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?

Market potential and forecasts 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?

Market growth Signup and view all the answers

What is a key benefit of effective strategic marketing planning?

Sound resource allocation Signup and view all the answers

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

A business that focuses on a specific niche market 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?

Measurement of objectives achieved Signup and view all the answers

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

It is well-established and generates consistent profit. Signup and view all the answers

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

Market analysis Signup and view all the answers

What is a key challenge in implementing business strategies?

Developing effective communication channels Signup and view all the answers

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

It has a small market share but the potential to grow with investment. Signup and view all the answers

How does organisational leadership influence strategy implementation?

By facilitating communication and establishing corporate culture. Signup and view all the answers

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

Effective collaboration among engineering and marketing teams Signup and view all the answers

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

They are products with low market share that require divestment or closure. Signup and view all the answers

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

Encouraging coordinated efforts among diverse departments. Signup and view all the answers

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

Establishing systems for communication across all levels Signup and view all the answers

Which motivational strategy can help create a positive team culture?

Organizing team work activities with rewards Signup and view all the answers

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

Comparing service standards to objectives and customer attitudes Signup and view all the answers

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

Product launch events Signup and view all the answers

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

Considering both costs and comparative performance metrics Signup and view all the answers

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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Description

This quiz explores the essentials of marketing plans and the steps involved in the marketing planning process. Learn how to analyze historical data, conduct SWOT analysis, and establish marketing objectives and strategies. Perfect for students and professionals looking to enhance their marketing skills.