4.06 ASSESS MARKETING STRATEGIES TO IMPROVE RETURN ON MARKETING INVESTMENT Monitor and evaluate performance of marketing plan

INFER THE NEED FOR A MARKETING PLAN Marketing plan: A proposed course of action including strategic and tactical objectives that result in the positioning of the company and its products in support of its overall objectives. a. a.Explains how a company is positioned in relation to competitors, the customers’ image of the business, and the perceived value b. b.Establishes clear goals and a framework to achieve them

INFER THE NEED FOR A MARKETING PLAN. Strategic objectives: Goals that create the environment in which sales efforts can be successful and that set the stage for carrying out the tactical objectives. Tactical objectives: Tangible, measurable tasks that have to be completed to accomplish the strategic objectives.

ORGANIZE COMPONENTS OF A MARKETING PLAN. Title page Table of Contents Cover letter An overview of the document Describes how the plan will impact the business’s productivity and achievement Historical background Marketing goals and objectives Company mission statement Sales objectives Profit objectives Pricing objectives Product objectives

ORGANIZE COMPONENTS OF A MARKETING PLAN Market analysis a. a.Status of the industry b. b.Competition c. c.Market trends d. d.Market position and desired growth 2. 2.Environmental analysis at both global and local levels a. a.Economic b. b.Political c. c.Technological d. d.Demographic e. e.Social and cultural f. f.Competition – names and descriptions g. g.Zoning h. h.Access to suppliers

ORGANIZE COMPONENTS OF A MARKETING PLAN. Consumer Analysis Target market Segmentation Demographic, social, cultural SWOT Analysis Strengths Weaknesses Opportunities Threats

ORGANIZE COMPONENTS OF A MARKETING PLAN. Marketing focus Product or service Place (location of the business and distribution plans) Promotion Price People (management and staff requirements and responsibilities) Financial information Break-even analysis Sales forecast Projected expenses Graphs and diagrams

MARKETING PLAN EVALUATIONS Businesses may evaluate marketing plan performance to see if marketing objectives are being met. Businesses may evaluate marketing plan performance to see if marketing objectives are being met. A business need to take corrective action if economic conditions change A business need to take corrective action if economic conditions change Evaluate marketing plan for return on investment. Evaluate marketing plan for return on investment.

MONITORING MARKETING PLAN FOR: Economic conditions change Economic conditions change Performance does not meet the established standards. Performance does not meet the established standards.