MKF3121.docx - MKF3121 Week 1 What is planning in marketing Role of the marketing manager Collecting and analysing background product category data

MKF3121.docx - MKF3121 Week 1 What is planning in marketing...

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MKF3121 Week 1 What is planning in marketing? Role of the marketing manager Collecting and analysing background product category data Utilising the background analysis for marketing strategy development Implementing the strategy via the marketing mix Why do we plan? To ensure survival To prevent ‘knee-jerk’ reactions To complete efficiently and efficiently (resources and market) To expand horizontally and laterally To motivate employees To satisfy the firm’s responsibility to all stakeholders (think about who these would be) Strategic Planning The process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and changing marketing opportunities
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All plans should explicate What a firm wants to accomplish o Expressed as objectives based on assessment of marketing opportunities How the firm plans to accomplish objectives o Defined by marketing strategies How strategies should be implemented o Through the tactics/action plan What resources are required to implement the plan o Primarily based on the cost of the tactics Characteristics of an effective marketing plan Strong top management support Compiled by staff Thoroughly researched External competitive focus Proactive/visionary Personalised/specific Continually revised Definition of a marketing plan A marketing plan is a written document containing the guidelines for the business centre’s marketing programs and allocations over the planning period Contents of a marketing plan: Executive summary Situation analysis o Industry o Customer o Competitor o Internal SWOT & TOWS Objectives Targeting and positioning Strategies Tactics Finances/budget Monitoring, control & contingency plans Executive Summary Contains the information necessary for the executive to make the decision Is persuasive o Outlines the situation o Specifies marketing objectives o Outlines strategies o Outlines key tactics
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o Specifies financial outlay and return o Rule of thumb 1-2 pages Situation Analysis Business definition and plan/project scope o This is highlighted by the mission statement and the current organisational objectives o It frames the scope of the entire plan Industry o Industry: size, growth, industry structure, competitive structure, channels, dynamics and power o Macro: economic, socio-cultural, political-legal, technological, natural o Critical (key) success) factors What are the few factors that are necessary for success in this industry. They allow the firm to gain a competitive advantage Customer o 6 Ws, who are they, how do they behave, what do they want, how do they respond Competitor o Who are they, what do they do (or not) that will impact on our relationship with our customers Internal o How are we performing (metrics and tools of analysis) What do we do well What do we do badly o What skills do we have o What resources do we have o What are we capable of doing in the future o Think marketing mix (4 or 7 Ps) A not about analysis
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