Marketing

MARKETING & PLANNING. : 

MARKETING & PLANNING. Institution: Vidya Vikas. Faculty: Mr. Sharma. By Ashok Singh Rana. “Marketing takes day to learn. Unfortunately it takes a lifetime to master”. -Philip Kotler, 1931 -, US marketing guru.

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Marketing Plan The determined will find a way or create one.

MARKETING? BY EXPERTS. : 

MARKETING? BY EXPERTS. The achievement of corporate goals through meeting and exceeding customer needs better than the competition. -By Jobber. The right product, in the right place, at the right time, at the right price. -Adcock.

MARKETING STRATEGY. : 

MARKETING STRATEGY. Price: Pricing objectives. Pricing method (eg: cost plus, demand based, or competitor indexing). Pricing strategy (eg: skimming, or penetration). Discounts and allowances. 2. Promotion: Promotional goals. Promotional mix. Advertising reach, frequency, flights, theme, and media. Sales force requirements, techniques, and management. Sales promotion. 3. Distribution: Geographical coverage. Distribution channels. Physical distribution and logistics. Electronic distribution.

WHAT IS PLANNING? : 

WHAT IS PLANNING? “Planning is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations".

PLANNING AT DIFFERENT LEVELS OFA BUSINESS. : 

PLANNING AT DIFFERENT LEVELS OFA BUSINESS. Corporate Strategy - is concerned with the overall purpose and scope of the business to meet stakeholder expectations. This is a crucial level since it is heavily influenced by investors in the business and acts to guide strategic decision-making throughout the business. Corporate strategy is often stated explicitly in a "mission statement". Business Unit Strategy - is concerned more with how a business competes successfully in a particular market. It concerns strategic decisions about choice of products, meeting needs of customers, gaining advantage over competitors, exploiting or creating new opportunities etc. Operational Strategy - is concerned with how each part of the business is organized to deliver the corporate and business-unit level strategic direction. Operational strategy therefore focuses on issues of resources, processes, people etc.

ANS TO 6? IS THE KEY TO SUCCESS IN BUSINESS. : 

ANS TO 6? IS THE KEY TO SUCCESS IN BUSINESS. Where is the business trying to get to in the long-term (direction)? Which markets should a business compete in and what kind of activities are involved in such markets? (markets; scope)? How can the business perform better than the competition in those markets? (advantage)? What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete? (resources)? What external, environmental factors affect the businesses' ability to compete? (environment)? What are the values and expectations of those who have power in and around the business? (stakeholders)?

MARKETING PLAN? : 

MARKETING PLAN? A marketing plan is a written document that details the necessary actions to achieve one or more marketing objectives. It can be for a product or service, a brand, or a product line. Marketing plans cover between one and five years. A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.

THE MARKETING PLANNING PROCESS. : 

THE MARKETING PLANNING PROCESS. The marketing process model based on the publications of Philip Kotler. It consists of 5 steps, beginning with the market & environment research. After fixing the targets and setting the strategies, they will be realized by the marketing mix in step 4. The last step in the process is the marketing controlling. In most organizations, "strategic planning" is an annual process, typically covering just the year ahead. Occasionally, a few organizations may look at a practical plan which stretches three or more years ahead. To be most effective, the plan has to be formalized, usually in written form, as a formal `marketing plan'. The essence of the process is that it moves from the general to the specific; from the overall objectives of the organization down to the individual action plan for a part of one marketing programme. It is also an interactive process, so that the draft output of each stage is checked to see what impact it has on the earlier stages - and is amended.

MARKETING PLANNING AIMS & OBJECTIVES. : 

MARKETING PLANNING AIMS & OBJECTIVES. Abell suggested that the definition should cover three dimensions: 'customer groups' to be served, 'customer needs' to be served, and 'technologies' to be utilized. Thus, the definition of IBM's `corporate mission' in the 1940s might well have been: `We are in the business of handling accounting information [customer need] for the larger US organizations [customer group] by means of punched cards [technology].' Portfolio planning: In addition, the coordinated planning of the individual products and services can contribute towards the balanced portfolio. '80:20 rule: To achieve the maximum impact, the marketing plan must be clear, concise and simple. It needs to concentrate on the 20 per cent of products or services, and on the 20 per cent of customers, which will account for 80 per cent of the volume and 80 per cent of the `profit'. '7 Ps': Product, Place, Price and Promotion, Physical Environment, People, Process. The 7 Ps can sometimes divert attention from the customer, but the framework they offer can be very useful in building the action plans. The marketing objectives state just where the company intends to be; at some specific time in the future. James Quinn succinctly defined objectives in general as: "Goals (or objectives) state 'what' is to be achieved and 'when' results are to be accomplished, but they do not state 'how' the results are to be achieved".

DETAILED PLANS & PROGRAMMES. : 

DETAILED PLANS & PROGRAMMES. You will need to develop your overall marketing strategies into detailed plans and programmes. Although these detailed plans may cover each of the 7 Ps, the focus will vary, depending upon your organization's specific strategies. A product-oriented company will focus its plans for the 7 Ps around each of its products. A market or geographically oriented company will concentrate on each market or geographical area. Each will base its plans upon the detailed needs of its customers, and on the strategies chosen to satisfy these needs. These detailed marketing programmes are the most important, practical outcome of the whole planning process. These plans should therefore be: Clear - They should be an unambiguous statement of 'exactly' what is to be done. Quantified - The predicted outcome of each activity should be, as far as possible, quantified; so that its performance can be monitored. Focused - The temptation to proliferate activities beyond the numbers which can be realistically controlled should be avoided. The 80:20 Rule applies in this context too. Realistic - They should be achievable. Agreed - Those who are to implement them should be committed to them, and agree that they are achievable.

7P’S OF MARKETING PLAN UNLOCKED. : 

7P’S OF MARKETING PLAN UNLOCKED. Price- The amount of money needed to buy products. Product- The actual product. Promotion (advertising)- Getting the product known. Placement- Where the product is located. People- Represent the business. Physical environment- The ambience, mood, or tone of the environment. 7. Process- How do people obtain your product. In principle, these strategies describe how the objectives will be achieved. The 7 Ps are a useful framework for deciding how the company's resources will be manipulated (strategically) to achieve the objectives. It should be noted, however, that they are not the only framework, and may divert attention from the real issues. The focus of the strategies must be the objectives to be achieved - not the process of planning itself. Only if it fits the needs of these objectives should you choose, as we have done, to use the framework of the 7 Ps.

TOP 10 TIPS TO GROW A SMALL BUSINESS : 

TOP 10 TIPS TO GROW A SMALL BUSINESS 1. Create a brochure for your business. Include testimonials from customers and focus on your unique and special expertise. 2. Publish a newsletter. Many people will toss out the fliers or advertisements but will take a moment to read an interesting newsletter. 3. Develop a Web site and get an e-mail address. The latest research indicates that billions of dollars will be spent on-line this year. 4. Attend trade shows or exhibits related to your industry, product or business. Bring along your brochures, sales fliers and newsletters. 5. Join and participate in community business groups such as your local chamber of commerce. 6. Write articles for magazines and newspapers. Each time your articles are published, you gain credibility and visibility. 7. Set up a "take-one" box in your place of business. Put your fliers, brochures, newsletters in an open box with a sign that says "Take One". 8. Develop a "small town" marketing approach. Send out congratulatory notes for weddings, graduations, and birthdays. 9. Ask your customers for referrals. Put your customers to work advertising for you! 10. Send out press releases when you introduce new products or services.

CONTENT OF MARKETING PLAN. : 

CONTENT OF MARKETING PLAN. Executive Summary. Situational Analysis. Opportunities / Issue Analysis. Objectives. Strategy. Action Programme (the operational marketing plan itself for the period under review). Financial Forecast. Controls.

MEASUREMENT OF PROGRESS. : 

MEASUREMENT OF PROGRESS. The final stage of any marketing planning process is to establish targets (or standards) so that progress can be monitored. Accordingly, it is important to put both quantities and timescales into the marketing objectives (for example, to capture 20 per cent by value of the market within two years) and into the corresponding strategies. It includes: Performance Analysis. Sales Analysis. Market Share Analysis. Expense Analysis. Finance Analysis.

CONCLUSION. : 

CONCLUSION. Marketing is acknowledged to be the most challenging activity for any company. The increasing complexity of markets and the speed of change means that a shotgun approach will not be effective. The rifle approach involved in targeting a Market Niche ensures that the best possible impact will be achieved.