Preparing a marketing plan.[check] This checklist focuses on the standard model of marketing planning endorsed by several writers in the field. The model contains formalised Adj. 1. formalised - concerned with or characterized by rigorous adherence to recognized forms (especially in religion or art); "highly formalized plays like `Waiting for Godot'" formalistic, formalized procedures, although the degree to which these are followed will depend on the culture and requirements of the organisation. Definition The setting of overall marketing objectives, strategies and programmes of action to achieve those objectives. Marketing planning requires a careful examination of all strategic issues, including the business environment, the markets themselves, competitors, the corporate mission, and organisational capabilities. The resulting marketing plan should be communicated to staff through an oral briefing to ensure it is fully understood. "Marketing planning is simply a logical sequence and a series of activities leading to the setting of marketing objectives and the formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation of plans for achieving them." Malcolm Malcolm, Máel Coluim, or Maol Choluim may refer to: Nobility
Advantages of formalised procedures * They encourage a rational approach to making business decisions. * Everyone follows the same strategy thus reducing potential conflicts, misunderstandings and operational difficulties. * They allow senior management to set out marketing strategy while leaving the day-to-day implementation to junior management. * They help to highlight areas you might otherwise miss. Disadvantages of formalised procedures * They form a complex process which needs basic knowledge and skills. * They are time consuming and therefore costly to construct and follow * There is a loss of flexibility for firms composed of small business units. * They can tend to take over and become an end in themselves. Action checklist 1. Set strategic objectives These have been traditionally set by top management although current practice is to employ more democratic processes involving the key stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. if not all the staff. They are not usually within the brief of the market planner alone. They must be kept firmly in mind and the strategies and action plans drawn up must be broadly in line with them. The market planning process can't go forward without them. The written plan should include a copy of the strategic objectives and the organisation's mission statement. 2. Carry out a marketing audit This process enables a company to analyse an·a·lyse v. Chiefly British Variant of analyze. analyse or US -lyze Verb [-lysing, -lysed] or -lyzing, and understand the environment in which it operates. It is the key to the SWOT analysis SWOT Analysis A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. , the next stage in the marketing planning process. It is carried out in two parts: the external audit and the internal audit. The external audit should cover the business and economic environment, the market and the competition; this should examine the important trends which have affected and which will be affecting the market and the industry. It also involves searching questions about competitors and customers, now and in the future. The internal audit should concentrate on the planner's own company, its operational efficiency and service effectiveness, its key skills, competences and resources, its products / services and the 'core' business it is in. 3. Carry out a SWOT analysis This is a summary of the audit under the headings Strengths, Weaknesses, Opportunities and Threats and should be included in the final written plan. Strengths and weaknesses refer to the company and its internal environment while opportunities and threats are external factors over which the company has no control but which it must anticipate, evaluate and try to exploit. Only key data should be included. (There is a related checklist on SWOT analysis in this series.) 4. Make assumptions These assumptions are the strategic drivers of the marketing plan and they may relate to economic, technological or competitive factors. Assumptions should be based on accurate information and sensible estimates of what can be achieved in the light of past performance. Sound information is problematic because the pace of change is making the future discontinuous discontinuous /dis·con·tin·u·ous/ (dis?kon-tin´u-us) 1. interrupted; intermittent; marked by breaks. 2. discrete; separate. 3. lacking logical order or coherence. from the past. Coming up with viable and challenging assumptions involves creative, lateral thinking lateral thinking Noun a way of solving problems by apparently illogical methods Noun 1. lateral thinking - a heuristic for solving problems; you try to look at the problem from many angles instead of tackling it head-on and breaking with the past. Only a few major assumptions should be included in the written plan. 5. Set marketing objectives This is the central step in the marketing planning process because the setting of achievable and realistic objectives is based on the analysis of the marketing audit, while strategy decisions cannot be made without reference to objectives. Marketing objectives are concerned with which products are to be sold in which markets: it is important not to confuse con·fuse v. con·fused, con·fus·ing, con·fus·es v.tr. 1. a. To cause to be unable to think with clarity or act with intelligence or understanding; throw off. b. objectives (what you want to do) with strategies (how you are going to do it). The objectives should be included in the written plan 6. Estimate expected results Marketing objectives should be SMART: Specific, Measurable, Achievable, Realistic and Time-tabled. For example, "to gain a 6% share of the overall market" or "to achieve 600 customers by the end of the year" Terms such as "increase" or "maximise" should not be used unless they can be quantified. 7. Generate marketing strategies These are the broad methods by which the marketing objectives will be achieved and they describe the means of doing so within the required time. They are generally referred to as the marketing mix or as the four Ps: Product--what are its benefits to the customer; Price--how it is priced to attract the right, or the appropriate customer base; Place--who are those customers; Promotion--how may they be reached. They should appear in the written plan. 8. Define programmes The general strategies must be developed so that they have their own programmes or action plans. The combination of these plans and their relative importance will depend on the company. A large company with several different functions or departments may have several plans covering advertising, sales promotion, pricing and so on. Other companies may have one plan, for example, a product plan embracing all four Ps. Details of the programmes should be included in the written plan. 9. Communicate the plan Everyone should understand the plan. It is advisable ad·vis·a·ble adj. Worthy of being recommended or suggested; prudent. ad·vis  a·bil to make a
presentation of it rather than to circulate cir·cu·late v. cir·cu·lat·ed, cir·cu·lat·ing, cir·cu·lates v.intr. 1. To move in or flow through a circle or circuit: blood circulating through the body. 2. written copies. If the plan is not effectively communicated, it will fail. 10. Measure and review progress The plan should be monitored as it progresses. Make sure the measures you collect are meaningful to the success of the plan. If circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or change, it should be revised to take advantage of unforeseen opportunities or to counter unforeseen threats. Details of how this should be done need to be included in the written plan and should relate directly to stages 4-9 above. Dos and don'ts for marketing planning Do Be clear on the organisation's strategic objectives. Adjust the plan to suit the size, culture and circumstances of the organisation. Consult on and communicate the plan. Be aware that it is a time-consuming exercise. Don't Confuse objectives (what you want to achieve) with strategies (how you are trying to achieve them). Neglect to analyse information carefully, nor spend too long on projecting future markets from historical data. Forget the plan is a means to achieve objectives, not a rigid control mechanism. Let the planners alter the shape of the objectives. Useful reading Books The marketing plan workbook work·book n. 1. A booklet containing problems and exercises that a student may work directly on the pages. 2. A manual containing operating instructions, as for an appliance or machine. 3. : John Westwood Kogan Page, 2005 The highly effective marketing plan: Peter Knight Peter Knight can refer to:
In 1913, law professor Dr. Business, 2004 The successful marketing plan: a disciplined and comprehensive approach (3rd ed) Roman G Hiebing and Scott W Cooper New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of NY: McGraw Hill, 2003 Marketing plans in a week (2nd ed) Ros Jay Chartered Management Institute Inspiring Leaders The Chartered Management Institute is a professional institution for managers, based in the United Kingdom. In addition to supporting its members, the organisation encourages management development, carries out research, produces a wide variety London: Hodder and Stoughton, 2003 How to write a marketing plan (2nd ed), John Westwood London: Kogan Page, 2000 Useful addresses Chartered Institute of Marketing Moor Hall, Cookham, Maidenhead Maidenhead, city (1991 pop. 59,809), Windsor and Maidenhead, S central England, on the Thames River. It is a residential town with brewing and milling industries as well as a resort. The 13th-century stone bridge was rebuilt in the 1770s. , Berkshire Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. SL6 9QH Tel: 01628 427500 www.cim.co.uk The Chartered Management Institute, Cottingham Road, Corby, Northants NN17 1TT Tel: 01536 204222 www.managers.org.uk The Institute of Sales & Marketing Management Harrier harrier, breed of dog harrier, breed of medium-sized hound whose origin is obscure but whose existence in England dates from the 13th cent. It stands from 19 to 21 in. (48.3–53.3 cm) high at the shoulder and weighs from 40 to 50 lb (18.1–22. Court, Lower Woodside Bedfordshire LU1 4DQ Tel: 01582 840001 www.ismm.co.uk Marketing Society, 1 Park Road Teddington Middlesex TW11 0AR Tel: 020 8973 1700 www.marketing-society.org.uk Thought starters * Is your marketing unsystematic, opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. , haphazard hap·haz·ard adj. Dependent upon or characterized by mere chance. See Synonyms at chance. n. Mere chance; fortuity. adv. By chance; casually. or initiative-led? * Have you set measurable market targets in the past? * Are your marketing objectives and tactics known and coordinated throughout the organisation? * Do you really know what your customers think of you? * Is your market stable, and your market position secure? |
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