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Marketing Planning & Implementation > Week 1: What is marketing planning? > Flashcards

Week 1: What is marketing planning? Flashcards

1
Q

What is the role of a marketing manager?

A
  1. Collect & analyse background product category data
  2. Utilise background analysis for marketing strategy development
  3. Implement the strategy via the marketing mix

The planning process gives you the tools &techniques to conduct each of these three steps

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2
Q

What’s the point in planning?

A

To ensure survival of the product

To compete effectively & efficiently (resources & market)
- we do a much better job if we plan

To expand horizontally and laterally

To motivate employees
- Guides people

To satisfy the firm’s responsibility to all stakeholders

  • Public (shareholders)
  • Customers
  • Employees
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3
Q

What is strategic planning?

A

“The process of developing & maintaining a strategic fit between the organisation’s goals and capabilities and changing the market opportunities”

What does the organisation want? What can they do?

What does the market want?

Create a fit between the two through strategies & tactics

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4
Q

What are the steps of “Strategic Planning”?

A
  1. Defining the company mission
    - Corporate level
  2. Setting company objectives and goals
    - Corporate level
  3. Designing the business portfolio
    - Corporate level
  4. Planning, marketing & other functional strategies
    - SBU & product level
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5
Q

What are the elements of the “Planning Process”

A

Diagnosis:
- Where does the organisation stand right now?

Forecast:
- Where is the organisation headed?

Objectives:
- Where should the organisation go?

Strategy:
- How should the organisation get there?

Tactics:
- What means should be used by the organisations to get there?

Feedback/Control:
- How should the organisation measure its progress?

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6
Q

What is the Marketing “Planning Sequence?”

8 STEPS

A
  1. Update historical data
  2. Collect current situation data
  3. Data analysis
  4. Develop objectives, strategies & tactics
  5. Develop financial documents
  6. Negotiate final plan
  7. Measure progress towards objectives
  8. Audit marketing performance

IT’S A CYCLE
IT THEN GOES BACK TO STEP 1

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7
Q

What does a good plan explain?

4 POINTS

A
  1. What a firm wants to accomplish (objectives)
  2. How the firm plans to accomplish objectives (marketing strategies)
  3. How strategies should be implemented
  4. What resources are required to implement a plan
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8
Q

What are the characteristics of a good marketing plan??

A
  1. Strong top management support
    - Financially otherwise can’t implement
  2. Compiled by staff
    - More likely to be successful
    - Staff know more about company
  3. Thoroughly researched
  4. External competitive focus
  5. Proactive/Visionary
  6. Personalised/Specific
  7. Continually revised

A MARKETING PLAN IS NOT THE SAME AS A REPORT

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9
Q

What is a “Marketing Plan”?

A

” A marketing plan is a written document containing the guidelines for the business center’s marketing programs and allocations over the planning period”

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10
Q

Sections of a Marketing Plan

10 SECTIONS

A
  1. Business Definition & Scope
  2. Industry analysis
  3. Customer analysis
  4. Competitor analysis
  5. Internal analysis
    - SWOT
  6. Objectives
  7. Targeting & Positioning
  8. Strategies & Tactics
  9. Budget
  10. Action & Contingency Plan
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11
Q

What does a situational analysis include?

  • The variables
A

Customer analysis

Competitor analysis

Industry analysis (context)

Internal analysis (company)

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12
Q

What are the elements of the “Marketing Mix”?

The 7 P’s

A
  1. People
  2. Place
  3. Price
  4. Product
  5. Promotion
  6. Process
  7. Physical evidence

ALL ELEMENTS REQUIRED TO CREATE SYNERGY

REQUIRES AN UNDERSTANDING OF THE SITUATIONAL VARIABLES

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13
Q

Contents of a “Marketing Plan”

A

Executive

Situation Analysis

  • Industry
  • Customers
  • Competitor
  • Internal

SWOT & TOWS

Objectives

Strategies

Tactics

Budget/Finances

Monitoring & Control & Contingency Plans

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14
Q

What is in an “Executive Summary”?

A

An overview of the situation facing the organisation

Must be detailed!

  1. Contains information necessary for the executive (your boss)
  2. Specify marketing objectives
  3. Specify strategies & tactics
  4. Specify financial outcome
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15
Q

What goes into a “Situation Analysis”?

A
  1. Business Definition & Scope
  2. Industry analysis
  3. Internal analysis
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16
Q

What goes into “Business Definition & Scope”?

part of situation analysis

A

Highlighted by mission statement & current objectives

Frames scope of entire plan

17
Q

What goes into the “Industry Analysis”?

part of situation analysis

A
  1. Industry
    - size, growth, industry structure, competitive structure, channels, dynamics, power
  2. Macro
    - economic, socio-cultural, political-legal technological, natural
  3. Critical Success Factors
    - What are the few factors that are necessary for success in this industry?
    - They allow the firm to gain a competitive advantage
18
Q

What goes into the “Internal Analysis”?

part of situation analysis

A
  1. How are we performing?
    - metrics and tools of analysis
    - what do we do well?
    - what do we do badly?
  2. What skills do we have?
  3. What resources do we have?
  4. What are we capable of doing in the future?
  5. Think marketing mix (4 or 7 Ps)
19
Q

What are “SWOT AND TOWS”

A

SWOT summarises information from the analysis

TOWS uses information from the SWOT to identify issues and inform strategy development

20
Q

What are Issues & Objectives?

“Where do we want to go?”

A

What ISSUES have become apparent from analysis of internal (strengths & weaknesses) & external environment (opportunities & threats)

An OBJECTIVE is an end to be achieved

  • The objectives will address the issues defined
  • SMART
21
Q

Formulating Marketing Strategies

“How are you going to get there?”

A
  1. A strategy is a means to achieve an end (objective)
    - Industry level positioning how can they SBU achieve and maintain a competitive advantage?
    - Will you be a niche marketer, or a mass marketer?
    - Will you be a market leader, or follower?
  2. Marketing Mix
    - Identify your target market
    - Determine your positioning
    - Develop appropriate strategies (7 P’s)
22
Q

Formulating Tactics

“How are you going to get there?”

A

Action Plan / Tactics is very specific

WHO is going to do WHAT

WHEN are they going to do it

HOW including resources ($$ and others)

23
Q

Finances & Budget

A

INCLUDE:

  • Market & sales forecasts
  • Profitability projections

Essentially a profit & loss statement for the planning period

Once approval for the budget is complete the plan can proceed

How much will it cost? How much will i make??

24
Q

Monitor & Control

A

EVALUATE
ARE WE THERE?

All the activities undertaken in the previous stages

Performance measurement
- Compare what did happen to what you thought would happen

Contingency Plans

  • What if performance is not what you expected?
  • Modification of strategies where necessary/possible
  • Modification of objectives where necessary/possible
  • When do you decide to change?
25
Q

Product level planning?

Corporate, SBU or Product?

A

Forecasting (all levels)

SWOT (product level)

Product analysis (Corporate/SBU level)

Marketing objectives & strategies (SBU or product level)

Marketing Planning & Implementation (9 decks)

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