Examining Marketing and Business

Advanced Marketing

Agenda

• Review Marketing Terms• Apply Marketing Mix• The Marketing Plan• SWOT Analysis• Environmental Scan• Apply SWOT Analysis• Apply Environmental Scan

Reviewing Marketing Terms

• What is Marketing?• Goods vs Services• Marketing Concept• Marketing Mix• Target Market• Market Segmentation

Marketing

Process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to

create exchanges that meet customer wants and or needs.

Products, Goods, and Services

• Products- Goods and Services

• Goods- tangible products

• Services- intangible products

Marketing Concept

• Focus on wants and needs of customer• Objective - meet wants and needs AND profit

Marketing Mix

• Marketing strategies• Four categories of strategies/decisions• 4P’s• Product, Place, Price, Promotion

5th P• People• Target market• All decisions center around People

Target Market• Group of people identified as potential

customers• Similar characteristics• Also called PEOPLE or the 5th P• All decisions center around target market

Market Segmentation

• Dividing a market into sub groups• Sub groups based on similar traits• Used to identify/define target market

Demographics

• Characteristics of a Group:IncomeEthnicityAgeGenderPsychographics

Activity

Apply Components of the Marketing MixInstructions: Students work with partner or small group to apply the components of the marketing mix to the Boxercraft Flannel pants that are sold in the school store. Include the 5th P in this analysis. Use PPT or Word to prepare this activity. Email to mbelote@lcps.org.

Examining Marketing and Business Day 2 Agenda

Formative Assessment-Review Marketing Terms

What is a Marketing Plan

SWOT Analysis

The Marketing Plan

Good Marketing Begins with Good Planning

Marketing Plan

• Formal, written document• Directs activities for specific time period• Provides “roadmap” for business• Communicates goals and objectives• Communicates strategies• Explains budget and timeline • Evaluates

SWOT ANALYSISStrengths Weaknesses

Opportunities and Threats• Analysis of internal and external environment• Critical to understanding your business• Develop strategy around SWOT analysis• Strengths and Weaknesses are Internal SWOT

factors• Opportunities and Threats are External SWOT

factors

SWOT AnalysisRules for Successful SWOT Analysis

Be realisticDistinguish between where organization is

today and can be in the futureBe specific- no gray areasApply in relationship to competition- how

better or worse than competitionKeep it simpleUsed to identify how to “add value”

Environmental ScanPEST

• Analysis of outside influences that can impact• Methodical analysis of four areas:POLITICAL – issues around government involvement in business; global political issues

ECONOMIC- current state of the economy; local/state/national/international

SOCIO-CULTURAL –attitudes, lifestyles, opinions of customers and potential customers

TECHNOLOGICAL- changing technology and it’s impact on business

Class Assignment

• Students work with a partner to prepare a SWOT Analysis for The Falcons’ Nest- the school store at Briar Woods High School.

• Use the SWOT grid provided OR download the grid to “Your Documents” and complete using Word Processor. Due end of class. 50 Points.

Day 3- Agenda

• Formative Assessment- Marketing Plan and SWOT Analysis

• Review SWOT analysis

• Examine Elements of A Marketing Plan

Components of Marketing Plan

I. Executive SummaryIntroduction to Marketing Plan; brief overview of the entire plan; usually written LAST

II. Situation AnalysisSnapshot of company’s current position

A. SWOT AnalysisB. Environmental Scan (PEST)

Marketing Plan

III. ObjectivesDefines specific goals to be met

A. Company’s MissionB. Marketing ObjectivesC. Financial Objectives

Elements of Mission

Falcons’ Nest Mission StatementThe Falcons’ Nest strives to

Deliver quality products to the Briar Woods’ family;Encourage school spirit

Provide outstanding customer service; and Engage in a continuous commitment to

Give back to our community

Group Responses:#1- The Falcons’ Nest goal is to have the best quality products available to the Briar Woods family; fuel school spirit; provide outstanding customer service; and always give back to our community while having the fairest prices.#2- Keep as it#3- The Falcons’ Nest strives to achieve great products for the Briar Woods family.-( the rest stays the same)#4-The Falcons’ Nest strives to promote school spirit through quality products; Provide outstanding customer service; and ensure continuous commitment to our Briar Woods family

Marketing Objectives

• Focus on a few “big picture” objectives• Objectives must be realistic and specific• Single-minded ( one topic for each

objective)• Must support overall business

goals/mission• Must be measurable- time bound

Example of Marketing Objectives

• Increase gross sales by 20% for the 2014-2015 school year

• Increase Spirit-Box sales by 10% for the 2014-2015 school year

• Launch online store by December1, 2014.

Financial Objectives

• Refers to “revenue” the company will generate

• Expressed in $• Specific amount targeted to generate• Could project and measure “costs” and

lowering costs• Could project and measure “profit”

Class Activity

Using information from class lessons, handouts, and Internet research, students will work with a partner to prepare the following information for a marketing plan for The Falcons’ Nest- the school store at Briar Woods:1) Revise current mission statement to be effective and

accurate2) Write value statements for school store3) Write 3 Marketing Objectives and 3 Financial Objectives4) Prepare in PPT presentation and share with class.

Presentations given same day as assignment. 50 Points

The Marketing PlanDay 3 Lesson Agenda

• Formative Assessment- Mission and Objectives

• Marketing StrategiesPositioning and Points of DifferenceMarketing MixClass Activity- apply marketing mix to

company objectives

Marketing Strategies

• Company defines HOW objectives will be met• Uses marketing mix to meet objectives (4 Ps)• Uses Positioning and Points of Difference

strategies

Positioning

• A strategy that aims to make a brand occupy a distinct position or image

• Relative to competing brands• Perception of customer• Accomplish by emphasizing distinguishing

features of brand

Points of Difference

• Attributes or benefits consumers associate with a brand

• Consumers feel cannot find same benefits with competing brands

• Exclusiveness; Superiority established in minds of consumer

• Part of building brand and positioning

Class Activity

Students will work with partner to prepare the following as applied to The Falcons’ Nest:1. Positioning and Points of Difference2. Marketing Mix (Four P’s)

Prepare in PPT and share out with class. Due end of class. 50 Points.