Instructional Area: Market Planning
Objectives:
MP006: Explain the nature of Market Planning
MP007: Explain the nature of Market Plans
MP008: Explain the role of situational analysis in the marketing planning process
MP008: Conduct market analysis (market size, area, potential, etc.)
Objective:
1. Explain the nature of market planning
a. Why planning is a good thing
i. Everyone knows what is expected
ii. Destination and activities are identified
iii. A schedule can be made
iv. Goals can be developed
2. Market Plan - a clear written description of the marketing strategies of a business and the way
the business will operate to accomplish each strategy
3. Explain the nature of Market Plans
a. Market Strategy is:
i. Identifies a target market
ii. Develops the marketing mix
b. Marketing Plan:
i. A written description on how to accomplish those strategies
ii. Usually for each major product
c. Plans Require Information
i. Performance of the Company
1. How we have done in the past, expectations for future
2. New products being developed/eliminated and resources are going to
change in the future
ii. Performance of Competitors
1. Strengths/weaknesses
2. What they are likely to do in the future
iii. Changes outside the company
1. Taxes/licenses
2. Local, state, and federal laws
3. Easier to respond if you can identify outside problems (postage)
iv. Information about Current and Prospective Customers
1. Must continually gather and study info from consumers
4. Conduct Market Analysis
a. Market size, area, potential
Assignment: http://quickfacts.census.gov/qfd/states/29/29099.html
http://censtats.census.gov/data/MO/1602917632.pdf
1. Find the total population of Jefferson County
2. Identify your Target Market
3. Explain why this is your target market using the facts listed on the
census website
4. What is the population of males and females
5. What is the population of Blacks, Whites, Hispanics
6. How many households are in Jefferson County
7. What is the area of Jefferson County
a. Why is this a question that needs to be known
8. Median Price of owner owned homes
a. What does that tell you about our county and income
9. Bachelor’s Degree or higher in Jefferson County
a. What does this tell you about your opportunities
10. Persons below Poverty level
a. How can this impact your business
Explain why this information is a good thing or a bad thing for your market strategy/plans at this time.
What does this information tell you that you need to change in your business?