AQA GCE Business Studies A2 UNIT 3 STRATEGIES FOR SUCCESS DEVELOPING AND IMPLEMENTING MARKETING PLANS Components of Marketing Plans © APT Initiatives Limited, 2009

Part of business’s overall corporate plan Marketing Plans Part of business’s overall corporate plan Concerns direction for next 1 to 5 years re: market(s), products, services Outlines marketing objectives, strategies, tactics incl. costings, timings, forecasts Should take into account: Corporate objectives Internal capabilities External opportunities, threats

The Marketing Planning Process Gather information on Present Situation – where are we now? Evaluate Present Situation – conduct a SWOT Analysis Make predictive Assumptions Set Marketing Objectives – where do we want to be? Devise the Strategy & Tactics – how are we going to get there? Implement the Strategy (using Marketing Mix) Monitor & Review / Measure the Results – are we succeeding?

Components: Objectives Eg: Brand awareness Sales Market share Repeat business Should be: Based on corporate objectives SMART - realistic

Strategies & Tactics Marketing Strategy: Marketing Tactics: Broad plan of action for achieving marketing objectives Should take into account internal Capabilities, external environment Marketing Tactics: Short-term measures used to implement strategy, detailing specific actions Both expressed in marketing mix

Strategies & Tactics Marketing Mix: Product / Service – key features, quality, branding, packaging Price – to make acceptable profit, which customers are willing to pay Place – location, how product is accessed / distribution channels Promotion – methods to raise awareness, encourage purchase

Strategies & Tactics Marketing Mix: Some firms focus on one aspect eg supermarket chains – price. However… All need addressing / remain important. Customers need product / service that: meets their needs (product) they can afford / provides value (price) they are fully aware of (promotion) they can access conveniently (place) Blend mix to achieve desired result – sales, share, profit, etc

Important means of control Costings / Budgets Important means of control Include targets for income and expenditure eg on: R&D Market research Distribution and warehousing Promotion Sales force Training and Dvt of marketing staff Equipment, fixtures, fittings

Costings / Budgets Budgets generally produced annually but for control broken down into monthly targets Process of setting budget should involve all those linked with their achievement to: ensure realistic, appropriate targets eliminate potential conflict aid motivation

In terms of volume or value Sales Forecasts In terms of volume or value Can help plan the use of resources, which is vital to: meet customer needs, expectations achieve objectives laid down in plan

Timings – Implementation Schedule Who is responsible? for doing what? by when? Important control mechanism – enables progress to be regularly monitored and timely corrective action taken

Closing Comments Best plans will also include contingency plans - identifying: possible problems, challenges action to overcome these