Staffing means the company has hired able people, trained them well, and assigned them to the right jobs. Shared values, means employees share the same guiding values. Feedback and Control A company’s strategic fit with the environment will inevitably erode, because the market environment changes faster than the company. Product Planning: The Nature and Contents of a Marketing Plan A marketing plan usually contains the following sections: Executive summary and table of contents. The marketing plan should open with a table of contents and brief summary for senior management of the main goals and recommendations. Situation analysis. This section presents relevant background data on sales, costs, the market, competitors, and the various forces in the macro environment. Marketing strategy. Here the marketing manager defines the mission, marketing and financial objectives, and needs the market offering is intended to satisfy as well as its competitive positioning. Financial projections. Financial projections include a sales forecast, an expense forecast, and a break-even analysis.A more complex method of estimating profit is risk analysis . Here we obtain three estimates (optimistic, pessimistic, and most likely) for each uncertain variable affecting profitability, under an assumed marketing environment and marketing strategy for the planning period. The computer simulates possible outcomes and computes a distribution showing the range of possible rates of returns and their probabilities. Implementation controls.
The Role of Research To develop innovative products, successful strategies, and action programs, marketers need up- to-date information about the environment, the competition, and the selected market segments. Often, analysis of internal data is the starting point for assessing the current marketing situation, supplemented by marketing intelligence and research investigating the overall market, the competition, key issues, threats, and opportunities. As the plan is put into effect, marketers use research to measure progress toward objectives and identify areas for improvement. Finally, marketing research helps marketers learn more about their customers’ requirements, expectations, perceptions, satisfaction, and loyalty. The Role of Relationships Although the marketing plan shows how the company will establish and maintain profitable customer relationships, it also affects both internal and external relationships. First, it influences how marketing personnel work with each other and with other departments to deliver value and satisfy customers. Second, it affects how the company works with suppliers, distributors, and partners to achieve the plan’s objectives. From Marketing Plan to Marketing Action Most companies create yearly marketing plans. Marketers start planning well in advance of the implementation date to allow time for marketing research, analysis, management review, and coordination between departments. As each action program begins, they monitor ongoing results, investigate any deviation from plans, and take corrective steps as needed. Some prepare contingency plans; marketers must be ready to update and adapt marketing plans at any time. The marketing plan should define how progress toward objectives will be measured. Managers typically use budgets, schedules, and marketing metrics for monitoring and evaluating results.
- Spring '15
- Business, Marketing