Why Does the Marketing Plan Matter to Me$?$ Part $1$

A marketing plan is an organization$$s written marketing strategy. A marketing plan is much more than just creating a plan to promote a product. The first three elements in a marketing plan$$the firm$$s mission statement, situational analysis, and objectives$$influence later elements of the marketing plan such as target market strategy $($who the firm will promote its product to$)$ and the marketing mix $($how the firm will promote its product$).$ Importantly, having this strategy in a written format allows marketers to later evaluate the success of their actions, as well as to make adjustments to adapt to the changing marketing environment.

As a consumer, marketers collect information on your behaviors and interests as part of the situational analysis component of the marketing plan. This information aids marketers in developing a better understanding of who they are trying to get to purchase their products. Marketers will then adapt their product, price, location of sale, and promotions to appeal to these consumers. When you are part of company$$s target market, the company will take very specific actions in an effort to reach you $($such as offering the product in a store conveniently located near you or advertising to you on social media$)$ and ensure that the product appeals to you $($such as offering the product in colors that appeal to you and at an affordable price point$).$

Refer to the following scenario to see how the Marketing Plan matters to you and the world around you.

$$Imagine that your college is hosting a competition to promote school spirit. The college is offering a $$1,000$ scholarship to the team that creates the best marketing plan for a new student organization. While it may have been all of the caffeine you had prior to class, you feel energized about this opportunity and convince your friends to form a team and participate in the competition.

$$During your initial brainstorming session, your friend, Jarrod, suggests that the first decision your team needs to make is to determine the focus of your student organization, establishing what benefits the organization will provide to its members. Your other friend, Tenisha, suggests that the first step should be to determine how to promote the student organization. Finally, Casey suggests that your team should start by first selecting the campus location for club meetings.

$$Your team members turn to you and ask you to provide your input on how the team should start.

Assessment content

Why Does the Marketing Plan Matter to Me$?$ Part $1$

Assessment details

Attempts left: $1$

Assessment question

What is the first step that your team should take to start your student organization?

I agree with Tenisha. My team should start by determining how we will promote the organization.

I agree with Jarrod. My team should start by determining the focus of our student organization.

I agree with Casey. My team should start by determining where our organization will meet.