Developing And Implementing Marketing Plans

Question 1

Define market plan

Answer 1

A specification of an organisations marketing intentions and objectives

Question 2

The planning process

Answer 2

1. Where are we now?
2. Where do we want to go?
3. How are we going to get there?
4. How do we ensure we get there?

Question 3

Purpose of a marketing plan

Answer 3

1. To identify sources if competitive advantage
2. To set objectives
3. To provide a framework for a continuing review of operations policies
4. To decide on policies for each element of the marketing mix
5. To generate a programme of events that will focus and co-ordinate activities to realise these
6. To match resources to opportunities
7. To provide a measure to judge performance - a benchmark for later measurement of results
8. To communicate these activities and allocate responsibilities to those who will be tasked with carrying out the plan
9. To decide who will do what, by when, with what resources and how success will be measured
10. To inform stakeholders
11. To increase preparedness for change
12. To indentify expected developments
13. To improve communications
14. To gain commitment to a strategy
15. To resolve conflicts
16. To achieve a better co-ordination of activities
17. To force management to think ahead systematically

Question 4

Contents of the plan

Answer 4

1. Situational analysis - marketing audit review of past performance
2. Mission statement
3. Corporate objectives
4. Marketing objectives
5. Marketing strategy and tactics
6. Marketing mix
7. Marketing programme - times and events
8. Schedules and budgets - allocation of resources
9. Monitoring and measurement

Question 5

Marketing audit

Answer 5

1. Where are we now?
2. Examines marketing objectives, activities and environment with the aim of assessing present effectiveness and recommending future action
3. Analysis is the prelude to planning and decision making
4. External audit - business and economic environment, the market, competition
5. Internal audit - key strengths and weaknesses

Question 6

Marketing analysis

Answer 6

1. Analysis of all those factors that can affect marketing success or failure
2. Measuring and forecasting markets - predicting market demand
3. Measuring company past performance against objectives set;

• market analysis PEST
• SWOT
• competitor analysis
• customer analysis
• marketing audit
• market trends
• marketing assumptions

Question 7

Objectives

Answer 7

1. Where do we want to go?
2. What the firm wants to achieve in marketing terms
3. Objectives - goals or targets that firms set themselves to achieve and which provide focus for decision making and for devising strategy
4. Marketing objectives - goals or targets that must be achieved by the marketing department in order to achieve overall corporate objectives

Question 8

Marketing objectives examples

Answer 8

1. To increase the product range
2. To enter a new market segment
3. To increase sales
4. To increase sales revenue
5. To increase customer awareness
6. To increase brand loyalty
7. In all cases these objectives should be made SMART

Question 9

Devising marketing strategy

Answer 9

1. How do we get there?
2. How the marketing objectives will be achieved
3. Choice of markets
4. Competitive advantage
5. Segmentation
6. Targeting - selecting the best target segments
7. Positioning
8. The marketing mix
9. It’s tactics in the form of the marketing mix

Question 10

Strategy and tactics

1. Strategic

Answer 10

1. For 3+ years
2. Broad focus
   Concerned with;
3. Position in markets
4. Objectives
5. Strategies
6. Resources
   E.g. Product position

Question 11

Strategy and tactics

2. Tactical

Answer 11

1. One year plan
2. Narrow focus

Concerned with:
1. Detailed scheduling and costing
2. Actions needed to year one year of strategic plan
E.g. Choice of advertising media

Question 12

Marketing mix

Answer 12

1. Product features and development
2. Product/service benefit
3. Product/ service differentiation
4. Pricing strategy
5. Promotional plan and strategy
6. Distribution plan and strategy

Question 13

Implementation

Answer 13

1. Key tasks, resources, budgets, contingency plans
2. Allocation of resources
3. Implementing the plan
4. How the various parts of the marketing mix programmes are to be executed
5. Action plans involving time scales and responsibilities
6. Marketing budget

Question 14

Preconditions of successful implementation

Answer 14

1. Customer oriented marketing culture
2. Strong and committed leadership
3. Supportive and effective marketing structure
4. Financial and human resources
5. Control and measuring mechanism

Question 15

Assessing influences on the marketing plan (internal)

Answer 15

1. The marketing plan and operational issues
2. The marketing plan and finance
3. The marketing plan and HRM (human resource management)

Question 16

Assessing influences on the marketing plan (external)

Answer 16

1. Market factors
2. Competitors actions
3. Technological change
4. Suppliers
5. Political issues
6. Social factors
7. Legal factors
8. Environmental factors

Question 17

The marketing budgets

Answer 17

1. The amount of money spent on marketing activities (that the firm allocates) e.g. Used on advertising

Question 18

Control

Answer 18

1. Measurement and feedback
2. Results audited and evaluated
3. A control process is vital to the achievement of marketing objectives and the successful completing of the plan
4. Marketing performance standards;
   - actual sales against forecast sales
   - marketing share analysis
   - costs

Question 19

The control process

Answer 19

1. Establish marketing objectives
2. Establish performance measures and standards
3. Evaluate actual performance against established standards
4. Take corrective action if necessary

Question 20

Methods of controlling marketing plan

Answer 20

1. Performance appraisal of employees
2. Variance analysis
3. Budget control
4. Benchmarking
5. Marketing mix effectiveness
6. Competitor performance

Question 21

Advantages of marketing plans

Answer 21

1. Ensures continual evaluation of objectives and strategies
2. Improves decision making
3. Encourages a rational and integrated approach to decision making
4. Improves efficiency of resource allocation
5. Involves people in discussion and increases commitment
6. Ensures the organisation is better prepared for change
7. Greater co-ordination
8. Helps to High light areas that might otherwise be missed
9. Top management sets out strategy thus allowing more junior managers to implement the strategy
10. The discipline of preparing the plan guides the development of a successful marketing strategy

Question 22

Disadvantages of marketing plans

Answer 22

1. Complex process
2. Time consuming and costly
3. Procedures tend to take over no become an end in themselves

Question 23

Problems with implementing a marketing plan

Answer 23

1. External environment marking conditions may change
2. Unrealistic targets
3. Delays
4. Unrealistic budget