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It links marketing plans to the broader business plan, defining strategic and tactical levels and emphasizing goal setting, research, budgeting, and measurable targets. 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For that reason, we strive to provide small businesses with opportunities to contract with the FDIC. In furtherance of this goal, the FDIC has initiated the FDIC Small Business Resource Effort to assist the small vendors that provide products, services, and solutions to the FDIC.  \n􀂃 The objective of the Small Business Resource Effort is to provide information and the tools small vendors need to become better positioned to compete for contracts and subcontracts at the FDIC. To achieve this objective, the Small Business Resource Effort references outside resources critical for qualified vendors, leverages technology to provide education according to perceived needs, and offers connectivity through resourcing, accessibility, counseling, coaching, and guidance where applicable .  \n􀂃 This product was developed by the FDIC Office of Minority and Women Inclusion (OMWI) . OMWI has responsibility for oversight of the Small Business Resource Effort.  \nFDIC OMWI Education Module: Developing a Marketing Plan 3  \n Executive Summary  \n􀂃 A marketing plan:  \n– Is part of a business plan and is the foundation for identifying your market, attracting prospects, converting them into customers, and retaining them as customers .  \n– Usually operates at two levels, strategic and tactical. Strategic to identify the overall market play and tactical to execute on the marketing plan.  \n– Does not need to be long or expensive to put together. If it is carefully researched, thoughtfully considered, and evaluated, it will help your firm set goals, implement strategies, and measure results .  \n􀂃 Leaving business decisions to chance or intuition can be far more costly than taking the time to develop a marketing plan .  \nFDIC OMWI Education Module: Developing a Marketing Plan  \n A Good Marketing Plan  \n􀂃 A good marketing plan details what you want to accomplish and helps you meet your objectives . It should:  \n– Explain (from an internal perspective) the impact and results of past marketing decisions .  \n– Explain the target market in which your business is competing.  \n– Set goals and provide direction for future marketing efforts that are attainable.  \n– Set clear, realistic, and measurable targets .  \n– Include deadlines for meeting those targets .  \n– Provide a budget for all marketing activities .  \n– Specify accountability and measures for all activities .  \n– Be a fluid document that is used, maintained, and updated as your business grows and succeeds .  \nFDIC OMWI Education Module: Developing a Marketing Plan  \nOverall Planning Process (Slide 1 of 3)  \n􀂃 Initial planning and preparation will help minimize the stress in developing a well-structured marketing plan . Gathering the following:  \n– Situational Analysis / Market Research:  \n• Assess market trends. Is the market affected by seasons or other factors?  \n• Profile your ideal customer (demographics, size, location, needs, industry, etc. ) .  \n• Determine what current product sales are.  \n• Identify potential vendors and calculate the costs of buying their supplies.  \n• Describe strengths, weaknesses, opportunities, and threats your business faces (SWOT Analysis) .  \n– Target Market: Identify and understand your market niche .  \n– Positioning: Identify how you want your customer to thin","cbCailZLjUhFkZKX","https://ap.wps.com/l/cbCailZLjUhFkZKX","pdf",286190,25,"English","# Developing a Marketing Plan\n## Learning Objectives\n## Executive Summary\n## A Good Marketing Plan\n## Overall Planning Process\n## Situational Analysis / Market Research\n## Target Market\n## Positioning\n## Product\n## Competition\n## Mission Statement\n## Marketing Strategies and Methods\n## Pricing\n## Budget\n## Marketing Goals\n## Monitor Results","[{\"question\":\"Why is a marketing plan considered foundational within a business plan?\",\"answer\":\"A marketing plan identifies the market, attracts prospects, converts them into customers, and helps retain them. 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It should be maintained and updated as the business grows.\"},{\"question\":\"What steps are included in the overall planning process for a marketing plan?\",\"answer\":\"The process includes situational analysis and market research (including SWOT), selecting a target market niche, defining positioning, describing the product and value proposition, conducting competitive analysis, establishing mission-related priorities, designing messaging and promotion methods, setting pricing and ROI expectations, budgeting, defining marketing goals, and monitoring results.\"}]","Developing a Marketing Plan - FDIC OMWI Education Module | PDF",9]