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Learning Objectives Chapter 9: The Marketing Plan and the 8 Ps. Define the term marketing plan. Explain the difference between tactical and strategic marketing planning. List eight requirements for an effective marketing plan. Explain the benefits of having a marketing plan.
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Learning ObjectivesChapter 9: The Marketing Plan and the 8 Ps • Define the term marketing plan. • Explain the difference between tactical and strategic marketing planning. • List eight requirements for an effective marketing plan. • Explain the benefits of having a marketing plan. • Describe the contents of a marketing plan.
Learning ObjectivesChapter 9: The Marketing Plan and the 8 Ps • List four approaches to developing marketing budgets and recommend one of these approaches. • Describe the three major steps involved in preparing a marketing plan. • List the 8 Ps of hospitality and travel marketing.
Difference between Tactical and Strategic Marketing Planning • Tactical = short-term marketing planning for two years or less. • Strategic = long-term marketing planning for up to three to five years in the future.
Eight Requirements for an Effective Marketing Plan • Fact-based • Organized and coordinated • Programmed • Budgeted • Flexible • Controllable • Internally consistent and interrelated • Clear and simple
Benefits of Having a Marketing Plan • Activities matched with target markets. • Consistency of objectives and target-market priorities. • Common terms of reference. • Assistance in measuring marketing success. • Continuity in long-term planning.
A written plan of action used to guide an organization’s marketing activities for a period of a year or less. Three parts: Executive Summary Marketing Plan Rationale Implementation Plan Contents of a Marketing Plan
A Systematic, Five-Step Approach for Marketing Hospitality and Travel Organizations 1. Where are we now? 2. Where would we like to be? 3. How do we get there? 4. How do we make sure we get there? 5. How do we know if we got there?
Situation analysis highlights: “Where are we now?” Selected marketing strategy: “Where would we like to be?” Contents of a Marketing PlanMarketing Plan Rationale
Activities plan Marketing budget “How do we get there?” Control procedures “How do we make sure we get there?” Evaluationprocedures “How do we know if we got there? Contents of a Marketing PlanImplementation Plan
Approaches to Developing Marketing Budgets • Historical or arbitrary budgeting • Rule-of-thumb budgeting • Competitive budgeting • Objective-and-task budgeting (recommended approach)
Steps in Preparing a Marketing Plan • Prepare the Marketing Plan Rationale Review and summarize: • Situation analysis • Marketing research studies • Market segmentation • Segmentation approach and bases • Target-market selection • Marketing strategy • Positioning approaches • Marketing mixes • Marketing objectives
Steps in Preparing a Marketing Plan • Develop a Detailed Implementation Plan Design and specify: • Activities by marketing-mix element for target markets • Responsibilities (internal and external) • Timetable and activity schedule • Budget and contingency fund • Expected results • Measurements • Progress reporting procedures • Performance standards • Evaluation timetable • Write the Executive Summary
Traditional Product Price Place Promotion Additional Packaging Programming People Partnership The 8Ps of Hospitality and Travel Marketing
Marketing Plan Development Process Situation Analysis & Research Results Example of an organization with three target markets Marketing Strategy & Target Market Selection Target Market 1 Target Market 3 Target Market 2 Positioning Positioning Positioning Objectives Objectives Objectives Marketing Mix (8Ps) Marketing Mix (8Ps) Marketing Mix (8Ps) Marketing Plan