Chapter 10: Developing and Implementing Marketing Plans
Teacher recommended
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- Created on: 22-12-14 15:01
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- Developing and Implementing Marketing Plans
- Components of a marketing plan
- Control and Review
- review may uncover poor choice of strategy, or good strategy but unsuccessful marketing mix
- ensures that there is complete integration of all elements of the plan
- internal/external factors may have changed, making objectives easier or harder to achieve
- necessary to review and monitor progress against objectives
- SWOT Analysis
- T threats to the business
- S strengths of the business
- O opportunities
- audit of factors that influence marketing of business
- W weaknesses of the business
- Forecasting sales and Market analysis
- advise business of expected outcomes of its marketing plan
- analyse market and sales based upon market research
- show possible alternative outcomes if circumstances change
- Setting SMART marketing objectives
- be based on market research and SWOT analysis
- should take into consideration capabilities of other functions
- Agree marketing strategies
- maybe low cost, product development or diversification
- Allocating marketing budget
- must be agreed
- Implementing marketing tactics through marketing mix
- product development
- market penetration or consolidation
- market development
- differentiation or focus
- diversification
- low cost/ cost leadership
- Control and Review
- Issues in implementing marketing planning
- plan may be too complicated or ambitious
- constant changes in the market, may mean there is an inability to assess effectiveness of the planning process
- managers and employees may not implement agreed strategies
- takes up excessive time in planning and reviewing
- review of progress against the plan may rarely happen
- lack of co-ordination in functional plans and corporate objectives
- the plan will remain rigid despite significant changes in circumstances
- Internal influences on marketing planning
- marketing plan and finance
- marketing plan and human resource management
- marketing plan and operational issues
- External influences on marketing planning
- market factors
- competitor's actions
- environmental factors
- suppliers
- legal factors
- political factors
- social factors
- economic factors
- technological factors
- Marketing Budget
- Methods of setting marketing budget
- budgeting according to last year's budget
- budgeting according to competitors spending
- budgeting according to marketing objectives
- Factors influencing size of marketing budget
- consumer expectations
- level of change in the market
- actions of competitors
- potential return compared with other activities
- benefits to be gained from spending
- cost of advertising in some media
- last year's allocation
- nature of the market
- marketing objectives
- organisations financial position
- Methods of setting marketing budget
- Benefits of marketing planning
- can assess efficiency by comparing actual outcomes with plan
- reduced possibility of bias, as several people are involved
- allow a firm to be aware of any developments in the market
- provides clear sense of direction
- decisions are based on business logic
- can allow senior management to compare demands for resources
- all functional areas will have been considered
- may motivate staff if they are given an element of responsibility
- Components of a marketing plan
- Benefits of marketing planning
- can assess efficiency by comparing actual outcomes with plan
- reduced possibility of bias, as several people are involved
- allow a firm to be aware of any developments in the market
- provides clear sense of direction
- decisions are based on business logic
- can allow senior management to compare demands for resources
- all functional areas will have been considered
- may motivate staff if they are given an element of responsibility
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