Presentation on theme: "Learning Objectives Chapter 9: The Marketing Plan and the 8 Ps"— Presentation transcript:
1 Learning Objectives Chapter 9: The Marketing Plan and the 8 Ps Define the term marketing plan.Explain the difference between tactical and strategic marketing planning.List eight requirements for an effective marketing plan.Explain the benefits of having a marketing plan.Describe the contents of a marketing plan.
2 Learning Objectives Chapter 9: The Marketing Plan and the 8 Ps List four approaches to developing marketing budgets and recommend one of these approaches.Describe the three major steps involved in preparing a marketing plan.List the 8 Ps of hospitality and travel marketing.
3 Difference between Tactical and Strategic Marketing Planning Tactical = short-term marketingplanning for two years or less.Strategic = long-term marketingplanning for up to three to five yearsin the future.
4 Eight Requirements for an Effective Marketing Plan Fact-basedOrganized and coordinatedProgrammedBudgetedFlexibleControllableInternally consistent and interrelatedClear and simple
5 Benefits of Having a Marketing Plan Activities matched with target markets.Consistency of objectives and target-market priorities.Common terms of reference.Assistance in measuring marketing success.Continuity in long-term planning.
6 Contents of a Marketing Plan A written plan of action used to guide an organization’s marketing activities for a period of a year or less.Three parts:Executive SummaryMarketing Plan RationaleImplementation Plan
7 A Systematic, Five-Step Approach for Marketing Hospitality and Travel Organizations1. Where are we now?2. Where would we like to be?3. How do we get there?4. How do we make surewe get there?5. How do we know ifwe got there?
8 Contents of a Marketing Plan Marketing Plan Rationale Situation analysis highlights:“Where are we now?”Selected marketing strategy:“Where would we like to be?”
9 Contents of a Marketing Plan Implementation Plan Activities planMarketing budget“How do we get there?”Control procedures“How do we make sure we get there?”Evaluation procedures“How do we know if we got there?
10 Approaches to Developing Marketing Budgets Historical or arbitrary budgetingRule-of-thumb budgetingCompetitive budgetingObjective-and-task budgeting (recommended approach)
11 Steps in Preparing a Marketing Plan Prepare the Marketing Plan RationaleReview and summarize:Situation analysisMarketing research studiesMarket segmentationSegmentation approach and basesTarget-market selectionMarketing strategyPositioning approachesMarketing mixesMarketing objectives
12 Steps in Preparing a Marketing Plan Develop a Detailed Implementation PlanDesign and specify:Activities by marketing-mix element for target marketsResponsibilities (internal and external)Timetable and activity scheduleBudget and contingency fundExpected resultsMeasurementsProgress reporting proceduresPerformance standardsEvaluation timetableWrite the Executive Summary
13 The 8Ps of Hospitality and Travel Marketing TraditionalProductPricePlacePromotionAdditionalPackagingProgrammingPeoplePartnership
14 Situation Analysis & Research Results Marketing Plan Development ProcessSituation Analysis & Research ResultsExample of an organizationwith three target marketsMarketing Strategy & Target Market SelectionTarget Market1Target Market3Target Market2PositioningPositioningPositioningObjectivesObjectivesObjectivesMarketing Mix (8Ps)Marketing Mix (8Ps)Marketing Mix (8Ps)Marketing Plan