Steps of the Marketing Plan

[Summary]
[Tatiana Albino n 17846]

Intro Marketing planning focuses on difining a viable path towards sucess. And sucess comes from growth and profit. But how to achieve those two important points, firms must have people wit core competences and liders with drive & commitment. It's fundamental that the liders. Porm o Marketing Planning that unites this two forces in order to satisfy the clients needs. The companies that walk this path are called marketing oriented companies. Those have to keep in mind these four matters: sucess, organization, costumer needs, competitor. every marketing decision has both a positive and a negative effect. The positive usually come slowly, but the negatives rush in. However the marketing decisions that are ditated by finances shouldn't be considered real marketing decisions, sure money is important but in the long term, a company is sustented by its sucessful marketing decisions 6 steps of a marketing plan: Step 1) Audit Analysis: SWOT and TOWS (video 2) MARKETING AUDIT First the managers should ask theirselves four questions: .Where are we now? .How did we get here? Where are we heading? What should be done? It is importante to evaluate from time to time how the business is doing. After answering those questions, managers should analyse their strenghs, doing a SWOT analysis. Strengths; Weaknesses; - internal Opportunities;Threats - external Step 2) Vision, Mission and Objectives MARKETING MISSION

After the audit, the analysis has to be followed by the deffinition of a marketing mission. 1. defining the scope of the business who are the costumers? what needs do they have that we can serve? 2.defining the goal of the business 3. Marketing objectives sales marketshare 4.Innovation ojectives what satisfies the costumers today do not satisfies them tomorow lifecycle of the products 5. Resource Objectives the business has to be actrattive 6.Productivity Objectives 7. Social Objectives what the business do to and for the community 8.Profit objectives depend on the others The more ambitious the objectives of the company are the more capital they need and the more rentability have to generate to actrat capital. Step 3) Strategic Priorities and Value Innovation STATEGIC PRIORITIES The business has limited resources and the task of the managment is to channel those resources into the areas with the best potencial. At this time in the marketing plan managers have to analyse and decide priorities. It's called Portfolio analysis, the term created by Peter Drucker. Peter Drucker also wrote that produtos in any company should be divided into 6 categories in order of priority:

tomorrow's Breadwinners new products today's Businesses provide profity to finance the new products in-between category pour perfomance with the possibility of turning their fate around with drastic action (cut cost or reposition) Yesterday's business once winners, now obsolete Also Rans never really fullfil the expectations Failures clear fails this helps to separate the "stars" from the "dogs", its a crucial step to revitalising business. Mckinsey Matrix

Products should be place in this diagram conserning Industry Attractiveness and the strength and position of the business. Acording to this, managers should prioritize the produtcs placed nearby the upleft corner, where is high Industry Attractiveness and high business strengh. An also they should retraw produtcs wicth are placed in the oposite corner with low industry attractiveness and business strength.

Step 4) Strategic Triangle: Segmentation, Targeting & Positioning MARKETING STRATEGY There are two points fundamental for the sucess of the maketing strategy: segmentation - identification and teaking advanteges of the target market segments. 1. different types of costumers have different needs 2. different categories of costumers have different sentitivities price

 positioning formulating a diferential advantage 2 stages: 1.Research - identify target market - identify the main competitors - discover the choice criteria of teh costumers - find out how costumers evaluate your brand and others brands along teh choice criteria 2. Strategy The product has to stand out from the crowd.There are two types of positioning: Real positioning creating objective measurable differences valued by costumers. Its about changing the actual substance of the product. Real Positioning strategies: 1. Being the first 2. New attribute 3. Strenghten the current position 4. Search for a new position Psicologic positioning influencing peopless feelings about the brand, its about changing the costumer perception rather then the product. Psicologic Positioning strategies: 1. Altering belief about the brand 2. Altering attribute importance weights 3. Depositon competitors brands Unless the business creates a diferencial advantages then its forced to compete on price its very hard to get profits. Step 5) Marketing Mix- 4Ps MARKETING MIX The four Ps PRODUCT (brand) Easely copied, the brand defends and creates value to the product, combined with costumer service. Service

Crucial for 3 reasons: 1. Similar produts can only be diferentiated by costumer service 2. Services are also more difficult to copy they depend on the culture and commitment to the organization 3. Bad service has a high cost managers are paying more atention to this area PRICE Price is usually definded by formulas: estimated cost plus an arbitrary margin for profit. But the price of the product has nothing to do with this. There are two factors that determine price: Perceived value of the brand to its target market Utility of the product If the product has a great diferential advantage, the price can be charged high. But if the product is a common product it has to be priced acording to the determined by the market. PROMOTION Includes advertising, direct marketing, selling and public relations. Task: get the target market to perceive the value that the organization have put into the brand. Industrial market personal selling is more important Consumer market advertising is more important PLACE (distribution) 3 criteria determines the choice of distribution: How is the target market? How complex is to demonstrate the diferential advantage? Is the distributor motivated?

Step 6) Implementation and Control ACTION PLAN Ensures that the strategy is implemented. What will be done? When will it be done? Who is responsible for doing it? BUDGET The financial implications have to be calculated.

How much is it going to cost? How much will we be the revenue? ORGANISATION Companies can be organized in many ways but there are two main focus: Product Market Segment (production) before, companies had two departments: sales and marketing, but over the time the natural evolution was to combine these two departments, putting together sales & marketing. Conclusion Marketing planning is crucial because it forces managers to look ahead an define the course of action towards the future conserning profitability and growth.