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Ch 12

Ch 12

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Marketing Strategy and Market Planning

Factors that Influence on Marketing Strategy Formation  Limited Resource  Business Objectives  Competitors Actions  Current Market Situation

Ch 12

Marketing Plan  Marketing plans are detailed statements of the business’s marketing strategy, including how it will be implemented and the budget available for it.  Marketing Plans Include these Issues Where are we now? – Due to many factors, market conditions changed and this is a continuous process. We need to know that where we are. SWOT analysis will help us in this matter. What are we aiming for? – The marketing objectives should be clear because different strategies needed for different objectives Alternative marketing strategies – (Mkt Skimming, Mkt Penetration) Market Development, Product Development etc. selecting one or more out of list of strategies Planning the implementation of the strategy – strong communication between different departments needed. {To implement any strategy to increase sale in any market, marketing department needs finance (finance department) for promotion & finished goods for proper supply to end users, production department who is responsible for finished goods needs funds (finance department ), it also needs human resources to increase production, probably for training existing work force. Etc.} How successful was it – after implementing any strategy to achieve any marketing objective, marketing manager needs to review the response. If response is not according to the required level then manager should high light problem areas and take necessary actions. (See Figure 12.1 on page 215) Marketing Budget  Budgets are financial plans for future time periods. It has two main parts Inflows – sales targets based on projected figures (sales forecasting) Out flows – available for marketing activities. This can be set by using a different methods A percentage of sales Objective based budget Competitor based budget What can we afford Incremental budget

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