The Business Plan

The Values Consumer Needs The Firms Purpose: What the firm is going to do The Firms Objective: How the firm is going to accomplish its purpose

The Marketing Plan Establish the marketing mix Analyze the current market situation, the opportunities and issues, the implementation, finance, and the control

What is Strategic Planning?

The objectives and strategies established at the top level provide the context for planning in each of the divisions and departments by divisional and departmental managers

The Strategic Planning Process

The Marketing Management Process

The Marketing Management Process can be defined as the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives.

The Marketing Management Process

Marketings role in cross functional strategic plan

The Marketing Management Process

Strategic planning is a top-management responsibility All strategic planning has marketing implications Marketing objectives and strategies must be derived from the strategic plan Planning done in all functional areas of the organization should be derived from strategic plan

The Marketing Management Process

Strategic planning and marketing planning

The Marketing Management Process

Situation analysis
The cooperative environment The competitive environment The economic environment The social environment The political environment The legal environment

The Marketing Management Process

Marketing planning
Establishing marketing objectives Selecting target market Developing marketing mix

The Marketing Management Process

Implementation and control of marketing plan
Implementing the marketing plan involves putting the plan into action and performing marketing tasks according to the predefined schedule. Controlling the marketing plan involves three basic steps
The results of the implemented marketing plan are measured These results are compared with objectives Decisions are made on whether the plan is achieving objectives.

The Marketing Management Process

Marketing information systems and marketing research
Throughout the marketing management process, current, reliable, and valid information is needed to make effective marketing decisions

Strategic Marketing Management

Strategic marketing management is concerned with how we will create value for the customer Asks two main questions

What is the organizations main activity at a

particular time? Customer Value

What are its primary goals and how will these be

achieved? how will this value be delivered

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The Strategic-Planning, Implementation, and Control Process

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The Marketing Plan

A written document that acts as a guidebook of marketing activities for the marketing manager

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Why is marketing planning necessary?

Systematic futuristic thinking by management better co-ordination of company efforts development of better performance standards for control sharpening of objectives and policies better prepare for sudden new developments managers have a vivid sense of participation

Criticisms of marketing planning

Formal plans can be quickly overtaken by events Elements of the plan my be kept secret for no reason gulf between senior managers and implementing managers the plan needs a sub-scheme of actions

Objectives of the marketing plan

Acts as a roadmap assist in management control and monitoring the implementation of strategy informs new participants in the plan of their role and function to obtain resources for implementation to stimulate thinking and make better use of resources

 Assignment of responsibilities, tasks and timing Awareness of problems, opportunities and threats Essential marketing information may have been missing if implementation is not carefully controlled by managers, the plan is worthless!

CONTENTS of MARKETING PLAN

Business Mission Statement Objectives Situation Analysis (SWOT) Marketing Strategy Target Market Strategy Marketing Mix
Positioning Product Promotion Price Place Distribution

People Process

Implementation, Evaluation and Control

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The Marketing Process

Business Mission Statemen t Objective s Situation or SWOT Analysis

Marketing Strategy
Target Market Strategy

Marketing Mix
Product Promotion Place/Distribution Price

Implementation Evaluation, Control 20

Organising Service Marketing Planning

What is the specific type of service business? Who are the customers? How can they be identified? What benefits are they seeking? How can the business be defended from competitors? How can competitive advantage and more effective cost efficient operations be achieved? What efforts must be used to develop and test new product service offerings? What role can be assigned to planning and research?

Analysing Marketing opportunities

To identify target markets & to determine the changing needs and their bases What specific needs can be satisfied , attributes of service being sought, identification of needs not being met right now Internal environment Immediate external environment Uncontrollable external environment

Selecting target market

Process of identifying and evaluating marketing opportunities gives rise to many new ideas Opportunities must be studied in relevance to company resources Segmentation and targeting positioning

Segmentation
Demographic Socio-economic Geographic Psychographic Benefits based Usage based

Targeting
Profitability ,viability, Accessibility, Size of segment Undifferentiated marketing Differentiated marketing Concentrated marketing Niche marketing Positioning

Service marketing mix

Service product Price Promotion Place People Process Physical evidence

Managing and Controlling Marketing Effort

Mobilisation of resources is essential for implementation Organisational framework esp for services as there is interdependence between marketing, operations and human resources (service trinity) Performance control Profitability control Strategic control

Interrelation of activities in service

Customer loyalty drives profitability and growth Customer satisfaction drives customer loyalty Value drives customer satisfaction Employee productivity drives value Employee loyalty drives productivity Employee satisfaction drives loyalty Internal quality drives employee satisfaction Top management leadership underlies the chain of success

Factors Influencing Companys Marketing Strategy

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