Subjects on Marketing:
- Marketing Planning
- Marketing Strategy
- Marketing and Sales
- Will help to develop logical, workable strategies
- Requires orderly collection and analysis of competitive information
Process of marketing planning
- You should look for specific opportunities to improve your chances of meeting your objectives.
- You should identify problems that need to be solved.
Situation analysis is the first step of marketing planning
- Not every item in the situation analysis section is relevant to every product.
- All available and obtainable information related to the product should be gathered, analyzed and considered in developing your plan.
Analyze the marketing strategy to determine areas to improve:
- Is the marketing strategy consistent with the attractiveness of market segments?
- Based on the marketing strategy, can price increases be made? Would the benefit of a price increase have more impact on the bottom-line cash flow even though fewer products might be sold? (Implement sales price increases, if possible; marketing strategy has to be worked out.)
- Develop product strategies by segment.
- What benefits do the company's products offer to the customers, are these benefits considered working out the marketing strategy?
- Are the benefits being marketed properly and charged for?
- What is the value of the benefits to the customers? Are these benefits considered working out the marketing strategy? If the customers are willing to pay more, charge them. If not, either reduce benefits and/or reduce the costs to produce the product. Are the right products being sold to the right customers at the right price?
- Are the customers supportive of the company's marketing strategy?
- Implement a marketing strategy directed towards profitable products.
- Reduce and eliminate efforts in unprofitable areas.
- Are marketing strategy and sales strategy focused on profitable customer relationships?
- Review customer account profitability (include the working capital carrying costs).
- Eliminate or develop actions to improve unprofitable customer relationships.
1. Problems/opportunities explored by creating a marketing strategy
Evaluate all problems and opportunities from situation analysis
2. Set sub marketing strategies - objectives
- Break down objective into manageable pieces. (One or more of the following)
3. Select marketing strategies
- Refer back to step 1 and review problems/opportunities to be taken advantage of, that will help achieve sub- objectives
4. Tactics to carry out each marketing strategy
- Develop specific actions that will result in achieving the marketing strategy objective
5. Check points
6. Develop a schedule (time chart)
7. Define responsibilities of implementing marketing strategy
- Who is responsible for each of the planned activities - with a date!
8. Establish controls
- Develop a system to be sure activities, costs and results are being achieved (usually sales targets, but there can be others: customer listing, repeat purchase rate)
9. Budget of implement marketing strategy
- On completion, all costs can be included into total budget
10. Final review of marketing strategy
- "PROCESS OF7 PLANNING"
- "SATISFACTION OF PEOPLE NEEDS AND WANTS"
- "CREATE AND KEEP THE CUSTOMER"
- "PROCESS OF PREDETERMINING CONSUMER DEMAND"
- "CENTRAL ORGANIZATIONAL FUNCTION"
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