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The Marketing Process, Planning & The Marketing Plan . Marketing Process. Consists of: Analyzing Marketing Opportunities Researching and Selecting Target Markets Designing Marketing Strategies Planning Marketing Programs Implementing & Controlling the Program. Marketing Planning.
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Marketing Process Consists of: • Analyzing Marketing Opportunities • Researching and Selecting Target Markets • Designing Marketing Strategies • Planning Marketing Programs • Implementing & Controlling the Program
Marketing Planning Is Failing to Plan, Planning to Fail?
Marketing Planning • Marketing Plan directs the marketing efforts of the firm. • Assembles pertinent facts about organization, the markets it serves, its products/services, customers and competition. • Forces department and functional managers to work together. • Sets goals, objectives, tactics within time periods.
Contents of Marketing Plan • Executive Summary and Table of Contents • Current Marketing Situation • Opportunity & Issue Analysis • Marketing Objectives • Marketing Strategies • Action Programs • Financial Projections or Projected P & L’s • Implementation & Controls
Contents of Marketing Plan • Executive Summary and Table of Contents • Permits senior management to grasp major thrust. • Briefly states contents of the whole plan. • Main goals and recommendations.
Contents of Marketing Plan • Current Marketing Situation • Relevant background/facts on firm, sales, costs, the market, profits, history, growth, products, services, channels/ distribution, share of market, and competitors. • SWOT Analysis • Trends & Macro/Broad Environment
Contents of Marketing Plan • Opportunity and Issue Analysis • Major issues facing products and sales • Review of Key Issues& Opportunitiesin SWOT Analysis Strengths Weaknesses Opportunities Threats
Contents of Marketing Plan • Marketing Objectives • Financial and Marketing Goals, by SalesVolume Market Share Profit Pricing Distribution objectives. • Increase / Achieve Generate / Reach
Contents of Marketing Plan Objectives vs. Strategies Goal or Objective:NY or San Francisco Strategy:Air? Car? Truck? Train? Walk? Or Bike?
Objectives vs. Strategies • Objective: San Francisco • Strategy: Bike • Tactic: 3-Speed
Contents of Marketing Plan • Marketing Strategies • Select Target Segments • Marketing Mix --- 4P’s • Positioning (“what the product does and who is it for.”) • Distribution Strategies • The Game Plan
Contents of Marketing Plan • Action Plan or Program • Specific product, promotional, pricing, and distribution tactics / activities. • Includes timing and calendar
Contents of Marketing Plan • Financial Projections (Projected Profit and Loss) • Build a supporting budget • Forecasted sales volume • Average price and expenses • Implementation & Controls • Monitoring planning and reviewing results.
IMC: Integrated Marketing Communications • The process of building and reinforcing mutually profitable relationships with employees, customers and other stakeholders, and the general public, by developing and coordinating a strategic communications program. • Enables them to have a constructive encounter with the company/brand through a variety of media or other contacts.
IMC: Integrated Marketing Communications • Unified image • One look, one voice, strong brand image focus. • Coordinated tone and look, with coordinated messages. • Everything you do and don’t do can send a message. • Advertising, PR, Personal Selling, Direct Marketing and Internet, Merchandising, Promotions, Interactive, Events.
Tough Marketing Questions • Spot and choose the right market segments? • Differentiate our offering from competitors? Customization? • Chasing variety-seeking and deal seeking customers? • Ways to grow business? • Respond to customers who want price breaks? • Improve sales force?
Tough Marketing Questions • Compete against low-cost, low price competitors, here and globally? • Reduce acquisition costs? • How do we build stronger brands? • Keep customers loyal? • Which customers are more important? • Measure promotion paybacks?
Tough Marketing Questions • Establish multiple channels but manage channel conflict? • How can we get other company departments to be customer-oriented?
Contents of Marketing Plan • Executive Summary and Table of Contents • Current Marketing Situation • Opportunity & Issue Analysis • Marketing Objectives • Marketing Strategies • Action Programs • Financial Projections or Projected P & L’s • Implementation & Controls