1. Marketing Plans n Strategic Marketing Plans – based on careful examination of a firm’s core business strategy and primary marketing objectives n Tactical Marketing Plans – focus on implementing the broad strategies that are established in the strategic plan Chapter 5.1

2. Marketing Plans n Advantages –Helps firms cope with change –Focuses on objectives –Aids management in decision-making –Forces managers to examine operations –Provides criteria for evaluation n Disadvantages –Very time-consuming –Needs support of top management –May not be objective or accurate –Short timeframe may affect quality –Lack of personnel with expertise Chapter 5.2

3. Why Some Plans Fail n Strategic planning not integrated into day-to- day activities of the firm n Those responsible for planning do not understand the planning process n There is a lack of input from non-marketing managers n Financial projections treated as marketing plans n Lack of information on environment n Based too heavily on short-term results n No procedures to monitor and control Chapter 5.3

4. Conduct a Situation Analysis Define the Firm's Goals and Objectives Formulate Marketing Strategies and Action Plans Implement Action Plans and Monitor Performance Figure 5.1. The Marketing Planning Process Chapter 5.4

5. Marketing Planning Process n Conduct a situation analysis n Define the firm’s goals and objectives n Formulate marketing strategies and action plans n Implement action plans and monitor performance Chapter 5.5

6. Chapter 5.6

7. Characteristics of Good Objectives n Specific and easy to understand n Identify specific results in specific terms n Within the power of the organization to achieve n Acceptable to the individuals within the organization Chapter 5.7

8. Types of Objectives n Financial – profit, rate of return, cash flow n Sales – revenue, volume, market share n Competitive – position, survival, parity n Customer – awareness, image, satisfaction Chapter 5.8

9. Market Penetration Product Development Market Development Product Diversification Product Development Strategy Options Existing ProductNew Product Existing Market New Market Chapter 5.9

10. Methods to Evaluate Performance n Sales control data n Cost control data n Profit control data n Consumer feedback Chapter 5.10

11. Sales Forecasting n Qualitative –Expert opinion –Delphi technique –Sales force forecast –Survey of buying intentions n Quantitative –Time series analysis Trend extrapolation Moving average Exponential smoothing –Causal methods Regression analysis Econometrics Chapter 5.11

12. Selecting a Forecasting Technique n The time horizon n The availability of data n The pattern of the data n The desired level of accuracy n Cost of collecting and analyzing data n Ease of application Chapter 5.12