Marketing Plan

Marketing Plan

A solid Marketing Plan moves from the general to the specific, from the vision to the mission to the goals to the objectives of the organization, then down to the individual action plans for each part of the marketing program. It is also an interactive process, so that the draft output of each stage is checked to see what impact it has on the earlier stages, and is amended.

The Vision
If the organization in general, and its chief executive in particular, has a strong vision of where its future lies, then there is a good chance that the organization will achieve a strong position in its markets (and attain that future.) The emphasis at this stage is on obtaining a complete and accurate picture.

The Mission
The officers of an organization should be united in purpose, and that purpose should be defined clearly in a mission statement, which spells out the goals, serves as a guide to decision-making, and acts as a framework into which the company’s strategies are formulated.

The Goals
Goals state what is to be achieved and when results are to be accomplished, but they do not state “how” the results are to be achieved.

Marketing Objectives
Corporate Objectives state where the organization wishes to be at some point in the future. Marketing Objectives typically relate to what products (or services) will be where in what markets (and must be realistically based on customer behavior in those markets). They are essentially about the match between those “products” and “markets.” Objectives for pricing, distribution, advertising and so on are at a lower level, and should not be confused with marketing objectives. They are part of the marketing strategy needed to achieve marketing objectives. To be most effective, objectives should be capable of measurement and therefore “quantifiable.” This measurement may be in terms of sales volume, money value, market share, percentage penetration of distribution outlets and so on. An example of such a measurable marketing objective might be “to enter the market with product Y and capture 10 percent of the market by value within one year.” As it is quantified it can, within limits, be unequivocally monitored, and corrective action taken as necessary.

Action Plan
The most important element is, indeed, that of the detailed plans, which spell out exactly what programs and individual activities will take place over the period of the plan (usually over the next year.) Without these specified and quantified activities the plan cannot be monitored, even in terms of success in meeting its objectives. It is these programs and activities which will then constitute the “marketing” of the organization over the period. As a result, these detailed marketing programs are the most important practical outcome of the whole planning process. These plans must therefore be:

  • Clear – They should be an unambiguous statement of ‘exactly’ what is to be done.
  • Quantified – The predicted outcome of each activity should be, as far as possible, quantified, so that its performance can be monitored.
  • Focused – The temptation to proliferate activities beyond the numbers which can be realistically controlled should be avoided. The 80:20 Rule applies in this context too.
  • Realistic – They should be achievable.
  • Agreed – Those who are to implement them should be committed to them, and agree that they are achievable. The resulting plans should become a working document which will guide the campaigns taking place throughout the organization over the period of the plan. If the marketing plan is to work, every exception to it (throughout the year) must be questioned; and the lessons learnt, to be incorporated in the next year’s .

Annual Review
At the onset of the new marketing process, and annually thereafter, the following items should be examined to determine forward motion:

  1. Review of the marketing environment. A study of the organization’s markets, customers, competitors and the overall economic, political, cultural and technical environment; covering developing trends, as well as the current situation.
  2. Review of the detailed marketing activity. A study of the company’s marketing mix; in terms of the 7 Ps – (see below)
  3. Review of the marketing system.A study of the marketing organization, marketing research systems and the current marketing objectives and strategies. The last of these is too frequently ignored. The marketing system itself needs to be regularly questioned, because the validity of the whole marketing plan is reliant upon the accuracy of the input from this system, and `garbage in, garbage out’ applies with a vengeance.
    • Portfolio planning. In addition, the coordinated planning of the individual products and services can contribute towards the balanced portfolio.
    • 80:20 rule. To achieve the maximum impact, the marketing plan must be clear, concise and simple. It needs to concentrate on the 20 percent of products or services, and on the 20 percent of customers, that will account for 80 percent of the volume and 80 percent of the profit.
    • 7 Ps: Product, Place, Price and Promotion, Physical Environment, People, Process. The 7 Ps can sometimes divert attention from the customer, but the framework they offer can be very useful in building the action plans.

It is only at this stage (of deciding the marketing objectives) that the active part of the marketing planning process begins. This next stage in marketing planning is indeed the key to the whole marketing process.

A marketing plan for a small business typically includes Small Business Administration Description of competitors, including the level of demand for the product or service and the strengths and weaknesses of competitors

  1. Description of the product or service, including special features
  2. Marketing budget, including the advertising and promotional plan
  3. Description of the business location, including advantages and disadvantages for marketing
  4. Pricing strategy
  5. Market Segmentation

Medium-sized and large organizations

The main contents of a marketing plan are:

  1. Executive Summary
  2. Situational Analysis
  3. Opportunities / Issue Analysis – SWOT Analysis
  4. Objectives
  5. Strategy
  6. Action Program (the operational marketing plan itself for the period under review)
  7. Financial Forecast
  8. Controls

Many businesses fail to grow their business plan along with their business and lose track of their marketing plan along the way. Please contact us at 706-782-5522 so we can help you analyze and direct your marketing efforts in a way that compliments your overall business plan as it stands today…regardless of what is written on “the business plan” that sits on your shelf.

 

 

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