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7/29/2019 Market Plan 2
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MARKETINGPLANNING & CONTROL
MARKETING PLAN
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Introduction
Liberalization of the economy and consequent
globalization of marketing has forced large and
small sized organizations to carry out efficient
and effective marketing planning.
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Why Plan?
The situation has caused the following
Stiff competition both domestically andinternationally
Close global communication
Scarcity in resources
Continuous changes in consumer needs
Fragmentation of markets High pace in technological development
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Marketing Planning
Planning is the process of anticipating futureevents and determining strategies to achieve
organizational objectives in the future
Marketing planning involves deciding on
marketing strategies that will help the company
attain its overall strategic objectives
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Managing the Marketing Effort
Control
Measure results
Evaluate results
Take correctiveaction
Implementation
Carry out theplans
Analysis
Planning
Develop strategic
plans
Developmarketing plans
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Marketing Plan
Marketing plan is a written document that acts
as a guideline of marketing activities for the
marketing managers.
A detailed marketing plan is needed for each
business, product or brand
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Marketing Plan Criteria
Is the plan simple?
Easy to understand and act on?
Does it communicate its content easily and practically?
Is the plan specific? Are its objectives concrete, measurable?
Does it include specific actions and activities, each with
specific dates of completion, specific persons
responsible and specific budgets?
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Marketing Plan Criteria
Is the plan realistic?
Are the sales goals, expense budgets and milestone
dates realistic?
Has frank and honest self critique been conducted to
raise possible concerns and objections??
Is the plan complete?
Does it include all the necessary elements?
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1. Executive summary
2. Current marketing situation
3. Threats and opportunity analysis
4. Objectives and issues5. Marketing strategy
6. Action programs
7. Budgets
8. Controls
Contents of a Marketing Plan
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1. Executive Summary
Purpose
Presents a brief overview of the proposed
plan for quick management review
It is the opening section of the plan thatpresents a short summary of the main goalsand recommendations to be presented in
the plan
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2. Current Marketing Situation
Purpose
Presents relevant background data on themarket, product, competition and distribution
-market description defines major segments
-Product review sales, prices, gross margins
-Identify major competitors and their strategy
-Distribution channels recent trends &developments
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3. Threats and Opportunity Analysis
Purpose
Identifies the major threats and opportunitiesthat the product might face
Makes the manager anticipate importantdevelopments that can have an impact on thefirm might impact the product
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Threats and Opportunity Analysis
Different threats call for different levels ofattention and concern
Assess the likelihood of each threat and the
potential damage each could cause.
Assess each opportunity according to itspotential attractiveness and the companys
probability of success
In evaluating opportunities, decide whetherexpected returns justify risks involved
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4. Objectives and Issues
Purpose
Defines the companys objectives for the
product in the areas of sales, market share and
profit
and the issues that will affect these objectives
eg how can market share be increased?
Objectives are goals a firm would like to attain
during a plans term - SMART
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5. Marketing Strategy
Purpose
Presents the broad marketing approach thatwill be used to achieve the plans objective
A strategy is a means used to achieveorganizational goals
Shows specific strategies for target markets,positioning, marketing mix, and marketingexpenditure eg Use Ansoffs, STP
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Market Penetration
Get existing user to increase buying frequency Increase number of uses for same product
Convert competitors users to your brand
Find new target market
Find new geographical markets
Market Development
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Product Development
Innovate new products Modify existing product
Line extensions of existing product
Find new target market for new unrelatedproducts
Diversification
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Market Segmentation
Sub-dividing a whole market into relativelysimilar, but identifiable segment that anorganization can serve profitably.
In order to carry out effective segmentation, amarketer must understand the principles ofmarket segmentation.
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Market Targeting
This strategy identities which marketsegment(s) to focus on.
Three general strategies of selecting targetmarkets.
Differentiated
Undifferentiated and
Concentrated marketing, using marketingmix differently at different situations
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Market Positioning
It is marketing strategy in which a marketerensures the product occupies a major space inthe mind of a customer.
It uses two matching variables such as priceand quantity.
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Market Positioning
It is marketing strategy in which a marketerensures the product occupies a major space inthe mind of a customer.
It used two matching variables such as priceand quantity.
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Marketing Mix
Refers to a unique blend of product, place,promotion and price strategies designed toproduce mutually satisfying exchange with a
target market.
4ps for Products
7ps for Services
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Marketing Mix
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6. Action Programs/ Implementation
Purpose
Specifies whatwill be done activity description
who will do it detailed job assignment
when it will be done time lines
how much it will cost - budgets
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7. Budgets
Purpose
A projected profit and loss statement thatforecasts the expected financial outcomes from
the plan
Budget is a consolidated statement of resourcesrequired to achieve desired objectives.
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Budget
It is a planning and control tool relevant to allaspects of management activities
It is based on forecasting.
Shows forecasted units sold, average net price
Shows cost of production, physical distributionand marketing
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Purpose of Budgeting
Coordination of activities
Communication of the policies and target toevery manager in the firm
Providing control mechanism from which actualperformance is measured
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Limitations of Budgeting
Unpredictability in environmental situation
Inflation growth
Inter-departmental rivalries.
Managements reluctance to budget.
Lack of budgeting skills.
Inadequate information / inaccurate data
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Types of Budgets
Expenses budget - Only expenditure of salaries,
materials, traveling cars e.t.c
Advertising budget media, Posters, billboards.
Sales promotion - Offers e.t.c
R&D budget.
Distribution budget- Warehouse, Transport,
Loading and unloading
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8. ControlsPurpose
Indicates how the progress of the plan will bemonitored
Marketing control involves evaluating theresults of marketing strategies and plans, andtaking corrective action to ensure thatobjectives are attained.
Goals and budgets spelled out for eachmonth/quarter
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The Control Process
Set goals - what do we want toachieve?
Measure performance - what is happening?
Evaluate performance - why is ithappening?
Take corrective action - what should we doabout it?
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Benefits of Planning
It offers a road map for implementing thecompanys marketing activities
It assists in managing control and monitoringof implementation of strategy
It creates a sense of responsibility among thestaff.
It specifies how resources are to be allocatedamong the units
It enables the participants to be aware ofproblem and opportunities
It reduces risks and wastes
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Barriers to Planning
Culture
Power and politics
Analysis, not action
Resource issues Skills
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Sample Plan
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Sample Plan Cont.