Amur - marketing
student.2020
LO3MarketingEssentials-HND-R-508-0486-EveningSession-Part3.ppt.pptxUnit 2 - Marketing Essentials R/508/0486 LO 3 The Marketing Plan
HND in Business
T.T.A. Rohanaraj
There are many different approaches to building a marketing plan. There is no single common approach. But there are essential elements which every marketing plan must have.
Developing a Marketing Plan
FAILING TO PLAN
IS
PLANNING TO FAIL
The SOSTAC® planning system covers them all.
S stands for Situation Analysis - which means where are we now? O stands for Objectives which means where do we want to go? S stands for Strategy which summarises how we are going to get there. T stands for Tactics which are the details of strategy. A is for Action or implementation - putting the plan to work. C is for Control which means measurement, monitoring, reviewing, updating and modifying.
Situational Analysis
Situational Analysis includes the Micro and Macro Environment.
Macro Environment
Political Situation
Economic Situation
Social Situation
Technological Situation
Environmental Situation
Legal Situation
Micro Environment
Company
Customers
Competitors
Other publics
Company
Legal
Economic
Natural
Technological
Political
Social / Cultural
Company
Customers
Intermediaries
Suppliers
Competitors
Publics
The Marketing Environment
It is important to understand the impact of each of these players before developing a marketing strategy.
6
Objectives
Marketing objectives need to be SMART
Specific
Measurable
Achievable
Realistic
Time bound
Examples of Marketing Objectives
Some examples of marketing objectives which meet these criteria would be:
Increase company sales by 25% by 2016
Achieve a market share of 30% for Product C within 3 years of launch
Increase the percentage of customers who rate service as "excellent" from 80% to 85% within 18 months
Benefits of Marketing Objectives
Ensure functional activities consistent with corporate objectives
Provide a focus for marketing decision-making and effort
Provide incentives for marketing team and a measure of success / failure
Establish priorities for marketing resources and effort
Marketing Strategy
Marketing strategy is the section of your business plan that outlines your overall game plan for finding clients and customers for your business
This focuses on the Long term strategy that would be followed by the organization to achieve the marketing objectives.
Porter’s Generic Strategy
Source: Adapted with the permission of The Free Press, a Division of Simon & Schuster, Inc. from Porter, M. E., Competitive Advantage: Creating and Sustaining Superior Performance, The Free Press, 1985. Copyright © 1985 by Porter, M. E. All rights reserved.
Growth Strategy
Marketing Tactics
A set of strategic methods intended to promote the goods and services of a business with the goal of increasing sales and maintaining a competitive product. But these are done for a short term.
Organizations use the Marketing Mix to devise useful and applicable tactics.
Product / Price/ Place/ Promotion / People/ Process / Physical evidence.
Actions
This refers to the actions that are required for the implementation of the strategy. This includes,
Day to day operational activities
Short term activities etc.
One day promotions
Clearance sale
Etc.
Control
Marketing control is the process of monitoring the proposed plans as they proceed and adjusting where necessary. Some of these actions include,
Fixing and checking sales targets
Providing targets for each employee
Checking the Key Performance Indicators
Customer satisfaction Survey
Employee Satisfaction Survey etc.
