Chapter 10: Developing and Implementing Marketing Plans

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  • Developing and Implementing Marketing Plans
    • Components of a marketing plan
      • Control and Review
        • review may uncover poor choice of strategy, or good strategy but unsuccessful marketing mix
        • ensures that there is complete integration of all elements of the plan
        • internal/external factors may have changed, making objectives easier or harder to achieve
        • necessary to review and monitor progress against objectives
      • SWOT Analysis
        • T threats to the business
        • S strengths of the business
        • O opportunities
        • audit of factors that influence marketing of business
        • W weaknesses of the business
      • Forecasting sales and Market analysis
        • advise business of expected outcomes of its marketing plan
        • analyse market and sales based upon market research
        • show possible alternative outcomes if circumstances change
      • Setting SMART marketing objectives
        • be based on market research and SWOT analysis
        • should take into consideration capabilities of other functions
      • Agree marketing strategies
        • maybe low cost, product development or diversification
      • Allocating marketing budget
        • must be agreed
      • Implementing marketing tactics through marketing mix
        • product development
        • market penetration or consolidation
        • market development
        • differentiation or focus
        • diversification
        • low cost/ cost leadership
    • Issues in implementing marketing planning
      • plan may be too complicated or ambitious
      • constant changes in the market, may mean there is an inability to assess effectiveness of the planning process
      • managers and employees may not implement agreed strategies
      • takes up excessive time in planning and reviewing
      • review of progress against the plan may rarely happen
      • lack of co-ordination in functional plans and corporate objectives
      • the plan will remain rigid despite significant changes in circumstances
    • Internal influences on marketing planning
      • marketing plan and finance
      • marketing plan and human resource management
      • marketing plan and operational issues
    • External influences on marketing planning
      • market factors
      • competitor's actions
      • environmental factors
      • suppliers
      • legal factors
      • political factors
      • social factors
      • economic factors
      • technological factors
    • Marketing Budget
      • Methods of setting marketing budget
        • budgeting according to last year's budget
        • budgeting according to competitors spending
        • budgeting according to marketing objectives
      • Factors influencing size of marketing budget
        • consumer expectations
        • level of change in the market
        • actions of competitors
        • potential return compared with other activities
        • benefits to be gained from spending
        • cost of advertising in some media
        • last year's allocation
        • nature of the market
        • marketing objectives
        • organisations financial position
    • Benefits of marketing planning
      • can assess efficiency by comparing actual outcomes with plan
      • reduced possibility of bias, as several people are involved
      • allow a firm to be aware of any developments in the market
      • provides clear sense of direction
      • decisions are based on business logic
      • can allow senior management to compare demands for resources
      • all functional areas will have been considered
      • may motivate staff if they are given an element of responsibility
  • Benefits of marketing planning
    • can assess efficiency by comparing actual outcomes with plan
    • reduced possibility of bias, as several people are involved
    • allow a firm to be aware of any developments in the market
    • provides clear sense of direction
    • decisions are based on business logic
    • can allow senior management to compare demands for resources
    • all functional areas will have been considered
    • may motivate staff if they are given an element of responsibility

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