Marketing and Planning The basics of business planning

Why is planning important in Marketing? To give your business focus using goals To give your business the ability to adapt to changes in the market To increase co-ordination throughout the business To improve time management by having timelines To motivate employees

Types of Plans Long Range Plans: a plan that is greater than a year Short Range Plans: a that is less than a year Strategic Plans: are extensive, long range plans created by upper management to direct the progress of the whole company Operational Plans: the implementing of strategic plans Single-Use Plans: are unique and used only once Standing-Use Plans: are designed to be used again and again. For example: polices, rules, procedures, and budgets

Types of Strategic Growth Plans Market Development: adding new customers to current market and discovering new markets to sell current products Product Development: inventing new products or modifying existing ones Horizontal Integration: Expanding company by buying or merging with other corporations in the same industry Vertical Integration: Company buys its suppliers and/or distributors Conglomerate Integration: buys companies in entirely different industries

Types of Strategic Growth Plans Continued Strategic Alliances: expand internationally by partnering with other companies in other countries E-business: expand operations by using the internet

Planning Process Executive Summary Situation Analysis/Objectives Marketing Strategies Implementation Evaluation and Control Appendix

Executive Summary When writing a formal plan this is your introduction It should be brief and clear It should sell your plan to the readers

Situation Analysis/Objectives Complete a SWOT analysis for your company Set both financial and marketing objectives (goals) Don’t forget goals should be specific, realistic, measurable, and have a set time frame Ensure your objectives line up with your business’s mission statement Ensure your objectives line up with your analysis of the company

Marketing Strategies Define how you will meet your objectives Reconsider your opportunities and threats and the effect they may have on your objectives Consider the four Ps (product, promotion, price, placement)

Implementation Establish jobs that need to be completed Assign teams or people to complete jobs Set timelines for when jobs should be completed Put the plan into action

Evaluation and Control After implementing your plan carefully track your progress Compare progress to initial objectives Your goals should have outlined how you know if your plan is being successful If your plan is not meeting your goals take corrective actions

appendix Marketing plans are usually shared with several departments with a company The appendix portion of the plan is any documents which need to be shared to all departments to ensure the plan can be implemented These documents could be (but not limited too) Collected data Tracking sheets Financial statements

Tips to Make your Plan Work! Participative Planning: include all people who will be impacting by the decision in the planning process. This will increase understanding, commitment, and creativity Benchmarking: using external comparisons to understand what is occurring in your company. For example if your competitor lost 15% in sales, you gain understanding of why your company is losing 7% in sales. Contingency Planning: planning for alternative course of action should your plan fail or situations change. Worse case scenario planning. Set Timelines: establish when each phase is to be completed and evaluated Forecasting: predicting what future conditions will be like