Marketing Plan Overview

David Forlani
University of Colorado Denver
BUSN 6560, MKTG MGT, Forlani
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Outline
The Marketing Plan & Its Role
Purpose
Defined
Components
Current Situation
Key Issues
Objectives
Marketing Strategy
Implementation (Marketing Mix)
Evaluation and Control

BUSN 6560, MKTG MGT, Forlani
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The Marketing Plan:
Identifies sources of data
Analyzes, Evaluates, and Consolidates a
significant amount of diverse information
Clarifies the Assumptions the people involved
in the planning process are making
Projects future outcomes
Is a Method for structuring the planning
process
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The Marketing Plan Defined
The Marketing Plan is:
an objective written document that
provides the blueprint of and justification
for the organizations marketing
activities, including the implementation,
evaluation, and control of those
activities in specific product-markets.
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A detailed assessment of how to achieve
an organizations objectives
Confidence that specific goals will be met
A methodology that justifies the strategy,
implementation, evaluation and control of a
firms marketing activities
Information critical to (but different from) a
business plan
The Marketing Plan Provides
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A Marketing Plans General Structure
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Current Situation: Market
Definition of Overall Market
Size and Growth
Substitutes, Areas for Expansion
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Current Situation: Competition
Types & Sources
Relative Size
Anticipated Actions
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Current Situation:
Macro-environmental
Cultural/Social Changes/Trends
Legal/Political Issues
Physical Environmental Issues
Demographic/Psychographic Issues
Economic Changes/Trends
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Current Situation:
Past Performance
Absolute & Relative to Plan
Actions Taken: Successful/Unsuccessful
Implications for Future Actions
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Key Issues
SWOT ANALYSIS
Company Strengths
Company Weaknesses
Environmental Opportunities
Environmental Threats
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Objectives
Marketing (e.g.)
Share/Revenues
Distribution/Coverage
Degree of Product or Market Expansion
Financial for Business Unit (e.g.)
Level of Contribution
Return on Investment

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Marketing Strategy (1 of 2)
Definition of Product-Market
A more focused view than in the Situation Analysis.
Describe the users, the needs being fulfilled and the
wants satisfied.
Segmentation Scheme
What variables can be used to divide the market and
that meet the segmentation criteria of adequate size,
stability, accessibility and differential response.
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Marketing Strategy (2 of 2)
Targeting Decisions
Assess all segments in terms of Market Attractiveness
and Competitive Position.
Positioning Objectives
Identify Determinant Attributes, assess competitors
positions and desirable places for members in the
targeted market segment.
Assess Internal & External Viability relative to the brand
and competitive advantage.
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Involves translating the marketing strategy into
activities that will deliver the positioning objectives
in the targeted market segments. This is the key
to understanding marketing.
This process requires support from the
organization which can be gained through internal
marketing.
Getting other functional areas excited about the
marketing strategy and expected outcomes will
greatly facilitate the implementation process.

Strategy Implementation via the
Marketing Mix
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Elements of the Marketing Mix
Product: the crux of the offering, a good, service or
idea the firm presents to the market
Price: what the firm expects in return for the
product.
Channel: the products path to the market
Promotion: the mechanisms employed to both
educate the market about the product and
persuade its members to choose it over
competitive offerings
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Assesses an activitys outcomes relative to goals
and objectives.
Helps to maintain coordination among functional
areas and keep the lines of communication open.
More useful when it is seen as both an ending
and beginning:
Occurs after a strategy has been implemented
Serves as the beginning point for planning in the next
cycle
Involves the use of metrics.
Evaluation and Control
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Contingencies: When Things Dont
Go as Planned
Which assumptions were incorrect? For instance:
Did the target market, a competitor, or the economy not
respond as anticipated?
Were our costs underestimated, suppliers capabilities
overestimated, or competitors actions unanticipated?
What is the viable range of adjustments?
Can the project be salvaged or should it be scrapped?
How will the needed changes impact our original
goals and objectives?
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Plan ahead
Revise, revise, revise
Be creative
Use common sense
Think about implementation issues and
iterate back through the earlier phases
Update regularly
Communicate with others
Marketing Plan Tips
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Major Problems Marketers Face in Developing
and Implementing the Marketing Plan
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Top managers often ask two main questions:
How likely is the marketing plan to achieve its stated
goals and objectives?
Are there better opportunities to use the resources
needed (money and management talent) than those
recommended by the marketing plan?
The marketing plan is most often prepared by a
Brand Manager or Director of Marketing and
presented to the VP of Marketing
Final approval often lies with the President,
Chairman or CEO.
Application of the Marketing Plan