Download 4.06 Assess marketing strategies to improve return on marketing

4.06 ASSESS MARKETING
STRATEGIES TO IMPROVE
RETURN ON MARKETING
INVESTMENT
Monitor and evaluate performance of marketing plan
INFER THE NEED FOR A MARKETING PLAN.
1. Marketing plan: A proposed course of action including strategic and tactical
objectives that result in the positioning of the company and its products in support of
its overall objectives.
a.Explains how a company is positioned in relation to competitors, the customers’
image of the business, and the perceived value
b.Establishes clear goals and a framework to achieve them
INFER THE NEED FOR A MARKETING PLAN.
• Strategic objectives: Goals that create the environment in which sales efforts can be
successful and that set the stage for carrying out the tactical objectives.
• Tactical objectives: Tangible, measurable tasks that have to be completed to accomplish
the strategic objectives.
ORGANIZE COMPONENTS OF A MARKETING
PLAN.
• Title page
• Table of Contents
• Cover letter
• An overview of the document
• Describes how the plan will impact the business’s productivity and achievement
• Historical background
• Marketing goals and objectives
• Company mission statement
• Sales objectives
• Profit objectives
• Pricing objectives
• Product objectives
ORGANIZE COMPONENTS OF A MARKETING
PLAN.
1. Market analysis
a.
b.
c.
d.
Status of the industry
Competition
Market trends
Market position and desired growth
2. Environmental analysis at both global and local levels
a.
b.
c.
d.
e.
f.
g.
h.
Economic
Political
Technological
Demographic
Social and cultural
Competition – names and descriptions
Zoning
Access to suppliers
ORGANIZE COMPONENTS OF A MARKETING
PLAN.
• Consumer Analysis
• Target market
• Segmentation
• Demographic, social, cultural
• SWOT Analysis
• Strengths
• Weaknesses
• Opportunities
• Threats
ORGANIZE COMPONENTS OF A MARKETING
PLAN.
• Marketing focus
• Product or service
• Place (location of the business and distribution plans)
• Promotion
• Price
• People (management and staff requirements and responsibilities)
• Financial information
• Break-even analysis
• Sales forecast
• Projected expenses
• Graphs and diagrams
MARKETING PLAN EVALUATIONS
• Businesses may evaluate marketing plan performance to see if marketing objectives
are being met.
• A business need to take corrective action if economic conditions change
• Evaluate marketing plan for return on investment.
MONITORING MARKETING PLAN FOR:
• Economic conditions change
• Performance does not meet the established standards.