mrk 317 ch 4

Chapter 4

Strategic Planning Concepts for Marketing Communications

JEOPARDYThe Corporate

Plan

The Corporate Plan

The Marketing Communications

Plan

Marketing Communications

Planning

The Marketing Plan

The Marketing Plan

The Marketing Plan

The Marketing Communications

Plan

Business Planning ProcessObjective: What is to be achieved

Strategies: How the business will attain their objective

Execution: Specific action plans or tactics based on strategy

Mission StatementMission statement is statement of purpose of company and organization.

http://www.starbucks.ca/about-us/company-information/mission-statement

Corporate Objective

Declared, measurable goals to achieving business aims.

For example: We strive to achieve sales of $40 million in the U.S. market in 2015.

Penetration strategy

Company involves aggressively market current products.

→growing their position, keep their brand name top of mind with consumers.

Question 1 / 100 Points - The Corporate Plan

★ It is the promise of the corporate plan , a testimony of the organaization’s aspirations.

★ Mission Statement

New Product Development Strategy

New product stimulate some growth to the market

Example

Model Change

Brand Extension

Increase Market Share

https://www.pinterest.com/pin/520939881871493726/

Extend products to the Market

Strategic Alliances● Entails a marriage between two or more companies collaborating to achieve common benefits.

● Example: Hewlett Packard and Disney have a long-lasting relationship for nearly a century, dating back to 1938.

Starbucks-united airlines alliance

Acquisition StrategyCompanies help for growing revenue and profits.

Example

August, 2014,Burger King agreed to purchase Tim Hortons

http://globalnews.ca/news/1724238/its-official-tim-hortons-burger-king-become-one/

Divestment Strategy

Contrary to the acquisition strategy, divestment strategy unifies operations by selling assets.

Sell-offs of certain sections within the company.

Question 2 / 100Points - The Corporate Plan

★ It is synonymous with developing earnings and bottom line example?

★ Acquisition Strategy

SWOT Analysis

● SWOT analysis explores the important elements that collides with the nature and order of a marketing strategy.

Strengths

Weaknesses

Opportunities

Threats

PositioningCompany desire customer image in their mind

<Effective Positioning Statement>

・ Realistic

・ Specific

・ Uncomplicated

http://beloved-brands.com/2012/05/06/brand-positioning-statement/

Target Market Profile

Demographic Profile

Psychographic Profile● Personality

● Lifestyle

Geographic ProfileRegion

Density

Climate

Question 3 / 100Points - The Marketing Plan

★ Alludes to the wanted image that an institution wants to invoke in the heads of clients about the institution in its entirety or about solo products selling concept assisting a buy

★ Positioning

Marketing ObjectivesStatement identifying what a product will achieve annually.

⇒Quantitative & Measurable at end of the period

● Sales Volume

● Market Share

● Profit

● Marketing Communications

Marketing Strategies The main plan that helps achieve goals for the marketing objective

Marketing MixMarketing mix is a set of tactics that a company uses to promote its brand/product

Planning document that includes company's background analysis of the:

Market

Product

Competition

Strategies

Tactics

for the following year

Marketing plan

Question 4 / 100Points - The Marketing Plan

★ At this point of the planning process, the aspect and significance of each fundamental of the ________ is identified.

★ Marketing Mix

Financial resourcesIn a marketing plan a budget will be made in the strategy section

Example

Shared Office Space

Marketing TacticsPlans that directly relate to achieving success of the marketing objectives

Media advertising

Sales promotion

Interactive communication

Experiential marketing

Marketing Control and EvaluationEvaluating results of marketing strategies

Making sure objectives and goals are reached

Marketing Communications PlanningA step by step method to make sure intended message is received and understood by audience

Noise (clutter)- competitive advertisements aimed at a specific target market

Question 5 / 100Points - The Marketing Plan

★ It targets definitive details that branch right from the strategy section of the aim

★ Marketing Tactics

ACCAAwareness

Comprehension

Conviction

Action

Advertising in actionTarget market = Young mothers (20-35)

Influenced by internet/social media (e.g mommy blogs ), fast advertisements

Interested in natural/organic products,how product will benefit their children

Need to be emotionally stimulated by advertisements

Question 6 / 100Points - Marketing Communications Planning

★ This marketing communications plan influences consumer behaviour in a variety of ways from introduction to responding.

★ ACCA

A client will prepare….1.A creative brief (if the message is the issue)

or

2.A media brief (if subject is media related)

Example of creative briefs

★Background

★Objectives

★Target

★Strategic insight

★Current preposition

Client brief: Avion

key terms relating to brief

target market profile

objectives

media plan

Marketing communications objectivesWhat are the objectives for achieving the company’s overall goals?

E.g.

Building brand recognition

Obtaining new customers (sales promotions)

What’s the advertising objective of this ad?

Question 7 / 100Points - The Marketing Communications Plan

★ It describes the key factors that definitively narrow down in the sale of the product or service and accomplishing a declared ________.

★ Marketing Communications Objectives

Public Relations

6 key areas:

Corporate public relations

Reputation management

Product publicity

Product placement, product seeding (e.g. creating buzz), and word of mouth marketing Community relations

Fundraising

Public Relations ( Unpaid Publicity )Public relations--Using media to build a strong image of a product or company and increase brand awareness.

★Unpaid third party publicity

E.g.

Media attention in the form of a news story, magazine article. social media contests etc.

http://www.cnet.com/products/apple-iphone-6s/

Publicity stuntAn event designed to attract media attention and public attention.

Media planWhich types of media is the best to reach the target market effectively?

Television, radio, newspapers, or magazines?

Final Question / 100Points - The Marketing Communications Plan

★ This could present an important role in a new product/service or an existing one – to secure free(usually) media attention for the brand.

★ Public Relations