Marketing plan Flashcards
The starting point in the corporate planning process is…?
management’s strategic plan or vision of what they want the organization to achieve over the long term.
What is the typical long-range planning horizon?
five years although, more recently, three years
What is the main purpose of a corporate plan?
To provide a long-term vision of what the company is or is striving to become, taking account of shareholder expectations, environmental trends, resource market trends, consumption market trends, and the distinctive competence of the company as revealed by the management audit
What will a corporate plan typically include?
• the desired level of profitability
• business boundaries
• what kinds of facilities will be developed (operations, R&D, information systems, distribution, etc.)
• the size and character of the labour force (personnel)
• other objectives such as social corporate responsibility, corporate image, employer image etc.
• what kinds of products will be sold to what kinds of market
(marketing)
What are the 5 M’s to use for internal analysis?
Men (Manpower/skills)
Money (resources available)
Machinery (Process & equipment)
Minutes (production time, efficiency)
Materials (advertising, marketing, online)
What is in the content of a strategic marketing plan?
The Mission or Purpose
Financial Summary
Market Overview
• how the market works
• key segments and their needs
SWOT analyses
Portfolio Summary of SWOTS
Assumptions
Objectives and strategies
Budget for 3 years
What makes up a good mission statement?
embraces the expectations of a target audience for something they truly crave
Distinctive from competitors
What is the basic structure for a mission/purpose statement?
• What the firm will do
• What the firm might do
• What the firm will never do
What are some major inputs of a strategic marketing plan?
• Business boundaries
• What kinds of facilities will be developed, such as R&D, IS etc.
• The size and character of the labour force
• Other objectives, such as corporate social responsibility
• What kinds of products will be sold to what kinds of market
What does market research involve?
• Descriptive – what is being purchased and where
• Comparison – with other data
• Diagnostic – why buyers behave as they do
• Predictive – how buyers will react
What should a market overview include?
• what the market is
• how it works
• what the key decision-making points are
• what the segments are
What is market mapping?
A market map defines the distribution and value added chain between final users and suppliers of the products or services included within the scope of your segmentation project. This should take into account the various buying mechanisms found in your market, including the part played by ‘influencers’.
A good mission statement is what…?
credible; aspirational; addresses the customers,
markets and stakeholder of the organisation; and is unique to the organisation. It must also be communicated
What are corporate objectives?
set out the overall aims of the organisation and provide the context for determining marketing objectives
What are SMART objectives?
Specific
• Measurable
• Achievable
• Resourced or relevant
• Time-Bound
