Marketing Plans and Processes

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Questions and Answers

What is the primary purpose of defining marketing objectives in a marketing plan?

  • To create advertising content
  • To establish specific benchmarks for measuring success (correct)
  • To determine the pricing strategy for products
  • To outline the market share of competitors

Which component is included in the environmental analysis step of the marketing planning process?

  • Budget allocation
  • SWOT analysis (correct)
  • Market objectives
  • Advertising history

Which of the following is NOT a strategic competitive position in marketing strategies?

  • Market challenger
  • Market leader
  • Market mailer (correct)
  • Market follower

What does the planning assumption step of the marketing process help to identify?

<p>Market potential and forecasts (B)</p> Signup and view all the answers

Which of the following objectives is considered crucial for achieving a high rate of return on investment (ROI) in marketing planning?

<p>Market growth (C)</p> Signup and view all the answers

What is a key benefit of effective strategic marketing planning?

<p>Sound resource allocation (D)</p> Signup and view all the answers

In the context of strategic competitive positioning, what type of business is referred to as a 'Market Specialist'?

<p>A business that focuses on a specific niche market (D)</p> Signup and view all the answers

During the step of reviewing progress in the marketing planning process, which of the following should an organization primarily focus on?

<p>Measurement of objectives achieved (B)</p> Signup and view all the answers

What characterizes a 'cash cow' in a marketing context?

<p>It is well-established and generates consistent profit. (D)</p> Signup and view all the answers

Which of the following is NOT a driver of strategy implementation?

<p>Market analysis (C)</p> Signup and view all the answers

What is a key challenge in implementing business strategies?

<p>Developing effective communication channels (B)</p> Signup and view all the answers

Which of the following best describes a 'problem child' in marketing?

<p>It has a small market share but the potential to grow with investment. (C)</p> Signup and view all the answers

How does organisational leadership influence strategy implementation?

<p>By facilitating communication and establishing corporate culture. (C)</p> Signup and view all the answers

Which element is crucial for enabling teams to adapt products and marketing strategies?

<p>Effective collaboration among engineering and marketing teams (B)</p> Signup and view all the answers

What is the role of 'dogs' in the product lifecycle?

<p>They are products with low market share that require divestment or closure. (A)</p> Signup and view all the answers

What is essential for a successful market entry strategy according to the principles of organisational culture?

<p>Encouraging coordinated efforts among diverse departments. (D)</p> Signup and view all the answers

What is an essential component for effective communication within an organization?

<p>Establishing systems for communication across all levels (C)</p> Signup and view all the answers

Which motivational strategy can help create a positive team culture?

<p>Organizing team work activities with rewards (C)</p> Signup and view all the answers

What is a valid method for evaluating a business’s service standards?

<p>Comparing service standards to objectives and customer attitudes (A)</p> Signup and view all the answers

Which of the following is NOT a typical component of a marketing audit?

<p>Product launch events (B)</p> Signup and view all the answers

What aspect is crucial for determining return on investment (ROI) in marketing?

<p>Considering both costs and comparative performance metrics (C)</p> Signup and view all the answers

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Study Notes

Marketing Plans

  • Marketing plans are a tool to measure business progress against goals
  • They identify effective and ineffective strategies
  • Confidently convey to investors that a business can achieve its objectives
  • Create networking opportunities and source new leads

Marketing Planning Process

  • Historic Appraisal:
    • General market data (sales and market shares)
    • Market activity information (advertising, pricing, historical cost and profit)
    • Changes in technology, regulations or environmental conditions
  • Environmental Analysis:
    • Internal, customer and external environments.
    • SWOT analysis
  • Planning Assumptions:
    • Product market potential
    • Market and brand forecasts
    • Exogenous factors
  • Marketing Objectives:
    • Mission statement
    • Objective requirements
    • Objective hierarchy (ROI, sales increase, market share increase, growth)
  • Formulating Marketing Strategies:
    • Strategic competitive positions:
      • Market leader
      • Market challenger
      • Market follower
      • Market specialist
  • Finalising Marketing Plans:
    • Plan format (Executive summary, current marketing situation, threats and opportunities, objectives and issues, marketing and market strategies, action programs, budget, controls)
  • Reviewing Progress:
    • benefits of strategic planning
    • consistency
    • responsibility
    • environmental scanning
    • organisational adaptation
    • achievement
    • resource allocation
    • competitive advantages
    • communication
    • commitment

Planning Models

  • Market growth-market share matrix:
    • Growth rate and market share
    • Product portfolio analysis
    • Product portfolio and product lifecycle
    • Usefulness of market growth-market share matrix
  • Star:
    • New products with large market share and growth potential
    • Requires communication
    • Requires systems in place for communication between management, employees and departments
    • Examples: team meetings, monthly meetings, and meetings with other departments to discuss key aspects
  • Cash cow:
    • Successful, well-established products
    • Generate money and nearing maturity
  • Problem children:
    • Small market share, require substantial marketing to maintain market share
    • Potential to become a star, require significant investment
  • Dogs:
    • Low market share and growth
    • Limited cash flow
    • Sold or closed later
  • Evaluation and Control:
    • Evaluation methods:
      • Obtaining customer feedback
      • Obtaining feedback from within the business
      • Comparing service standards to objectives and customer attitudes
      • Taking corrective action
    • Sales analysis
    • Marketing cost analysis
    • Efficiency analysis
    • Customer value analysis
    • Obtaining customer feedback
    • Getting feedback from the business itself
    • Comparing the business’s service standard to its objectives and customer attitudes
    • Taking the correct corrective action
  • Marketing Audit:
    • Components of a marketing audit
    • How to conduct a marketing audit

Implementation

  • Importance of implementation:
    • Drivers of strategy implementation
    • Organisational structure
    • Organisational leadership
    • Organisational culture
    • Managerial processes
  • Organisational culture:
    • Align organisational structure with marketing strategy
    • Example: entering new markets requires coordination between marketing, R&D, and sales
    • Example: being environmentally friendly requires specialists in the field
  • Organisational leadership:
    • Leadership is crucial in implementation
    • Includes delegation, communication, and establishing corporate culture
    • Delegation: Empowering lower level personnel to make decisions
      • Example: Regional managers able to make day-to-day decisions without approval from headquarters
  • Communication:
    • Vital aspect, with systems in place for management to communicate with employees
    • Communication between employees at the same level and across departments
    • Examples: Team meetings, monthly management meetings, and cross-departmental meetings
  • Motivation:
    • Motivating employees to be positive and cultivate teamwork
    • Launch team work activities and reward goalachieving teams
    • Evaluation Methods: Pg 528
  • Marketing Audit:
    • Components of Marketing Audit
    • Conducting a Marketing Audit

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