MARKETING PLAN A marketing plan is a written document that details the actions necessary to achieve one or more marketing objectives. It can be for a product or service, a brand, or a product line. It can cover one year (referred to as an annual marketing plan), or cover up to 5 years. A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.
Classes of Marketing Plans A company must develop marketing plans for each business area it operates marketing activities in. There are 6 classes of marketing plans (listed in the slide above). In each of the above cases, there is important to develop 2 marketing plans: A long-term strategic plan (can cover 20 years – in if the case of some public use products, or 3 years – if is the case of high-tech industry) An annual marketing plan. All marketing plans of a company must synchronize’ they can not be developed independently. E.g. market segments managers must be aware of product category plans and geographic areas plans before they create a strategy for that specific market segments.
Marketing Plan Outline What should include any marketing plan? Executive Summary. A high level summary of the marketing plan, marketing strategic objectives and scope. Situation Analysis. Customer and competition analysis, market opportunities, general climate, SWOT Analysis Market segmentation. Description, percent of sales, what they want, how they use product, how to rich them, price sensitivity, etc Marketing Strategy Product (brand name, quality, scope of product line, packaging) Price (prices, discounts, bundling, payment terms and financing options, leasing) Place (distribution Channels, locations, criteria for evaluating distributors, logistics, etc) Promotion (advertising, sales, PR, promotions, etc) Marketing Action Plan. Major steps/actions required to successful implementation of marketing strategy. Budget. All actions and strategies in the marketing plan involve extra costs that must be listed in the plan, together with short and long term financial effects of the strategy. Procedures for Marketing Control process
Mmi marketing 4
Develop Marketing Plan Chapter IV
Marketing Plan <ul><li>Marketing Plan details the actions necessary to achieve one or more marketing objectives </li></ul><ul><li>A comprehensive marketing plan can be a vital component to any business plan </li></ul>
Classes of Marketing Plans (1) Marketing Plan for Brand Each brand manager must develop a marketing plans for represented brands. Marketing Plan for Product Category After marketing plans for brands are finalized and accepted, product category managers develop more general marketing plans – for category of products, plans that include brands marketing plans. Marketing Plan for New Products Each new launched product/brand need a detailed plan that includes the new product definition, market-tests, launching campaign, etc.
Classes of Marketing Plans (2) Marketing Plan for Market Segments If the product/brand is addressing to different market segments it should be developed a marketing plan for each of these segments. Marketing Plan for Geographic Area It is essential to develop marketing plans for each country, region, city, and even neighbourhood. Marketing Plan for Customers Account managers will develop separate marketing plans for each high value customer.
Marketing Plan Outline <ul><li>Executive Summary </li></ul><ul><li>Situation Analysis </li></ul><ul><li>Market Segmentation </li></ul><ul><li>Marketing Strategy </li></ul><ul><li>Marketing Action Plan </li></ul><ul><li>Budget </li></ul><ul><li>Procedures for Marketing Control Process </li></ul>