Lecture fundamentals of marketing - Lecture 4: Developing marketing strategies and plans

In this chapter, the following content will be discussed: How is strategic planning carried out at different levels of the organization? What does a marketing plan include? managing the marketing effort, measuring and managing return on marketing investment.

LECTURE­4 Developing Marketing Strategies and Plans Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 11- 11 Đ Topic Outline How is strategic planning carried out at different levels of the organization? § What does a marketing plan include? § Managing the Marketing Effort § Measuring and Managing Return on Marketing Investment Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Planning Marketing • Partnering to Build Customer Relationships Value delivery network is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Strategy and the Marketing Mix Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Strategy and the Marketing Mix Market segmentation is the division of a market into distinct groups of buyers who have different needs, characteristics, or behavior and who might require separate products or marketing mixes Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Strategy and the Marketing Mix • Market Targeting Market targeting is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Strategy and the Marketing Mix Market positioning is the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer Whole marketing plan supports the positioning strategy Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Strategy and the Marketing Mix § § Differentiation begins the positioning process Whole marketing plan supports the positioning strategy Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Strategy and the Marketing Mix • Developing an Integrated Marketing Mix Marketing mix is the set of controllable tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Strategy and the Marketing Mix • Developing an Integrated Marketing Mix Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 10 Managing the Marketing Effort Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 11 Managing the Marketing Effort • Marketing Analysis – SWOT Analysis Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 12 What is a Marketing Plan? A marketing plan is the central instrument for directing and coordinating the marketing effort It operates at a strategic and tactical level Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 13 Levels of a Marketing Plan • Strategic – Target marketing decisions – Value proposition – Analysis of marketing opportunities Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall • Tactical – Product features – Promotion – Merchandising – Pricing – Sales channels – Service 1- 14 Marketing Plan Contents ü ü ü ü ü ü Executive summary Table of contents Situation analysis Marketing strategy Financial projections Implementation controls Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 15 Marketing Plan Contents Details § § § Executive Summary Table Of Contents Situation Analysis (SWOT Analysis) § § § § § § Customers Competitors Company Context Marketing Strategy § § Financial Projections § Sales forecast § Expense Forecast § Break Even Analysis § Forecasted Sales Value § Expected Marketing Cost Implementation Controls § Outlines The Controls For Monitoring & Adjusting § Spells out The Goals & Budgets § Contingency Plan Mission § Marketing & Financial Objective Copyright â 2012 Pearson Education, Inc Đ as Publishing PrenticeLines Hall Product 1- 16 Evaluating a Marketing Plan ü ü ü ü Is the plan simple? Is the plan specific? Is the plan realistic? Is the plan complete? Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 17 • Managing the Marketing Effort Marketing Implementation Implementing § § Turns marketing plans into marketing actions to accomplish strategic marketing objectives Addresses who, where, when, how Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 18 • Managing the Marketing Effort Marketing Department Organization Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 19 • Managing the Marketing Effort Marketing Control Controlling § Evaluating of results § Taking of corrective action to achieve objectives § Operating control Đ Strategic control Copyright â 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 20 • Measuring and Managing Return on Marketing Return on Marketing Investment (Marketing Investment ROI) Return on marketing investment • • is net return from a marketing investment divided by the costs of the marketing investment provides a measurement of the profits generated by investments in marketing activities Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 21 Bibliography § § § § Principles of Marketing by Philip Kotler & Gary Armstrong Fifteenth Edition, Published by Prentice Hall Marketing Management – A South Asian Perspective by Philip Kotler, Kevin Lane Keller, Abraham Koshy & Mithileshwar Jha, 13th Edition, Published by Pearson Education, Inc Principles and Practices of Marketing by Jobber, D 4th edition, McGraw Hill International Principles of Advertising & IMC by Tom Duncan 2nd Edition, Published by McGraw-Hill Irwin Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 22 The End "Life is like a combination lock; your job is to find the right numbers, in the right order so you can have anything you want." Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 23 ... Prentice Hall 1- Marketing Strategy and the Marketing Mix • Developing an Integrated Marketing Mix Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 10 Managing the Marketing. .. Whole marketing plan supports the positioning strategy Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Strategy and the Marketing Mix • Developing an Integrated Marketing. .. Prentice Hall 1- Marketing Strategy and the Marketing Mix Market segmentation is the division of a market into distinct groups of buyers who have different needs, characteristics, or behavior and who