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The Marketing Planning Outline
I. Executive Summary
A. Marketing Plan Overview
1. Key Points of Marketing Plan
2. Organizational Mission and Marketing Plan Relationship
II. Situation Analysis
A. Business and Product/Service Description
1. Describe the Industry
2. Describe the Business
3. Describe the Product/Service and the Fit
B. Market Environment
1. Describe the Market Potential
2. Define the Actual Market Size
3. Describe Demand Trend for Product/Service
4. Identify Current Market Segments
5. Describe Market Segments Currently Targeted
6. Specify Immediate Competitors
7. Describe Differential Advantage(s) by Segment
8. Describe Product/Service Usage
9. Compare the Competitive Players
10. Compare Competitor's Resources/Willingness
11. Identify Additional Segments to Target
12. Analyze Potential Competition
C. Macro Environment
1. Define the Impact of Economic Trends
2. Define the Impact of Social/Cultural Trends
3. Define the Impact of Political/Legal Trends
4. Define the Impact of Related Technology
D. Organizational Environment
1. Describe Capabilities and Responsiveness
2. Describe Organizational Support/Willingness
E. Recommendations for Market Research
1. Specify Information Necessary to Collect
2. Choose Primary vs. Secondary Research
F. Threats and Opportunities
1. Write Threat Statements
2. Write Opportunity Statements
G. Strengths and Weaknesses
1. Write Strength Statements
2. Write Weakness Statements
H. Key Assumptions
1. Write Assumptions for Each T/O and S/W
2. Describe Scenario for Dynamic Interactions
III. Marketing Plan Objectives
A. Organizational Mission and Goals/Objectives
1. Specify the Organizational Mission and Objectives
B. Marketing Objectives
1. Write Objectives for Marketing Plan
IV. Market Selection: Target Markets
A. Strategy - Product Positioning
1. Specify Product Position for Marketing Objective
B. Strategy - Perceptual Positioning
1. Determine Optimal Perceptual Position(s)
V. Marketing Strategy & Marketing Mix
A. Strategy - Product/Service
1. Determine Current Product Fit Per Segment
2. Describe Required Product Additions/Modifications
3. Formulate Additional Product Strategies
B. Strategy - Distribution
1. Describe Distribution Fit Per Segment
2. Describe Additional/Modified Distribution Per Segment
3. Modify Distribution for Efficiency/Effectiveness
C. Strategy - Price
1. Describe Pricing Fit Per Segment
2. Describe Required Pricing Modifications Per Segment
3. Formulate Additional Pricing Strategies
D. Strategy - Promotion
1. Prepare Refined Messages
2. Describe Optimal Promotional Mix
VI. Action Program
A. Product
1. Write Tactical Product Objective
2. Specify Activities Required
B. Marketing Channels
1. Write Tactical Objective for Channel Distribution
2. Specify Activities Required
C. Physical Distribution
1. Write Tactical Objective for Physical Distribution
2. Specify Activities Required
D. Price
1. Write Tactical Pricing Objective
2. Specify Activities Required
E. Advertising
1. Write Tactical Objective for Advertising
2. Specify Activities Required
F. Personal Selling
1. Write Tactical Objective for Personal Selling
2. Specify Activities Required
G. Sales Promotion
1. Write Tactical Objectives for Sales Promotion
2. Specify Activities Required
H. Publicity
1. Write Tactical Objectives for Publicity
2. Specify Activities Required
I. Other Promotion
1. Write Tactical Objectives for Other Promotion
2. Specify Activities Required
VII. Budget, Control and Accountability
A. Operational Budgets
1. Prepare an Operational Budget
B. Final Forecasts
1. Calculate Final Forecasts
C. Monitoring Systems
1. Specify Reporting Functions, Times and Responsibilities
The Modern Marketing Planner
Glossary of Selected Marketing Management Terms
adoption process - the procedure an individual goes through when purchasing or
deciding to utilize a product/service. The adoption process consists of six
stages: awareness, interest, evaluation, trial, adoption, and confirmation.
The rate of adoption depends on the traits of consumers, the product/service,
and the organizations's marketing effort.
advertising - any paid form of nonpersonal presentation or message
communication intended to inform or persuade existing or potential consumers
and relevant publics. Advertising messages are transmitted through the mass
media - radio, displays, television, magazines, newspapers, etc. - by an
identified sponsor.
attitude (opinion) - a person's positive, neutral, or negative feelings about
products, services, issues, and institutions.
Balanced Product Portfolio - maintenance of a combination of new, growing, and
mature products/services.
benefits - attributes of or statements about a product/service that answer the
basic consumer question, "What's in it for me?". Product tactics should focus
on developing a product/service offer that focuses on benefits, because
benefits (vs. features) are what people "buy".
benefit segmentation - using the benefits people seek in consuming a given
product/service as the means of segmenting markets.
Boston Consulting Group Matrix - enables an organization to classify its
products/services in terms of their market share relative to the industry's
leading products/services and the annual growth rate of the industry. The
matrix identifies four types of products/services: dogs, cash cows, problem
children, and stars, and suggests appropriate strategies for each. It is an
important tool when allocating marketing resources.
brand name - that part of the brand consisting of words or letters that
comprise a name used to identify and distinguish the organization's offerings
from those of competitors; the brand name is the part of the brand that can be
vocalized.
breadth of product mix - the number of different product/service lines an
organization has to offer.
break-even analysis - determines the sales quantity (in units/numbers or
dollars) at which total costs equal total revenues for a chosen price.
Total fixed costs
Break-even point (units) = -------------------------------
Price - Variable costs per unit
Total fixed costs
Break-even point = ---------------------------------
(sales dollars) 1 - Variable costs per unit price
business (strategic) plan - the plan that establishes the mission of the
organization and specific business goals to be attained in achieving the
mission. Planning for all departments and functions is based on and driven by
the objectives of this plan.
cash cow - a high market-share product/service in a low-growth industry. Cash
cows generate more cash than required to maintain their market share. Usually
they are the successful Stars of yesteryear.
channel of distribution - all the institutions or people involved with the
movement and exchange of products or services.
competition-based price strategy - prices set below, at or higher than those
of competitors, depending on the consumer, influencer, and product/service
attributes or image.
concentrated marketing - efforts that address a single market segment by
developing a specific offering and supporting marketing mix.
consistency of product/service mix - the relationship among product/service
lines in terms of their sharing a common end use, distribution outlets,
consumer group(s), and price range.
consumer demographics - easily identifiable and measurable statistics that are
used to describe the population.
control - a major component of the marketing management process. Includes
organizing and coordinating people and other resources required to implement
the marketing plan; collecting data; monitoring and reviewing overall and
specific performances; and making day to day decisions and/or revisions
concerning the details of the program or original plans.
cost-based price strategy - prices set by computing product/service and
overhead costs, and then adding the desired profit to these figures. Demand
is not analyzed.
creativity - the ability to produce new ideas and fresh insights which are of
value to the individual, the product/service and the organization. Creative
thinking is used in generating a quantity of alternative ideas or strategies.
customer/consumer decision process - involves the steps a consumer goes
through in purchasing or deciding to utilize a product or service: stimulus,
problem awareness, information search, evaluation of alternatives, purchase,
and postpurchase behavior. Demographics, social factors, and psychological
factors affect the consumer's decision process.
demand - the willingness and ability of the consumer to pay for or utilize the
product/service.
demand-based price strategy - prices set after researching consumer desires
and ascertaining the range of prices acceptable to the target market.
depth of product mix - number of items to be included within each
product/service line.
derived demand - the consumer directly requests the product/service (vs.
directed demand).
differential advantage - the set of unique features in an organization's
marketing program that causes consumers to patronize the organization and not
its competitors.
differentiated marketing - efforts that address several market segments,
developing individual offerings and appropriate supporting marketing mixes for
each.
directed demand - a third party (like the government) directly insists on or
strongly recommends the product/service (vs. derived demand).
distribution - the place "P" of the marketing mix. It is composed of the
activities involved in transferring products/services from the organization to
final consumers. Includes channels of distribution and physical distribution.
dog - a low market-share product in a low-growth industry. A dog usually has
cost disadvantages and few growth opportunities.
early adopter - the second group of consumers to accept a new product. These
consumers tend to be opinion leaders.
elastic demand - occurs if relatively small changes in price result in large
changes in quantity demanded.
elasticity of demand - defines the sensitivity of consumers to price
changes in terms of whether they will purchase or the quantities they will
purchase. Price elasticity is computed by dividing the percentage change in
quantity demanded by the percentage change in price charged.
environmental analysis - the systematic and objective evaluation of
information relevant to the ability of the product/service to participate in
the marketplace.
environmental opportunity - a favorable factor in the macro or market
environment that could lead to a differential advantage.
environmental scanning - the systematic search for any factor which may have
an influence on the organization's ability to achieve its strategic objectives.
environmental segmentation - breaking or subdividing the total environment
into categories for "mental observation" - the major categories being the
macro environment, the market environment, and the organizational environment.
environmental threat - a challenge posed by an unfavorable trend or specific
disturbance in the macro or market environment that would lead, in the absence
of purposeful marketing action, to the stagnation or demise of an
organization, product or service.
exploratory research - used when the researcher is uncertain about the precise
topic to be investigated. This technique develops a clear definition of the
research problem by utilizing informal analysis.
features - relate to what the product is or does (vs. benefits the
consumer derives).
flexible pricing - allows the marketer to adjust prices based on the
consumer's ability to negotiate or the buying power of a large consumer group.
innovator - a consumer willing to try a new product/service that others
perceive as having a high degree of risk.
key assumptions - address the threats and opportunities identified in the
macro and market environment, and the strengths and weaknesses identified
in the organizational environment. They are statements or conclusions or
supposed truths about future conditions that will impact the development
of marketing objectives, strategies and tactics.
laggards - the last people to purchase/utilize a product/service.
late majority - the third part of a consumer group to buy/utilize a
product/service.
life-style - the pattern in which a person lives and spends time and money.
The combination of personality and social values that have been internalized
by an individual.
macro environment - the whole universe; very large issues such as federal
legislation and inflation that impact on the ability of an organization to
operate at all. These issues can have direct or indirect impact, but they are
always outside of the marketer's control.
market - consumers who possess purchasing or influencing power and the
willingness to buy/recommend/utilize.
market environment - The arena in which a product or service is found.
market segment - a group of people or potential consumers with a particular
set of identifying characteristics and/or unmet requirements.
market segmentation - breaking or subdividing a market by geographic,
demographic, volume,
usage, or psychographic variables.
market share - the most common way to express how a product is doing in the
marketplace. It is basically the proportion of industry sales/utilization
that the organization has secured in a market or market segment.
marketing - a practice encompassing all of the activities involved in
recognizing consumer wants and needs, developing products and services (andì
total offerings) to satisfy these needs, and creating and then expanding aì
demand for these products and services.
marketing mix - describes the specific combination of tactical marketing
elements used to achieve objectives and satisfy the target market. The
marketing mix consists of four major factors: product or service, place
(distribution), promotion, and price. (Often called the 4 P's of marketing.)
marketing myopia - a short-sighted, narrow-minded view of marketing and its
environment.
marketing objectives - goals, or target destinations. They provide direction
and guidance for marketing activities. They should be based on organizational
forecasts/goals, threats and opportunities, strengths and weaknesses, and key
assumptions.
marketing orientation - concentration on finding needs and wants and meeting
them rather than concentrating on creating products/services or applications
and promoting them.
marketing research - see primary marketing research and secondary marketing
research.
marketing strategy - description of what must be done to achieve the
marketing objectives. Should address product positioning, perceptual
positioning, and include a general description of what will be done withì
each element of the marketing mix.
marketing tactic - specific program, decision and/or action undertaken to
implement a given marketing strategy.
message - the combination of words and symbols transmitted to the audience in
a channel of communication to achieve the desired perceptual positioning.
monitoring - part of the control process of marketing management. Refers to
the ongoing review of feedback regarding the progress of marketing activities
and outcomes.
noise - interference at any stage along the channel of communication.
opportunity - see environmental opportunity.
organizational environment - the ability and willingness of the organization
to respond to the influences in the macro and market environments.
organizational strength - what an organization is good at doing.
organizational weakness - what an organization is not so good at doing.
perceptual positioning - involves creating an image of the product/service in
the mind of the target market. This image should differentiate the product
from the competition and be an appealing reason for the target market to
choose the product/service. It is communicated via all elements of the
marketing mix, but especially via promotion.
personal selling - a seller's promotional presentation conducted on a
person-to-person basis with the potential consumer or influencer. While the
most expensive communication tool available to marketing management, it is the
most applicable to needs satisfaction marketing.
physical distribution - the actual movement and storage of products.
PIMS - acronym for Profit Impact of Market Strategies, a study that discovered
that market share and return-on-investment figures are usually closely linked.
plans - the tangible evidence of the management thinking (planning) process.
In marketing, the results of analysis and of the strategic and tactical
thinking process are expressed as a marketing plan.
positioning - a key concept of the marketing management process. Refers to
the "location" a product/service holds either in fact or perception in
relation to the competition and/or other factors within a particular market
or market segment. See product positioning and perceptual positioning.
pretesting - the assessment of an advertisement's or other marketing
activity's effectiveness before it is actually used.
price - represents the value of a product or service for both the marketer and
the consumer/influencer.
primary data - collected to solve the specific problem under investigation.
primary demand - demand for a general class of products/services, for example,
generic aspirin rather than a brand name. (Vs. selective demand)
primary marketing research (original research) - the systematic and objective
search for any information relevant to a marketing problem identified through
the environmental scanning and analysis process. Should be done when
significant "gaps" exist in secondary data.
problem child - a low market-share product/service in a high-growth industry.
A problem child requires substantial cash to maintain or increase market share
in the face of strong competition.
problem definition - a statement of the topic to be investigated in marketing
research. It directs the research process toward the collection and analysis
of specific information for the purpose of decision making.
product life cycle - a concept that attempts to describe a product's/service's
sales, profits, consumers, competitors, and marketing emphasis from its
inception until it is removed from the market. It is divided into
introduction, growth, maturity, and decline stages. Corresponding to these
stages are distinct opportunities and problems for marketing planning and
product potential.
product/service mix - consists of all the different product/service lines that
an organization offers.
product positioning - the classical view of positioning, relates to the
"place" the product/service holds in the market or particular market
segments and the market share that the product has in relation to
competition.
promotion - any form of communication used by an organization to inform,
persuade, or remind people about its products/services, image, ideas,
community involvement, or impact on society.
promotional mix - includes advertising, publicity, personal selling and sales
promotion. Within and between these major categories, the blend of media,
timing and funding must be considered.
psychographic segmentation - dividing a population into homogeneous parts by
using behavioral profiles developed from analyzing activities, opinions,
interests, and life-styles of consumers.
public relations - an organization's communications and relationships with its
various publics, including consumers, suppliers, stockholders, employees, the
government, and the society in which it operates.
publicity - nonpersonal stimulation of demand for a product/service, or
organization, by placing commercially significant news about it in a published
medium or obtaining favorable presentation on radio, television, or stage that
is not paid for by an identified sponsor.
pulling strategy - a promotional effort by the promoter to stimulate final
user demand; this demand exerts pressure on the distribution channel. The
plan is to build consumer demand for a product/service that is recognizable to
channel members who will then seek to fill this void.
pushing strategy - the promotion of a product/service to the members of the
marketing channel through cooperative allowances, discounts, and other support.
rational thinking - a logical sequence of thought, starting with what is known
or assumed and advancing through inferences to a conclusion. Involved in
selecting, judging and deciding behaviors.
reach - the total number of viewers or readers in a medium's audience. For
print media, reach has two components: circulation and passalong rate.
reliability - the ability of a marketing or primary research instrument to
produce consistent results in repeated trials.
sales promotion - involves marketing activities, other than advertising,
publicity, or personal selling, that stimulate consumer purchases/utilization
and influencer effectiveness. Included are shows, demonstrations, educational
seminars and various nonrecurrent promotional efforts not in the ordinary
routine.
seasonal demand - demand for products/services that varies with the time of
year. For example, the demand for sun tan products is highest in the summer.
secondary marketing research - research done with information previously
collected for purposes other than solving the current problem under
investigation. It includes data from internal and external sources.
segmentation - an essential component of the marketing management process.
Segmentation is the breaking down of various environments into manageable
segments, then looking for important influences and relationships. Also see
benefit segmentation, environmental segmentation, market segmentation, and
psychographic segmentation.
selective demand - demand for a specific brand name, for example, Bayer
aspirin. (Vs. primary demand)
selling orientation - the goal is to fit consumer needs to the attributes of
the product/service being offered vs. defining consumer needs and developing
products/services to fill the identified needs.
situation analysis - the first component of the marketing management process.
Includes consideration of all the internal and external factors influencing or
possibly influencing the success of the product/service; looking at how well
the product/service is doing, with whom, and in relation to competitors;
marketing research.
situation review - a summary of the results of the situation analysis
portion of the marketing management process. Includes lists of
environmental threats and opportunities, organizational strengths and
weaknesses, and key assumptions.ì
skimming pricing - a new product/service pricing policy that uses a relatively
high entry price.
strategic planning - a major component of the marketing management process and
a basic function of management in general. A mental process of deciding where
to go (setting specific goals, or marketing objectives, for the
product/service) and what must be done to get there (marketing strategies).
Stated another way, planning is the development of capitalizing or combative
actions within the limits of an organization's strengths and weaknesses, in
response to existing and emerging environmental threats and opportunities.
star - a high market-share product in a high-growth industry. A star
generates substantial profits but requires large amounts of resources to
finance continued growth.
strength - see organizational strength.
survey - a study that elicits answers from respondents in order to obtain
information on attitudes, motives, and/or opinions. There are three types of
surveys: telephone, mail, and personal interview.
tactical planning - refers to the development of action plans for
implementing strategies, or the best ideas regarding what has to be done to
reach marketing objectives. A tactical/implementation/action plan will
address specifically the variables of the marketing mix (product, price,
promotion, place).
tactics - a component of the marketing management process composed of
relatively detailed plans for product/service, price, promotion and
distribution.
targeting - a key element of the marketing management process. Refers to the
direction of specific marketing mix programs to a particular market segment or
segments.
threat - see environmental threat.
trade discount - a reduction from list price received by middlemen for
performing storage, handling, transportation, selling, and other activities.
trademark - legally protected status given to a brand. Protection is granted
solely to the brand's owner. The trademark covers the pictorial design as
well as the brand name.
undifferentiated marketing - efforts that address all market segments with a
general offering and supporting marketing mix, with the goal of attracting as
many consumers as possible.
user - usage grid/profile - a matrix designed to identify the relative
concentration of product/service usage among consumers for the purpose of
developing appropriate marketing strategies.
validity - the ability of a primary marketing research technique to measure
what it was intended to measure and not to be influenced by peripheral factors.
weakness - see organizational weakness.
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BACK TO 100 examples in Business, Operations and
Engineering. |
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Do it once, do it right, and do it now.
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Apply as needed,
when needed. |
