In the first week undertaking the Certificate IV in Marketing at Swinburne I have learnt about the processes of creating a marketing plan. In particular, three planning processes; SMART goals; identifying the 4 p’s and conducting a SWOT analysis.
SMART goals are a simple and effective tool to use in the marketing process. It involves breaking up your marketing idea into five different qualifiers to ensure it will work, they are:
- Specific: Be specific with what you’re trying to do, are you trying to drive sales? website traffic? increase brand awareness? set one goal.
- Measureable: How should your success be measured? if you are aiming to drive sales, what should your increased target be?
- Achievable: Is your target reaslistic? if the business in generating $15,000-$18,000 in sales a day, then is it realistic to aim for $100,000? probably not.
- Reliable: Is your idea easy to understand?
- Timely: Give a deadline for your target? if you’re trying to increase a companys sales by 20 per cent, how long will it take you to achieve this with your plan? 12 months? 6 months?
SMART goals can be used in a number of ways. They can be used to begin the process of formulating your plan around one central idea, or on a smaller scale. The process to develop a marketing plan can be made up of many smaller SMART goals, for instance on your digitial marketing plan, product displays and raising brand awareness.
Once your SMART goals have been outlined, the next step in the marketing process is to identify your 4 p’s. They are:
- Product: What exactly is the product? is it a good or a service? what makes it unique?
- Place: Where you are selling it? you need to identify what the ideal market is for your product. Should you be marketing it to businesses? selling it online? what suits it best.
- Promotion: The product can be promoted across a number of different mediums, should you be advertising online? through television? with a microphone on the streets? it all depends on the other 3 p’s.
- Price: How much does it cost to produce? how much can you sell it for?
The SWOT analysis is used to identify the characteristics of your idea or product. In doing a SWOT analysis you are analysing a product or ideas:
- Strengths: What are the positive characteristics of the product
- Weaknesses: What are the negative characterists? what needs to be worked on? how?
- Opportunities: What naturaly advantages does the product have? for example, is it the only one in the market?
- Threats: What threatens your product? is there another similar product on the market?
From learning this process, I am confident that when I am required to come up with a marketing plan for a business I will have a sound and effective process.