Putting it All Together

Submitted by sylvia.wong@up… on Tue, 10/05/2021 - 04:29
Sub Topics

Welcome to Topic 10: Putting it All Together. In this topic you will learn about:

  • Marketing planning
  • Reasons behind marketing planning and a marketing plan
  • Components of a marketing plan
  • Sample marketing plans.

This topic will revisit various topics that have been discussed earlier, such as marketing environments, target market and the marketing mix, and put it all together to form a feasible and effective marketing plan. A strategically sound marketing plan is essential to the success of a business venture.

These relate to the Subject Learning Outcomes:

  1. Evaluate market conditions and consumer needs when forming marketing strategies.
  2. Recommend and justify an appropriate mix of such strategies to form a cohesive overall strategy to address given marketing tasks or situations.
  3. Prepare and present a marketing plan.

Welcome to your pre-seminar learning tasks for this week. Please ensure you complete these prior to attending your scheduled seminar with your lecturer.

Click on each of the following headings to read more about what is required for each of your pre-seminar learning tasks.

Read ‘Appendix 1: Marketing Plan’ (pp. 609-617) from Kotler, P & Armstrong, G 2021, Principles of Marketing Global Edition, 18th edn., Pearson.

Read the following journal articles:

Read the following web articles and industry reports:

Read the case study, Mangram, ME 2012, ‘The globalization of Tesla Motors: a strategic marketing plan analysis’, Journal of Strategic Marketing, 20(4):1-24.

Read and watch the topic content.

There are discussion forum activities for this topic, which will enhance your knowledge and give you the opportunity to interact with your peers. You can access the activities by clicking on the following links. You can also navigate to the forum by clicking on 'MKT100 Subject Forum' in the navigation bar for this subject.

A diverse marketing team discussing a project in a meeting room at night

Marketing planning

Marketing planning is defined as “the process of assessing opportunities and resources, determining objectives, defining strategies and establishing guidelines for implementation and control of the marketing program” (Rix 2007, p. 62). It is unwise for companies to come up with ideas and strategies on-the-go or based on gut feeling. In the absence of a marketing plan, a company is just reacting to events rather than proactively creating opportunities.

To be successful in the market, it is vital that a company develops its marketing strategies based on an assessment of the wider environment and the organisation itself.

The following diagram shows how each action that a company takes starts with the identification of key external and internal issues followed by an analysis of any opportunities and threats and the development of a strategy that works for the company. And it does not just end there. There needs to be monitoring and evaluation after an action has been implemented, to see whether it is successful or if the strategy needs changing.

A diagram showing the process of marketing planning
Adapted from Strategic marketing planning, by C Gilligan & RMS Wilson, 2009, 2nd edn., Copyright 2009 by Colin Gilligan and Richard M. S. Wilson.

This is where a marketing plan comes in! The marketing planning process and the development of a marketing plan establish where we are now and set out where we would like to go.

Without sounding like a broken record, the more observable aspects of marketing such as the product you hold or the advertisement you see come later within the marketing process – the implementation phase. A lot more thinking, analysing and consideration goes into the planning phase before that actually happens. The following video explains the planning, implementation and evaluation phases of marketing.

Reasons behind marketing planning and a marketing plan

Marketing planning is a process while a marketing plan is a business document that outlines all marketing activities that a company will undertake for the next quarter or year. A marketing plan is like a step-by-step guide on how to achieve an organisation’s strategic goals and objectives. Gilligan & Wilson (2009) have listed the benefits of this process and business document for businesses:

  1. The planning process compels managers to think objectively and to analyse the environment in detail, uncovering all opportunities and threats that may exist.
  2. The planning process forces managers to examine their own organisations and gain a better understanding of their organisation’s capabilities and gaps.
  3. Goals and objectives that emerge from the planning process allow better monitoring of actual against expected results.
  4. A marketing plan ensures that all the outlined activities are in agreement with the overall corporate strategy which leads to better coordination of company efforts.
  5. Resources can be planned ahead and better utilised which helps with the company budgeting process.
  6. Managers that are involved in the development of the plan will feel a greater sense of ownership and have a better understanding of their responsibilities.

Components of a marketing plan

A marketing group sitting around a table discussing a marketing plan

Marketing plans do not all look the same. They differ depending on the company, its products and the situation. Usually, the larger an organisation, the more detailed, strategic and formalised their marketing plan will be. Gilligan & Wilson (2009) and Hudson & Hudson (2017) agree that the basic structure and essential components of a marketing plan include the following:

  1. Executive summary
  2. Situational analysis
  3. The target market
  4. Goals and objectives
  5. Marketing strategies and tactics
  6. Implementation and control

Let us look at each of these components in more detail.

Executive summary

A marketing plan begins with an executive summary that highlights the most important points, marketing goals and recommendations. It is meant to provide an overview for senior management to judge the merits of and approve or disapprove the plan. This section is often the most read section of a marketing plan and must be persuasive and hold the reader’s attention.

Situational analysis

The cornerstones of a good marketing plan are research and analysis of both external and internal data. External data includes up-to-date information about the social, political and cultural environments, competition, any related trends, threats and opportunities within the field and so on. Internal data includes up-to-date information about the organisation itself, financial and logistical resources and constraints, the key issues within the organisation and so on.

SWOT analysis is a situational analysis tool that allows managers to examine their company (internal) and the environment in which they operate (external) at a point in time. In addition to the pre-seminar readings, watch the following video to learn more about how to perform a SWOT analysis and how to put it to use.

The target market

Market segmentation, targeting and positioning is a core element of any marketing plan. As mentioned in our previous topic, not all markets are appropriate for a business. The selection of segments is the result of studying the available segments and determining if they fit the capabilities and desires of the business. This includes examining the market potential, the market segments to be served, the target market requirements, expectations and any unique characteristics.

Goals and objectives

It is important to remember that a marketing plan must be realistic and measurable in nature (Hudson & Hudson 2017). It should not have arbitrary objectives. Neither “We shall become the best retailer in Adelaide” nor “We shall sell 200 items every day” are good examples of marketing goals. The first is unclear and too general, while the second is too specific and could lead to frustration if actual conditions have not been considered.

Watch the following videos, which provide an overview of setting goals and objectives that are effective and S.M.A.R.T both in general and in business contexts.

Marketing plans fail when they lack realism, underestimate the competition, or fail to analyse or predict market trends correctly (Kotler & Keller 2012). This is why the quality of a marketing plan depends on the quality of research and analysis. For example, businesses that cater mostly to international tourists cannot expect to run their business as usual during a global pandemic. Managers that failed to consider border closures due to COVID-19 could not expect their businesses to be viable without changing their strategies.

Marketing strategies and tactics

Marketing strategies and tactics support the attainment of goals and objectives that have been set. These could be addressed in terms of the marketing mix 4Ps elements – product, price, place and promotion – of which you should all have a good understanding now. However, these elements cannot be considered in isolation as they are intricately linked to one another. The following table illustrates how each marketing mix element influences the others.

Element How it influences ‘product’ How it influences ‘price’ How it influences ‘place’ How it influences ‘promotion’
Product   If the product is expensive to produce, the price will have to be higher If the product has to be tried on, it may be most successful if sold from a shop A new product may need more promotion than a mature product
Price If price needs to be low, the quality of the product may be affected   It would not be advisable to sell expensive products through discount retailers Expensive products may be best suited to being promoted with a free gift
Place A product sold in luxury outlets needs to be high quality A product that is sold cheaply may be sold in discount shops   A product that is only sold online may need a different approach from one sold in shops, eg more information about the product
Promotion A buy-one-get-one-free offer would not be suitable for an expensive product Promotions can be used to reduce the cost of products that have a high price A promotion campaign that used national media would require the product to be available nationally  
Adapted from The marketing mix, by BBC n.d., Copyright 2021 by BBC

Implementation and control

Marketing plans are not developed to be shelved away. There needs to be regular monitoring, performance measuring and evaluating of the marketing plan (Hudson & Hudson 2017). For the goals and objectives to be successfully achieved, there must be an action plan of who does what (responsibility) and when should it be done (schedule). Any resources required to carry out the plan should be specified too. For example, engaging with external marketing agencies for conducting consumer research or filming an advertisement.

Watch the following video, which shows how technological solutions can be used by businesses to organise projects and manage tasks.

Knowledge check

Complete the following five (5) tasks. Click the arrows to navigate between the tasks.

Sample marketing plans

Now that you have learned what goes into a marketing plan, I am sure you would like to see an actual marketing plan. Unfortunately, marketing plans are rarely shared publicly as they are ‘sacred’ documents. However, you can still explore the following marketing plans from government agencies or industry associations in addition to the prescribed text example.

Key takeouts
  • The marketing planning process allows managers to think objectively about their organisations and the wider environment in which their organisation operates in.
  • A marketing plan is a business document that outlines all goals to be achieved and the marketing activities to be completed.
  • The marketing plan establishes where we are now and sets out where we would like to go.
  • Marketing plans should be implemented and monitored for their performance.

Welcome to your seminar for this topic. Your lecturer will start a video stream during your scheduled class time. You can access your scheduled class by clicking on ‘Live Sessions’ found within your navigation bar and locating the relevant day/class or by clicking on the following link and then clicking ‘Join’ to enter the class.

Click here to access your seminar.

The learning tasks are listed below. These will be completed during the seminar with your lecturer. Should you be unable to attend, you will be able to watch the recording, which can be found via the following link or by navigating to the class through ‘Live Sessions’ via your navigation bar.

Click here to access the recording. (Please note: this will be available shortly after the live session has ended.)

In-seminar learning tasks

The in-seminar learning tasks identified below will be completed during the scheduled seminar. Your lecturer will guide you through these tasks. Click on each of the following headings to read more about the requirements for each of your in-seminar learning tasks.

Knowing how to perform a SWOT analysis is an important skill for business graduates.

Working in a breakout room assigned by your lecturer during the scheduled seminar, you will put what you have learned into practice and perform a SWOT analysis for an organisation of your choice.

Your lecturer will request that you present the findings back to the class. You can present your SWOT analysis in a table form and bullet points, as shown in the examples from the pre-seminar tasks.

This is a continuation of Learning task 1: SWOT analysis, whereby you will have to set at least two (2) S.M.A.R.T goals and objectives for the organisation, in the same breakout room as before. Here are some guiding questions for this task:

  1. What are your two (2) goals and objectives?
  2. Why are these goals and objectives important to the organisation? Support this using the SWOT analysis previously completed.
  3. Do these goals and objectives meet the S.M.A.R.T criteria and how?
  4. What are some marketing strategies and tactics would you recommend to achieve these goals and objectives?

Your lecturer will request that you present the findings back to the class.

Welcome to your post-seminar learning tasks for this week. Please ensure you complete these after attending your scheduled seminar with your lecturer. Your lecturer will advise you if any of these are to be completed during your consultation session.

Click the following headings to learn more about your post-seminar learning tasks.

Reflect on this topic. Prepare a list of key terms with their definitions and summarise the key points in your own words. Share these with your lecturer in your reflective journal.

You can also access the reflective journal by clicking on ‘Journal’ in the navigation bar for this subject.

Perform a SWOT analysis for the chosen organisation for Assessment 3 and review the goals and objectives you have previously set.

Each week you will have a consultation session, which will be facilitated by your lecturer. You can join in and work with your peers on activities relating to this subject. These session times and activities will be communicated to you by your lecturer each week. Your lecturer will start a video stream during your scheduled class time. You can access your scheduled class by clicking on ‘Live Sessions’ found within your navigation bar and locating the relevant day/class or by clicking on the following link and then clicking 'Join' to enter the class.

Click here to access your consultation session.

Should you be unable to attend, you will be able to watch the recording, which can be found via the following link or by navigating to the class through ‘Live Sessions’ via your navigation bar.

Click here to access the recording. (Please note: this will be available shortly after the live session has ended.)

References

  • BBC n.d., The marketing mix, BBC, https://www.bbc.co.uk/bitesize/guides/zj9rgwx/revision/5
  • Bergstrom, B 2018, How to set clear marketing objectives in six simple steps, CoSchedule, https://coschedule.com/blog/marketing-objectives
  • Chaffey, D 2021, Marketing strategy vs tactics – why the difference matters, Smart Insights, https://www.smartinsights.com/marketing-planning/marketing-strategy/marketing-strategy-vs-tactics-difference/
  • Ellering, N 2022, How to set SMART marketing goals you can achieve, CoSchedule, https://coschedule.com/marketing-strategy/marketing-goals
  • Forsey, C 2018, How to do a SWOT analysis [with template & examples], Hubspot, https://blog.hubspot.com/marketing/swot-analysis
  • Gilligan, C & Wilson RMS 2009, Strategic marketing planning, 2nd edn., Elsevier.
  • Hudson, S & Hudson, L 2017, Marketing for tourism, hospitality & events: A global & digital approach, 1st edn., SAGE.
  • Kotler, P & Armstrong, G 2021, Principles of Marketing Global Edition, 18th edn., Pearson.
  • Kotler, P & Keller, KL 2012, Marketing management, 14th edn., Pearson Prentice Hall.
  • Lavinsky, D 2013, Marketing plan template: exactly what to include, Forbes, https://www.forbes.com/sites/davelavinsky/2013/09/30/marketing-plan-template-exactly-what-to-include/?sh=7b7c4b4d3503
  • Mangram, ME 2012, ‘The globalization of Tesla Motors: a strategic marketing plan analysis’, Journal of Strategic Marketing, 20(4):1-24.
  • McGuire, S 2021, What is a marketing plan and how to make one?, Venngage, https://venngage.com/blog/marketing-plan/
  • Rix, P 2007, Marketing: a practical approach, 6th edn., McGraw Hill.
  • Slotegraaf, RJ & Dickson, PR 2004, ‘The paradox of a marketing planning capability’, Journal of the Academy of Marketing Science, 32(4):371-385.
  • Stasch, SF & Lanktree, P 1980, ‘Can your marketing planning procedures be improved?, Journal of Marketing, 44(3):79-90.
Module Linking
M00066B
Main Topic Image
A pair of marketing executives mapping out a job on sticky notes
Is Study Guide?
Off
Is Assessment Consultation?
Off