marketing plan - lecture 4

Question 1

what is the point in a marketing plan?

Answer 1

used by a marketer to provide direction and focus for your brand, product or company, detailed plan will make any businesses better preapared to laugh a new product or build sales for existing products

Question 2

why might a non profit organisation use makreting plans?

Answer 2

to guide their fund, raising and outreach efforts, even government organisations develop marketing plans initiatives such as stimulating tourism

Question 3

what is the role of marketing planning?

Answer 3

to ensure the they marketing plan for a product matches its customer needs

Question 4

what is difference between a business plan and marketing plan?

Answer 4

a business plan is a broad overview of entire organisations mission, a marketing plan has a more limited scope

• serves to document how to organisations strategic objectives will be achieved
• linked to the plans of other departments within organisation (e.g. production and finance)

Question 5

what is a strategic business unit/

Answer 5

= when a company is comprised of a number of discrete but connected divisions each of which serve distinct groups of customers and has a distinct set of competitors

example
= Virgin (trains, gym, airways) - each acts totally autonomous

Question 6

how is the marketing plan linked to SBUs?

Answer 6

major component of the plan is the allocation of resources to each SBU
marketing fees into cooperate decision making by identifying threats and opportunities, so the opportunity for virgin to have expanded into hotels pr gyms would have emerged through marketing planning actions

Question 7

what are the functions of marketing planning?

Answer 7

to answer the following questions:
- what are we now? (look at current position, past performance, changes)
- where would we like to be?
(future of business is defined by its marketing objectives e.g. be the best
- how do we get there?
(look at tarry audience and devise a marketing strategy, such as virgin atlantic looks at business travellers and creating first class travel for business fared prices
- are we on course?
(looking at performance measures such as sales, efficiency)

Question 8

what are the components of a marketing plan?

Answer 8

• executive summary
• marketing audit
• SWOT
• marketing strategy
• action programs
• budgets

Question 9

what is the marketing audit/anlaysis?

Answer 9

examination of the businesses marketing environment, strategies and activities

external (micro en and the market)

internal (micro, company, marketing mix effectiveness, profitiiablity)

Question 10

what is involved in the internal marketing audit?

Answer 10

micro en
the company
marketing mix effectiveness

Question 11

what is the SWOT analysis?

Answer 11

Strengths/Weaknesses/Opportunities/Threats
S/W - controllable (micro)
T/O - uncontrollable (macro)

Question 12

what is coversion strategy?

Answer 12

how you can convert a weakness to a strength to how to convert a threat into an opportunity
(SWOT)

Question 13

what is matching strategy?

Answer 13

SWOT
a strength could be matched by an opportunity,
e.g. strong brand name may allow you to enter expanding market easily

Question 14

what is the marketing strategy/

Answer 14

plan of how you are going to accomplish objectives
all centred around customer value and relationships
includes the marketing mix and the four ps

Question 15

what are action programs?

Answer 15

includes the four ps
implementation of the marketing plan, involves the who, where and how
marketing actions accomplish strategic marketing objectives

easy to make a plan but it is hard to implement it

Question 16

what is the marketing mix?

Answer 16

the four ps
consists of tactical marketing tools blend into an integrated marketing programme that actually delivers the intended value to customers

Question 17

what are the 4 Ps?

Answer 17

Product
price
promtion
place

Question 18

what is involved in product?

Answer 18

variety 
quality 
design 
features 
brand name 
packaging 
services

Question 19

what is involved with price?

Answer 19

list prives 
disocunts 
allowances 
payment period 
credit terms

Question 20

what is involved with promotion?

Answer 20

advertising
personal selling
sales promotion
public relations

Question 21

what is involved with place?

Answer 21

channels 
coverage 
locations 
inventory 
transporation 
logistics

Question 22

what is involved in feedback and control in the plan?

Answer 22

very important to monitor progress, are we still on track?
final stage of the marketing process
needs to be put into place to monitor progress and ensure objectives are being met

2 forms:
operating controls
stragtics controls

Question 23

what are the 2 forms of control?

Answer 23

• operating

- strategic

Question 24

what is strategic control?

Answer 24

log term plans, are we still within the mission statement of company, if new technology came along would this be in line with objectives

Question 25

what is key marketing procession divided int?

Answer 25

business level - vrigin Atlantic

product level - virgin flights to america