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On January 24, 1995, the Economic Development Council reviewed the <br />first draft of several sections of the marketing plan and provided <br />comments to staff. The draft Economic Development Marketing plan <br />was then revised per EDC 's comments, and new sections were added to <br />the plan. On April 25, 1995, the Economic Development Council <br />reviewed and approved the proposed Economic Development Marketing <br />plan with some changes. The revised Economic Development Marketing <br />plan, reflecting all revisions recommended by the EDC, is attached <br />for the Board's consideration. <br />ANALYSIS <br />An important part of any marketing plan is identifying marketing <br />strategies and projecting marketing costs. Because the <br />characteristics of Indian River County's chosen target industries <br />differ significantly with respect to size, location, and other <br />characteristics, the choice of targets had a major effect on <br />marketing strategies and, therefore, cost. The marketing plan's <br />chosen targets were the basis for establishing marketing strategies <br />and projecting costs. <br />In developing the county's target industry list, a detailed target <br />industry analysis report prepared by planning staff was utilized. <br />Based upon the results of the county's recently completed economic <br />base study as well as research on SIC code industry groups, the <br />staff's target industry study reflected a detailed analysis of all <br />applicable SIC code categories. Based upon that analysis, the <br />following target industries were selected: printing and publishing, <br />fabricated metal products, machinery, instrument related products, <br />and computer software. Under each of these general target <br />industries, there are a number of specific subcategories. <br />The marketing plan is a tactical plan and will be.coordinated with <br />the County's Economic Development Strategic Plan and the Chamber's <br />five year Economic Development Plan. It will also be the basis for <br />annual budget considerations. <br />ALTERNATIVES <br />With respect to the proposed Indian River County Economic <br />Development Marketing Plan, the Board of County Commissioners has <br />three alternatives. These are: <br />• To approve this plan as proposed <br />• To approve this plan with changes <br />• To reject the proposed plan <br />Either of the first two alternatives will ensure that the county <br />and the Chamber of Commerce will have a more focused marketing <br />plan. Staff supports the first alternative. <br />RECOMMENDATION <br />The Economic Development Council and the staff recommend that the <br />Board of County Commissioners approve the proposed Indian River <br />County Economic Development Marketing Plan. <br />56 <br />JUNE 279 1995 'J'A <br />