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Chapter 14

BUS 343 Chapter Notes - Chapter 14: Swot Analysis, Marketing Plan, Marketing Mix


Department
Business Administration
Course Code
BUS 343
Professor
Jason Ho
Chapter
14

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Chapter 14: Developing and
Implementing a Marketing Plan
“If you Fail to Plan, You Plan to Fail
Businesses that succeed do so because they are capable of developing and
implementing superior strategies in the marketplace
Why Develop a Marketing Plan
Enables a business to set priorities regarding markets it wants to compete in, customers
it wants to serve, and how it plans to serve those customers
Marketing plan a document that describes the marketing environment, outlines the
marketing objectives and strategy, identifies who will be responsible for carrying out each
part of the marketing strategy and describes how the strategy will be adjusted to respond
to a changing marketplace
What Happens when a Business does not Develop a Marketing Plan
Underlying of all marketing strategies and plans is to create a competitive advantage
Competitive advantage the ability of a firm to outperform the competition, providing
customers with a benefit the competition cant
Negative consequences of not developing marketing plans
oThe business tends to drift
Lacking superior strategies, the business continually underperforms
oThere is a lot of pie in the sky” thinking ,but no formal strategy
Without format strategies to compete in a tough marketplace, the
business thinks about success, but it never comes to fruition
oThe business tends to waste resources trying one tactic after another
Without a plan of action, the business attempts many things without
knowing in advance the likelihood of their success
oThe business lacks a playbook”
A marketing plan is like a playbook for sports team. Without a playbook,
there is no accountability within different functions
oThere is no unity within the organization
Lacking a glue that binds the business together, different functions work
to optimize specific interested instead of focusing on the customer
How to Developing Strong Marketing Plans: The Marketing Plan
Template
www.notesolution.com

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Typical marketing plan contains nine different sections
oWritten in about 8 to 10 pages single spaced, if focused on one target market
Four major sections
oIdentify value creation opportunities in the marketplace by understanding
customers, competitors, your own organization , and other factors in the internal
and external environment
oSpecify the value proposition by identifying your objectives, target market, and
positioning strategy
oCreate, communicate, and deliver the value by designing marketing mix
strategies
Using the Marketing Plan Template
Section 1: Executive Summary
Outlines to the reader
oKey strategic issues or challenges facing the business (from your SWOT
analysis)
oYour objectives and key strategies to achieve these objectives
oKey expected outcomes (financial and non-financial)
Should be able to be read as a stand-alone document, typically doesnt include rationale
for your decisions
Section 2: Table of Contents
Table of contents for navigation
Section 3: Environmental Analysis
Typically has four key elements
SWOT Analysis Summary:
oFull SWOT analysis should go in an exhibit but report here are the key factors in
the internal and external environment that influence your marketing strategy
decisions
Segmentation
oIdentify the major segments in the market
oJustify your segmentation approach and estimate the relative size of these
segments
oShort description of each segment (key attributes and differentiating factors)
oSummary should identify the key needs, wants, and preferences of the segments
and how these may be changing overtime
Positioning Maps
oPositioning maps that illustrate the relative positioning of key brands in the market
will help communicate the competitive landscape
oAnnotating your positioning maps with assessments of the competing
organizations and brands can be helpful
www.notesolution.com
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