Marketing Plan OverviewDavid ForlaniUniversity of Colorado Denver

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*OutlineThe Marketing Plan & Its RolePurposeDefinedComponentsCurrent SituationKey IssuesObjectivesMarketing StrategyImplementation (Marketing Mix)Evaluation and Control

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*The Marketing Plan:Identifies sources of dataAnalyzes, Evaluates, and Consolidates a significant amount of diverse information Clarifies the Assumptions the people involved in the planning process are makingProjects future outcomesIs a Method for structuring the planning process

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*The Marketing Plan DefinedThe Marketing Plan is:an objective written document that provides the blueprint of and justification for the organizations marketing activities, including the implementation, evaluation, and control of those activities in specific product-markets.

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*A detailed assessment of how to achieve an organizations objectivesConfidence that specific goals will be metA methodology that justifies the strategy, implementation, evaluation and control of a firms marketing activitiesInformation critical to (but different from) a business planThe Marketing Plan Provides

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*A Marketing Plans General Structure

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Current Situation: Market Definition of Overall MarketSize and GrowthSubstitutes, Areas for Expansion

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Current Situation: Competition Types & SourcesRelative SizeAnticipated Actions

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Current Situation:Macro-environmental Cultural/Social Changes/TrendsLegal/Political IssuesPhysical Environmental IssuesDemographic/Psychographic IssuesEconomic Changes/Trends

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Current Situation: Past Performance Absolute & Relative to PlanActions Taken: Successful/UnsuccessfulImplications for Future Actions

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Key Issues SWOT ANALYSISCompany StrengthsCompany WeaknessesEnvironmental OpportunitiesEnvironmental Threats

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*ObjectivesMarketing (e.g.)Share/RevenuesDistribution/CoverageDegree of Product or Market ExpansionFinancial for Business Unit (e.g.)Level of ContributionReturn on Investment

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Marketing Strategy (1 of 2)Definition of Product-MarketA more focused view than in the Situation Analysis. Describe the users, the needs being fulfilled and the wants satisfied.Segmentation SchemeWhat variables can be used to divide the market and that meet the segmentation criteria of adequate size, stability, accessibility and differential response.

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Marketing Strategy (2 of 2)Targeting DecisionsAssess all segments in terms of Market Attractiveness and Competitive Position.Positioning ObjectivesIdentify Determinant Attributes, assess competitors positions and desirable places for members in the targeted market segment.Assess Internal & External Viability relative to the brand and competitive advantage.

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Involves translating the marketing strategy into activities that will deliver the positioning objectives in the targeted market segments. This is the key to understanding marketing. This process requires support from the organization which can be gained through internal marketing. Getting other functional areas excited about the marketing strategy and expected outcomes will greatly facilitate the implementation process.

Strategy Implementation via the Marketing Mix

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Elements of the Marketing MixProduct: the crux of the offering, a good, service or idea the firm presents to the marketPrice: what the firm expects in return for the product.Channel: the products path to the marketPromotion: the mechanisms employed to both educate the market about the product and persuade its members to choose it over competitive offerings

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Assesses an activitys outcomes relative to goals and objectives.Helps to maintain coordination among functional areas and keep the lines of communication open.More useful when it is seen as both an ending and beginning:Occurs after a strategy has been implementedServes as the beginning point for planning in the next cycleInvolves the use of metrics.Evaluation and Control

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Contingencies: When Things Dont Go as PlannedWhich assumptions were incorrect? For instance:Did the target market, a competitor, or the economy not respond as anticipated?Were our costs underestimated, suppliers capabilities overestimated, or competitors actions unanticipated?What is the viable range of adjustments?Can the project be salvaged or should it be scrapped?How will the needed changes impact our original goals and objectives?

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Plan aheadRevise, revise, reviseBe creativeUse common senseThink about implementation issues and iterate back through the earlier phasesUpdate regularlyCommunicate with othersMarketing Plan Tips

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Major Problems Marketers Face in Developing and Implementing the Marketing Plan

BUSN 6560, MKTG MGT, Forlani

BUSN 6560, MKTG MGT, Forlani*Top managers often ask two main questions:How likely is the marketing plan to achieve its stated goals and objectives?Are there better opportunities to use the resources needed (money and management talent) than those recommended by the marketing plan?The marketing plan is most often prepared by a Brand Manager or Director of Marketing and presented to the VP of MarketingFinal approval often lies with the President, Chairman or CEO.Application of the Marketing Plan

BUSN 6560, MKTG MGT, Forlani

*