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
