A Winning Plan Nature of Marketing Plans Market Planning LAP 1 Objectives Explain the benefits associated with having a marketing plan. Identify the components of a.
Download ReportTranscript A Winning Plan Nature of Marketing Plans Market Planning LAP 1 Objectives Explain the benefits associated with having a marketing plan. Identify the components of a.
A Winning Plan
Nature of Marketing Plans Market Planning LAP 1
Objectives
Explain the benefits associated with having a marketing plan.
Identify the components of a marketing plan.
Objective
Explain the benefits associated with having a marketing plan.
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Madelyn’s small business
Auto & bike courier
Needs to “get her name out there”
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National pizza chain
Introducing new specialty pizza
Wants to push this product
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Both businesses need marketing plans!
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Marketing plans are essential for success.
Marketing Plan Basics
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Marketing plan —a set of procedures or strategies for attracting the target customer to a business
Marketing Plan Basics
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Three reasons to write a marketing plan:
As part of overall business plan
As part of the marketing team’s yearly plan
To introduce a new product, target market, or strategy
Marketing Plan Basics
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Marketing plans can have a wide audience:
Marketing team members
Employees in other departments
Marketing Plan Basics
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Marketing plans can have a wide audience:
Upper management
Board members
Potential investors
Marketing Plan Basics
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Marketing plans are important for businesses both big and small.
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They can take a lot of time and effort —but it’s worth it!
Marketing Plan Benefits
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Understanding past marketing decisions and outcomes better
Marketing team can see which strategies worked well and which didn’t.
Marketing team can avoid repeating past mistakes.
Marketing Plan Benefits
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Understanding target market(s) better
Business success depends on deep understanding of target market(s).
The process of writing a marketing plan deepens that understanding.
Marketing Plan Benefits
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Setting goals —when goals are in writing, they are easier to achieve.
Marketing Plan Benefits
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Planning marketing strategies with more precision
A marketing plan sets specific goals and strategies.
Without a plan, marketing efforts can become chaotic and confusing for customers.
Marketing Plan Benefits
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Obtaining funding
Might be budget money from within the company
Might be funding from outside investors
Marketing Plan Benefits
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Providing direction for everyone in the organization
All company departments are interrelated.
It’s easier to stay on track when all employees are “in the know.”
Marketing Plan Benefits
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Tracking progress more effectively
Specific objectives help marketers gauge success.
Demonstrated success is necessary for more funding, continued organizational support, etc.
Objective
Identify the components of a marketing plan.
It’s OK to be Different
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Businesses have different:
Needs
Products
Audiences
It’s OK to be Different
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Marketing-plan formats vary from business to business.
Marketing Plan Components
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Executive summary:
Introduction to the marketing plan
Allows reader to understand purpose of the plan
Marketing Plan Components
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Executive summary:
Includes:
Background information on the organization
Organization’s mission statement
Marketing Plan Components
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Executive summary:
Includes:
Brief introduction to management team
Brief review of plan’s highlights and objectives
Marketing Plan Components
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Executive summary:
Very important part of marketing plan —must “sell” the reader
May be the only section that some people read
Some experts say to write it first, others say to write it last!
Marketing Plan Components
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Situation analysis
The determination of a firm’s current marketing situation
Answers the question, “Where do things stand right now?”
Marketing Plan Components
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Situation analysis
A snapshot of the business’s current state of affairs
Important and time consuming component of marketing plan
Marketing Plan Components
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Situation analysis
Covers the following key areas:
The company itself
Customers (target market)
Marketing Plan Components
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Situation analysis
Covers the following key areas:
Competitors
Partners (distributors, joint ventures, etc.)
Marketing Plan Components
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Situation analysis
Covers the following key areas:
External factors:
Social & cultural
Demographic
Marketing Plan Components
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Situation analysis
Covers the following key areas:
External factors:
Economic
Technological
Political & legal
Marketing Plan Components
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Situation analysis
Sometimes summarized as a SWOT analysis chart
Marketing Plan Components
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Desired target market
Information on the target market the company desires to reach
May not be included if plan is not written for new target market or new product
Includes full demographic description of target market
Marketing Plan Components S M A R T
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Marketing objectives
Outlines the specific marketing objectives that the company wants to achieve
Marketing objectives = foundation for achieving sales and financial objectives
Marketing Plan Components S M A R T
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Marketing objectives
Objectives should be smart:
S pecific
M easurable
A chievable
R ealistic
T ime-bound
Marketing Plan Components S M A R T
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Marketing objectives
Also includes any issues that might keep company from achieving objectives and how to overcome them
Marketing Plan Components
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Marketing strategies & programs
The heart of the marketing plan
Takes up 50% of the length (or more!)
Marketing Plan Components
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Marketing strategies & programs
May start with general marketing strategy:
Growth
Stability
Market exit
Marketing Plan Components
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Marketing strategies & programs
Includes schedules and responsibilities for all tasks involved in:
Product
Price
Place
Promotion
Marketing Plan Components
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Financial plans —provides details on the expected expenses and profits of the plan’s programs
Marketing Plan Components
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Performance and implementation
Explains expected results
Indicates how the plan’s progress will be measured
Describes potential adjustments that can be made to keep the plan on track
Marketing Plan Components
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Appendix
Includes any charts, graphs, or miscellaneous materials related to the plan
Examples:
Press clippings
Product photographs
Estimates
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Does your place of employment have a marketing plan?
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Ask your manager or supervisor if you can see it.
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If you’re not working right now, obtain a copy of a local business’s marketing plan.
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Or, download the sample marketing plan at http://www.marketinghub.in
fo/sample-marketing-plan and-marketing-plan template/ .
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Browse through the plan, and read the executive summary.
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What are the plan’s highlights?
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Do you think it is a good marketing plan?
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You’re on the marketing team for a product made by a big company that also makes hundreds of other products.
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To get the money you need out of the budget, your marketing plan has to “wow” those in upper management.
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In the financial plans section, one of your team members has overestimated the expected revenues your marketing programs should bring in.
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He explains to you that he has not “fudged the numbers” too much, just enough to give your team the edge for the budget money it needs.
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He tells you that overestimating is not exactly lying, and it’s all right to “round up” because your team really needs funding for its marketing programs.
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What do you think?
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Is it OK to inflate the numbers a bit, or is it unethical?
MBA
Research
Acknowledgments Original Developers Christopher C. Burke, Sarah Bartlett Borich, MBA
Research
Version 1.0
Copyright © 2011 MBA Research and Curriculum Center®
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