Marketers must understand the tools of their trade. Using both the textbook and Cybrary resources, research the essential marketing tools, then create a report in which you address the following questions:
What is the overall purpose of a marketing plan?
How do a marketing plan and strategic marketing plan fit together?
What are some legal or ethical issues you may need to consider?
List and describe the various components of a strategic marketing plan?. This portion of the project provides a framework for the remaining assignments in the class .
Here is all you need to know about a marketing plan:
A Marketing Plan is a written document that details the actions necessary to achieve a specified marketing objective(s). It can be for a product or service, a brand, or a product line. It can cover one year (referred to as an annual marketing plan), or cover up to 5 years.
A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.
In general terms, it must:
-describe and explain the current situation
-specify the expected results (objectives)
-identify the resources that will be needed (including financing, time, and skills)
-describe the actions that will need to be taken to achieve the objective(s)
-devise a method of monitoring results and adjusting the plan where necessary
There are many formats for marketing plans and every company does it a little differently, but the outline that follows is a very complete format. Using this format will produce a 30 to 40 page plan. Many companies prefer an abridged format that would yield a 10 to 20 page plan.
1. Title page
2. Executive Summary
3. Current Situation - Macroenvironment
4. Current Situation - Market Analysis
industry structure and strategic groupings
Porter 5 forces analysis
competition and market share
competitors' strengths and weaknesses
5. Current Situation - Consumer Analysis
nature of the buying decision
buyer motivation and expectations
6. Current Situation - Internal
mission statement and vision statement
long term objectives
7. Summary of Situation Analysis
key success factors in the industry
our sustainable competitive advantage
8. Marketing research
9. Marketing Strategy - Product
product strengths and weaknesses
product life cycle management and new product development
10. Brand name, brand image, and brand equity
the augmented product
product portfolio analysis
contribution margin analysis
G.E. Multi Factoral analysis
Quality Function Deployment
11. Marketing Strategy - Market share objectives
by customer segments,
by geographical markets
12. Marketing Strategy - Price
pricing method (eg.: cost plus, demand based, or competitor indexing)
pricing strategy (eg.: skimming, or penetration)
discounts and allowances
price elasticity and customer sensitivity
price zoning ...