Before submitting your final Marketing Plan be sure to:
Review each section of the Marketing Plan for completeness Make any changes recommended by your professor Write and include the Executive Summary Combine and submit all the sections according to the directions provided to you in Week 1.
Your final plan should be between 15-20 pages. Include a title page and combine all references. Your analysis/paper should be written in your own words. When completing your assignments all spelling, punctuation, grammar, formatting, and citations should be written in APA style. Please see your instructor for any further instructions.
The following is from week 1.:
Marketing Overview and Strategic Planning
Over the last twenty years technology and communication have changed the way marketers reach consumers.
Marketing is an extremely important aspect of every business and having a plan in place will help ensure its success.
Over the coming weeks we will look at the strategic process it takes to create a successful marketing plan and ways to ensure its success.
Let’s define some key ideas as we begin to look at the process in creating a strategic marketing plan.
Is a collection of buyers and sellers. We tend to think of a market as a group of individuals or institutions that have similar needs that can be met by a particular product or product category. Exchange
The process of of obtaining something of value from someone by offering something in return. These five conditions must be met for an exchange to occur; at least two parties involved, each party has something of value for the other, each must be capable communication and delivery, each party must free to to accept or reject the exchange, and each party believes it is a desirable to exchange with the other party. Product
Is something that ca be acquired via exchange to satisfy a need or a want. A product can consist of goods, services, ideas, information, digital products, people, places, experiences, property or organizations. Strategic planning is a key component in developing a marketing strategy. It is important for all levels from the top to the bottom be involved in the strategic planning process. As we continue through the rest of the book we will focus on tactical planning and the marketing plan as it relates to the strategic planning process.
Research and analysis is one of the most important aspects of strategic planning.
Key types of information needed to conduct beneficial research includes customer analysis, internal analysis, competitive intelligence, environmental scanning, and situational analysis. The leverage a firm needs in the market to meet its objectives is their competitive advantage. For a firm to be successful they must have at least one competitive advantage which will set them apart from the competition. Choosing the right features or price can help create this advantage
Marketing strategy is the plan used to describe how the firm will fulfill the needs and wants of their customer. The marketing strategy will look at the target market(s), segmentation, program decisions, branding and positioning.
The Marketing Plan will be a key focus over the next eight weeks as you will begin developing a plan in week two. A good marketing plan will be comprehensive, flexible, consistent and logical. Exhibit 2.3 in the text book lays out the structure of a typical marketing plan.
There are five key purposes to a marketing plan and should give the reader an understanding of the significance of the plan.
The current and future situation of the organization is explained using the situation and SWOT analyses as well as past performance. The expected outcomes are explained through the goals and objectives so the organization can has an idea of what its situation will be at the end of the process. Specific actions are described and assigned so everyone is aware of who is responsible for each part of the plan. The resources need for the plan are identified. It allows the monitoring of each action and its results so controls may be implemented. Using this information and any feedback will be useful for the next planning cycle. It is important to note that during this process organizations two key changes in the focus and and content of strategic planing.
Remain focused on the customer, this has not always been the case in strategic planning but with shifting requirements from the consumer it must be taken into account.
The other is balanced strategic planning, which allows companies to use a balanced performance scorecard to help focus on four complementary perspectives: financial, customer, internal process, and learning and growing.
Strategic planning is an increasingly important aspect to successful businesses. There are many aspects to consider when developing the strategic plan and the company’s mission statement is among the most important. A good mission statement must answer the question “What business are we in?”
A good mission statement is one to two paragraphs at the most and should answer the following five questions:
Who are we? Who are our customers? What is our operating philosophy (basic beliefs, values, ethics, etc.)? What are our core competencies or competitive advantages What are our responsibilities with respect to being a good steward of our human, financial, and environmental resources? Take a moment and review Exhibit 2.2 The Best Mission Statements.
Social responsibility and ethics have become an important business issue today, as we can see from the questions a mission statement should answer.
With major corporate scandals in the early 2000’s, Enron, WorldCom, and ImClone, ethics have also become a big issue consumers are concerned about and this plays into marketing as well.
Marketing ethics are the principles and standards that define acceptable conduct in marketing activities. Consumers are more concerned about how an organization is impacting their society and marketers need to be aware of this.
Social responsibility is and organization’s obligation to maximize its positive impact on society, while minimizing its negative.
Engagement in philanthropic activities is one way companies help create a positive impact in society.
Toms shoes (toms.com) is a great example of a company that is helping others through their business. For every shoe that is bought they donate a pair of shoes to children in need. This concept became so successful they also launched a sunglasses line in which they donated glasses, eye surgeries, and medical care for every pair sold. Their model also saw competitors launch similar campaigns with BOBS by Skechers (skechers.com/bobs). The final key area we will look at this week is developing and maintaining customer relationships.
Marketers have found that they can earn higher profits by knowing more about their customers and engaging in long-term relationships with them.
By using relationship marketing marketers will create mutually satisfying arrangements where both buyer and seller focus on the value obtained from the relationship.