-Marketing Objectives
-Target Market
-Marketing Mix
-Implementation and Audit

[SLIDE 1]

Now that analysis has been done about the company, competition, market and the full ecosystem, it is time to create the marketing plan objective. The goal should be an objective that is clear and specific. One example is “To increase sales of Purina brand cat food between January 1, 2017 and December 31, 017 by 15 percent compared to the 2016 sales of $300 million.”

A marketing objective is a statement of what is to be accomplished through marketing activities.

Note that the objective has four features. It is:

-Realistic: Startups and new products usually will not expect enormous growth. The objective should fall within parameters of experience and reality, not a hopeful stretch goal.

-Measurable: “To increase sales” is too vague. What defines success? 15% is measurable.

-Time specific: Setting the calendar year target also provides clear period of time for the measurement.

-Compared to a benchmark: Numbers in a void are of no value. Tie the measurements to a documented comparison value.

[SLIDE 2]

The definition of a marketing strategy is the concept that includes the high-level identification of one or more target markets and then defining and maintaining a marketing mix that will produce mutually satisfying exchanges with the target market.

What that means is using the analysis and the plan objectives to specifically identify markets or market segments where the company can find a profitable way of providing a product or service that provides the market benefits.

Remember, it is not tactics. You are not defining exactly how you will make that exchange possible. Rather, it is the definition of the company’s idea of what target market can be served by what the company can provide.

The marketing opportunity analysis (MOA) is a description and estimation of the size and sales potential of market segments of interest, along with competitive analysis

[SLIDE 3]

The concept of the  4 P’s has been around since the 1960s. People have tried to extend an replace it, but the simplicity of the concept keep it at the core of most marketing plans.

The 4 P’s are: Product, Place, Promotion, and price.

Product

The first focus in the 4 P’s is to take the information gained from the analysis and define the product/service that will address the needs of the identified target market. It’s hard to do any of the other three P’s without knowing to what they refer.

A key point is that the product is not just “Widget X”. The full product includes packaging, licensing, warranties, support policies and more.

Place

Place not only includes where the product is available to the market, it also includes the distribution chain necessary to get the product from the company to the market. Produce is now global. It’s not enough to have a kiwi in Australia or a banana in Costa Rica. The plan for how to get the products to the consumers in condition that still has value is critical.

Promotion

Promotion is how the company lets the market know about the product, the place, and the pricing. It includes advertising, public relations, sales, promotions, and personal selling. All of those happen in a myriad of marketing channels. Social media, television, radio, print, billboards and more can be used to reach the appropriate market.

Pricing

What is a buyer willing to exchange in order to purchase the product? Pricing is often the most flexible of the 4 P’s because short term conditions, geographic location and other factors mean a variety of prices could be implemented at any one time and from time to time. Marketers can change price much more rapidly than they can any of the other three components.

However, as easy as it is to change price, price is very critical. Price multiplied by volume sold is revenue. That is absolutely critical to company success.

[SLIDE 4]

It is a lot of effort to create a marketing plan, but that is just the beginning. Implementing the plan also is not enough. Markets are dynamic, the plan must be constantly watched and modified according to new information. The key components of the process are:

-Implementation

-Evaluation and Control

-Post-audit action


Implementation

The key to implementation is a strong planning process. Steps must be documents, people assigned, and tasks coordinated and tracked. For larger sections of the plan, task forces might be required to manage the size or complexity of the section.

One often overlooked key to implementation is gaining acceptance. A small team usually creates the marketing plan but the wider organization is needed to successfully implement the plan. It is important that the plan be communicated clearly to the company and that buy-in is acquired. Some organizations will be scared of change, and they must be helped to understand the benefits of the plans. Others will be upset that their ideas weren’t completely accepted, and implementation involves explaining the trade-offs necessary to build a plan for the entire organization. A key to marketing is communications, and that skill should be used just as much inside the company as outside.

Evaluation and Control

While the to facets are usually joined in one concept, they are two different but overlapping concepts. Evaluation is the process of gauging the extent to which the marketing objectives have been achieved. Control means providing the mechanisms for providing the evaluation and for correcting actions that do not help reach the marketing objectives.

One key control tool is the marketing audit. This is a systematic, periodic evaluation of the objectives, strategies, structure and performance of the marketing organization and plan. The marketing audit is an opportunity to understand how marketing resources are being used, it is also a great way to focus on the communications necessary to improve the marketing focus of the entire organization.

Post-audit Tasks

There are three primary post-audit tasks:

-Evaluate and order the suggested actions found in the audit, actions that can help strengthen the marketing plan implementation

-Ensure the role of the audit is clearly communicated to the entire organization

-Provide accountability for those charged with implementing the changes found during the audit

[SLIDE 5]

We have covered the basics of creating and implementing a marketing plan. While more details of each section will be covered in later in the course, it’s important to end this section with a review of what makes an effectiveness strategic planning process.

Effective strategic planning requires continual attention, creativity and management commitment. 

Markets are constantly changing. A plan is not a static document so the organization must continually pay attention to the implementation to quickly adjust the plan. 

Marketing is not a formalized science, and even in those we question many assumptions. It is important to question assumptions both during planning and implementation. That includes not only the strategic assumptions but those used to create tactical plans.

The most critical facet for success is management. Marketing can create a brilliant strategy and plan; but if management, from the CxO suite to the direct managers, do not have buy-in to the plan, it will not succeed. Part of that buy-in can include leadership training that includes an understanding of the pervasiveness of marketing.