M2 - 08 Marketing Plan

Question 1

What part of the marketing process does the marketing plan fall under?

Answer 1

Step 3: constructing an integrated marketing program to deliver superior value.

marketers must develop a marketing policy.

(MARKETING) POLICY – The way in which a Company handles its efforts in different (Marketing) controllable variables at its hand, in order to achieve its (Marketing) Objectives.

Question 2

define marketing policy

Answer 2

(MARKETING) POLICY – The way in which a Company handles its efforts in different (Marketing) controllable variables at its hand, in order to achieve its (Marketing) Objectives.

includes:
1 - product policy
2 - price policy
3 - Distribution Policy
4 - Promotion Policy

Question 3

Define Product Policy

Answer 3

Product policy is defined as the broad guidelines related to the production and development of a product. These policies are generally decided by the top management of a company i.e. board of directors. It is like a long term planning with respect to the product-mix of the company in order to deliver maximum customer satisfaction.Product life cycle plays a very important while defining product policies

Question 4

define product and service.

Answer 4

• Product – Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
• (Service - Any activity of benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything)

Question 5

define price

Answer 5

Price – (1) The Amount of Money charged for a Product or Service [Cash], or

(2) The Sum of the values [Cash + Non-Cash] that Consumers exchange for the Benefits of having or using a Product or Service

Question 6

define distribution

Answer 6

Distribution – (1) Set of Organizations involved in Planning, Implementing and
Controlling the Physical Flow of Products, from points of manufacturer) to consumers, or

(2) Set of interdependent Organizations involved in the Process of Making a Product or Service available for the Custome

Question 7

define promotion

Answer 7

Promotion – Mix of Personal Selling, Direct Marketing, Advertising, Sales Promotion and Public Relations used by any Organization to pursue its Marketing Objectives

Question 8

define marketing plan

Answer 8

A detailed Plan for a Product or Brand that assesses the current Market situation and outlines Marketing Objectives, Strategies, Action Programs, Budgets and Control Systems.

• assemble the 4 Ps

PRODUCT POLICY
PRICE POLICY
DISTRIBUTION POLICY
PROMOTION POLICY

Question 9

define strategic planning

Answer 9

the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities.

Question 10

describe how a company turns its mission into company objectives and goals in order to formulate a plan.

Answer 10

once a company decides on a mission that emphasizes their strengths inthe market place, the company needs to turn its missions into detailed supporting objectives for every level of management. every manager should have an objective and be responsible for reaching it.

Question 11

what is the purpose of a BCG matrix/growth share matrix?

Answer 11

a portfolio planning method that evaluates a companies strategic business units in terms of market growth rate and relative market share.

if you need a current “snap shot” of how the products are doing you would benefit from using the Boston Consulting Group Matrix. The matrix assess products on two dimensions. The first dimension looks at the products general level of growth within its market. The second dimension then measures the product’s market share relative to the largest competitor in the industry. Analysing products in this way provides a useful insight into the likely opportunities and problems with a particular product.

• star
• cash cow
• dog
• ?

Question 12

explain how having a clear objective leads to more efficient strategy development in the marketing plan.

Answer 12

clear objectives means:
- Knowledge of your Target market, (know their needs)
– Clear view of Marketing opportunity, (know your Product’s benefits)

knowing this makes defining your strategy easier

Question 13

define mission statement

Answer 13

Mission statement = A statement of the organization’s purpose—what it wants to accomplish in the larger environment.

Question 14

define market penetration

Answer 14

Market penetration = Company growth by increasing sales of current products to current market segments without changing the produc

Question 15

define value chain

Answer 15

Value chain = The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products. success depends on on how well each dept preforms

Question 16

define value delivery network

Answer 16

In its quest to create customer value, the firm needs to look beyond its own internal value chain and into the value chains of its suppliers, distributors, and, ultimately, its customers.

Value delivery network = The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system

Question 17

define swot analysis

Answer 17

an overall evaluation of the companies strengths (S), weaknesses (W), opportunities (O) and threats (T)

swot is a structured planning method that evaluates those four elements of a project or business venture. A SWOT analysis can be carried out for a product, place, industry, or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.

Question 18

what does a company’s strategic plan convey?

Answer 18

The strategic plan defines the company’s overall mission and objectives

strategic planning is the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities.

Question 19

in the process of strategic planning, where will information for your marketing mix come from?

Answer 19

it will flow from the chosen target segment dimensions. Guided by marketing strategy for the target, the company designs an integrated marketing mix made up of factors under its control—product, price, place, and promotion (the four Ps).

Product policy - what do they want.

price policy - how much will they pay
- your budget will flow from this target dimension as well
place policy -where do they ship

promo policy - where do they search for info

Question 20

Besides looking at target dimensions in the strategic planning process, marketers should also consider what two product concepts?

Answer 20

• Type of Product (Consumer or Industrial? Convenience, Shopping…?)
  – Moment in PLC (think of Market/Segment)?

Question 21

define forcasting

Answer 21

Forecasting is the use of historic data to determine the direction of future trends. Forecasting is used by companies to determine how to allocate their budgets for an upcoming period of time. This is typically based on demand for the goods and services it offers, compared to the cost of producing them.

3 Levels of Forecast:
– National Income Forecast
– Industry Sales Forecast
– Company Sales Forecast (specific Product for a specific Target segment)

Question 22

Define ROI

Answer 22

[return-investment]/investment

expressed in a %. A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. ROI measures the amount of return on an investment relative to the investment’s cost.