I summarized all the powerpoints from Canvas and put them in one document, CH1-CH10. There are also examples that were cited in the lesson. The summary is complete! I passed with distinction.
H1: New Urgency, New
Possibilities
1: Marketing planning: value, purpose and contents
Marketing is everywhere
Businesses must fight to cath the customer’s eye
Marketing planning is important
- Customers have more information, more choices, higher expectations, more power, and
more involvement
- Stakeholders are looking for companies to make a difference
Shareholders: about the money
Stakeholders: everyone who has a connection with the company
Get your customers involved in your marketing (a two-way communication)
Customers demand transparency
- Received benefits vs perceived total price
- Creating value = satisfying customer’s needs
- Marketing is all about creating, communicating, delivering and exchanging offerings that
provide value
- Marketing = a promise
Providing value through satisfying customers’ needs
Purpose of marketing planning
o Strategic > 1 year
o Tactical = 1 year
o Operational < 1 year
- To provide a framework for guiding the company toward its objectives
- A structured process helps you identify, assess and select appropriate marketing
opportunities and strategies
Contents of a marketing plan
- Executive summary
- Current situation
- Objectives and issues
- Target market, customer analysis and positioning
- Marketing strategy
- Marketing programs
- Financial and operational plans
- Metrics and implementation
Strategic marketing plan should look like this
2: Developing a marketing plan
Get a fresh perspective by creating a new plan every year, rather than adapting last year’s plan.
,Step 1: Research and analyze the current situation
Get a fresh perspective by creating a new plan every year, rather than adapting last year’s plan.
The marketer performs:
- Externel analysis
- Internal analysis
Internal analysis
Marketers also assess the firm’s capabilities and the strategies of competitors in order to:
- Build on strengths
- Exploit competitors’ weaknesses
Step 2: Understand markets and customers
- Consumers or businesses
- Comprehensive understanding is desired
o Buying habits and behaviors
o Who? What? Where? When? Why? How?
o Are buying patterns changing? Why?
Example: McDonald’s GLOCAL = as global as possible, as local as needed
Elke site is aangepast aan het land
Step 3: Plan segmentation, targeting and positioning
Purpose of segmentation: to group customers with similar needs, wants behavior or attitudes
Targeting: the selection of specific segments for marketing
Positioning: a competitively distinctive place (position) in the mind of the targeted customers
- Vb: M&M’s
o Sales stagnation in chocolate market
o Higher market share for competitors
o Sales decrease of more than $23 million between 1995 and 1997
o Urgency and call for action
Chocolate is fun and impulsive
Chocolate is colourful
M&M’s are different
,Marketing planning is important
- Customers have more information, more choices, higher expectations, more power, and
more involvement
o Proof?
o Examples?
- Stakeholders are looking for companies to make a difference
o What’s in it for me?
o More and more involved in the company
Step 4: Plan direction, objectives and marketing support
Goals: long-term targets
Objectives: shorter-term targets
Sustainable marketing:
- Balancing long-term goals with short-term objectives and budget realities
- Responsible to the larger society
Step 5: Develop marketing strategies and programs
- Consistent with the firm’s overall direction, goals and strategies
- Utilizing the tools of the ‘marketing mix’, enhanced by service
o Increasing use of ‘three screens’: TV, cell phone and computer
- Includes the development of strategic alliances with suppliers, partners and channel partners
Step 6: Plan metrics and implementation control
Metrics: numerical measures of performance-related activities and outcomes
Metrics include:
- Return on marketing investment (ROMI)
- Market share
- Cost per customer acquired
Marketing control: measuring interim performance against metrics, diagnosing any performance
issues and making change as needed
3: Preparing for marketing planning
Primary marketing tools
- Product
- Place
- Price
- Promotion
Support strategies: customer service
, 4 guiding principles for effective marketing planning:
1. Anticipate change
o Do not copy but innovate
2. Engage everyone
o All stakeholders
o Consumers
o Employees
3. Seek alliances
o When you can’t manage on your own
4. Make marketing meaningful
o Make it liked
o Make it useful
H2: Analysing the current
situation
1: Environmental scanning & SWOT analysis
Involves the analysis of both:
- Internal factors
- External factors
The macro- and micro-environments
To formulate a flexible and practical marketing plan, one needs to properly track and differentiate
between macro-environmental and micro-environmental factors:
- Macro-environmental factors
o = broad forces that impact overall marketing strategy and performance
Demographic
Economic
Ecological
Technological
Political-legal
Social-cultural forces
- Micro-environmental factors
o = more directly influence marketing strategies and activities
Customers
Competitors
Channel members, partners, suppliers and employees
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MargauxBeerts1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.19. You're not tied to anything after your purchase.
