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Chapter 14

Marketing: Real People, Real Decision (3rd Edition): Chapter 14

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Department
Business Administration
Course
BUS 343
Professor
Jason Ho
Semester
Summer

Description
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 can’t • Negative consequences of not developing marketing plans o The business tends to drift Lacking superior strategies, the business continually underperforms o There 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 o The 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 o The business lacks a “playbook” A marketing plan is like a playbook for sports team. Without a playbook, there is no accountability within different functions o There 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 • Typical marketing plan contains nine different sections o Written in about 8 to 10 pages single spaced, if focused on one target market • Four major sections o Identify value creation opportunities in the marketplace by understanding customers, competitors, your own organization , and other factors in the internal and external environment o Specify the value proposition by identifying your objectives, target market, and positioning strategy o Create, communicate, and deliver the value by designing marketing mix strategies Using the Marketing Plan Template Section 1: Executive Summary • Outlines to the reader o Key strategic issues or challenges facing the business (from your SWOT analysis) o Your objectives and key strategies to achieve these objectives o Key expected outcomes (financial and non-financial) • Should be able to be read as a stand-alone document, typically doesn’t 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: o Full 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 o Identify the major segments in the market o Justify your segmentation approach and estimate the relative size of these segments o Short description of each segment (key attributes and differentiating factors) o Summary should identify the key needs, wants, and preferences of the segments and how these may be changing overtime • Positioning Maps o Positioning maps that illustrate the relative positioning of key brands in the market will help communicate the competitive landscape o Annotating your positioning maps with assessments of the competing organizations and brands can be helpful www.notesolution.com • Other analysis o Any other analysis that could be used effectively to understand the decisions environment Section 4: Opportunity Identification, Assessment, and Assumptions • Draw conclusions from our analysis and specify what opportunity we plan to take advantage of, or address, in our marketing plan • Justify our focus on this/these opportunities (or problems) and not on others • State what markets we plan to serve with what product(s) • Using what technologies (know-how) • Market research on competitors, market share, and any other factors that may impact ability to create value for customers • Sometimes it is not possible to create such an extensive market research so key assumptions about the market, the opportunity, and the decision environment on which the plan is based must be stated Section 5: Objectives to be Achieved by the Marketing Plan • Establish certain objectives to be achieved by the plan to determine the effectiveness of the plan • Financial objectives to be achieved are stated in the form of revenues and profits • Convert financial objectives into actionable marketing objectives and highlight other functional objectives • Objectives should be SMART o Specific, Measurable, Actionable, Realistic, and Time Bounded • Marketing objectives enables us to develop specific marketing actions Section 6: Marketing Strategies • Outlines efforts to specify the value proposition for customer by selecting target markets, developing detailed profiles of the target market, then specifying the positioning that we want to establish in the minds of those customers • Provides rationale for why you have selected the target markets you have chosen and why you rejected other viable alternatives • Positioning involves specifying the basis of differentiation in your brand, your strategic orientation (how you will compete, create value, and develop competitive advantage), how you will be able to defend your desired positioning, and your brand personality • Executed by marketing mix decisions Section 7: Marketing Mix Decisions • Heart of the marketing plan • Outlines specific decisions for creating value for our customers • Provide a brief rationale for each marketing mix decision www.notesolution.com o Rationale is important to include both to justify the conclusion to other stakeholders within the organization and to provide a basis from which others can critique on • Write complete marketing mix section for each market segment if more than one Section 8: Implementation and Evaluation • Delineate tactical action plans for how each strategy will e executed o Be specific on
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