COURSE TITLE : MARKETING MODULE : Marketing Planning Ashesi University COURSE TITLE : MARKETING SEMESTER : FIRST, 2009/2010 MODULE : Marketing Planning Lecturer: Ebow Spio

Marketing Planning A Marketing Plan is a plan which outlines how an organization’s strategic objectives will be achieved through specific marketing strategies and tactics

Marketing Planning Marketing Planning is a logical sequence of events that leads to the setting of marketing objectives and formulation of plans to achieve the objectives. Broad Outline Analysis Planning/Strategy development Implementing Controlling

Marketing Planning Marketing Analysis Is the systematic examination or analysis of a firm’s marketing environment, objectives, strategies and activities, with a view to identifying issues, problem areas and opportunities. Macroenvironment consists of broad environment issues that may affect business performance e.g. political/legal, economic, social/cultural, technology, demographic Microenvironment consists of the actors in the firm’s immediate environment that affect its capabilities to operate effectively in its chosen markets. The key actors are customer market, distributors, suppliers, competitors, company, publics etc NB: Need to highlight market size, growth rates, trend etc 2-34

Marketing Planning Marketing Analysis A SWOT analysis provides a simple method of synthesizing the results of the marketing analysis. SWOT analysis that evaluates the company’s: Strengths Weaknesses Opportunities Threats 2-34

Marketing Planning Marketing Analysis Strengths include internal capabilities, resources, and positive situational factors that may help to serve company customers and achieve company objectives Weaknesses include internal limitations and negative situational factors that may interfere with company performance 2-35

Marketing Planning Marketing Analysis Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage Threats are unfavorable factors or trends that may present challenges to performance 2-36

Marketing Planning Market Planning Planning is the development of strategic and marketing plans to achieve company objectives Marketing strategy consists of the specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels 2-37

Marketing Mix :The 8Ps of Services Marketing Product Elements Place and Time Price and Other User Outlays Promotion and Education Process Physical Environment People Productivity and Quality Collectively these elements represent the ingredients required to create viable strategies for meeting customer needs profitably in a competitive marketplace Fig 1.9 Working in Unison: The 8Ps of Services Marketing

Sections of a marketing plan include: Marketing Planning Market Planning Sections of a marketing plan include: Executive summary Current marketing situation Threats and opportunities Objective and issues Marketing Strategy : Target Market, Positioning and Marketing Mix Action Plan Budgets Controls 2-38

Marketing Implementation Marketing Planning Marketing Implementation Implementing is the process that turns marketing plans into marketing actions to accomplish marketing objectives 2-39

Marketing Planning Marketing Control Controlling is measuring and evaluating results and taking corrective action as needed Operational Controls or Short Term control systems Plots results against objectives on monthly, quarterly or annual basis. Measures include sales, profits, costs and cash flow 2-45

The rewards of Marketing Planning Consistency : Focal point for decisions and actions Encourages monitoring of change Encourages organizational adaptation: Firm should adapt to match its environment Stimulates Achievement : Focuses on objectives, strategies and results Aiding resource Allocation Promotes the search of competitive advantage 2-45

The 8Ps of Services Marketing: (1) Product Elements Embrace all aspects of service performance that create value Core product responds to customer’s primary need Array of supplementary service elements Help customer use core product effectively Add value through useful enhancements Planning marketing mix begins with creating a service concept that: Will offer value to target customers Satisfy their needs better than competing alternatives

The 8Ps of Services Marketing: (2) Place and Time Delivery decisions: Where, When, How Geographic locations served Service schedules Physical channels Electronic channels Customer control and convenience Channel partners/intermediaries

The 8Ps of Services Marketing: (3) Price and Other User Outlays Marketers must recognize that customer outlays involve more than price paid to seller Traditional pricing tasks: Selling price, discounts, premiums Margins for intermediaries (if any) Credit terms Identify and minimize other costs incurred by users: Additional monetary costs associated with service usage (e.g., travel to service location, parking, phone, babysitting, etc.) Time expenditures, especially waiting Unwanted mental and physical effort Negative sensory experiences

The 8Ps of Services Marketing: (4) Promotion and Education Informing, educating, persuading, reminding customers Marketing communication tools Media elements (print, broadcast, outdoor, retail, the Internet, etc.) Personal selling, customer service Sales promotion Publicity/PR Imagery and recognition Branding Corporate design Content Information, advice Persuasive messages Customer education/training

The 8Ps of Services Marketing: (5) Process How firm does things may be as important as what it does Customers often actively involved in processes, especially when acting as co-producers of service Process involves choices of method and sequence in service creation and delivery Design of activity flows Number and sequence of actions for customers Nature of customer involvement Role of contact personnel Role of technology, degree of automation Badly designed processes waste time, create poor experiences, and disappoint customers

The 8Ps of Services Marketing: (6) Physical Environment Design servicescape and provide tangible evidence of service performances Create and maintain physical appearances Buildings/landscaping Interior design/furnishings Vehicles/equipment Staff grooming/clothing Sounds and smells Other tangibles Manage physical cues carefully— can have profound impact on customer impressions

The 8Ps of Services Marketing: (7) People Interactions between customers and contact personnel strongly influence customer perceptions of service quality The right customer-contact employees performing tasks well Job design Recruiting Training Motivation The right customers for firm’s mission Contribute positively to experience of other customers Possess—or can be trained to have— needed skills (co-production) Can shape customer roles and manage customer behavior

The 8Ps of Services Marketing: (8) Productivity and Quality Productivity and quality must work hand in hand Improving productivity key to reducing costs Improving and maintaining quality essential for building customer satisfaction and loyalty Ideally, strategies should be sought to improve both productivity and quality simultaneously—technology often the key Technology-based innovations have potential to create high payoffs But, must be user friendly and deliver valued customer benefits