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7/28/2019 Basis of Marketing Plan
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THE MARKETING PLAN
A marketing plan is the foundation, or springboard, towards the establishment and growth of a
business. A marketing plan is essential to the realization of an entrepreneur's goals. A vital aspect of a
marketing plan is that it should be client ready.
COMMENTS TO TEAMS
1. Each student will be provided with the same information - team member names and e-mail addresses.
This information will be posted in the same place that grades are postedon Blackboard.
2. Each student will be given the same responsibility - contact the members of your team and begin
development of the project. Since you have access to names, e-mail addresses and, therefore, phone
numbers, there is no reason why: a) you cannot get in touch with members of your Team and b) whyyou do not respond to members of your team.
3. The nature of the project, including due dates and team evaluation information will be made available.
All of this information, as well as the nature of the project, will be discussed in class on the date
indicated in the syllabus.
In other words, there is really no excuse for you not making contribution to your team effort.
OVERVIEW OF MARKETING PLAN REQUIREMENTS
The scope of this project is limited so that you will be able to provide some depth in the required
project features to include:
1. Executive Summary
2. Your Business/Initiative Name
3. Your Business Mission4. The Marketing Mix
a. Product
b. Place/Disribution
c. Promotiond. Price
5. Market (Customer) Analysis
a. How Customers Purchase/Use Your Product
b. Development of a Data Bases - pertaining to customers including an assessment of what you
would like to know about customers and how you would use the information
6. S.W.O.T. Analysisa. Competitive Analysis
7. Objectives
8. Implementation, Evaluation, and Control
9. Web Page Development
10. Code of Ethics
In addition to the written marketing plan, teams have the opportunity to present your marketingplan. This presentation includes, but is not limited to, a computer generated presentation, the developmentof flyers, brochures, business cards, etc. that you might use to make your presentation a memorable one.
Before reading the remaining part of this document, we deem it pertinent to warn you that
there are many questions proffered in the following pages. You should have many questions.this
is challenging material. In your case analyses, you will be seeking answers to many of these
questions. As you leave the classroom and pursue your various careers, we hope that you will
remember some of the answers that we discovered in this exercise. However, it is more important
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that you learn to ask the right questions. The right questions will remain relatively constant over the
course of your careers, but the answers to those questions will vary from one situation to the next.
Certainly, decision makers can rely on precedent for answers to questions from one circumstance to
the next, but blind reliance on precedent ultimately dooms decision makers to mediocrity.
YOUR MARKETING PLAN
A marketing plan is an objective, written review of your business. Among other things, it
identifies areas of strengths and weakness, it pinpoints your needs, and it helps you plan to achieve business
goals. A marketing plan gives you a clear idea of obstacles that lie ahead and points out alternate game
plans.
What Is a Client Ready Marketing Plan?
A client ready marketing plan is a document that has been prepared by examining all the concerns
of the clients. In the marketing plan, marketing professionals must view their own project through the
client's eye. In other words, the marketing plan must be able to answer the concerns of any client.
The clients, both venture capitalists and lenders, risk their hard earned cash by investing in a
venture in the hope of long term returns that are worth many times their original investment. An client
ready marketing plan, in a way, addresses all the concerns of the clients. One addresses these needs bygiving a comprehensive and detailed view of what ones business aims and objectives are.
Developing a marketing plan is an organized process. Allow plenty of time to investigate and
write. First, decide as an Team, how to proceed. Decide, as a Team, on a company name and mission.
Then, as an Team, outline key aspects of other elements required of your marketing plan and assign
responsibility for dealing with these elements to members of your Team. Please keep the following in
mind:
1. What are you planning to do? - start a program focused on..
2. Why are you planning to do it? - your product/service is fast becoming..with an estimated..thousand customers. Most customers currently feel that the industry
3. Whom are you planning to do it for? - our primary market will be..who have..and who need..
4. When are you planning to do it? -our products/services will be available to customers during5. Where are you planning to do it? - we will have a fixed-base locationand/or a web location..
MARKETING PLAN ELEMENTS
We now turn to a discussion of the marketing plan elements required in Course.
SECTION 1. EXECUTIVE SUMMARY
The executive summary is the single most important section of the marketing plan. Clientsreceive many more marketing plans than they have the time to read. As a result, the executive summary is
used as a screening device. If the executive summary is able to perk the curiosity of the reader, the
remainder of the plan has a good chance of being read. If not, the plan will be discarded.
Executive summaries are concise summaries. An effective executive summary articulates the
opportunity and the firms strategy for leveraging it. Furthermore, it addresses who will be involved in its
execution, why they are capable, and what is being offered in return for their assistance.
Although the executive summary is the first section of the marketing plan, it is the last section that
should be written. Rarely, do marketing professionals grasp the plan fully enough prior to its writing to
draft a strong executive summary. As your E - team prepares each section of the marketing plan, take the
time to note one or two key sentences. This will simplify writing the most difficult section of the
marketing plan.
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Each team must provide an executive summary ofno more than two pages. This summary should
include the following:
1. Your company name2. The market(s) that you will serve
3. The products/services you plan to offer4. A description of your marketing format
5. A description of your distinctive competency.
New marketing ventures face choices concerning the products and markets sought to serve. As
entrepreneurs assess products and markets, they must also assess the risks associated with certain kinds of
product offerings and focusing on different kinds of markets. Below is a simplification of the degree ofrisk associated with products and markets served.
Offering existing products to existing markets will result in the lowest risk
Offering new products to existing markets carries moderate risk
Offering existing products to new markets carries moderate risk
Offering new products to new markets carries the highest risk
The executive summary typically addresses the following:
Description of the business concept and the business:
State the clients mission or purpose. Describe how the product or service is in keeping with
changing consumer needs and how the market offering(s) supports the firms mission. When was the
company formed and where does it want to go? What makes this company unique? If the firm has existed
for a few years, then its size and progress to date should be mentioned as well.
The opportunity and strategy:
Summarize the opportunity, its extent, why it should be pursued, and how the firm plans to exploit
it. Industry trends, statistics, and other evidence or logic should be used to establish credibility.
The target market and projections:
Identify and explain the firms industry and market. Who will the firm target and how will theproduct or service be positioned to meet their specific needs or expectations? What are the market size and
growth characteristics of the firms targeted segments? What are the firms unit and sales dollar estimates
and anticipated market share?
The competitive advantages:
Mention the firms choice of strategy (cost leadership, product differentiation, and focus) and whythe firms capabilities and competencies fit within the industry, and market offerings give the firm a
competitive edge. General competitor weaknesses or changing industry conditions should be provided as
supporting evidence.
The economics, profitability, and harvest potential:
Provide a sense of the overall financial and operating conditions of the firm. What are theexpected gross and operating margins? When will the firm become profitable? How long until break-even
and positive cash flows? What is the expected return on investment?
The team:
Introduce the management team and mention their relevant experience and previous
accomplishments. Provide specifics such as size of prior firm(s) they have managed, its profitability, etc.
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The offering:
State the dollar amount of equity and/or debt financing requested. How will this money be used?
How much of the companys ownership is the firm willing to give for the financing? What is the expectedrate of return on their investment?
Geographical location:
Describe the firms location. If possible, provide a location analysis. Explain any advantage or
disadvantage arising from the firms location. How close is the business to its customers and suppliers?Can the local labor market meet the firms needs, and at what expected cost? Does the local infrastructure
provide a competitive advantage in terms of transportation and utilities? Are local and state taxes and laws
favorable, (i.e. zoning, sales tax, property tax, special permits)?
SECTION 2. YOUR BUSINESS/INITIATIVE NAME
Choosing a business name may sound easy, but it can be a key determinant of marketing success.
This is true for the business name and also for any web addresses that you will use.
Questions to Ponder
When customers hear your business name, what comes to their mind?
Is this what you want to communicate?
Does what customers think relate to your marketing plan in any way?
Can customers understand what your business is about from the business/initiative name?
Ordinarily, businesses choose a name by creating a list of options, discussing the merits of each option,
and then making a selection. Your business/initiative name is a key part of your communications. Yourbusiness name may impact the beliefs that customers form about your company and may also be important
to them forming a general image about the products/services that you offer.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following about your business name.
1. Does your business name attract attention?
2. Is your business name memorable?
3. Does your business name help in the positioning of the products/services that you offer?
4. Does your business name distinguish you from your competitors?
Remember, you may think that your name is the best thing since sliced bread. It is not what you
think.it is what your customers think. Consider that there will be many businesses similar to yours that
we will be evaluating. How will your name stand out among all of these competitors?
SECTION 3. YOUR BUSINESS MISSION
Your business mission should be stated from the perspective of the markets you serve and the values you
provide. Before crafting a mission statement you might think about why such a statement is critical to
your business.
Questions to Ponder
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What is the mission of the firm? What business is it in? How well is its mission understood
throughout the organization? Five years from now, what business does it wish to be in?
Does the firm define its business in terms of benefits its customers want rather than in terms ofgoods
and services?
What is the real purpose of your business?
What is it that you are offering your customers?
What need(s) of your customers are you trying to meet?
The most important thing about a business mission is that it must be customer focused. That
means that, as customers view your mission statement, is there some benefit, some value those customers
can identify and obtain by conducting their business with you? Your business mission can take on manyforms. For example it may address questions like:
What business are we in?
What type of business are we?
What is our strategic vision?
The business mission can also be a very general statement about the strategy of a business. To this
end, it might include some specification of the following:
Your business scope - the products you market and the ones in which you do not wish to compete
Your business growth direction - the product and market technologies of the future
The essence of business functional area strategies (e.g. accounting)
The key assets and skills on which your business is based
The business mission serves as the foundation for all subsequent decisions made about the
business and its operations.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses the issues like the
following related toyourbusiness mission statement
1. Customer focused
2. Define the industry in which you compete
3. Suggest to customers anything about your products and the range of options customers have
4. Suggest anything about your core or distinctive competency
5. Suggest anything about the market segment(s) you are serving6. Motivating. Do your employees get fired up in their efforts to accomplish the vision set forth in the
mission statement? Would you?
SECTION 4. MARKETING MIX
Does the firm seek to achieve its goal chiefly through coordinated use of marketing activities
(product, distribution, promotion, and pricing) or only through intensive promotion? Are the objectives androles of each element of the marketing mix clearly specified?
Section 4a. PRODUCT
Your products/services and the needs they satisfy are the reasons for your businesss existence. In general,
your products/services must be viewed by customers as competitive: on a par with those of your
competitors in some ways and superior to those of your competitors in other ways if you are to have
advantage in the marketplace.
The product(s) or service(s):
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Each product or service (or group of products/services) should be described in detail.
Discuss how the product(s) or service(s) are used.
Explain their value elements. What makes the offering(s) unique? What voids do these products
fill in the industry?
Mention any drawbacks the offering(s) may possess. If the firm is introducing a new product or service, discuss its stage of development, the time and
resources necessary to see it through its completion, testing, etc. List its features and drawbacks.
Emphasize first-mover advantages the firm may possess and how they will lead to the creation of
a competitive advantage.
Indicate whether the offering is proprietary and, if not, how it will be protected or is safe by its
very nature from competitor imitation.
Discuss plans for extending or creating new product or service lines. What opportunities are being
pursued? How will these new offerings position the firm to seize these opportunities?
Entry and growth strategy:
Briefly mention key success factors in the firms marketing plan and pricing strategy.
Discuss managements growth expectations for the firm over the next five years and plans for its
continued growth.
Describe how the firms competitive advantages lend themselves to the successful implementationof the firms strategy and goals.
Design and Development Plans
Firms that produce or design their own goods should include a design and development plans
section. Companies seeking funding to finance design and development should pay close attention to this
section. Financiers are generally reluctant to invest in design and development projects. There is simply
more risk involved in funding a business without a finished product and/or proven customer acceptance.
Development status and tasks:
Discuss the status of the products design and development. What is being done to produce a
marketable product? What remains for the firm to do?
Describe the firms expertise in this area. What is it doing to fill its resource gaps?
If consumers are involved in the development, design, or testing of the product, discuss their
involvement and feedback to date.
Difficulties and risks:
Discuss any problems that may arise during the design and development stage.
Explain the cost implications of potential difficulties in design and development and how theseproblems could delay the products release.
Costs:
Provide the firms design and development budget.
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Discuss possible deviations from the budget and resultant impact on the firms cash flows. Using a
flexible budget, assess the impact of a 15 to 30 percent difference between actual and budgeted
expenditures on the firms cash flows.
Proprietary issues:
Indicate whether the firm currently holds or is seeking any patents, trademarks, copyrights, or
intellectual property rights.
Describe any contractual agreements that restrict or protect the firm from competitor imitation.
Discuss any legal disputes surrounding proprietary issues or fair trade practices.
Questions to Ponder
What are the major product/service offerings of the firm? Do they complement each other or is there
unnecessary duplication?
What are the features and benefits of each product offering?
Where is the firm and each major product in its life cycle?
What are the pressures among various target markets to increase or decrease the range and quality of
products? What are the major weaknesses in each product area? What are the major complaints? What goes
wrong most often?
Is the product name easy to pronounce? Spell? Recall? Is it descriptive, and does it communicate the
benefits the product offers? Does the name distinguish the firm or product from all others?
What warranties are offered with the product? Are there other ways to guarantee customer
satisfaction?
Does the product offer good customer value?
How is customer service handled? How is service quality assessed?
List all of the products/services you offer to simplify, you can create product service categories and
provide depth in one or two of the categories
Compare your products/services to those of competitive groups. How do you stand?
Do you have any unique features or benefits over your competitors? Do they have any over you? Create a catchy, short (5-10 words) slogan that captures your advantage.
Are the attributes of your products/services desirable?
Are the attributes of your products/services saleable? Can you communicate these to your customers?
How do products offered, combined with prices and merchandizing strategies, create customer value?
Your products/services are the fundamental way in which your business competes to satisfy
marketplace needs and wants. The market(s) you have chosen to serve and the competitive position of your
business vis--vis other competitors will drive the nature of the products/services you offer. In essence,
your product/service strategy represents your ability to convert demand from a vague set of wants and
needs into well-defined market offerings.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following related yourproducts/services.
1. Consideration given to the value of imitation vs. innovation
2. The use of a screening process to ascertain the best product/service ideas
3. Development of your product/service concepts by focusing on how the ideas you have will really fit
the marketplace and provide value to that marketplace
4. Consideration given to the design of quality into your products/services
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5. Thought given to ways of changing the way things are traditionally done?
6. Derivation of product/service ideas from customers
7. Awareness of competitive innovation/imitation?
8. Efforts expended to put low cost into products without sacrificing quality as defined by the market
place?
Section 4b. PLACE/DISTRIBUTION
A distribution strategy defines how you are going to create and satisfy demand for your products.
A distribution strategy defines how you are going to move products from point of creation to points of
consumption in an efficient and cost-effective manner. A distribution strategy also defines how you aregoing to develop and maintain customer loyalty. But first and foremost, a distribution strategy must be in
sync with how customers want to shop and buy.
Questions to Ponder
Should the firm try to deliver its offerings directly to consumers, or can it better deliver
selected offerings by involving other organizations? What channel(s) should be used in
distributing product offerings?
What physical distribution facilities should be used? Where should they be located? What
should be their major characteristics?
Are members of the target market willing and able to travel some distance to buy the product? How good is access to facilities? Can access be improved? Which facilities need priority
attention in these areas?
How are facility locations chosen? Is the site accessible to the target markets? Is it visible to
the target markets?
What is the location and atmosphere of retail establishments? Do these retailers satisfy
customers?
When are products made available to users (season of year, day of week, time of day)? Are
these times most appropriate?
Evaluating Your Marketing Plan
In evaluating your marketing plan we will look for information that addresses issues like the
following about yourdistribution.
1. Buyers preferences to buy from retailers, locally, via mail order or perhaps over the Internet.
2. Buyer needs for product information, installation and servicing.
3. Which channels are best served to provide the customer with the information they need before
buying? Does the product need specific technical assistance either to install or service a product?
4. Intermediaries are often best placed to provide servicing rather than the original producer - for
example in the case of motor cars.5. The willingness of channel intermediaries to market product is also a factor.
6. Intermediary cost. Intermediaries typically charge a "mark-up" or "commission" for participating
in the channel.
7. Whether the producer have the resources to perform the functions of the channel?
Section 4c. PROMOTIONPromotion is about getting the business message to its customers, to prospects, and to the
community. Four aspects of promotion are pertinent; 1) advertising and promotion, 2) public relations, 3)
selling, 4) service and warranty policies, and 5 sales promotion.
General Media Questions
Which media are currently being used? Has the firm chosen the type of media that will best reach
its target markets?
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Are the types of media used the most cost-effective, and do they contribute positively to the firms
image?
Are the dates and times the ads will appear the most appropriate? Has the firm prepared several
versions of its advertisements?
Does the organization use an outside advertising agency? What function does the ad agency
perform for the organization?
What system is used to handle consumer inquiries resulting from advertising and promotions?What follow-up is done?
Advertising:
Explain how the business will introduce its market offering to the public catalog, brochure, flyers,
trade show, website, trade magazine, newspaper, direct mail, etc.
Questions to Ponder
How does a typical customer find out about the firms products?
Does the message the firm delivers gain the attention of the intended target audience? Does it
address the wants and needs of the target market, and does it suggest benefits or a means for
satisfying these wants? Is the message appropriately positioned?
Does the promotion effort effectively inform, persuade, educate, and remind customers about the
firms products?
Does the firm establish budgets and measure effectiveness of promotional efforts?
Discuss the costs involved in advertising and promotion.
Why did the firm choose one medium over another?
Mention specifics if direct mail, newspapers, magazines, radio, television, catalogs, telemarketers,
etc. are to be used. Which radio and television stations? Where? When? How much will it cost?
What is the expected response rate and cost per response? How will the firms approach evolve
over time?
Public Relations:
Describe how the business will employ communication strategies that involve media presence,
memberships, sponsorship, and the like
Questions to Ponder
How can the business use public relations to support its advertising and promotion?
What local organizations are best for the purposes of getting the business message out?
Is there a well-conceived public relations and publicity program? Does the program contain the
ability to respond to bad publicity?
How is public relations normally handled by the firm? By whom? Have those responsible nurtured
working relationships with media outlets?
Is the firm using all available public relations avenues? Is an effort made to understand each of the
publicity outlets needs and to provide each with story types that will appeal to its audience in
readily usable forms?
What does the annual report say about the firm and its products? Who is being effectively reachedby this vehicle? Does the benefit of publication justify the cost?
Personal Selling:
Discuss what methods will be used to make sales. In particular, focus on the sales role that each
employee type will have as a member of the business.
Questions to Ponder
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How much sales training will be given to employees?
What do employees need to know?
What are key product/business features and benefits?
How much of a typical salespersons time is spent soliciting new customers as compared to
serving existing customers?
How is it determined which prospect will be called on and by whom? How is the frequency of
contacts determined? How is the sales force compensated? Are there incentives for encouraging more business?
How is the sales force organized and managed?
Has the sales force prepared an approach tailored to each prospect?
Has the firm matched sales personnel with the target market characteristics?
Is there appropriate follow-up to the initial personal selling effort? Are customers made to feel
appreciated?
Can database or direct marketing be used to replace or supplement the sales force?
Service and warranty policies:
If the business will be offering service, training, or warranties, explain their importance to
consumers. How will the firm live up to the expectations it is creating?
Questions to Ponder
How will warranties will be honored. How will the business prevent fraud?
Discuss how much the firm will charge for service fees, if it chooses to do so. Will this be a new
profit-stream or is it a break-even proposition?
Compare the firms service and warranty policies with competitors.
Sales Promotion:
Sales promotion includes several communications activities that attempt to provide added value or
incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate immediatesales. These efforts can attempt to stimulate product interest, trial, or purchase. Examples of devices used in
sales promotion include coupons, samples, premiums, point-of-purchase (POP) displays, contests, rebates,and sweepstakes.
Questions to ponder
What is the specific purpose of each sales promotion activity? Why is it offered? What does it try
to achieve?
What categories of sales promotion are being used? Is sales promotion directed to the trade, the
final consumer, or both?
Is the effort directed at all the firms key publics or restricted to only potential customers?
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like thefollowing about promotion strategy.
Is it integrated? Does each aspect of promotion present a common message?
How does promotion help build a positive image for the business?
Does the media plan make sense from a cost perspective and an impact on the customer
perspective?
Is the business making full use of the various promotion strategies available?
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Section 4d. PRICE
Setting prices often appears to be a simple task. It is not. Price is the value your customers placeon your products and services in the marketplace. Therefore, price is more than a function of costs.
Pricing factors to take into account include:
1. Costs2. Profit margins
3. Elasticity of demand - changes in demand that occur if your price changes
4. Your business image
5. Intangibles can add value to your products/services - your reputation for service, warranties, friendlyservice, convenient service, follow-ups
Questions to Ponder
What levels of pricing and specific prices should be used?
What mechanisms does the firm have to ensure that the prices charged are acceptable to customers?
How price sensitive are customers?
If a price change is put into effect, how will the number of customers change? Will total revenue
increase or decrease?
Which method is used for establishing a price: going rate, demand-oriented, or cost-based?
What discounts are offered, and with what rationale?
Has the firm considered the psychological dimensions of price?
Have price increases kept pace with cost increases, inflation, or competitive levels?
How are price promotions used?
Do interested prospects have opportunities to sample products at an introductory price?
What methods of payment are accepted? Is it in the firms best interest to use these various payment
methods?
Can you be profitable at the price levels you have chosen?
What are your costs?
What profit do you wish to earn?
What is your break even? How many transactions at your price do you need to make in order to cover
costs? How many customers do you need in order to make the number of transactions required in
order to cover costs?
Briefly, there are two basic pricing strategies that you might follow. One is calledpenetration
pricing. This approach requires you price your products/services below competitors prices. It is used to
get customers to switch from competitors as they perceive you are offering better value. It is also used to
attract customers who have never used such products/services before.
Questions to Ponder
Can you achieve your financial goals at low prices?
What will customers do if you raise your prices to achieve goals?
How will competitors react to your low prices (discount strategies, special offers, and lower prices)?
Is a new business in a position to charge low prices?
A second pricing strategy ispremium pricing. Here you price your products/services high relative
to competitors. Your objective is to attract customers who are willing to pay more for what they consider
to be superior products/services. Many of these customers assume that the higher price means higher
quality and many will derive some sort of ego gratification from buying the best.
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Questions to Ponder
What happens if you are forced to lower prices because you misread demand?
What happens as new competitors enter the market at lower prices or with superior products/services at
your price levels?
Do some customers feel you are overcharging?
If you lower your prices can you maintain the same service levels?
Pricing decisions represent a key aspect of a businesses ability to achieve its overall objectives.
As such, they should be made with specific objectives in mind.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following aboutpricing.
1. Assessment of how your price supports your businesss position in the marketplace (e.g. high-end
quality vs. low-end economy)?
2. Assessment of how your prices allow you to achieve your financial goals
3. Evaluation of your pricing fits with the realities of the marketplace (e.g. will you provoke a pricewar)
4. Assessment of how your prices allow you to recover your costs in a reasonable amount of time
5. Consideration given to your costs of doing business in the establishment of your prices
6. Assessment of the sensitivity (price elasticity) of the market to price variations
7. Identification of price points that exist to which the market is particularly sensitive
8. Consideration given to how your price strategy builds demand for your business quickly
9. Assessment of the quality levels signaled by your pricing.
10. Assessment of the consistency of perceived quality levels consistent with your objectives
11. Assessment of the consistency of perceived quality levels consistent with your mission12. Consideration given to the latitude you have to adjust price in the face of competitive moves
13. Consideration given to varying your price based on quantity, seasonally, or promotions being
offered
14. Discuss the firms gross margin. Is the gross margin capable of supporting the firms marketingand sales activities? To what extent can warranties be honored? Is the firm capable of internally
financing a sustained price war?
15. Justify the firms pricing strategy. Explain how consumers receive more net value from the firms
product(s) or service(s) than from rival and substitute offering(s).16. Discuss how price affects the volume of goods or services sold and its impact on profitability.
Prove that the current prices reflect analysis.
SECTION 5. MARKET ANALYSIS (CUSTOMER ANALYSIS)
The elements of a market analysis for a small business include the following: an analysis of the
overall market (called market analysis), 2) an analysis of the location(s) for the business, 3) an analysis of
customers which focuses on what, how, and why individual customers buy what they buy, 4) how
customers purchases products/services from your business, and 5) the creation of a customer database,
information from which is designed to help grow your business.
A. Market Analysis
Targeting your market helps you get the most out of your business effort. First, you want to
target those customers who are in a better position to purchase. Second, you want to make sure you are not
wasting effort on customers who have no interest in your product, and will not change their minds.
Third, knowing your customers will allow you to position your strategies directly toward those customers.
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B. Market Research and Analysis
The market research and analysis section of the marketing plan should be written before the other
sections. Every aspect of the firm, from operations to the amount of financing needed, is contingent on the
information contained within this section. This section requires the most planning and research because theventure could fail if the business acts on incorrect market information. Financiers make it their mission to
verify a companys market research and analysis prior to making an investment decision. Therefore, thissection can make or break a deal.
Customers:
Describe the targeted market segments. What are their demographics, buying behaviors, needs,
etc.?
Discuss where the majority of business within each market segment is expected. Where are they
located?
Explain the basis by which consumers make their purchasing decisions. For example, do they buy
based on cost, product features, convenience, service, social pressure, etc.? How do they proceed
through each step in the purchasing process; specifically, what channels do they use?
Provide a list of purchase orders or letters of commitment. Proof of consumer acceptance ismanagements best weapon when attempting to raise capital or when seeking to form a strategic
alliance. The list should also mention those who have indicated an interest in the product or
service and why. This discussion, however, should be balanced by mentioning the general
reason(s) some consumers are uninterested in the firms product(s) or service(s). Management
should describe what it is doing to overcome these negative perceptions and the estimated time it
will take to achieve widespread consumer acceptance.
In an existing business, management should list its major customers, significant developments
affecting their purchasing behavior, and their associated trends.
Market size and trends:
Project the markets size and the firms market share for each of the next five years by market
segment and/or geographical region. Break this analysis down by product or service, the number
of units sold, sales dollars, and expected profitability.
Discuss the anticipated annual growth of the aforementioned over the next three years.
Discuss principal market growth factors. This may include a summary of regional population
shifts, economic conditions, or socioeconomic behavior. Past market trends should be analyzed
and compared with the firms predictions about the future.
Questions to Ponder
Are the members of each market homogeneous or heterogeneous with respect to geographic,
sociodemographic, and behavioral characteristics? What are the size, growth rate, and national and regional trends in each of the organizations market
segments?
Is the size of each market segment sufficiently large or important to warrant a unique marketing mix?
Are market segments measurable and accessible to distribution and communication efforts?
Which are the high- or low-opportunity segments?
What are the evolving needs and satisfactions being sought by target markets?
What benefits does the organizations offer to each segment? How do these benefits compare with
benefits offered by competitors?
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12. How your location is attractive to your market(s)
D. Segment Analysis
Customer analysis is often the first logical step in marketing planning. Basically, there are threesets of issues that relate to understanding customers. These include identification of customer groups,
customer motivation, and unmet customer needs.
Customer Groups (Segmentation). Knowing customer groups is often the key to sustaining competitive
advantage. Segmentation implies identifying customer groups that respond differently to competitive
strategies. Based on these different responses, a business might have to develop different strategies to
reach different customer groups.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following about customer groups.
1. Identification of the largest customers in each group
2. Identification of the most profitable customers in each group
3. Identification of the most attractive potential customers in each group4. Ascertain if customers fall into logical groups on the basis of needs, motivations, demographics
5. Consideration given to creating customer groups (segments) according to any things like the following:1) benefits sought, 2) type of customer, 3) location of customer, 4) perceptions and attitudes, 5) price
sensitivity
6. Estimation of the size of the overall market and the size of different customer groups.
Customer Motivation. What lies behind the purchase decisions made by customers? For example, in the
travel industry, the business traveler has a different set of needs than the vacation traveler. Did you
consider factors like easy-to- use airports, convenient schedules, reliable and comfortable service, and
price? The knowledge of customer motivations provides key insights into assets and skills that yourbusiness must possess. The presence of an asset or skill that is responsive to customer motivations can be a
source of competitive advantage.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following about customer motivation.
1. Consideration given to why customers select and use favorite stores
2. Identification of and planning for the elements of your products/services that customers value most
3. Consideration given to customers objectives
4. Ascertaining what customers are really buying
5. Consideration given to changes that might be occurring in customer motivation
6. Ascertaining how customers buy
1. Unmet Needs. An unmet need is a customer need that is not now being met by existing productofferings. For example, when a customer travels there may be an unmet need concerning how easily
customers can compare various travel options among the vast array of packages available. Identifyingunmet needs can be done by asking customers about their experiences with your product or services.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following about unmet customer needs.
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1. Inquiry as to why some customers might be dissatisfied
2. Examination of why some customers switch stores
3. Consideration given to what degree do customers have problems with your business
4. Consideration given to what degree do customers have problems with competitors5. Identification of any unmet needs that customers might have
6. Ascertaining if unmet needs represent sources of advantage for your business or your competitors
2.Non-Users. If all you target is the heavy user or the obvious user, you may be missing out on much
potential. It may be worthwhile to look for opportunities among non-users. If you are a market leader, this
strategy is particularly appropriate as you endeavor to expand market share. If you are new to a market,
this strategy may represent a niche that has simply not been addressed by existing competitors.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following related to non-users.
1. People who are unaware of your business and the products/services provided
2. Identification of customers who are aware, but have never seriously considered a purchase from your
business3. Identification of customers who are aware but unwilling to take the risk of dealing with a new business
4. Determination if customers have rejected you because of previous dealings with your business5. Identification of customers who are aware of your business, but do not do business with you because of
perceptions of high prices, poor service, etc.
Section 5a. How Customers Purchase/Use Your Product
Too often, we locate businesses that are just concerned with making sales. A great business is
concerned about the entire customer search, purchase, use, and recourse process. Good businesses think
through these processes and attempt to anticipate problems and opportunities that might arise as customersengage in the various purchase and use activities.
Questions to Ponder
How do customers have access to your products for the purposes of gathering information?
How can customers try the product (if relevant)?
How can customers ask questions and obtain information?
How do you plan to make good on promises and guarantees?
What complaints are you likely to receive?
What are problems that customers may encounter after they have made a purchase?
What provisions have you set up for handling customer complaints, inquiries, returns, etc.?
Good businesses are not just concerned with making sales. They are concerned with the entire
process of purchasing, use, and customer recourse when problems occur.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following about how customers purchase/use your product.
1. The way in which customers have access to your products for the purposes of gathering
information, trying the product (if relevant), and asking questions2. How your marketing plans to make good on promises and guarantees
3. The use problems that customers may encounter after they have made a purchase
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4. Provisions for handling customer complaints, inquiries, returns, etc.
Section 5b. Customer Data Base
Too often, we simply give lip service to customer databases. Like many things in business, acustomer database is relatively easy to create. The key question related to customer databases concerns the
usefulness of the database. In developing a database pertaining to customers, it is important to considerwhat you would like to know about customers as well as how you would use the information.
Questions to Ponder
What customers should be in the database?
What information will you collect about customers?
How will you use this information to create better products/services for customers?
How will you assess the information in the databases for the purpose of identifying customer trends,
etc.?
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like thefollowing about a database of your customers.
1. Your plan to collect sufficient information about your customers
2. The purpose of collecting the information from customers
3. Determination of how information collected helps you serve your customers better
4. Consideration given to the collection of information such as customer satisfaction
SECTION 6. SITUATION ANALYSISS.W.O.T. (STRENGTHS, WEAKNESSES,OPPORTUNITIES, THREATS)
Is there a strategic window that must be taken into account? Has one or more differential
advantages been identified in the SWOT analysis? Are these advantages sustainable against the
competition?
Begin your marketing plan by assessing the situation. Conducting a S.W.O.T. analysis, as we discussed in
class will get you started. An effective S.W.O.T. is important to the creation of a marketing plan. Simplyput, a marketing plan must: 1) build on strengths, 2) resolve weaknesses, 3) exploit opportunities, and 4)
avoid threats. A key aspect of a S. W. O. T. analysis is competitive analysis which will be discussed indetail after the basics of a S. W. O. T. analysis are presented.
Questions to Ponder
A. Internal Strengths and Weaknesses
What is the history of the firm, including sales, profits, and organizational philosophies?
What is the nature of the firm and its current situation?
What resources does the firm have (financial, human, time, experience, asset, skill)?
What policies inhibit the achievement of the firms objectives with respect to
organization, resource allocation, operations, hiring, training, and so on?
B. External Opportunities and Threats
Social: What major social and lifestyle trends will have an impact on the firm? What
action has the firm been taking in response to these trends?
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Demographics: What impact will forecasted trends in the size, age, profile, and
distribution of population have on the firm? How will the changing nature of the family,
the increase in the proportion of women in the workforce, and changes in the ethniccomposition of the population affect the firm? What action has the firm taken in
response to these developments and trends? Has the firm reevaluated its traditional
products and expanded the range of specialized offerings to respond to these changes?
Economic: What major trends in taxation and income sources will have an impact on thefirm? What action has the firm taken in response to these trends?
Political, Legal, and Financial: What laws are now being proposed at international,
federal, state, and local levels that could affect marketing strategy and tactics? What
recent changes in regulations and court decisions affect the firm? What political changes
at each government level are taking place? What action has the firm taken in response to
these legal and political changes?
Competition: Which organizations are competing with the firm directly by offering a
similar product? Which organizations are competing with the firm indirectly by securingits prime prospects time, money, energy, or commitment? What new competitive trends
seem likely to emerge? How effective is the competition? What benefits do competitors
offer that the firm does not? Is it appropriate for the firm to compete?
Technological: What major technological changes are occurring that affect the firm?
Ecological: What is the outlook for the cost and availability of natural resources and
energy needed by the firm? Are the firms products, services, and operationsenvironmentally friendly?
You might try doing something like this:
Competitor
Markets
Served
Products/
Services
Offered
Prices:
High, Low,
Middle
How service is
Provided (e.g.
personal, web-
based)
Special
Services
Offered
Advantages/
Disadvantages
You
Competitive
Group 1
Competitive
Group 2
Competitive
Group 3
The purpose of S.W.O.T., customer, and competitive analysis is to provide the basis for the
generation of alternative business strategies. Your mission statement will prove a first cut at strategydevelopment. Then, you must get more specific. For example, which of the following strategic options
have you considered?
Market penetration - working with existing products in existing markets
Product expansion - working with new products in existing markets
Market expansion - working with existing products in new markets
Diversification - working with new products in new markets
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses the issues like the
following about yourbasic strategy.
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1. The basic strategic focus of your business
2. Identification of technologies, etc. on the horizon that might alter your basic strategy
3. Identification of the movers and shakers in the industry
4. Identification of the objectives and longer range strategies of the movers and shakers
5. Consideration given to threats and opportunities in selecting your strategic focus6. Consideration given to how the selection of your strategic focus would provide sustainable competitive
advantage7. Assessment of the consistency between your strategy selection and your business mission
8. Assessment of the feasibility of your strategy given available resources
9. Assessment of the degree to which technology is being considered as a substitute for personal service
Section 6a. Competitive Analysis
No business exists solely by itself. The key goal of competitive analysis is to obtain an
understanding of where your competitors are situated in the marketplace and to gain an understanding of
their strategies. You should try to get a feel for competitors strategies and the likely impact they will have
on the marketplace. Every business in your competitive industry is affected by the same factors as you are;
some are just better equipped to manage those factors. Strategically speaking, how will you differentiate
your business from other companies in a highly competitive marketplace?
Note: You can look in the Yellow Pages, local papers, trade association publications, and web pages todetermining the types of competitors you will face.
The Industry and the Company and Its Product(s) or Service(s)
This section of the marketing plan provides the context by which the remaining sections follow.
Managers must show where the company and its product(s) or service(s) fit within the industry and what
this means for the future. Therefore, four topics should be discussed.
Identify the industry or industries within which the firm will operate
Describe the present condition, market size, and growth trends of the industry.
Mention the major players in the industry.
Discuss any significant developments, such as: new product or service releases, new regulations,new entrants or exits, new market segments, or any other changes in the Business Universe
deemed important to the firms success.
The company and the concept:
Discuss the overall concept of the firm (Business Scope), its mission, what product(s) or service(s)
it offers (Product Scope), and the markets it will serve (Market Scope).
Mention when the firm was founded or incorporated, and where it is located.
Provide a brief history of the firm, its prior sales, profitability, milestones, and setbacks. What has
been done to improve the firm?
Competition and competitive advantages:
Identify competitors and substitutes and assess their strengths and weaknesses.
Compare rivals and substitutes based on market share, price, quality, service, etc.
Compare the value proposition of each companys offerings in quantifiable terms.
Discuss how well or to what extent consumer needs are being filled.
Provide specific competitor analysis on the firms top three or four competitors. What are some
specific strengths and weaknesses? Include in this discussion a review of their product(s) or
service(s), value chain, market penetration, and financial position.
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Review competitors current strategies, assumptions, goals, and strengths and weaknesses.
Discuss anticipated competitor moves and how the firm is prepared to respond.
Questions to Ponder
Have you described your industry?
Are there any current trends in your industry? List the types of competitors you face.
What are the major strengths and weaknesses of each group of competitors?
What are your competitors objectives?
How do your competitors operate? What markets do they serve? How do they compete (e.g. are they
price oriented, service oriented)?
How do your strengths and weaknesses compare to those of the competitive groups?
How are you situated to take advantage of opportunities or to counter threats? What is your
assessment of the ability of competitive groups to take advantage of opportunities and counter threats?
What can you learn from the competitors?
Competitive analysis starts with the identification of competitors. Some competitors will compete
more intensely than others will. In most industries, competitors vary. There are usually several directcompetitors and some non-direct competitors. Knowledge of competitors, how they compete, and their
strengths and weaknesses allow you to develop an understanding of the structure of the market.
When there are many competitors, it is useful to group them. As you undertake your analysis,
consider the idea of strategic groups of competitors (e.g. Web-based travel providers). You can identify
strategic groups by 1) similarity of competitive activities, 2) similarity in characteristics (e.g. size), and 3)
similarity of assets and skills (e.g. image).
To develop a strategy for dealing with competitors, it is important to understand your
competitors
1. Performance - a healthy competitor is more formidable
2. Objectives - is the competitor committed to the business and aiming for high growth?
3. Current/Past Strategies - what are the implications for future moves?
4. Culture - what is important to the competitor (e.g. costs, customers)?5. Strengths and Weakness - where are they strong/weak (e.g. business name, service)?
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following about competitors.
1. Identify major competitors
2. Identify any possible new competitors that might enter the market
3. Identify your direct competition
4. Identify those competitors that provide the closest offerings to yours5. Identify and understand the strategies of competitors
6. Identify those competitors that have been most successful over time
7. Identify the strengths and weakness of each competitive group and position your company against
these
8. Identify where competitors have advantage over you
9. Identify where you have advantage over competitors
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SECTION 7. OBJECTIVES
Every business must have goals. Your short-term goals should be related to your long-term goals. That is,you have created a vision of where you want your business to be, say, 15 years out. This is your long-term
goal (and this might change). Today, however, what will you do monthly, quarterly, annually in order to
insure that, in the short term, you are on track toward your longer term objectives?
Questions to Ponder
Is the firms mission statement able to be translated into operational terms regarding the firms
objectives?
What are the stated objectives of the organization? Are they formally written down? Do they lead
logically to clearly stated marketing objectives? Are objectives based on sales, profits, or customers?
Are the organizations marketing objectives stated in hierarchical order? Are they specific so that
progress toward achievement can be measured? Are the objectives reasonable in light of the
organizations resources? Are the objectives ambiguous? Do the objectives specify a time frame?
Is the firms main goal to maximize customer satisfaction or to get as many customers as possible?
Do your business objectives describe the important measurement benchmarks for your business?
Do your business objectives provide a picture of how your business will expand over time? What are your short-term objectives - 3 months? Six months? 1 year?
What are your long-term objectives - 5 years? 15 years?
Do you have objectives for sales revenue, profitability, and survival?
Do you plan on still being around in 10 or 15 years?
How do your business strengths, as you see them, relate to your ability to achieve your objectives and
your mission?
How do your objectives fit with industry trends?
Are your objectives challenging, but realistic?
Objectives define what you wish to accomplish in the immediate future and over the long term.
Goals are typically expressed in terms of revenues (sales volume), market share, profitability, growth and
expansion, products to be provided, markets to be served, reputation (image), etc. Your goals paint apicture of what you think are the critical strategic and tactical benchmarks by which you will measure the
success of your business.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following related togoal setting.
1. Short term and long term goals
2. Quantified goals3. The degree to which your business goals are employed in your financial analysis
4. Use of concepts like break-even to provide a foundation for your goal setting
5. Arrangement of goals hierarchically from the most important to the least important6. Realistic nature of your goals
7. Consistency of goals with your S.W.O.T. analysis, your competitive and market analyses
8. Appropriateness of the time horizon associated with your goals
9. Provision of a thorough description of your business as it grows.
SECTION 8 IMPLEMENTATION, EVALUATION, AND CONTROL
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Marketing implementation is the process of executing the marketing strategy by creating specific
actions that will ensure that the marketing objectives are achieved. Formal marketing controls are
mechanisms designed by the marketing manager to help ensure the implementation of the marketing
strategy.
Questions to Ponder
Is the marketing organization structured appropriately to implement the marketing plan?
What specific activities must take place? Who is responsible for these activities?
What is the implementation timetable?
What other marketing research is necessary?
What will the financial impact be of this plan on a one-year projected income statement? How
does projected income compare with expected revenue if the plan is not implemented?
What are the performance standards?
What monitoring procedures (audits) will take place and when?
Does it seem as though the firm is trying to do too much or not enough?
Are the core marketing strategies for achieving objectives sound? Are the objectives being met,
and are the objectives appropriate?
Are enough resources (or too many resources) budgeted to accomplish the marketing objectives?
Evaluating Your Marketing Plan
1. As customers change their wants and needs, as competitors devise new marketing strategies, and
as the organizations own internal environment changes, the firm must constantly adapt.2. Changes sometimes occur so fast that once the organization decides on a marketing strategy, it is
already out of date.
3. Because of the interrelationship between marketing strategy and marketing implementation, both
must constantly adapt to fit the other.
4. Internal marketing refers to the managerial actions necessary to make all members of the
organization understand and accept their respective roles in implementing marketing strategy.
5. Process control mechanisms include activities that occur during implementation that are designed
to influence the behavior of employees so they will support the strategy and its objectives.6. Output control mechanisms are designed to ensure that marketing outcomes are in line with
anticipated results - setting performance standards against which actual performance can be
compared.
7. Informal marketing controls are unwritten, employee-based mechanisms that subtly affect the
behaviors of employees, both as individuals and in groups.
SECTION 9. WEB PAGE DEVELOPMENT
Technology makes it possible for businesses to have access to and provide access for their
customers in a variety of ways. Businesses that are small and have limited resources can set up a home
page relatively easily. From the home page you can get your business message out, tap into old and new
markets, and make sales.
Questions to Ponder
How does your Web page enhance the strategy/tactics you have developed to run your business?
How will your business capitalize on technology (i.e. the Internet and e-commerce) that is dramatically
transforming business and use it to your advantage?
For what purposes will you use technology (e.g. completing transactions with customers? To promote
your business? Build customer loyalty? Save customers money? Speeds the sales process? Improverelationships with customers? Lower sales costs?
Is your intent to keep up with the competition or make a bold business move with e-commerce?
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What is the minimum you should provide in the way of value to customers via e-commerce?
How will you measure the return on your e-commerce site?
Advances in computer technology, telecommunications, global competition, increasing buyer
requirements for speed and customization, the growing importance of service, and other marketplacefactors have led businesses to reconsider how to implement their strategies. With billions of (growing
daily) web pages in existence, it seems essential for a business to engage in e-commerce in some way.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following about yourWeb Page.
1. Web page makes shopping simple for the customer
2. Web page provides information that is valued by the customer
3. Web page provides service that is valued by the customer
4. Web page listens to your customers
5. Assessment of whether your vision outpaces the ability of technology to help you achieve that vision
6. Assessment of whether your web page helps build customer loyalty
7. Assessment of whether your web page saves customers money8. Assessment of whether your web page speeds the sales process9. Assessment of whether your web page provides value added information
10. Assessment of whether your web page improves relationships with your customers
11. Assessment of whether your web page lowers your sales costs
12. Assessment of whether your web page answers customer questions
13. Web page makes you indispensable to your customers
14. Web page offers such things as convenience, wide selection, world class service, best products, easy
price comparisons
15. Web page represents an attempt to keep up with the competition or are you making a bold business
move
16. Web page personalizes the shopping experience17. Web page facilitates the creation of a customer data base
18. Web page shows a human face
19. Web page provides for opportunities to experiment
20. Web page really allows you to have a conversation with your market(s)
21. Web page really allows you to take advantage of customers speaking to you in new and powerful ways
22. Ability/willingness to adjust your web page/product offerings/strategies based on customers becoming
smarter, more informed, more organized and more demanding?
23. Web page promotes customers speaking to each other and driving improved value in your offerings?24. Your web page helps promote customer loyalty when customers have access to more and more
information from your competitors
25. Web page speaks the language of your customers
26. Web page promotes cross-selling (e.g. selling of other products/services besides the primary
product/services sought by the customer)
27. Web page builds stronger support for your business
28. Evaluation of the impact of your web page
29. Web page is more than a www.shingle.com
SECTION 10. CODE OF ETHICS
Codes of ethics provide practical guidelines to help business professionals make ethical decisions.
The establishment of behavioral guidelines facilitates discussions of ethics and ethical decision-making.
Codes should emphasize the critical aspects of business decision making that can help lead you to success.
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Questions to Ponder
Does your code of ethics facilitate conversations about ethical decision-making?
Does your code of ethics indicate something about the character of the management of your business?
Does you code of ethics allow for business professionals to learn about all the aspects of your
business?
Does your code of ethics improve business decision-making? Does your code of ethics identify crucial ethical problem areas in your business?
Does your code of ethics provide a clear set of guidelines for behaviors?
Are you ready to stand by the provisions of your companys code of ethics?
Does your code of ethics provide a strong policy statement concerning how you intend to conduct your
business?
Codes of ethics exist in almost every business. Codes of ethics provide practical guidelines to
help business professionals make ethical decisions. Codes of ethics are not new. For example, over 3000
years ago it was written, Do not have two differing weights in your bag one heavy, one light. Do not
have two differing measures in your house one large, one small, (Deuteronomy 25:13-14). The
establishment of behavioral guidelines facilitates discussions of ethics and ethical decision making. They
allow business professionals to discern what the company recognizes as acceptable business practice.
Evaluating Your Marketing plan
In evaluating your marketing plan, we will look for information that addresses issues like the
following about yourCode of Ethics.
1. Identification of acceptable business practices
2. Ethical issues salient to the business are covered in the code3. Clear policies exist concerning dealing with questions of ethics
4. Code of ethics clearly reflects management values
5. All aspects of the business are covered in the code
6. Code establishes some degree of consistency across all levels of decision-making
7. Code provides opportunities for improved decision-making
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