Marketing Planning Flashcards
When market planning what other departments have to be considered?
Basically, all of them!
- R&D, engineering, purchasing, manufacturing, finance etc
What are the 3 factors that face the marketing managament team?
- Analysis: Of information found via audits
- Planning: Deciding on a range of products/services that is thought to satisfy the market
- Implementation and control: Of development, production, distribution etc
Define planning:
- Kotler, 2005
Planning is a systematic process, that forecasts the future business environment and then deciding on the best/most appropriate goals for that environment
What is a plan?
Plan provides a clear and unambiguous statement about the things that will implemented, by whom, when and with what anticipated outcomes
What is a strategic plan?
Usually a plan that lasts 3-5 years or more
What is a tactical plan?
A plan that is implemented with the aim of it being finished in 1 year or under
What questions should you ask yourself when planning?
- Why are we here?
- The overall driving force or purpose of the business e.g. #1 in the market, x amount of sales - Where are we now?
- Assessing the strength and weaknesses, both internally and externally - What issues do we face?
- Where do we want to be?
- Comparison of the resources available - How do we get there?
- Deciding the core strategy of the business, setting action plans & agreeing who does what
What are some of the metrics that the control and evaluation use for measurement?
- Performance measurement tools
- Evaluation mechanisms
- Feedback mechanisms
- Contingency planning
- Profit & loss
What is the strategic context model?
Baines Fill & page, 2011
- Resources and capabilities
- Competitors
- The external environment
- Target customers
What environment does the strategic context model cover?
- Baines, Fill & PAge, 2011
The internal environment
What is the Marketing Information System (MIS) comprised of?
- Malhotra, 2012
People, technology, procedures which gather, sort, analyse, evaluate and distribute necessary, timely and accurate information to market decision makers
What stages is market research needed?
Haig, 2006
- Idea generation and product development
- Market testing
- Launch implementation
- Position & repositioning
What are some problems with planning?
- Can become obsessed with it, rather than the actual plan its contents and delivering it
- Unreliable or insufficient can make plans flawed from the beginning
What are some problems with different types of companies and market planning?
- New companies: too busy?
- Small companies: not important, not enough skills
- Mature companies: Unnecessary, too big?
- Fast changing markets: Not useful or not responsive enough
What are some restraints of an organization’s ability to plan?
- Time
- Culture or the organization
- Practicality
- Strategy inexperience
- Dependency on a particular person and or team
What is an Marketing Information System?
It is designed to support marketing decision making by analyzing and assessing marketing information, gathered continuously from sources inside and outside an organization in order to help decision makers make decision
What is the purpose of market research?
- It assists the marketing department with fine tuning their marketing mix.
- Can allow them to match supply and demand with one another
- Can help both strategic and operational decision makers minimise risks by ensuring that the decisions are well informed
What are some considerations when doing market research?
- Researchers must conform to professional codes of conduct and the relevant data protection laws
