Description
A marketing plan can be developed for a single business, a product line, a product item, a product brand, a service, or an idea. It can be developed for existing businesses/products/brands/services, or new ones. Marketing Plan Project
Guidelines
A marketing plan is the single most important instrument used in marketing
management – it provides a structure to guide the process of analysing the company’s
current marketing situation, identifying marketing opportunities, setting marketing
objectives, determining the target market for a company’s product or service, detailing
the target market’s needs and wants, and then developing positioning and marketing
mix strategies and tactics to fulfill these needs while achieving the marketing objectives.
A marketing plan can be developed for a single business, a product line, a product item,
a product brand, a service or an idea. It can be developed for existing
businesses/products/brands/service or new ones. Marketing plans are typically
developed annually.
A marketing plan usually starts with a situational analysis during which the marketing
environment of the company is appraised with reference to the market offering or entity
(product line, brand, service, idea etc.) for which the plan is being developed. The
environmental analysis looks at the competitive, economic, political, technological,
social-cultural, legal and regulatory forces affecting the marketing of the offer at hand. It
also looks at the demand, customer characteristics, distribution structure and the offer
performance over time, as well as across market territories, customer groups,
distribution channels, etc. The environmental analysis should lead to the SWOT
analysis, which shows how the company is going to match strengths to opportunities,
overcome weaknesses and avoid threats.
The situational analysis is followed by setting marketing and, possibly, other objectives.
Typically, marketing objectives use market share, sales volume or/and value, market
penetration levels, product profitability levels and similar targets. Marketing objectives
should be specific, measurable, and have clearly stated time frames for their
achievement.
In order to achieve the plan’s objectives, a marketing strategyhas to be developed.
The marketing strategy is composed of three parts: target market strategy, positioning
strategy and marketing-mix strategy. The target market strategy determines what
market segments will be targeted. The positioning strategy is about the way the market
offering will be portrayed to the target customers as occupying a distinct place in the
market vis-a-vis competitors’ offerings. The marketing-mix strategy contains strategic
considerations concerning the product component (design, features, quality level,
branding, etc.); the price component (basic price, price relationships, discounts,
allowances, payment conditions, etc.); the distribution component (types of channels,
outlet sizes and locations, market coverage, warehousing, transportation, etc); and the
promotion component (advertising, sales promotion, personal selling and public
relations) of the mix.
The marketing strategy needs to be implemented through specific action programs.
Here the broad marketing approach is translated into specific activities, responsibilities
and timetables. For example, any advertising strategy has to be implemented by
developing creative copies of ads, placing them in appropriate media at specific times.
The next part of the marketing plan deals with the financial statement and marketing
budget for the marketing offer at hand. First, the marketing planner must forecast if and
when the offer will be profitable by comparing the projected sales and the costs of
production and marketing. This takes the form of a profit/loss statement. In the context
of the financial statement, a detailed marketing budget must be prepared that will show
the expenditure allocations to all the marketing actions and programs that support the
marketing strategies aimed at achieving the stated marketing objectives.
The last section of the marketing plan contains a system for its evaluation and
control. In this section, an evaluation methodology should be established to assure
ongoing evaluation of the marketing plan execution. This information will provide
invaluable feedback allowing for modifications and corrective actions during the plan
implementation.
Any marketing plan should contain an executive summary , written at the end, but
placed at the beginning of the document.
The above guidelines apply to both existing offerings and new ventures (new products,
new brands, new services, ideas etc). However, if the marketing plan is developed for
the latter, the situational analysis part of the plan will contain a description of the
proposed venture, as well as an environmental analysis for that venture, including the
SWOT, but will not, naturally, deal with the past marketing performance of the new
venture.
Rubric
MarketingPlan
Criteria
Ratings
Pts
This criterion is linked to a
Learning Outcome
Followed one of the guidelines
25.0 pts
Full
Marks
0.0 pts
No
Marks
25.0
pts
This criterion is linked to a
Learning Outcome
Had outside references and
Used APA format
10.0 pts
Full
Marks
0.0 pts
No
Marks
10.0
pts
This criterion is linked to a
Learning Outcome
Used guideline organization for
marketing plan
10.0 pts
Full
Marks
0.0 pts
No
Marks
10.0
pts
This criterion is linked to a
Learning Outcome
Developed strategies from the
SWOT analysis
20.0 pts
Full
Marks
0.0 pts
No
Marks
20.0
pts
This criterion is linked to a
Learning Outcome
Did a detailed SWOT using
research data from at least
secondary sources
15.0 pts
Full
Marks
0.0 pts
No
Marks
15.0
pts
This criterion is linked to a
Learning Outcome
Had product, place, price,
promotion strategies that came
from the SWOT analysis
10.0 pts
Full
Marks
0.0 pts
No
Marks
10.0
pts
This criterion is linked to a
Learning Outcome
Had goals and objectives that
came from the SWOT analysis
10.0 pts
Full
Marks
0.0 pts
No
Marks
10.0
pts
Total Points: 100.0
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