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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. 2. 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 posted…on Blackboard. 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) why you do not respond to members of your team. 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. 2. 3. 4. Executive Summary Your Business/Initiative Name Your Business Mission The Marketing Mix a. Product b. Place/Disribution c. Promotion d. 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. Analysis a. 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 marketing plan. This presentation includes, but is not limited to, a computer generated presentation, the development of 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


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 by giving a comprehensive and detailed view of what one’s 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 during…… 5. Where are you planning to do it? - we will have a fixed-base location……and/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. Clients receive 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 firm’s 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.


etc. 4. General competitor weaknesses or changing industry conditions should be provided as supporting evidence. product differentiation. • • • • 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 client’s mission or purpose. and other evidence or logic should be used to establish credibility. its profitability. why it should be pursued. its extent. 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. 5. This summary should include the following: 1. Who will the firm target and how will the product or service be positioned to meet their specific needs or expectations? What are the market size and growth characteristics of the firm’s targeted segments? What are the firm’s unit and sales dollar estimates and anticipated market share? The competitive advantages: Mention the firm’s choice of strategy (cost leadership. then its size and progress to date should be mentioned as well. 3. profitability. Industry trends. and market offerings give the firm a competitive edge. they must also assess the risks associated with certain kinds of product offerings and focusing on different kinds of markets. The target market and projections: Identify and explain the firm’s industry and market. New marketing ventures face choices concerning the products and markets sought to serve. 2. The economics. The opportunity and strategy: Summarize the opportunity. and focus) and why the firm’s capabilities and competencies fit within the industry. statistics. Your company name The market(s) that you will serve The products/services you plan to offer A description of your marketing format A description of your distinctive competency. What are the expected 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. and harvest potential: Provide a sense of the overall financial and operating conditions of the firm. As entrepreneurs assess products and markets.Each team must provide an executive summary of no more than two pages. 3 . Describe how the product or service is in keeping with changing consumer needs and how the market offering(s) supports the firm’s mission. Below is a simplification of the degree of risk associated with products and markets served. Provide specifics such as size of prior firm(s) they have managed. and how the firm plans to exploit it.

Explain any advantage or disadvantage arising from the firm’s location. you may think that your name is “the best thing since sliced bread. How will this money be used? How much of the company’s ownership is the firm willing to give for the financing? What is the expected rate of return on their investment? Geographical location: Describe the firm’s location. we will look for information that addresses issues like the following about your business name. YOUR BUSINESS MISSION Your business mission should be stated from the perspective of the markets you serve and the values you provide. 2. Questions to Ponder • • • • When customers hear your business name. If possible.The offering: State the dollar amount of equity and/or debt financing requested. Your business 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 is what your customers think. How will your name stand out among all of these competitors? SECTION 3. Evaluating Your Marketing plan In evaluating your marketing plan. property tax. Your business/initiative name is a key part of your communications. 1. (i. special permits)? SECTION 2. 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. YOUR BUSINESS/INITIATIVE NAME Choosing a business name may sound easy. How close is the business to its customers and suppliers? Can the local labor market meet the firm’s needs. zoning.” It is not what you think…. This is true for the business name and also for any web addresses that you will use. Does your business name attract attention? Is your business name memorable? Does your business name help in the positioning of the products/services that you offer? Does your business name distinguish you from your competitors? Remember.e. discussing the merits of each option. Before crafting a mission statement you might think about why such a statement is critical to your business. and then making a selection. 3. 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. businesses choose a name by creating a list of options. 4. provide a location analysis. but it can be a key determinant of marketing success. sales tax. Consider that there will be many businesses similar to yours that we will be evaluating. Questions to Ponder 4 .

the product and market technologies of the future The essence of business functional area strategies (e. 5. PRODUCT Your products/services and the needs they satisfy are the reasons for your business’s existence. is there some benefit. Do your employees get fired up in their efforts to accomplish the vision set forth in the mission statement? Would you? SECTION 4. In general. Customer focused Define the industry in which you compete Suggest to customers anything about your products and the range of options customers have Suggest anything about your core or distinctive competency Suggest anything about the market segment(s) you are serving Motivating. 4.• • • • • 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. MARKETING MIX Does the firm seek to achieve its goal chiefly through coordinated use of marketing activities (product. 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. and pricing) or only through intensive promotion? Are the objectives and roles of each element of the marketing mix clearly specified? Section 4a. 6. 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. 3. promotion.the products you market and the ones in which you do not wish to compete Your business growth direction . That means that. To this end. some value those customers can identify and obtain by conducting their business with you? Your business mission can take on many forms. 2. it might include some specification of the following: • • • • Your business scope . 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. as customers view your mission statement. distribution. we will look for information that addresses the issues like the following related to your business mission statement 1. Evaluating Your Marketing plan In evaluating your marketing plan.g. 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 of goods 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. The product(s) or service(s): 5 .

What makes the offering(s) unique? What voids do these products fill in the industry? Mention any drawbacks the offering(s) may possess. List its features and drawbacks. Companies seeking funding to finance design and development should pay close attention to this section.• • • • • • • • Each product or service (or group of products/services) should be described in detail. Development status and tasks:  Discuss the status of the product’s design and development. etc. discuss its stage of development. There is simply more risk involved in funding a business without a finished product and/or proven customer acceptance.  Explain the cost implications of potential difficulties in design and development and how these problems could delay the product’s release. Design and Development Plans Firms that produce or design their own goods should include a design and development plans section. Difficulties and risks:  Discuss any problems that may arise during the design and development stage. Explain their value elements. Discuss plans for extending or creating new product or service lines. the time and resources necessary to see it through its completion. how it will be protected or is safe by its very nature from competitor imitation. 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 firm’s marketing plan and pricing strategy. Describe how the firm’s competitive advantages lend themselves to the successful implementation of the firm’s strategy and goals. Emphasize first-mover advantages the firm may possess and how they will lead to the creation of a competitive advantage. testing. 6 . Financiers are generally reluctant to invest in design and development projects. design. What is it doing to fill its resource gaps?  If consumers are involved in the development. Discuss management’s growth expectations for the firm over the next five years and plans for its continued growth. or testing of the product. Indicate whether the offering is proprietary and. If the firm is introducing a new product or service. Costs:  Provide the firm’s design and development budget. if not. discuss their involvement and feedback to date. What is being done to produce a marketable product? What remains for the firm to do?  Describe the firm’s expertise in this area. Discuss how the product(s) or service(s) are used.

Evaluating Your Marketing plan In evaluating your marketing plan.  Discuss any legal disputes surrounding proprietary issues or fair trade practices. 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. Using a flexible budget. copyrights. or intellectual property rights. your product/service strategy represents your ability to convert demand from a vague set of wants and needs into well-defined market offerings. In essence. 2. The market(s) you have chosen to serve and the competitive position of your business vis-à-vis other competitors will drive the nature of the products/services you offer. How do you stand? Do you have any unique features or benefits over your competitors? Do they have any over you? Create a catchy. innovation The use of a screening process to ascertain the “best” product/service ideas 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 Consideration given to the design of quality into your products/services 7 . combined with prices and merchandizing strategies. 4. 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. 3. Discuss possible deviations from the budget and resultant impact on the firm’s cash flows. create customer value? Your products/services are the fundamental way in which your business competes to satisfy marketplace needs and wants. 1. assess the impact of a 15 to 30 percent difference between actual and budgeted expenditures on the firm’s cash flows. we will look for information that addresses issues like the following related your products/services.  Describe any contractual agreements that restrict or protect the firm from competitor imitation. trademarks. Consideration given to the value of imitation vs. 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. Proprietary issues:  Indicate whether the firm currently holds or is seeking any patents.

Four aspects of promotion are pertinent. Intermediary cost. The willingness of channel intermediaries to market product is also a factor. 2) public relations. Questions to Ponder • • • • • • • Should the firm try to deliver its offerings directly to consumers. Thought given to ways of changing the “way things are traditionally done?” Derivation of product/service ideas from customers Awareness of competitive innovation/imitation? Efforts expended to put low cost into products without sacrificing quality as defined by the market place? Section 4b. 7. 4. 5. a distribution strategy must be in sync with how customers want to shop and buy. 6. 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? Intermediaries are often best placed to provide servicing rather than the original producer . PROMOTION Promotion is about getting the business message to its customers. 4) service and warranty policies. locally. 3. 1. and 5 sales promotion. 3) selling. But first and foremost. via mail order or perhaps over the Internet. General Media Questions • Which media are currently being used? Has the firm chosen the type of media that will best reach its target markets? 8 .5. to prospects. 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 your distribution. A distribution strategy also defines how you are going to develop and maintain customer loyalty. 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. 1) advertising and promotion. PLACE/DISTRIBUTION A distribution strategy defines how you are going to create and satisfy demand for your products. day of week. Intermediaries typically charge a "mark-up" or "commission" for participating in the channel. Buyers’ preferences to buy from retailers. Buyer needs for product information. Whether the producer have the resources to perform the functions of the channel? Section 4c. 6. 7. 2. installation and servicing. 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. 8.for example in the case of motor cars. and to the community.

flyers. and remind customers about the firm’s products? • Does the firm establish budgets and measure effectiveness of promotional efforts? • Discuss the costs involved in advertising and promotion. website. and does it suggest benefits or a means for satisfying these wants? Is the message appropriately positioned? • Does the promotion effort effectively inform. Questions to Ponder 9 . catalogs. memberships. In particular. newspapers. telemarketers. direct mail. magazines. brochure. trade magazine. educate. trade show. • Why did the firm choose one medium over another? • Mention specifics if direct mail. newspaper. Questions to Ponder • How does a typical customer find out about the firm’s 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. etc. persuade. are to be used. and do they contribute positively to the firm’s 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. radio. television. etc. 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 firm’s approach evolve over time? Public Relations: Describe how the business will employ communication strategies that involve media presence. 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 reached by this vehicle? Does the benefit of publication justify the cost? Personal Selling: Discuss what methods will be used to make sales. focus on the sales role that each employee type will have as a member of the business.• • • • Are the types of media used the most cost-effective.

These efforts can attempt to stimulate product interest. retailers. if it chooses to do so. or other organizational customers to stimulate immediate sales. • • • • 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? 10 . explain their importance to consumers. premiums. or both? Is the effort directed at all the firm’s key publics or restricted to only potential customers? Evaluating Your Marketing plan In evaluating your marketing plan. and sweepstakes. we will look for information that addresses issues like the following about promotion strategy. Sales Promotion: Sales promotion includes several communications activities that attempt to provide added value or incentives to consumers. or warranties. samples. 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. How will the firm live up to the expectations it is creating? Questions to Ponder • • How will warranties will be honored. Examples of devices used in sales promotion include coupons. trial. or purchase. point-of-purchase (POP) displays.• 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 salesperson’s 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. rebates. wholesalers. the final consumer. training. How will the business prevent fraud? Discuss how much the firm will charge for service fees. Will this be a new profit-stream or is it a break-even proposition? • Compare the firm’s service and warranty policies with competitors’. contests.

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.Section 4d. Pricing factors to take into account include: 1. It is used to get customers to switch from competitors as they perceive you are offering better value. and lower prices)? Is a new business in a position to charge low prices? A second pricing strategy is premium pricing. demand-oriented. One is called penetration pricing. convenient service. Here you price your products/services high relative to competitors. PRICE Setting prices often appears to be a simple task. Your objective is to attract customers who are willing to pay more for what they consider to be superior products/services. 3.” 11 . It is not. or cost-based? What discounts are offered. 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. 2. warranties. Therefore. Price is the value your customers place on your products and services in the marketplace. there are two basic pricing strategies that you might follow. Costs Profit margins Elasticity of demand .your reputation for service. 5. price is more than a function of costs. how will the number of customers change? Will total revenue increase or decrease? Which method is used for establishing a price: going rate. 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 firm’s 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. 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. 4. special offers. and with what rationale? Has the firm considered the psychological dimensions of price? Have price increases kept pace with cost increases. inflation. friendly service.changes in demand that occur if your price changes Your business image Intangibles can add value to your products/services . This approach requires you price your products/services below competitors’ prices.

and why individual customers buy what they buy. Evaluating Your Marketing plan In evaluating your marketing plan. 2) an analysis of the location(s) for the business.g. First. As such.g. 9. Assessment of how your price supports your business’s position in the marketplace (e. 8. 4. how. 11. we will look for information that addresses issues like the following about pricing. or promotions being offered Discuss the firm’s gross margin. Assessment of the consistency of perceived quality levels consistent with your objectives Assessment of the consistency of perceived quality levels consistent with your mission Consideration given to the latitude you have to adjust price in the face of competitive moves Consideration given to varying your price based on quantity. 3. seasonally.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. Is the gross margin capable of supporting the firm’s marketing and sales activities? To what extent can warranties be honored? Is the firm capable of internally financing a sustained price war? Justify the firm’s pricing strategy. low-end economy)? Assessment of how your prices allow you to achieve your financial goals Evaluation of your pricing fits with the realities of the marketplace (e. information from which is designed to help grow your business. you want to make sure you are not “wasting” effort on customers who have no interest in your product. high-end quality vs. 1. 12 . they should be made with specific objectives in mind. knowing your customers will allow you to position your strategies directly toward those customers. Third. SECTION 5. Explain how consumers receive more net value from the firm’s product(s) or service(s) than from rival and substitute offering(s). and 5) the creation of a customer database. 3) an analysis of customers which focuses on what. Market Analysis Targeting your market helps you get the most out of your business effort. you want to target those customers who are in a better position to purchase. A. 16. Discuss how price affects the volume of goods or services sold and its impact on profitability. 12. 10. 6. and will not change their minds. 4) how customers purchases products/services from your business. Second. 2. will you provoke a price war) Assessment of how your prices allow you to recover your costs in a reasonable amount of time Consideration given to your costs of doing business in the establishment of your prices Assessment of the sensitivity (price elasticity) of the market to price variations Identification of price points that exist to which the market is particularly sensitive Consideration given to how your price strategy builds demand for your business quickly Assessment of the quality levels signaled by your pricing. 15. Prove that the current prices reflect analysis. 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). 7. 13. 14. 5.

growth rate. social pressure. this section can make or break a deal. This section requires the most planning and research because the venture could fail if the business acts on incorrect market information. convenience. Financiers make it their mission to verify a company’s market research and analysis prior to making an investment decision.    Market size and trends:  Project the market’s size and the firm’s market share for each of the next five years by market segment and/or geographical region. specifically. needs. Discuss principal market growth factors. Where are they located? Explain the basis by which consumers make their purchasing decisions. etc.? Discuss where the majority of business within each market segment is expected. This may include a summary of regional population shifts. is contingent on the information contained within this section. sociodemographic. sales dollars. In an existing business. Management should describe what it is doing to overcome these negative perceptions and the estimated time it will take to achieve widespread consumer acceptance. The list should also mention those who have indicated an interest in the product or service and why. and national and regional trends in each of the organization’s 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 socioeconomic behavior.   Questions to Ponder • • • • • • • Are the members of each market homogeneous or heterogeneous with respect to geographic. what channels do they use? Provide a list of purchase orders or letters of commitment.B. Past market trends should be analyzed and compared with the firm’s predictions about the future. Customers:   Describe the targeted market segments. product features. the number of units sold. economic conditions. What are their demographics. Break this analysis down by product or service. and expected profitability. should be balanced by mentioning the general reason(s) some consumers are uninterested in the firm’s product(s) or service(s). buying behaviors. This discussion. Every aspect of the firm. Therefore. significant developments affecting their purchasing behavior.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? 13 . For example. service.? How do they proceed through each step in the purchasing process. do they buy based on cost. Discuss the anticipated annual growth of the aforementioned over the next three years. Market Research and Analysis The market research and analysis section of the marketing plan should be written before the other sections. and behavioral characteristics? What are the size. from operations to the amount of financing needed. etc. management should list its major customers. however. and their associated trends. Proof of consumer acceptance is management’s best weapon when attempting to raise capital or when seeking to form a strategic alliance.

Whether a market is appropriate for your business will depend on its attractiveness. 9. or change the emphasis of its selected target markets? If so. skills) needed to compete successfully in this market(s) How key success factors will change in the future How you can use your assets and skills to neutralize those of competitors How your location provides your business with an advantage 14 . 5. 7. citizen. and lifestyle make a difference? How does your market(s) assess price in relation to value as they apply to your products/services? People often trade-off quality and price by saying they will opt for the lowest price. 8. you then must proceed into an analysis of the market. or heavy users? How do current target markets rate the firm and its competitors with respect to reputation. 6. light users. The important and potentially important markets The size of these markets The characteristics of these markets Assessment as to the growth or decline of these markets The intensity of competition in these markets The threats or potential threats from substitute products The attractiveness of the market(s) The key success factors (assets. 11. overall. Is this true for your industry? Your business? What criteria do customers use to make purchase decisions? How does location affect customer decision-making? Once you go through a process of knowing your customers.• • • • • • • • • • • • • • • • • • • • • Is the firm positioning itself with a unique product? Is the product needed? How much of the firm’s business is repeat versus new business? What percentage of the public can be classified as nonusers. 4. your businesses strengths and weaknesses. in which target markets. contract. Evaluating Your Marketing plan In evaluating your marketing plan. and how vigorously? Could the firm more usefully withdraw from some areas in which there are alternative suppliers and use its resources to serve new. Market attractiveness represents the market’s long-term profit potential. 10. 2. general. and price? What is the firm’s image with the specific market segments it seeks to serve? Does the firm try to direct its products only to specific groups of people or to everybody? Who buys the firm’s products? How does a potential customer find out about the organization? When and how does a person become a customer? What are the major objections given by potential customers as to why they do not buy the firm’s products? How do customers find out about and decide to purchase the product? When and where? Should the firm seek to expand. quality. Market analysis builds on your customer analysis and your competitive analysis (see below). gender. government. occupation. and the strengths and weaknesses of your competitors. and internal) represent opportunities or problems for the firm? How large is the market? Who buys your products/services? Are there different market segments? Who influences the purchase decision? How does your market “shop” for your products/ services? Are your market’s attitudes or habits changing? Are your products/services geared to business customers or individual customers? Can everyone in the business group or individual customer group use your products/services? Do factors such as age. we will look for information that addresses issues like the following related to your market(s). media. unserved customer groups? What publics other than target markets (financial. 3. A key objective of a market analysis is to ascertain the attractiveness of a market’s current and future potential. local. 1.

For example. Consideration given to why customers select and use “favorite” stores Identification of and planning for the elements of your products/services that customers value most Consideration given to customers’ objectives Ascertaining what customers are really buying Consideration given to changes that might be occurring in customer motivation Ascertaining how customers buy 1. 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. An unmet need is a customer need that is not now being met by existing product offerings. a business might have to develop different strategies to reach different customer groups. Segmentation implies identifying customer groups that respond differently to competitive strategies. Evaluating Your Marketing plan In evaluating your marketing plan. Customer Groups (Segmentation). The presence of an asset or skill that is responsive to customer motivations can be a source of competitive advantage. 4) perceptions and attitudes. 4. 3. Basically. we will look for information that addresses issues like the following about customer groups. 5. Identification of the largest customers in each group Identification of the most profitable customers in each group Identification of the most attractive potential customers in each group Ascertain if customers fall into logical groups on the basis of needs. 4. Knowing customer groups is often the key to sustaining competitive advantage. Identifying unmet needs can be done by asking customers about their experiences with your product or services. we will look for information that addresses issues like the following about unmet customer needs.12. What lies behind the purchase decisions made by customers? For example. Did you consider factors like easy-to. 2. motivations. 3) location of customer.use airports. the business traveler has a different set of needs than the vacation traveler. How your location is attractive to your market(s) D. 6. convenient schedules. demographics Consideration given to creating customer groups (segments) according to any things like the following: 1) benefits sought. 5. 6. and price? The knowledge of customer motivations provides key insights into assets and skills that your business must possess. in the travel industry. 15 . Unmet Needs. we will look for information that addresses issues like the following about customer motivation. reliable and comfortable service. 5) price sensitivity Estimation of the size of the overall market and the size of different customer groups. 2. and unmet customer needs. Based on these different responses. These include identification of customer groups. Evaluating Your Marketing plan In evaluating your marketing plan. 1. Evaluating Your Marketing plan In evaluating your marketing plan. Segment Analysis Customer analysis is often the first logical step in marketing planning. 1. Customer Motivation. 3. 2) type of customer. customer motivation. there are three sets of issues that relate to understanding customers.

If you are a market leader. but do not do business with you because of perceptions of high prices. Non-Users. The way in which customers have access to your products for the purposes of gathering information. It may be worthwhile to look for opportunities among non-users. 5. 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. How Customers Purchase/Use Your Product Too often. this strategy is particularly appropriate as you endeavor to expand market share. 2. purchase. we will look for information that addresses issues like the following about how customers purchase/use your product. returns. A great business is concerned about the entire customer search. we will look for information that addresses issues like the following related to non-users. and recourse process. and customer recourse when problems occur. etc. use. 3. People who are unaware of your business and the products/services provided Identification of customers who are aware. Section 5a. 6. you may be missing out on much potential.1. 2. 3. this strategy may represent a niche that has simply not been addressed by existing competitors. we locate businesses that are just concerned with making sales. trying the product (if relevant). Good businesses think through these processes and attempt to anticipate problems and opportunities that might arise as customers engage in the various purchase and use activities. Evaluating Your Marketing plan In evaluating your marketing plan. 1. 5. but have never seriously considered a purchase from your business Identification of customers who are aware but unwilling to take the risk of dealing with a new business Determination if customers have rejected you because of previous dealings with your business Identification of customers who are aware of your business. and asking questions How your marketing plans to make good on promises and guarantees The use problems that customers may encounter after they have made a purchase 16 . 1. 3. They are concerned with the entire process of purchasing. 4. If you are new to a market. If all you target is the heavy user or the obvious user. etc. Evaluating Your Marketing plan In evaluating your marketing plan. 4. use. inquiries. Inquiry as to why some customers might be dissatisfied Examination of why some customers switch stores Consideration given to what degree do customers have problems with your business Consideration given to what degree do customers have problems with competitors Identification of any unmet needs that customers might have Ascertaining if unmet needs represent sources of advantage for your business or your competitors 2. 2.? Good businesses are not just concerned with making sales. poor service.

skill)? What policies inhibit the achievement of the firm’s objectives with respect to organization. hiring. W.W. resource allocation. and organizational philosophies? What is the nature of the firm and its current situation? What resources does the firm have (financial. time. analysis are presented. Simply put. including sales. 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. O. operations. The key question related to customer databases concerns the usefulness of the database. (STRENGTHS. training. 4. Provisions for handling customer complaints. analysis. 3. OPPORTUNITIES. T.T. T. 2) resolve weaknesses. Conducting a S.? Evaluating Your Marketing plan In evaluating your marketing plan. 1. SITUATION ANALYSIS S.O. W. human. and 4) avoid threats. O. experience. a marketing plan must: 1) build on strengths. we simply give lip service to customer databases. as we discussed in class will get you started.4. Customer Data Base Too often. Like many things in business.O. analysis is competitive analysis which will be discussed in detail after the basics of a S. is important to the creation of a marketing plan. etc. WEAKNESSES.T.O. 2. Internal Strengths and Weaknesses • • • • What is the history of the firm. In developing a database pertaining to customers. we will look for information that addresses issues like the following about a database of your customers.W. a customer database is relatively easy to create. An effective S. profits.T. asset. 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. it is important to consider what you would like to know about customers as well as how you would use the information. Questions to Ponder A. 3) exploit opportunities. and so on? B. Section 5b. Your plan to collect sufficient information about your customers The purpose of collecting the information from customers Determination of how information collected helps you serve your customers better Consideration given to the collection of information such as customer satisfaction SECTION 6.W. inquiries. returns. A key aspect of a S. 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? 17 .

Your mission statement will prove a first cut at strategy development. money. federal. the increase in the proportion of women in the workforce. and distribution of population have on the firm? How will the changing nature of the family. 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 firm’s products. we will look for information that addresses the issues like the following about your basic strategy. state.• • • • • • Demographics: What impact will forecasted trends in the size. and changes in the ethnic composition 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 the firm? What action has the firm taken in response to these trends? Political. For example.working with existing products in new markets Diversification . Low. age. and competitive analysis is to provide the basis for the generation of alternative business strategies.T. which of the following strategic options have you considered? • • • • Market penetration . energy. customer.g. and Financial: What laws are now being proposed at international. services.W.. profile. Middle Special Services Offered Advantages/ Disadvantages The purpose of S.working with new products in new markets Evaluating Your Marketing plan In evaluating your marketing plan.working with new products in existing markets Market expansion . 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 securing its prime prospects’ time.O. Then. and operations environmentally friendly? You might try doing something like this: How service is Provided (e. personal. 18 . you must get more specific. Legal.working with existing products in existing markets Product expansion . webbased) Competitor You Competitive Group 1 Competitive Group 2 Competitive Group 3 Markets Served Products/ Services Offered Prices: High.

and where it is located. Competitive Analysis No business exists solely by itself. 6. 9. milestones. market size. local papers. and the markets it will serve (Market Scope). some are just better equipped to manage those factors. 7. Compare the value proposition of each company’s offerings in quantifiable terms. The basic strategic focus of your business Identification of technologies. 8. Therefore. 4. What are some specific strengths and weaknesses? Include in this discussion a review of their product(s) or service(s). new entrants or exits. Compare rivals and substitutes based on market share. 5. What has been done to improve the firm? Competition and competitive advantages:      Identify competitors and substitutes and assess their strengths and weaknesses. and web pages to determining the types of competitors you will face. 3. what product(s) or service(s) it offers (Product Scope). Mention when the firm was founded or incorporated. Provide specific competitor analysis on the firm’s top three or four competitors. 2. its prior sales. Discuss any significant developments. Managers must show where the company and its product(s) or service(s) fit within the industry and what this means for the future. Mention the major players in the industry. value chain. its mission. price. • • • • Identify the industry or industries within which the firm will operate Describe the present condition. 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. on the horizon that might alter your basic strategy Identification of the “movers and shakers” in the industry Identification of the objectives and longer range strategies of the “movers and shakers” Consideration given to threats and opportunities in selecting your strategic focus Consideration given to how the selection of your strategic focus would provide sustainable competitive advantage Assessment of the consistency between your strategy selection and your business mission Assessment of the feasibility of your strategy given available resources Assessment of the degree to which technology is being considered as a substitute for personal service Section 6a. four topics should be discussed. or any other changes in the Business Universe deemed important to the firm’s success. and growth trends of the industry. Discuss how well or to what extent consumer needs are being filled. 19 . such as: new product or service releases. new market segments. Provide a brief history of the firm. and financial position. etc. market penetration. trade association publications. Every business in your competitive industry is affected by the same factors as you are. profitability.1. etc. new regulations. Strategically speaking. 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. how will you differentiate your business from other companies in a highly competitive marketplace? Note: You can look in the Yellow Pages. quality. service. and setbacks. The company and the concept:    Discuss the overall concept of the firm (Business Scope).

6.g. it is important to understand your competitors’… 1.  Discuss anticipated competitor moves and how the firm is prepared to respond. Some competitors will compete more intensely than others will. Review competitors’ current strategies.g. There are usually several direct competitors and some non-direct competitors. 9. Web-based travel providers). 7. size). 2.g. and 3) similarity of assets and skills (e. Knowledge of competitors. and strengths and weaknesses. service)? Evaluating Your Marketing plan In evaluating your marketing plan. 3.what is important to the competitor (e.g. 2. costs. Performance .is the competitor committed to the business and aiming for high growth? Current/Past Strategies .g. competitors vary. 4. You can identify strategic groups by 1) similarity of competitive activities.g. 4. 1. 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. 2) similarity in characteristics (e. and their strengths and weaknesses allow you to develop an understanding of the structure of the market.where are they strong/weak (e. 5. 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. it is useful to group them. As you undertake your analysis. we will look for information that addresses issues like the following about competitors. goals. 5. assumptions. Identify major competitors Identify any possible new competitors that might enter the market Identify your direct competition Identify those competitors that provide the “closest” offerings to yours Identify and understand the strategies of competitors Identify those competitors that have been most successful over time Identify the strengths and weakness of each competitive group and position your company against these Identify where competitors have advantage over you Identify where you have advantage over competitors 20 . In most industries. 3. consider the idea of strategic groups of competitors (e. When there are many competitors. image). how they compete. are they price oriented. business name. Questions to Ponder • • • • • • • • • Have you described your industry? Are there any current trends in your industry? List the types of competitors you face. To develop a strategy for dealing with competitors.a healthy competitor is more formidable Objectives . customers)? Strengths and Weakness . 8.what are the implications for future moves? Culture .

profitability. Your goals paint a picture of what you think are the critical strategic and tactical benchmarks by which you will measure the success of your business. annually in order to insure that. you have created a vision of where you want your business to be. reputation (image).5 years? 15 years? Do you have objectives for sales revenue. market share. Goals are typically expressed in terms of revenues (sales volume). EVALUATION. we will look for information that addresses issues like the following related to goal setting. Short term and long term goals Quantified goals The degree to which your business goals are employed in your financial analysis Use of concepts like break-even to provide a foundation for your goal setting Arrangement of goals hierarchically from the most important to the least important Realistic nature of your goals Consistency of goals with your S. but realistic? Objectives define what you wish to accomplish in the immediate future and over the long term. 5. 4. as you see them. and survival? Do you plan on still being around in 10 or 15 years? How do your business strengths. your competitive and market analyses Appropriateness of the time horizon associated with your goals Provision of a thorough description of your business as it grows. say. quarterly. etc. profits. 9. 7. Your short-term goals should be related to your long-term goals.SECTION 7. 15 years out. analysis.O. 3. you are on track toward your longer term objectives? Questions to Ponder • • • • • • • • • • • • • Is the firm’s mission statement able to be translated into operational terms regarding the firm’s 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. what will you do monthly. in the short term. Today. profitability. SECTION 8 IMPLEMENTATION. 6. 2. 1. growth and expansion. That is. products to be provided. This is your long-term goal (and this might change). AND CONTROL 21 . OBJECTIVES Every business must have goals.T. 8. markets to be served.3 months? Six months? 1 year? What are your long-term objectives . relate to your ability to achieve your objectives and your mission? How do your objectives “fit” with industry trends? Are your objectives challenging.W. Evaluating Your Marketing plan In evaluating your marketing plan. however. or customers? Are the organization’s 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 organization’s resources? Are the objectives ambiguous? Do the objectives specify a time frame? Is the firm’s 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 .

employee-based mechanisms that subtly affect the behaviors of employees.g. Output control mechanisms are designed to ensure that marketing outcomes are in line with anticipated results . and are the objectives appropriate? Are enough resources (or too many resources) budgeted to accomplish the marketing objectives? Evaluating Your Marketing Plan 1. Businesses that are small and have limited resources can set up a home page relatively easily. tap into old and new markets. From the home page you can get your business message out. 3. both as individuals and in groups. SECTION 9. 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. the firm must constantly adapt. Formal marketing controls are mechanisms designed by the marketing manager to help ensure the implementation of the marketing strategy. Because of the interrelationship between marketing strategy and marketing implementation. As customers change their wants and needs.Marketing implementation is the process of executing the marketing strategy by creating specific actions that will ensure that the marketing objectives are achieved. WEB PAGE DEVELOPMENT Technology makes it possible for businesses to have access to and provide access for their customers in a variety of ways. as competitors devise new marketing strategies.e. it is already out of date. 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. both must constantly adapt to fit the other. 5. and make sales. 6. 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. 7. completing transactions with customers? To promote your business? Build customer loyalty? Save customers money? Speeds the sales process? Improve relationships with customers? Lower sales costs? Is your intent to keep up with the competition or make a bold business move with e-commerce? 22 . 2. Changes sometimes occur so fast that once the organization decides on a marketing strategy. 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. 4. Informal marketing controls are unwritten.setting performance standards against which actual performance can be compared. the Internet and e-commerce) that is dramatically transforming business and use it to your advantage? For what purposes will you use technology (e. and as the organization’s own internal environment changes.

With billions of (growing daily) web pages in existence. more informed. 12. 27. CODE OF ETHICS Codes of ethics provide practical guidelines to help business professionals make ethical decisions. global competition. 13. telecommunications.g. 18. wide selection. 9. 2. 19. 16. 3. 24. best products.• • 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. we will look for information that addresses issues like the following about your Web Page. 6. it seems essential for a business to engage in e-commerce in some way. Evaluating Your Marketing plan In evaluating your marketing plan. 22. 5. 8. the growing importance of service. 17. 7. 25. 11. 4. 20. The establishment of behavioral guidelines facilitates discussions of ethics and ethical SECTION 10. 21. and other marketplace factors have led businesses to reconsider how to implement their strategies. increasing buyer requirements for speed and customization.shingle. Web page makes shopping simple for the customer Web page provides information that is valued by the customer Web page provides service that is valued by the customer Web page listens to your customers Assessment of whether your vision outpaces the ability of technology to help you achieve that vision Assessment of whether your web page helps build customer loyalty Assessment of whether your web page saves customers money Assessment of whether your web page speeds the sales process Assessment of whether your web page provides value added information Assessment of whether your web page improves relationships with your customers Assessment of whether your web page lowers your sales costs Assessment of whether your web page answers customer questions Web page makes you indispensable to your customers Web page offers such things as convenience. selling of other products/services besides the primary product/services sought by the customer) Web page builds stronger support for your business Evaluation of the impact of your web page Web page is more than a www. world class service. 28. more organized and more demanding? Web page promotes customers speaking to each other and driving improved value in your offerings? Your web page helps promote customer loyalty when customers have access to more and more information from your competitors Web page speaks the language of your customers Web page promotes cross-selling (e. 23 . 15. easy price comparisons Web page represents an attempt to “keep up” with the competition or are you making a bold business move Web page personalizes the shopping experience Web page facilitates the creation of a customer data base Web page shows a human face Web page provides for opportunities to experiment Web page really allows you to have a conversation with your market(s) Web page really allows you to take advantage of customers speaking to you in new and powerful ways Ability/willingness to adjust your web page/product offerings/strategies based on customers becoming smarter. 29. 10. 1. Codes should emphasize the critical aspects of business decision making that can help lead you to success. 14. 23. 26.

5. 4. we will look for information that addresses issues like the following about your Code of Ethics. Codes of ethics are not new. 3. 1. 6. Do not have two differing measures in your house – one large.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 company’s 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. “Do not have two differing weights in your bag – one heavy. 7. 2. one small. over 3000 years ago it was written. They allow business professionals to discern what the company recognizes as acceptable business practice. For example. Identification of acceptable business practices Ethical issues salient to the business are covered in the code Clear policies exist concerning dealing with questions of ethics Code of ethics clearly reflects management values All aspects of the business are covered in the code Code establishes some degree of consistency across all levels of decision-making Code provides opportunities for improved decision-making 24 . The establishment of behavioral guidelines facilitates discussions of ethics and ethical decision making. Codes of ethics provide practical guidelines to help business professionals make ethical decisions. Evaluating Your Marketing plan In evaluating your marketing plan.” (Deuteronomy 25:13-14). one light.