Transcript product management - productmarketingizad

PRODUCT
MANAGEMENT
CHAPTER 3: Marketing Planning
LEARNING OBJECTIVES:
After studying this chapter, you should be able to:
1.
Define what is marketing planning
2.
Understand the aim of marketing plan
3.
Identify the component of marketing plan
4.
Create a marketing plan
CHAPTER OUTLINE
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3.
4.
Definition of marketing plan
Objectives of marketing plan
The planning process
Components of the marketing plan
Definition
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A marketing plan is a written document containing
the guidelines for the business center’s marketing
programs and allocations over the planning period.
Further Explanation: Written
Document
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It must be written, not something stored in a product
manager’s head
It calls for disciplined thinking
Provides a vehicle for inter-functional areas of the
firm
Pinpoints responsibility for achieving results by a
specified date
Provide continuity
Further Explanation: Business Center
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It occurs at different organizational levels
Based on organizational structure
Further Explanation: Planning
Period
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Time horizon varies from product to product
Rates of technological change
Intensity of competition
Frequency of shifts in tastes
Typical horizon is annually
Frequent Mistakes in Planning
Process
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Speed of the process
Amount of data collected
Who does the planning
The structure
Length of the plan
Frequency
Frequent Mistakes in Planning
Process
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Number of courses of action considered
Who sees the plan
Not using the plan as a sales document
Insufficient senior management leadership
Not tying compensation to successful planning
efforts
The Planning Process
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Step 1: Update the facts about the past
Step 2: Background data
Step 3: Analyze historical and background data
Step 4: Develop objectives, strategies, and action
programs
Step 5: Develop pro forma financial statements
Step 6: Negotiate
Step 7: Measure progress
Step 8: Audit
Components of the Marketing Plan:
Executive Summary
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A brief summary of the marketing plan
Useful for quickly reviewing the major elements of
the plan and easily comparing product plans
Components of the Marketing Plan:
Situation Analysis
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Contains the data and analysis vital to develop
sound marketing strategies
The ‘homework’ part of marketing plan
No strategy should be developed without first
analyzing the product category
Components of the Marketing Plan:
Situation Analysis (Category definition)
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Manager considers both close and distant
competitors and prioritizes them
Impact other analysis
Components of the Marketing Plan:
Situation Analysis (Category analysis)
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Identify factors that can be used to asses the
attractiveness of a product category
Competitors, customers, technology and sales
growth rate alter the attractiveness level
Components of the Marketing Plan:
Situation Analysis (Competitor analysis)
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Asks who are the key competitors in the market their
likely future strategies
Critical section is termed resource analysis;
comparing our product with competitors to identify
strengths and weaknesses
Components of the Marketing Plan:
Situation Analysis (Customer analysis)
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Important in order to retain constant customer focus
We must understand who they are; how and why
they behave the way they do
Components of the Marketing Plan:
Situation Analysis (Planning assumption)
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Understand product’s market potential
Includes forecasts and assumptions such as raw
material and labor supply
Components of the Marketing Plan:
Objectives/Strategies
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Statement of marketing objectives (where do we
want to go?)
Marketing Strategy (How are we going to get
there)
Components of the Marketing Plan:
Supporting Marketing Programs
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The implementation part of the plan
Decisions on pricing, channel of distribution,
customer service programs, advertising and other
relevant marketing agenda
Tutorial Activity (ready in 2 weeks
from now)
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Describe the situation analysis for your product