Lecture 4 Developing Marketing Plans By : Dr Shahinaz Abdellatif.
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Transcript of Lecture 4 Developing Marketing Plans By : Dr Shahinaz Abdellatif.
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Lecture 4
Developing Marketing Plans
By : Dr Shahinaz Abdellatif
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What is a Marketing Plan?
• A Marketing Plan is the central instrument for directing and coordinating the marketing effort.
•A Marketing Plan is a formulation of all programmed marketing activities devised to reach certain organizational or individual objectives .
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What is a Marketing Plan?
Consequently, a marketing plan is a tool that the marketing department uses to put its program in a system form and give it a chronological order.
The other function of the Marketing plan is to communicate to other departments and other non marketing executives enough information to secure their support.
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Evaluating a Marketing Plan
Is the plan simple? Is the plan specific? Is the plan realistic? Is the plan complete?
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What is a Marketing Plan?
A marketing plan operates both at a strategic and tactical
level.
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Levels of a Marketing Plan
• Strategic• Target marketing
decisions• Value proposition• Analysis of
marketing opportunities
• Tactical• Product features• Promotion• Merchandising• Pricing• Sales channels• Service
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Marketing Plans
Information
Garbage
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Garbage
Marketing Plans
Information
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Garbage
Marketing Plans
Information
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Garbage
Marketing Plans
Information
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Garbage
Marketing Plans
Information
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Garbage
Marketing Plans
Information
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Garbage
Marketing Plans
Information
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Marketing Plan Outline
1. The Executive Summary
2. The Situation Analysis
3. The Objectives
4. The Marketing Strategy
5. The Action Program
6. The Financial Projections
7. The Implementation Controls
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The Executive Summary
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After writing the plan, summarize it in 1 to 2 pages. Use a narrative style to give a briefing of the contents.
The Executive Summary
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The Situation Analysis
The Six Forces
Economic
Legal
Competitive Forces
Political
Socio-Cultural
Technological
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The Situation Analysis
The Six Forces Economic
LegalCompetitive
Forces
Political
Socio-Cultural
Technological
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The Situation Analysis
The Six Forces
EconomicLegal
Competitive Forces
Political
Socio-Cultural
Technological
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The Situation Analysis
Business Environment
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The Situation Analysis
Supply & Demand
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“Start the marketing triangle.”
The Situation AnalysisThe Situation Analysis
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Product Positioning
Market Segmentation
Targeting
The Situation AnalysisThe Situation Analysis
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Levels of market segmentation
Strategic Segmentation
ManagerialSegmentation
OperationalSegmentation
Vision Strategic intentProduct benefits
Resource allocationAlignmentplanning
Marketing programs
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Segmentation in the market driven strategy process
Strategic Segments
Value opportunities
New market space
Matching value opportunities & capabilities
Market targeting
Strategic positioning
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Strategic Segmentation in the market driven strategy process
Defining the market to be segmented
Identifying market segments
Forming market segments
Finer segmentation
strategies
Selecting segmentation
strategies
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Market Segmentation
Divide potential consumers to market segments according to the following variables:
GeographicGeographic
DemographicDemographic
PsychographicsPsychographics
BehavioralBehavioral
The Situation AnalysisThe Situation Analysis
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Targeting
Choose one of the groups specified in the segmentation and concentrate on it to satisfy its needs with the benefits of your product.
This group becomes your target marketThis group becomes your target market
The Situation AnalysisThe Situation Analysis
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Positioning
Here we position our product vs. our competitors in relation to the needs & wants of our target
market members considering their preferences and priorities. We should form the desired image of the product and plan to place it in the minds of
our prospects.
The Situation AnalysisThe Situation Analysis
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Perceptual Maps
1. Select product market2. Decide which brands to compete3. Collect buyers perceptions about
attributes for ideal brand.4. Analyze data to form attribute
dimensions5. Prepare a map of attributes on which are
positioned consumers perceptions of competing brands.
6. Plot consumers with similar ideal preferences (potential segments).
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The positioning table
FeaturesFeaturesFeature1Feature1 Feature2Feature2 Feature3Feature3 Feature4Feature4 TotalTotal PositionPosition
Product1Product1
Product2Product2
Product3Product3
ProductsProducts
The Situation AnalysisThe Situation Analysis
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SWOT
The Situation Analysis
Strengths
Weaknesses
Opportunities
Threats
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SWOT Analysis
Strengths and Weaknesses are generally internal, present and would appear in the positioning table shown above.
Opportunities and Threats are often external, futuristic and would appear at the part talking about external environment impact.
The Situation AnalysisThe Situation Analysis
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Market Opportunity Analysis (MOA)
• Can the benefits involved in the opportunity be articulated convincingly to a defined target market?
• Can the target market be located and reached with cost-effective media and trade channels?
• Does the company possess or have access to the critical capabilities and resources needed to deliver the customer benefits?
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Market Opportunity Analysis (MOA) (cont.)
• Can the company deliver the benefits better than any actual or potential competitors?
• Will the financial rate of return meet or exceed the company’s required threshold for investment?
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Positioning Statement
A one paragraph statement describing the competitive advantage of the product subject of this
marketing plan and showing what it can offer the consumer and which needs does it satisfy.
The Situation AnalysisThe Situation Analysis
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Choosing a Specific Positioning
•Best quality•Best performance•Most reliable•Most durable•Safest•Fastest•Best value for the money•Least expensive•Most prestigious•Best designed or styled•Easiest to use•Most convenient
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Choosing a Value Positioning
• More for More.Example : Mont Blanc, Gucci apparel, Haagen-Dazs Example : Mont Blanc, Gucci apparel, Haagen-Dazs
• More for the Same.Example: Lexus automobileExample: Lexus automobile
• The Same for Less.Example: Arrow shirts, Goodyear tires, Panasonic TVExample: Arrow shirts, Goodyear tires, Panasonic TV
• Less for Much Less.Example: VCRs offering fewer featuresExample: VCRs offering fewer features
• More for LessExample: Toys ‘R’ Us, Wal-Mart store Example: Toys ‘R’ Us, Wal-Mart store
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Customer Analysis
• Analyze the segments and discover descriptive characteristics that are highly correlated to the variables used to form the segments.
• Determine how well the buyers in the segments are satisfied; in terms of the perceived performance of product and supporting services.
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Competitor AnalysisAnalysis of value added chain (Porter 5 forces)
• Rivalry among existing firms.• Threat of new entrants• Threat of substitute products.• Bargaining power of suppliers.• Bargaining power of buyers
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Competitor Analysis
• Competitor analysis is conducted for the firms directly competing with each other (ex: Nike and Addidas) and other companies that management may consider important in strategy analysis (ex: potential market entrants).
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Competitor Analysis
Describing and evaluating the competitor:• Business scope and objectives.• Management experience• Market position• Market target market & customer base• Positioning strategy for each market• Distinctive capabilities• Financial performance
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Short Term
The Objectives
Medium Term
Long Term
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This marketing plan has a logical sequence and in the situation analysis we clarified where we were. In the
objectives we state where we want to be.
The ObjectivesThe Objectives
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Objectives should be quantitative and as such they should be:
The ObjectivesThe Objectives
Some of the objectives can be qualitative and Some of the objectives can be qualitative and as such less SMARTas such less SMART
SS specificspecificMM measurablemeasurableAA attainableattainableRR relevantrelevantTT time boundtime bound
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We can use any variety of strategies related to the four elements of the marketing mix or whichever is
relevant among them.
The StrategiesThe Strategies
Here we explain how these Here we explain how these objectives will be achieved. objectives will be achieved.
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Product Development Branding Strategies
Packaging
Labeling
Diversification
Etc…
Product
Product Life cycle
The Marketing Program The Marketing Program StrategiesStrategies
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New Product Strategies
Existing Products
Strategies
Price
Skimming Trade Discounts
Trial
Penetration Geographical Pricing
Psychological Pricing
Package and Volume Pricing
Cash and Credit Policies
Price StrategiesPrice Strategies
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Distribution
Strategies
Intensive Selective Exclusive
The Distribution StrategiesThe Distribution Strategies
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Marketing Communicatio
ns
Sales Promotion
Personal Selling
Advertising (e.g. Pull/Push)
Public Relations
Publicity
The Marketing The Marketing Communications StrategiesCommunications Strategies
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Starting Date
The Action ProgramThe Action Program
Action Action AssignmentAssignment
Person in Person in ChargeCharge
Completion Completion DateDate RemarksRemarks
This is where we translate the strategies into action steps expressing each and every This is where we translate the strategies into action steps expressing each and every strategy in a chronological order.strategy in a chronological order.
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These are two items
Item 1- The Marketing Budget: showing the cost of all marketing action steps quarterly.
Item 2- An Income Statement: showing projected income by the products, all budgeted expenses including marketing budget and the resulting profit or loss.
The Financial StatementsThe Financial Statements
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Any good plan must be monitored so that evaluation of its effectiveness happens regularly. If evaluation shows that the plan is not achieving its objectives then the plan should be altered.
To do so you have to form your own team and system to follow up, monitor and when necessary change the course of the plan to secure achievement of objectives
The Implementation ControlsThe Implementation Controls
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Monitoring all the circumstances that led to the decisions included in the marketing plan and trying to detect any changes in the business environment affecting the project/product, is
vital.
The Implementation ControlsThe Implementation Controls
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Actual Expenditure Actual Expenditure
vs. vs.
BudgetBudget
Actual Actual Implementation Implementation
vs.vs.
Action ProgramAction Program
Actual Objective Achievement Actual Objective Achievement
vs. vs.
Planned Objectives AchievementPlanned Objectives Achievement
The Implementation ControlsThe Implementation Controls
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This plan should be for one year, and is generally prepared 3 months before the beginning of the year.
However, this plan is a live document and must reflect any change that happens over the
assumptions that the situation analysis is based on. Once any element of the situation analysis is
changed, it will cascade down the rest of the plan with a logical sequence, almost like a domino effect.
Always remember a good workable plan is a flexible, well monitored plan.Always remember a good workable plan is a flexible, well monitored plan.