1 C H A P T E R Overview.

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Presentation transcript:

1 C H A P T E R Overview

Major Topics of Ch. 1 What is a Marketing Plan? Marketing Plan Sequence* Contents of A Typical Marketing Plan* Good and Bad in Marketing Planning Sources of Help for You

What is a (formal) marketing plan? A marketing plan is a written document containing the guidelines for the business unit’s* marketing programs and allocations of resources over the planning period.*

Time Horizons for Marketing Plans Time Period Consumer Products Industrial Products Services 1 year 62% 45% 65% 3 years 5 8 5 years 15 17 3 Long term 4 6 Indefinite 2 Other 14 28 16

Hierarchy of Planning Corporate Strategic Planning Group or sector planning SBU planning www.ge.com/ www.hp.com Annual marketing (business) plan

Objectives of a Marketing Plan To define the current business situation. To identify problems and opportunities facing the business.* To establish business objectives. To define the strategies (e.g.,target market) and programs necessary to achieve the objectives.*

Objectives of a Marketing Plan (cont’). To pinpoint responsibility for objectives. To establish timetables and metrics for achieving objectives.* To encourage careful and disciplined thinking.*** To establish an outward (customer/competitor) orientation. * Two Approaches: Top-Down or Bottom-Up

Marketing Planning Sequence* Collect data Analyze data Develop objectives, strategies, programs Develop financial documents Negotiate final plan* Measure progress toward objectives Audit

Marketing Plan Summary* Executive summary (Don’t forget this!) Situation analysis (level of analysis) Industry analysis (should be on the industry, not an individual firm) Sales analysis (Industry level) Competitor analysis Customer analysis Planning assumptions Sales Forecasts

Marketing Plan Summary (con’t) (Marketing) objectives (Marketing) strategy** Marketing programs (Marketing Mix)** Financial documents Monitors and controls (optional) Contingency plans (optional)

Frequent Mistakes in the Planning Process The Speed of the Process The Amount of Data/Information Collected Who does the Planning? The Structure Length of the Plan: 20-30 Pages

Frequent Mistakes in the Planning Process (cont) Number of Courses of Action Considered* Who Sees the Plan Not Using the Plan as a Sales Document Insufficient Senior Management Leadership Not Tying Compensation to Successful Planning Efforts

What Makes a Good Planning System? Utilize experience from multiple managerial levels* Employ internal and external sources of information* Spend Sufficient Time* Give Incentives for Good Planning*

Sources of Help* Planning Software Some websites Workshops Marketing Plan Pro* www.paloaltosoftware.com Some websites www.brs-inc.com www.startupjournal.com Workshops Tech Transfer Forum Iowa SBDC (http://www.iowasbdc.org/) and Pappajohn center (http://www.isupjcenter.org/) Previous Project Reports (in my office)*