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16 Cards in this Set
- Front
- Back
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Marketing Plan
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A statement of the organisation's current marketing position and future strategies & a details examination of the tactics used to achieve this.
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SWOT Analysis
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- audit of factors that influence the marketing of a business.
-Looks at internal strengths, weaknesses, external opportunities & threats. - Must carry out market research in order to carry out audit. -assesses internal & external influences on business. Are taken into consideration when finalising marketing plan.. |
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Forecasting sales and market analysis
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Using information gained from market research, business will analyse market & make sales forecast.
- advise business of expected outcomes of marketing plan. -will show alternative outcomes if circumstances come more favorable or adverse. -Can assess possible risks of pursuing strategies. |
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Setting SMART marketing objectives
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Based on market research & Swot analysis.
takes into consideration capabilities of other functional areas. |
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Agreeing marketing strategies
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once marketing objectives are set strategies will be set in order to met objectives.
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Allocating a marketing budgeting
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To finance actions in marketing plan a budget must be agreed.
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Implementing marketing tactics through the marketing mix
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Once strategy is agreed, marketing department will plan marketing mix that fits into overall strategy.
-LOWCOST/COST LEADERSHIP -DIFFERENTIATION OR FOCUS -MARKET PENETRATION -PRODUCT DEVELOPMENT -MARKET DEVELOPMENT -DIVERSIFICATION |
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Control and Review
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Continuous control & review of progress of marketing objectives.
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Internal influences on marketing mix
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Must ensure departments are working towards same goals.
- THE MARKETING PLAN AND OPERATIONAL ISSUES. marketing objectives must be consistent with production departments approach. -THE MARKETING PLAN AND FINANCE Similar cooperation is needed between finance and marketing -THE MARKETING PLAN AND HRM successful marketing plans need people to deliver them. Need to recruit the right number of suitably trained and qualified staff. |
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External Influences on the marketing plan
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-MARKET FACTORS
-COMPETITORS' ACTIONS -TECHNOLOGICAL CHANGE -SUPPLIERS -POLITICAL FACTORS -SOCIAL FACTORS -LEGAL FACTORS -ENVIRONMENTAL FACTORS |
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Marketing Budget
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The amount of money that the firm allocates to spend on marketing activities. This money may be used for activities such as advertising and sales promotions.
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Methods of setting a marketing budget
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-BUDGETING ACCORDING TO MARKETING OBJECTIVES.
-BUDGETING ACCORDING TO COMPETITORS' SPENDING - MARKETING BUDGET AS A PERCENTAGE OF SALES REVENUE -ZERO BUDGETING/BUDGETING BASES ON EXPECTED OUTCOMES -BUDGETING ACCORDING TO LAST YEAR'S BUDGET ALLOCATION |
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Factors influencing the size of the marketing budget
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-MARKETING OBJECTIVES
-ACTIONS OF COMPETITORS & USUAL LEVEL OF ADVERTISING FOR THAT INDUSTRY -BENEFITS TO BE GAINED FROM SPENDING -LAST YEARS ALLOCATION |
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Factors influencing marketing budget
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- THE ORGANISATION'S FINANCIAL SITUATION
-COST OF ADVERTISING -NATURE OF MARKET -CONSUMER EXCEPTIONS -LEVEL OF CHANGE IN MARKET -POTENTIAL RETURN COMPARED WITH OTHER ACTIVITIES |
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Benefits of marketing planning
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-Clear sense of direction
-Motivate staff as they give responsibility -Decisions based on logic -More than one person involved so reduces possibility of bias -Considers all functions -Allow senior managers to compare alternative demands for resources. -Can assess efficiency by comparing actual outcomes with the plan and discovering reasons for differences. -Continual review allows firm to remain aware of developments and stay ahead of competitors. -Can justify the decision if things go wrong. |
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Issues in implementing marketing plans.
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- Takes up excessive time.
- Constant changes in market. - Lack of coordination between corporate and functional plans. - Too ambitious and complicated - Only pay lip service to plan and don't implement strategies agreed. - Review of progress against plan lacks regularity. - Plan remains rigid. |
