Transcript Chapter 9: The Marketing Plan and the 8 Ps

Learning Objectives
Chapter 9: The Marketing Plan and the 8 Ps
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Define the term marketing plan.
Explain the difference between tactical and
strategic marketing planning.
List eight requirements for an effective
marketing plan.
Explain the benefits of having a marketing
plan.
Describe the contents of a marketing plan.
Learning Objectives
Chapter 9: The Marketing Plan and the 8 Ps
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List four approaches to developing
marketing budgets and recommend one of
these approaches.
Describe the three major steps involved in
preparing a marketing plan.
List the 8 Ps of hospitality and travel
marketing.
Difference between Tactical and
Strategic Marketing Planning
 Tactical = short-term marketing
planning for two years or less.
 Strategic = long-term marketing
planning for up to three to five years
in the future.
Eight Requirements for an
Effective Marketing Plan
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Fact-based
Organized and coordinated
Programmed
Budgeted
Flexible
Controllable
Internally consistent and interrelated
Clear and simple
Benefits of Having a
Marketing Plan
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Activities matched with target markets.
Consistency of objectives and targetmarket priorities.
Common terms of reference.
Assistance in measuring marketing
success.
Continuity in long-term planning.
Contents of a Marketing Plan
A written plan of action used to guide an
organization’s marketing activities for a
period of a year or less.
Three parts:
1. Executive Summary
2. Marketing Plan Rationale
3. Implementation Plan
A Systematic, Five-Step Approach for
Marketing Hospitality and Travel
Organizations
1. Where are we now?
2. Where would we like to be?
3. How do we get there?
4. How do we make sure
we get there?
5. How do we know if
we got there?
Contents of a Marketing Plan
Marketing Plan Rationale
Situation analysis highlights:
“Where are we now?”
Selected marketing strategy:
“Where would we like to be?”
Contents of a Marketing Plan
Implementation Plan
Activities plan
Marketing budget
“How do we get there?”
Control procedures
“How do we make sure we get
there?”
Evaluation procedures
“How do we know if we got there?
Approaches to Developing
Marketing Budgets
1.
Historical or arbitrary budgeting
2.
Rule-of-thumb budgeting
3.
Competitive budgeting
4.
Objective-and-task budgeting
(recommended approach)
Steps in Preparing a Marketing Plan
1. Prepare the Marketing Plan Rationale
Review and summarize:
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Situation analysis
Marketing research studies
Market segmentation
Segmentation approach and bases
Target-market selection
Marketing strategy
Positioning approaches
Marketing mixes
Marketing objectives
Steps in Preparing a Marketing Plan
2. Develop a Detailed Implementation Plan
Design and specify:
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Activities by marketing-mix element for target
markets
Responsibilities (internal and external)
Timetable and activity schedule
Budget and contingency fund
Expected results
Measurements
Progress reporting procedures
Performance standards
Evaluation timetable
3. Write the Executive Summary
The 8Ps of
Hospitality and Travel Marketing
Traditional
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Product
Price
Place
Promotion
Additional
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Packaging
Programming
People
Partnership
Marketing Plan Development Process
Situation Analysis & Research Results
Example of an organization
with three target markets
Marketing Strategy &
Target Market Selection
Target Market
1
Target Market
2
Target Market
3
Positioning
Positioning
Positioning
Objectives
Objectives
Objectives
Marketing
Mix (8Ps)
Marketing
Mix (8Ps)
Marketing
Mix (8Ps)
Marketing Plan