Marketing Plan Final

Marketing Plan Authors: Prof. Keegan, Prof. Malcolm Presenters: M. Azadi M. Tabatabaei Chapter 8

Objectives
Marketing planning
Tactical and Strategic Marketing Plans
Marketing planning process
Marketing audits
Corporate Planning
Assumptions
Marketing Objectives
Marketing Strategy
Marketing Program
Mission statements

Marketing Planning
An outline of a design to accomplish a specific objective:
To create value for customers at a profit, or in the new concept of marketing,
To create a mutually beneficial relationship

Marketing Planning Market Needs Wants Strengths of organization Weakness of organization Existing competitors Expected competitors Design for creating value

Marketing Planning Process
Definition:
The application of marketing resources to achieve marketing objectives.

Performing a situation analysis
Formulating basic assumptions
Setting objectives for what is being sold and to whom
Deciding how the objectives are to be achieved
Scheduling and costing out the actions necessary for implementation

Develop a Market Plan
Management provides little guidance as to how the process should be managed.
To Compromise between what is desirable and what is practicable
Management must be customized to their particular organization
Size
Complexity
Character and diversity of company operations

Essential of Marketing Planning
We need marketing planning when hostiles increased and environment is complex.

Our Challenge
We should manage:
Cost Optimization Revenue Profit Return on investment

Application of Marketing Plan
To help identify sources of competitive advantage
To force an organized approach
To develop specificity
To ensure consistent relationships
To inform everyone in the organization about priorities
To obtain resources needed to implement plans
To engage organizational support at all levels, form the bottom to the top of the organization
To set objectives and strategies
To gain commitment towards goals

The Elements of Strategy
Stepping back form the day to day
Ideas and thought
Activity/Action
Setting Objectives and goals
Important decisions and choices
Significant commitment of resources
Not easily reversible
Involves choice/tradeoffs
Differentiation
Insight
Vision
Defines the business we are in
Defines the business we are becoming
Value
Tradeoffs
Objectives and goals
Strategy Vs. Tactics

Strategic Plan
Definition:
A clear and simple summary of
Key market trends,
Key target segments,
The value required by each segment,
How the company intends to create value,
With a clear prioritization of marketing objectives and strategies, together with financial consequences.

Biggest Danger for Organizations
Most Managers prefer to sell the products they find easiest to sell to customers who offer the least line of resistance.

Strategy
Strategy describes:
The direction a business will pursue and guides the allocation of resources and effort
The business we are in and becoming.
And provides:
The logic that integrates the Perspectives of functional departments and operating units and points them all in the same direction.

Strategy Statement
The strategy statement for a business unit is composed of the following three elements:
A business definition that specifies the area in which the business will compete.
A strategic thrust that describes where competitive advantage is to be gained.
Supportive functional strategies.

Marketing Strategy
Definition:
It is a statement of how a brand or product line will achieve its objectives
It Provides decisions and direction regarding variables such as:
Segmentation of the market,
Identification of the target market,
Positioning,
Marketing Mix elements and expenditures.

Tactically Oriented Company Board Senior Management Middle Management Operations Tactical Orientation Strategic Orientation

Strategic Oriented Company Board Senior Management Middle Management Operations Tactical Orientation Strategic Orientation

Rules of Marketing Planning
Develop the strategic marketing plan.
Scanning the external environment
Identifying early on the effect this may have on the company
A strategic plan should cover a three-year period.
Never write the one-year plan first and extrapolate from it.

A strategic marketing plan should contain the following:
Executive summary
Mission Statement
Financial Summary of revenue, expenses and earnings
Marketing audit
SWOT analysis
Assumption of key determinants
Overall marketing objectives and strategies
Expected results
Alternatives (contingency plan)
Budget

Stages of Marketing Plan 1. Mission 2. Corporate objectives 3. Marketing audit 4.SWOT analysis 5. Assumptions 6. Marketing objective and strategies 7. Estimate expected result 8. Identity alternative plans and mixes 9. Budget 10. First year detailed implementation program Phase one -Goal Setting Phase Two –Situation Review Phase Three-Strategy Formulation Phase Four-Resources allocation and monitoring Measurement and review

Critical Factors
Delegation
When companies delegate marketing planning to planner, the plan invariably fails, because planning for line management cannot be delegated to a third party.
Commitment
Without it, those charged with introducing the planning found that there was great resistance to planning on the part of local managers.

Marketing Audit I
“ Marketing audit is a comprehensive, systematic, independent, and periodic examination of a company’s—or business unit’s—marketing environment, objectives, strategies, and activities with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance” Philip Kotler

Marketing Audit II
Goal:
To see how well the firm is applying the marketing concepts
Examine external and internal information and procedures
Identify problems in the environment

Marketing Audit III
Need for an audit does not manifest itself until things start to go wrong for a company in the form:
Declining sales
Falling margins
Lost market share
Underutilized production capacity

Marketing Audit IV
External Audit
-By independent experts
-Starts with an examination of information on the general economy and then moves on to the outlook for the health and growth of the markets served by the company.
Internal Audit
-By members of the marketing organization
-To assess the resources of the organization as they relate to the environment and the resources of Competitors

Marketing Audit V
At least once a year
Using:
Normal information,
Control Procedures,
Marketing Research

Marketing Audit VI
Company Executives and Managers
Few Consultants have the in-depth knowledge of market, customers, company culture, and the industry that company line managers have.
External Consultants
Every company is at risk of becoming blinded to reality by the influence of company culture

Kind of variables for Controlling
Non Direct Control
These usually take the form of what can be described as:
Environment,
Market,
Competitive variables
Company has Control
Operational variables

Auditing Process
Identification, measurement, collection, and analysis of all facts and opinions that affect a company’s problem
The application of judgment to uncertain areas that remain after the initial analysis

Marketing Audit Procedure
Marketing environment audit
Marketing strategy audit
Marketing organization audit
Marketing system audit
Marketing productivity audit
Marketing function audit
Marketing excellence review
Ethical and social responsibility review

SWOT Analysis Opportunities Threats Strengths ST SO Weakness WT WO Internal External

Corporate Planning
Issue:
corporate objectives and strategies
Marketing “
…
Marketing
Distribution
Manufacturing
Financial
Personnel
Marketing
Distribution
Manufacturing
Financial
Personnel
Marketing
Distribution
Manufacturing
Financial
Personnel
Targeted Growth in Sales and earnings Step 5: Corporate Plans Step 4: Plans Step 3: Objective and Strategy Setting Step 2: Management Audit Step 1: Corporate Financial Objective

Elements of Corporate Plan
The desire level of profitability
Business boundaries
What Kinds of products will be sold to what kinds of market (Marketing)
What Kinds of facilities will be developed (Production and distribution)
The size and character of the labor force (Personnel)
Funding (Finance)
Technology to be developed (Research and development)
Other corporate objectives
Social Responsibility and corporate
Stock-market
Employer image

Assumptions
This is one of the most critical steps in the preparation of a marketing plan because it is the easiest step to do carelessly.
They should be:
Key,
Critical
and few in Number
Consistent with relevant known facts
With defensible assumptions

Examples:
Industrial overcapacity will increase from 105 percent to 115 percent as new plants come into operation.
Price competition will force price levels down by 10 percent across the board.
A new product that competes with ours will be introduced by our major competitor before the end of the second quarter.

Marketing Objectives and Strategies 4. Diversification
Market
Development
New Markets
Market
Penetration
Existing Markets Existing Products
Product
Development
New Products Three Intensive Growth Strategies: Ansoff’s Product/Market Expansion Grid

The Marketing Mix Marketing Mix Customer Solution Customer Cost Communication Convenience Product Price Promotion Place

Use of Marketing Plan
To determine:
Where the company is now,
Where it wants to go,
How to get there
Includes:
Advertising Plan
Sales Promotion Plan
Pricing Plan
Distribution Plan
Product Plan
Target Market Plan

The Marketing Budget
To justify all marketing expenditures from a zero base each year against the task that you wish to accomplish.

Mission Statements
It is one of the most difficult aspects of marketing planning to master, largely because it is philosophical and qualitative in nature.
Key points:
Role or Contribution
Profit
Service
Opportunity seeker
Business definition
Core Competencies
Company/Division Positioning
Indications for the future

Types of Mission Statements
Motherhood
It found in annual reports designed to “stroke” shareholders/Non Practical Use
The Real Thing
Meaningful Statement/impact on the behavior of the executives at all levels.
Purpose Statement
Lower-Level mission statement/Appropriate on the strategic business unit, departmental or product group level of the organization.

Examples of Corporate Mission
SINGAPORE AIRLINES is engaged in air transportation and related businesses. It operates world-wide as the flag carrier of the Republic of Singapore, aiming to provide services of the highest quality at reasonable prices for customers and a profit for the company

Examples of Corporate Mission
MARRIOTT’S Mission Statement:
We are committed to being the best lodging and food service company in the world, by treating employees in ways that create extraordinary customer service and shareholder value

Last Word
There is no secret magic or a formula.
It is more of an age-old adage that harder they work, the luckier they get.
It is not necessary to be a mighty corporation to do all this and a company of any size should be able to do so and succeed.

A Goal is a dream with a deadline Zig Zaglar

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Marketing Plan Final

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