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Marketing Management Marketing Plan Prepared by Kathleen Porter 2-2 The Marketing Plan • A written document that provides the blueprint or outline of the organization’s marketing activities, including the implementation, evaluation and control of those activities • An action document Not the same as a business plan • Requires a great deal of information from many different sources • Should be well organized. A good marketing plan outline is: ▫ ▫ ▫ ▫ Comprehensive Flexible Consistent Logical Fulfills Five Purposes • 1. Explains both the present and future situations of the organization • 2. Specifies expected outcomes (goals and objectives) • 3. Describes the specific actions that are to take place and assigns responsibility for each action • 4. Identifies the resources needed to carry out the planned actions • 5. Permits the monitoring of each action and its results so that controls may be implemented 4 Organizational Aspects of the Marketing Plan Top managers ask two questions: • Will the marketing plan achieve the desired marketing, business unit, and corporate goals and objectives? • Are there alternative uses of resources that would better meet the firm’s objectives? 5 Obstacles to Developing Marketing Plans Marketing Plan • The process of preparing the plan is more important than the document itself. . . . • It makes the marketing team concentrate on the market, on the company’s objectives, and on the strategies and tactics appropriate to those objectives. • It’s a mechanism for synchronizing action. 2-7 Marketing Plan Structure • I. Executive Summary Synopsis of the overall marketing plan Introduces major aspects of the marketing plan • II. Situation Analysis Summarizes information about 3 key environments: Internal environment Customer environment Firm’s external environment Situational Analysis: Internal Environment Background Mission Offerings Current status Previous results Current resources Future directions Business Relationships Strengths and weaknesses Situation Analysis: Customer Environment • Who are the Current and Potential customers? • What do customers do with the firm’s products? • Where do customers purchase the firm’s products? • When do customers purchase the firm’s products? • Why (and how) do customer select the firm’s products? • Why do potential customers not purchase the firm’s products? 10 Situational Analysis: The Market • • • • • • • Understanding of the Overall Market Who are the users Size and growth What wants are being addressed Volatility of demand/wants History & future Substitutes, areas for expansion 11 Situation Analysis: External Macro-environment • • • • • • Competition Economic Trends Legal/Regulatory Issues Political Trends Social/Lifestyle Trends Technological Advancements 12 The Situation Analysis Leads to the SWOT Analysis • The SWOT Analysis identifies the key issues a firm must consider to successfully compete in the industry/market being investigated. 2-13 Marketing Plan Structure • III. SWOT Analysis Positive Negative External Opportunity Threat Internal Strengths Weaknesses • Analysis of the SWOT matrix • Developing Competitive Advantage 14 Goals Follow From SWOT • The SWOT highlights possibilities and the resources needed to pursue them. • Developing Strategic Focus 15 Marketing Plan Structure IV. Marketing Goals and Objectives Formal statements of desired and expected outcomes of the marketing plan Goals Broad, simple statements of what is to be accomplished Objectives More specific performance targets V. Marketing Strategy Primary target market and marketing mix Secondary target market and marketing mix 16 Marketing Strategy • Targeting Determines which of the market segments you want to develop a marketing mix for • Positioning Identifies how you want the targeted market segment to think about your brand and offering relative to competitors’ 17 Marketing Strategy: Action Plans • Product Strategy Creates form utility that meets needs and wants. • Pricing Strategy Creates value perceptions that impact demand. • Distribution Channel Strategy Creates time & place utility. • Promotion Strategy Creates awareness & preference 18 Marketing Plan Structure VI. Marketing Implementation What specific marketing activities will be undertaken? How will these activities be performed? When will these activities be performed? Who is responsible for the completion of these activities? How will the completion of planned activities be monitored? How much will these activities cost? VII. Evaluation and Control Formal marketing control Informal marketing control Financial assessments 19 Tips for Using the Marketing Plan Structure • • • • • • • • Plan ahead Revise, then revise again Be creative Use common sense and judgment Think ahead to implementation Update regularly Communicate to others Format and don’t use sloppy language 20 Purposes and Significance of the Marketing Plan • A good marketing plan will: Explain both the present and future situations of the organization Specify the outcomes that are expected Describe the specific actions that are to take place Identify the resources that will be needed Permit the monitoring of each action and its results • Communicating the strategy to top executives is paramount.