Sunday, May 12, 2013

How to Plan Marketing ? Loy Machedo's Business Management Notes


Notes taken from ?How to Plan Marketing by Malcolm McDonald?

? Marketing Planning is merely a managerial process for coping with environmental uncertainty.
? Marketing planning is a more sophisticated approach concerned with identifying what sales are going to be made in the longer term and to whom, in order to give revenue budgets and sales forecasts a real chance of being achieved.
? According to many, IBM?s Lou Gerstner was able to turn around IBM because of the successful implementation of a Marketing Plan.
? Apple, Toyota and Google have succeeded in becoming market leaders because of a Strong Strategy, Innovative Products and Operational Efficiencies combined with successful marketing plans.
? Types of Marketing Plans ? Strategic Marketing Plan & Tactical Marketing Plan
? Strategic marketing planning needs to precede tactical planning.
? The output of the process (the plan) spells out how an organization expects to achieve its objectives.
? Organizational cultures is the biggest barrier to implementing effective marketing planning.

Strategic Marketing Plan
? A strategic marketing plan is a plan for 3+ years.
? It is a written document outlining how managers perceive their own position in the market relative to their own competitors, what objectives they want to achieve, how they intend to achieve them (strategies), what resources are required (budget), and what results are expected.
? 3 years is the minimum and 5 years is the longest time frame for Strategic Plans.
? Japanese Companies make plans for 50 to 200 years.

The Contents of a Strategic Marketing Plan
1) Mission Statement ? Setting out the core of the organization and covering its role, business definition, distinctive competence, and the future indications;
2) Financial Summary ? Summarizing the Financial Implications over the Full Planning Period
3) Market Overview ? Providing a Brief but important picture of the market, including market structure, marketing trends, key market segments, and gap analysis
4) SWOT Analysis ? Analyzing the Strengths and Weaknesses of the Organization compared with competitors against key customer success factors, and considering opportunities and threats, usually for each key product or segment.
5) Issues to be addressed ? Derived from the SWOT analysis and usually specific to each product or segment
6) Portfolio summary ? Offering a Pictorial summary of the SWOT analysis that makes it easy to see at a glance the relative importance of each of the four elements; it is often a 2-dimensional matrix in which the horizontal axis measures the organizations comparative strength and the vertical axis measures its relative attractiveness.
7) Assumptions ? Listing the underlying assumptions critical to the planned marketing objectives and strategies.
8) Marketing Objectives ? usually consisting of quantitative statements of what the organization wishes to achieve, they are usually given by product, by segment, and overall throughout the organization.
9) Marketing Strategies ? Stating how the objectives are achieved ? they often involve the 4 P?s ? Product, Price, Place and Promotion.
10) Resource Requirements and Budgets ? Showing the full planning ? period budget giving in detail the revenues and associated costs for each year.

Tactical Marketing Plans
? It is a detailed scheduling and costing of the action necessary for achieving the 1st year of strategic marketing plan. Its thus for one year.

The Contents of Tactical Marketing Plan
? They are very similar except that they often omit the Mission Statement, The Market Overview, the SWOT Analysis, and the Plan goes into more detailed quantification by Product and segment of Marketing Objectives and Associated Strategies.

To make a Marketing Plan happen:
? Identify what sales will be made in the longer term and to whom in order to turn revenue budgets and sales forecasts into reality
? Analyze your strengths and weaknesses compared with competitors against key customer success factors and similarly review opportunities and threats
? Complete the strategic marketing plan before the tactical plan.
? Write your strategic marketing plan to cover 3 to 5 years defining competitive advantages, objectives, strategies and budgets.
? Building Marketing strategies around the 4 P?s ? Product, Price, Place, Promotion
? Write a tactical marketing Plan detailing schedules and costing for the specific actions necessary to achieve the 1st year of the strategic plan.


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