Page 78 - Marketing Management

DEVELOPING MARKETING STRATEGIES AND PLANS | CHAPTER 2 55

marketing
Memo Marketing Plan Criteria

Here are some questions to ask in evaluating a marketing plan. 3. Is the plan realistic? Are the sales goals, expense budgets, and
milestone dates realistic? Has a frank and honest self-critique been
1. Is the plan simple? Is it easy to understand and act on? Does it conducted to raise possible concerns and objections?
communicate its content clearly and practically?
4. Is the plan complete? Does it include all the necessary elements?
2. Is the plan specific? Are its objectives concrete and measurable? Does Does it have the right breadth and depth?
it include specific actions and activities, each with specific dates of
completion, specific persons responsible, and specific budgets?

Source: Adapted from Tim Berry and Doug Wilson, On Target: The Book on Marketing Plans (Eugene, OR: Palo Alto Software, 2000).

computer simulates possible outcomes and computes a distribution showing the range of pos-
sible rates of returns and their probabilities. 45
• Implementation controls. The last section outlines the controls for monitoring and adjusting
implementation of the plan. Typically, it spells out the goals and budget for each month or
quarter, so management can review each period’s results and take corrective action as needed.
Some organizations include contingency plans.

The Role of Research

To develop innovative products, successful strategies, and action programs, marketers need up-to-date
information about the environment, the competition, and the selected market segments. Often, analy-
sis of internal data is the starting point for assessing the current marketing situation, supplemented by
marketing intelligence and research investigating the overall market, the competition, key issues,
threats, and opportunities. As the plan is put into effect, marketers use research to measure progress
toward objectives and identify areas for improvement.
Finally, marketing research helps marketers learn more about their customers’ requirements,
expectations, perceptions, satisfaction, and loyalty. Thus, the marketing plan should outline what
marketing research will be conducted and when, as well as how the findings will be applied.

The Role of Relationships
Although the marketing plan shows how the company will establish and maintain profitable cus-
tomer relationships, it also affects both internal and external relationships. First, it influences how
marketing personnel work with each other and with other departments to deliver value and satisfy
customers. Second, it affects how the company works with suppliers, distributors, and partners to
achieve the plan’s objectives. Third, it influences the company’s dealings with other stakeholders,
including government regulators, the media, and the community at large. Marketers must consider
all these relationships when developing a marketing plan.

From Marketing Plan to Marketing Action
Most companies create yearly marketing plans. Marketers start planning well in advance of the
implementation date to allow time for marketing research, analysis, management review, and coor-
dination between departments. As each action program begins, they monitor ongoing results,
investigate any deviation from plans, and take corrective steps as needed. Some prepare contin-
gency plans; marketers must be ready to update and adapt marketing plans at any time.
The marketing plan should define how progress toward objectives will be measured. Managers
typically use budgets, schedules, and marketing metrics for monitoring and evaluating results.