Businesses create marketing plans to organize the company toward the same goals and objectives using marketing strategies to target a specific audience. A marketing plan is a framework for responsibilities, timelines, and budgets for a specific period of time. The plan could be for a specific product or service, a whole line of products or even a brand awareness campaign. View the following presentation on Marketing Plans.

Businesses need to analyze the internal and external environment of the company before they can create an effective marketing plan. Conducting a SWOT analysis and Environmental Analysis like PEST will help a company evaluate their situation so they can create an effective marketing plan.

Situational and Environmental Analysis

Businesses use situational and environmental analysis to collect and study data to identify trends, forces, and conditions with the potential to influence the performance of the business and the choice of appropriate strategies.

SWOT (Strengths, Weaknesses, Opportunities, and Threats)

Internal		External
Strengths	Weaknesses	Opportunities	Threats
-Quality Products -Inexpensive rent for storefront	-Over staffed -Small market share	-Growing Economy - Technology advances in industry	-New Government health care -Competitors entering the market

PEST (Political, Economic, Socio-Cultural, and Technologies)

These are factors companies look at while evaluating the environment affecting their business.

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