Developing and Implementing Marketing Plans

Learning Outcomes To be able to discuss the meaning of a marketing plan (E) To be able to analyse the internal and external influences on a marketing plan (C) To be able to evaluate the issues involved with implementing a marketing plan (A)

Marketing Plans A marketing plan sets out what a business wants to achieve and how and provides the detail required to monitor and review its progress. The marketing plan should cover the following areas in detail: 1.The marketing objectives 2.The marketing strategy 3.The marketing budget 4.The marketing activities In pairs can you come up with some benefits and drawbacks of having a marketing plan?

Benefits  Allows co-ordination of activities  Compare actual outcomes against planned outcomes and able to analyse variances.  Encourages forward thinking  Provide an overall sense of direction

Drawbacks  If market conditions change rapidly then the plan can quickly become out of date.  Planning process can take up time that may mean missing out on potential opportunities. A manger should consider 4 issues when evaluating a marketing plan, what do you believe those to be and why do you think they are significant?

Evaluating a plan  Is it realistic?  Is it affordable?  Does it help ensure strategy is achieved?  Does it fit in with the strengths of the business?

Group activity – Marketing budget In pairs or threes I would like you to research the marketing budget. I would like you to discover what influences the size of a business’s marketing budget and the process a business goes through in order to set their marketing budget. You should make use of relevant examples and be able to explain why marketing budgets are not the same for all businesses.

How big is a big budget!! Read the Samsung article. Do you think they can justify a marketing budget this size? What are the pros and cons of a budget this large? Why do you think they have this?

Impact on other functional areas Here we must think both positively and negatively. First of all think of a business that operates on the basis of individual or group talent. What impact would this have? Now consider a firms marketing plan indicates a price reduction strategy in order to increase sales. What impact would this have? Can you explore another scenario of your own in pairs?

Implementing the marketing plan It is one thing to come up with the marketing plan idea, actually making it happen in an effective way is another. This will test if you can complete activities on time, to budget and to the required standards in order to maintain or enhance the business’s image. This means you need to have set realistic targets in terms of budget and time and that you have built in opportunities for reviewing progress.

Implementing the plan continued If you have not completed your activities on time or to budget, what are the knock on implications of this? Why has this happened? How do you manage the impact of this? Based on previous information, what do you think the main problems with implementing the marketing plan will be and why?

Problems of implementing a marketing plan Unrealistic targets Unrealistic budgets Delays External environment

Marketing mix What is the role of the marketing mix? What should the marketing mix be linked directly to? With an example can you describe how a business’s marketing mix demonstrates the execution of a marketing plan?

Relationship between corporate strategy and marketing mix Corporate Strategy The overall aims and objectives of the business Marketing Strategy The aims and objectives of the marketing function Marketing Mix The tools used by the business to implement the marketing strategy.

Developing a Marketing Plan In small groups can you devise a marketing plan for a business of your choice. Make sure you include all of the 4 key components in detail. Ideas to be pitched at the end of the lesson.

Homework Please complete marketing homework 4.