Mark 002: Business Marketing Lesson 2 PDF

MARK 002: BUSINESS MARKETING LESSON 2: APPLIED MARKETING PROF. JOEY AGACITA 1ST SEMESTER | A.Y. 2425 | MIDTERMS | BSHM 1-3D 4. PERFORMANCE METRICS 2.1 MARKETING PLAN...

MARK 002: BUSINESS MARKETING LESSON 2: APPLIED MARKETING PROF. JOEY AGACITA 1ST SEMESTER | A.Y. 2425 | MIDTERMS | BSHM 1-3D 4. PERFORMANCE METRICS 2.1 MARKETING PLAN Metrics accurately assess the results of marketing It is an operational document that outlines efforts and their reporting timelines and crucial to the an advertising strategy that an organization success of the plan. will implement to generate leads and reach its target market. The ways in which the company will 2.3 TYPES OF MARKETING PLAN measure the effect of outreach and PR campaigns to be undertaken for how long. 1. PRODUCT LAUNCH Marketing Plan reflects the company’s overall marketing strategy. - It outlines how a new product will enter the market, the audience it will target, and the 2.2 COMPONENTS OF MARKETING PLAN advertising methods used. 2. SOCIAL MEDIA 1. MARKET RESEARCH - Focuses on the advertising strategies on It provides information to support pricing decisions different social media platforms and how to and new market entries. engage with their users 2. TAILORED MESSAGING 3. TIME BASED It involves targeting certain demographics and - Executed quarterly or annually, focus on the geographic areas and can include the use of time of the year, the current condition of the affiliate marketing with third-party publishers who business, and the best strategies in that bring customers to the table. period. 3. PLATFORM SELECTION 4. CONTENT BASED The best vehicles for disseminating product - Looks in detail at what kinds of content (blogs, information for each advertising campaign. videos, graphics, etc.) will reach the target audience. Traditional venues: - Radio 2.4 HOW TO WRITE A MARKETING PLAN - Television - Newspapers - Commercial and Trade Magazines 1. MISSION AND VALUE PROPOSITION Digital Methods - It is a statement that articulates the value that - Websites a product or brand will deliver to a customer. - Online ads - It should appear in the font and center on the - Search engine results company website and any branding materials. - Informational videos - Value Proposition delineates how a product - Social media groups (Facebook, Youtube, or brand solves the customer’s problem, the etc.) benefits of the product or brand, and why the - Email customer should buy from this company and not another. The marketing plan is based on - Text messages it. Annotated By: Bacod, Elmar A. PAGE 1  MARK 002: BUSINESS MARKETING LESSON 2: APPLIED MARKETING PROF. JOEY AGACITA 1ST SEMESTER | A.Y. 2425 | MIDTERMS | BSHM 1-3D 2. SET KEY PERFORMANCE example the budget for aa campaign can be INDICATORS (KPIs) adjusted to fund a higher-performing platform, or the company can initiate a new - It will allow us to measure the success of your budget. The challenge for marketing leaders is marketing plan in relation to your company’s to ensure that every platform has sufficient value proposition. time to show results. - They track the effectiveness of your marketing strategy. 7. DIGITAL MARKETING Ex. If your goal is to engage with a certain demographic in a certain region, you can track social - It shows the results almost immediately, media impressions and website visits. whereas TV ads require rotation to realize any level of market penetration. 3. IDENTIFY YOUR TARGET MARKET - A marketing plan would fall under the category of “promotion”, which is one of the “four Ps”. a - The marketing plan identifies the target term coined by Neil Borden to describe the market for a product or brand. marketing mix of product, price, promotion, - Market research is often the basis for a target and place. market and marketing channel decisions. - Knowing to whom you want to sell and why is 2.5 MARKETING PLAN VS BUSINESS an extremely critical component of ny PLAN business plan. - It allows you to focus your business and measure its success. BUSINESS PLAN - Different demographics have different taste and needs, knowing your target market will - A roadmap that details how a business will help you market to them. operate and function in its entirety. It should cover the goals, missions, values, financials, 4. STRATEGY AND EXECUTION and strategies that the business will use in day-to-day operations and the achievement - The plan should focus on the creation, timing, of its objectives scheduling, and placement of specific campaigns and include the metrics that will measure the outcomes of your marketing 2.6 EXAMPLE OF A MARKETING PLAN efforts. - The strategy may include flighting scheduling, which includes the times when Designed to help direct marketing objectives: you can make the most of your advertising 1. Executive Summary: Describes company dollars. mission, key executives, and where it is headquartered. 5. SET YOUR BUDGET 2. SWOT Analysis: Describes strengths, weaknesses, opportunities, and threats for the - Setting a budget will allow you to create a company. It helps to define how to build on workable plan, prevent runaway costs, and your strengths and how to find ways to properly allocate your funds. improve on your weaknesses. It also helps a company analyze their competitors and how 6. ADJUST YOUR PLAN they may achieve an advantage based on their unique value proposition. 3. Business Initiatives: Outlines the goals of the - A marketing plan can be adjusted at any point marketing plan, such as the number of based on the results from its metrics. If digital impressions, Google rankings, or email ads are performing better than expected, for subscribers. Annotated By: Bacod, Elmar A. PAGE 2  MARK 002: BUSINESS MARKETING LESSON 2: APPLIED MARKETING PROF. JOEY AGACITA 1ST SEMESTER | A.Y. 2425 | MIDTERMS | BSHM 1-3D 4. Customer Analysis: Describes your target market and audience characteristics based on market research. It may include age, pain points, and location. 5. Competitor Analysis: Outlines the companies providing similar goods or services to your target audience. It also describes the strengths, market share, pricing structure, and most importantly where your company can fill an important gap. Annotated By: Bacod, Elmar A. PAGE 3