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Advertising and Promotion

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Advertising and Promotion (MKT621)
VU
Lesson 28
MARKETING PLAN
OVERVIEW
This lecture will apprise the students regarding the methods to make a successful marketing
plan. This will cover various avenues of marketing plan different required analyses identify
various situations and their elements. The marketing goals and objectives will be explained and
in this aspect marketing and financial objectives will be discussed and explained.
HOW TO MAKE A SUCCESSFUL MARKETING PLAN:
The key component of a business plan and required advertising strategy demands a marketing
plan. Every business large or small can only be successful with a good marketing plan which
summarizes the who, what, where, when and how much questions of company marketing and
sales activities for the planning year. Following are the questions which need answers.
1. Who are our target buyers?
2. What unique position do we have in the market?
3. Where will we implement our marketing spending plans?
4. When will market spending plans occur?
5. How much sales, spending & profits will we achieve?
It is the marketing plan that details on the basis of the questions above as to who are your
buyers and what is the position of your company and then in a marketing plan where in it has to
be determine when expenditures will be made, what level of sales will be achieved and how
and when advertising and promotional expenditures will be made. From here onwards
discussed below are the major elements of a marketing plan.
a.
Situational Analysis:
The primary purpose of situational analysis in a marketing plan is to describe what is
happening in the markets in which the company competes and the company's product and
distribution trends. In this perspective following are the questions to be tackled.
1. What is happening in the markets where company competes?
2.  What are the company's products & distribution trends?
3. What are the product trends & your company's distribution channels description?
b.
Macro ­ Environment Situation:
Macro ­ Environment Situation provides only relevant information about macro-environmental
trends that might affect your business.
1. DEMOGRAPHICS: Generally the need of the people are taken into consideration by age,
gender and other factors who spend more on various entertainments vacations recreations
etc.
2. ECONOMIC/BUSINESS CONDITIONS: In a situation of inflation money is more
expensive to borrow; people tend to buy less because of government tariffs etc.
3. TECHNOLOGICAL: In many cases innovations cause the change or wiping out of
industries and businesses in less than a year e.g. the popularity and convenience of CD
players and now Digital Format Audio Devices almost eliminated the sale of record players
and seriously depressed the manufacturer and the sale of vinyl records.
4. POLITICAL & LEGAL: Health care and special provision / legislations affect all business
large or small such as many new restaurants in basements must have an elevator for
handicap employees and or even for customers.
5. SOCIAL & CULTURAL: Various social and cultural attributes cause the marketing trends
to change rapidly and thereby causing the marketing plans to be adjusted accordingly.
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Advertising and Promotion (MKT621)
VU
c.
Market Situation:
The study of marketing situation provides information on the size, growth and trends of the
overall market and any relevant segments of the total market or category in this context
following essential elements should be carefully study and taken into consideration
1. Past, present & future market trends.
2. Company sales & share in market.
3. Increased marketing spending by competitors.
d.
Competitive Situation:
Competitive Situations provides information about key competitors on the basis of following
factors.
1. Description of key competitors & their market positioning.
2. Size of key competitors in units. (Currency)
3. Market share of key competitors.
4. Sales trends of key competitors.
5. Strengths & weaknesses of key competitors as compared to your company.
6. Perceived marketing strategies of key competitors & their probable impact on your
company.
e.
Target buyer or end user situation:
Target buyer or end user situation provides actionable information on selling to target buyers &
stimulating purchases or usage by ultimate users. Key questions to be answered in this regard
include the following.
1. Description of target buyers.
2. Target buyer's wants, needs, attitudes & perception of category products & services.
3. Location of target buyers/end users & how to reach them.
4. Which segments of total market or category are growing or declining & why.
f.
Product Situation:
The product situation analysis provides information about the company on the following.
1. Sales.
2. Profit.
3. Product trends.
4. Cost of goods history. (5 years)
5. Marketing spending history (5years of advertising , promotion, PR spending)
6. Distribution trends & developments.
7. Description of Sales organization.
g.
Distribution Situation:
Distribution Situation provides information about each distribution channel & its relative
importance to company in terms of
1. Percent of Company Sales.
2. Company volume.
3. Cost to distribute products & services.
4. Growth potential.
5. Competitive status.
h.
Marketing Goals & Objectives:
This component of marketing plan outlines major company goals, marketing & financial
objectives. Major company goals could be short term as well long term e.g.
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Advertising and Promotion (MKT621)
VU
Marketing Objectives:
1. Company definition (e.g. manufacturers of 100 % all-natural snack food products)
2. Market definition (e.g. to attain leadership in market share & volume for the
healthy, all natural snack segment of salty snacks category)
3. Technology ( e.g. to become known in the industry as the leading developers of new
vegetable protein products)
Financial Objectives:
The financial objectives are generally described in quantitative terms for at least three years
in the future.
1. Gross Sales. ( Increase)
2. Cost of goods. (Decrease)
3. Gross Margin (Increase)
4. Net Income (Increase)
5. Return on investment.
6. Return on income.
Business which seeks outside funding and capital should provide a minimum of five years
of projected incomes although these are usually located in the financial section of the
business plan rather than the marketing section. Marketing objectives are quantitative
translations of the company's financial objectives in marketing terms e.g.
1. Sales. (Value-Money)
2. Sales Units.
3. Market share.
4. Distribution Channels.
5. Advertising awareness.
6. Key account distribution.
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Table of Contents:
  1. INTRODUCTION TO ADVERTISING:Its growing importance, Explanation of Personal and non-personal selling
  2. INTRODUCTION TO ADVERTISING:ADVANTAGES, Communication, Information, Various Media
  3. INTRODUCTION TO ADVERTISING:FUNCTIONS OF ADVERTISING, IMPACT OF ADVERTISING
  4. ADVERTISING AND SOCIETY:PRACTICAL BENEFITS, ETHICS IN ADVERTISING, Marketplace & Market space
  5. MARKETING TOOLS:COMPONENTS OF MARKETING MIX, PRODUCT LIFE CYCLE (PLC) CURVE
  6. MARKETING TOOLS:SWOT Analysis, Contents & Structure, ROLE & FUNCTION OF ADVERTISING
  7. ROLE AND FUNCTIONS OF ADVERTISING:Structure of an Advertising Agency, How to Select an Advertising Agency
  8. ADVERTISING PLANNING:ADVERTISING OBJECTIVES, Types of Advertising, Positioning Strategies
  9. POSITIONING:BRANDING, 7 Steps of Creative Process, UNIVERSAL ADVERTISING STANDARDS
  10. ADVERTISING MESSAGE:Message Content, BASIC TERMS & CONCEPTS
  11. ADVERTISING BUDGET:4 Methods to determine, ADVERTISING RESEARCH, ADVERTISING RESEARCH
  12. ADVERTISING REACH:BROAD COMMUNICATION OBJECTIVES, ADVERTISING COPY METHODS, MEDIA RESEARCH
  13. PRE – PLACEMENT EVALUATION:ACCOUNT PLANNING, MARKET, COMPETITION
  14. WORKING OF ADVERTISING:12 Steps to develop effective campaign, SOURCE or THE ADVERTISER
  15. ADVERTISING RESPONSE HIERARCHY MODELS:AIDA MODEL, PROCESS REQUIRED TO GET BIG IDEA
  16. PROBLEM SOLVING STRATEGIES:Procedure to Handle Problems, In brief, Eight principles apply to consumer behavior
  17. CONSUMER BEHAVIOUR:ADVERTISING APEALS, MEDIA MIX DECISIONS, Target Rating Point (TRP)
  18. CREATIVITY IN ADVERTISING:Three aspects are most accepted, Four Rules of Creativity
  19. COPY WRITER:CHARACTERISTICS OF COPYWRITER, IMPORTANCE OF LANGUAGE
  20. WHY ADVERTISING:Advertising & Market Education, ADVERTISEMENT CAMPAIGNS
  21. METHODS TO APPRECIATE A PROBLEM:SPONSORSHIP—an important tool, Special Characteristics
  22. IMPORTANT TOOL OF ADVERTISING:TELEVISION ADVERTISING, TRANSIT ADVERTISING
  23. ONLINE ADVERTISING:Banners, Logos, Email Ads, Keywords on Search Engines, New Developments
  24. ONLINE ADVERTISING:Structural Challenges, Adobe Photoshop, JAVA, HTML, DHTML, ASP & JSP
  25. SALES PROMOTION:Consumer Oriented Promotion, HOW TO USE TRADE PROMOTION, Dealing with the Trade
  26. PUBLICITY:PERSONAL SELLING, ROLE OF SALES PERSON, FUTURE OF GLOBAL ADVERTISING
  27. MARKETING ENVIRONMENT:Competitors, The Target Buyer, Segmenting your Market, FUTURE OF MARKET GROWTH
  28. MARKETING PLAN:Situational Analysis, Macro – Environment Situation, Marketing Objectives, Financial Objectives
  29. MARKETING PLAN:PROMOTING BUSINESS IN LOW COST, SUPPLY CHAIN, BUYER IDENTIFICATION
  30. HOW TO BE GOOD CLIENTS:CHANNEL BUYERS, HOW TO BE GOOD CLIENTS 14 RULES
  31. CLIENT – AGENCY RELATIONSHIP:HOW TO KEEP CLIENTS (10 Ways), Three Points for Consideration
  32. CLIENT – AGENCY RELATIONSHIP:ADVERTISING WITHOUT AN AGENCY, LOGO AND CORPORATE IDENTITY
  33. NEWSPAPER ADVERTISING:AD PRODUCTION,TYPES OF NEWSPAPER ADS, CIRCULATION
  34. OTHER ADVERTISING MEDIUM:HOW TO USE MAGAZINES, HOW TO USE RADIO, Daypart buying options
  35. UTILITY OF VARIOUS MEDIA:TAPE OR FILM, UTILITY OF TV, DIRECT MAIL PACKAGE
  36. OTHER ADVERTISING MEDIA:POINT OF PURCHASE (POP), TRANSIT ADVERTISING, LIMITS OF ADVERTISING
  37. CONTINUOUS TRACKING:PLANNING CAMPAIGN, HOW TO UNDERSTAND ADS, ASK BASIC QUESTIONS
  38. SEASONAL ADVERTISING:MAXIMIZING IMPACT, THE WEB ADVERTISING, MEASURING ADVERTISING
  39. COMPONENTS OF ADVERTISING:BUY - OLOGY OF MIND, BUY - OLOGY OF MIND
  40. CRITICISM ON ADVERTISING:SHOULD ADVERTISING BE ABOLISHED,
  41. EFFECT OF ADVERTISING:HOW TO PROMPT AWARENESS, CREATING DESIGN THAT SELLS
  42. CREATING EFFECTIVE DESIGN:LANGUAGE OF TYPOGRAPHY, HEADLINES THAT COMMUNICATE
  43. WORKSHEETS:DEMOGRAPHICS OF YOUR TARGET, YOUR COMPETITOR
  44. GLOSSARY OF ADVERTISING:ACCOUNT EXECUTIVE, PROOF, VOICE OVER
  45. CONCEPT OF AN AD:HOW TO DEVELOP A CONCEPT OF AN AD