Prepared by Dr. Anita Khatke Marketing Planning Prepared by Dr. Anita Khatke

A marketing plan outlines the specific actions you intend to carry out to interest potential customers and clients in your product and/or service. Marketing planning is a logical sequence and a series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them. It is a management process.

Marketing plan should be SMART S ---"Specific M--- Measurable, A--- Achievable R-Realistic

Formulating the marketing strategy Analyzing the marketing environment and spotting the opportunities and threats(SWOT) Setting the marketing objectives Formulating the marketing strategy developing detailed marketing plan` Formulating the marketing budget

Analyzing the marketing environment and spotting the opportunities and threats(SWOT)

example, here is a SWOT analysis for a fictional electric car manufacturer Strengths Our electric motors are cheap to produce and maintenance free Charge time is class leading Production capacity can be increased R&D department is class leading Weaknesses Batteries are heavy, slow to charge and provide limited mileage Dealer network is small Customer trust in the segment is low Market is highly competitive Opportunities Government grants are available Road tax breaks for electric cars Market is growing rapidly Battery technology is evolving Threats Tesla has secured a large government grant The big players are investing heavily Hybrid and diesel technology is evolving fast

Development of mission statement Statement of objectives stage 2: marketing Objectives Development of mission statement Statement of objectives Strategy and tactics to accomplish the objectives What do you want to achieve by the end of this year? Where do you want to be in one, five, ten years? For example, 'sell 600 units in the next year' or 'increase customer retention by 20%'.

selecting a suitable strategy stage – 3 Selecting a strategy for growth – .   Existing products New products Existing markets Market penetration Product development New markets Market development Diversification Set all the strategies with place .product , price, promotions which will achieve your objective

stage-4 Developing an action plan An action plan is core to the marketing process – a constantly evolving document which is cascaded to t he relevant people and monitored regularly. Most action plans are relatively short term documents which focus on the coming year, but longer term implications should also be considered. Action planning is a stages approach: Clarify goals, and ensure they are SMART Link back to your objectives and tactics Set criteria for success Prioritize Set timings Determine who will complete each action point Monitor the progress of the plan and review regularly

Component / contents of the Marketing plan

Component of the plan Description Mission statement Executive Summary and Table of Contents A meaningful statement of the purpose and direction of the business Current Marketing Situation, Opportunity & Issue Analysis, Marketing Objectives, Marketing Strategies, Action Programs, Financial Projections or Projected .it permit senior to grasp the plan’s major thrust Corporate objectives The overall business objectives that shape the marketing plan Marketing audit The way the information for marketing planning is organised. Assesses the situation of marketing in the business – the products, resources, distribution methods, market shares, competitors etc

Market analysis The markets the business is in (and targeting) – size , structure, growth etc SWOT analysis An assessment of the firm’s current position, showing the strengths & weaknesses (internal factors) and opportunities and threats (external factors) Marketing objectives and strategies What the marketing function wants to achieve (consistent with corporate objectives) and how it intends to do it.Mainly 4p’s and STP strategies Marketing budget Usually a detailed budget for the next year and an outline budget for the next 2-3 years, break even analysis ,profit analysis other financial aspects. Action plan ,and implementation and control The detailed implementation plan. At last outlines controlling and adjusting implementation plan