Marketing Plan
Chapter 9
THE MARKETING PLAN AND THE 8 P’S
(Where We Would Like to Be?)
Marketing Plan is defined as written plan that is used to guide an organization’s marketing activities for a period of two years or less. It is quite detailed and specific, and it helps an organization coordinate the many steps and people that play a role in marketing.
* Marketing plan is also called as tactical plans or short-term plans. * Strategic plan or a long-term plan is a three-year or more that is more general and less detailed than tactical plans.
REQUIREMENTS FOR AN EFFECTIVE MARKETING PLAN
1. Fact-based
It must build on previous research and analysis. A plan is established on managerial hunches is like a house of cards; if one key assumption is proven wrong, the whole plan falls apart. 2. Organize and coordinate
It must be as specific and detailed as possible. It needs to clearly identify the departments and people responsible for specific tasks; it must also describe the promotional and other materials that are required. The required level of sportsmanship should be clarified, including the quality and level of effort and service from all involved. 3. Programmed
It must be orchestrated so that activities are carefully sequence. Timing is vitally important in marketing. Thus, a marketing plan must have a detailed, staged timetable. 4. Budgeted
Every marketing plan must be budgeted carefully. In fact, several tentative budgets should be prepared before the organization decides on a final figure. 5. Flexible
Unforeseen events will happen. Therefore, no plan should be cast in stones. The marketing plan should be adjusted if it appears that objective will definitely not be achieved, or if there are unexpected competitive moves. Contingency planning must built in. This means allowing some room in the plan and marketing budget to take care of unexpected events. 6. Controllable
Making a plan work as it was originally designed is perhaps even more difficult
THE MARKETING PLAN AND THE 8 P’S
(Where We Would Like to Be?)
Marketing Plan is defined as written plan that is used to guide an organization’s marketing activities for a period of two years or less. It is quite detailed and specific, and it helps an organization coordinate the many steps and people that play a role in marketing.
* Marketing plan is also called as tactical plans or short-term plans. * Strategic plan or a long-term plan is a three-year or more that is more general and less detailed than tactical plans.
REQUIREMENTS FOR AN EFFECTIVE MARKETING PLAN
1. Fact-based
It must build on previous research and analysis. A plan is established on managerial hunches is like a house of cards; if one key assumption is proven wrong, the whole plan falls apart. 2. Organize and coordinate
It must be as specific and detailed as possible. It needs to clearly identify the departments and people responsible for specific tasks; it must also describe the promotional and other materials that are required. The required level of sportsmanship should be clarified, including the quality and level of effort and service from all involved. 3. Programmed
It must be orchestrated so that activities are carefully sequence. Timing is vitally important in marketing. Thus, a marketing plan must have a detailed, staged timetable. 4. Budgeted
Every marketing plan must be budgeted carefully. In fact, several tentative budgets should be prepared before the organization decides on a final figure. 5. Flexible
Unforeseen events will happen. Therefore, no plan should be cast in stones. The marketing plan should be adjusted if it appears that objective will definitely not be achieved, or if there are unexpected competitive moves. Contingency planning must built in. This means allowing some room in the plan and marketing budget to take care of unexpected events. 6. Controllable
Making a plan work as it was originally designed is perhaps even more difficult