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Recap and Review

Recap and Review. Business 1201, Fall 2006 Dr. Katherine Gallagher. Marketing Plans in Successful Companies. Competitors can observe and rapidly imitate So marketing plans must emphasize: Marketing is a dialogue between the company and the customer That the company is listening

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Recap and Review

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  1. Recap and Review Business 1201, Fall 2006 Dr. Katherine Gallagher

  2. Marketing Plans in Successful Companies • Competitors can observe and rapidly imitate • So marketing plans must emphasize: • Marketing is a dialogue between the company and the customer • That the company is listening • Successful marketing plans are interactive • Successful marketing plans are integrated

  3. Essential Components • Organizational goals • Strategy for meeting goals • Implementation and monitoring

  4. Step 1:Describe the Business • Mission • Target market • Products • Image • Strengths • Weaknesses • Objectives

  5. Step 2:Analyze the Situation • Target Markets • What does the customer want? • What are the characteristics of the customer? • What alternatives does your customer have? • Competition • What does each competitor do well/poorly as far as the customer is concerned? • Changes in the marketing environment • What might happen if we do not make any changes to our current strategy? • What might happen if we capitalize on our strengths? • What might happen if our image slips?

  6. Step 3:Marketing Strategy • Position • Consumer perceptions • Relevant dimensions • Relative to competitors • Marketing mix • Product • Price • Distribution • Marketing communications • Measures of success

  7. Step 4:Organizing People • Critical roles, especially re customer contact • People needs: • Positions • Capabilities • Numbers needed • How to gain appropriate skills without increasing costs

  8. Step 5:Revenue and Expense • Project revenue produced by the plan • Explain money needed to deliver the projected return • Prioritize

  9. Step 6:Management Issues • What might or could go wrong? • Long term concerns • Short term concerns • If they go wrong, what will be affected?

  10. Step 7:Sell the Plan • Present the plan to everyone who helped with information and data • Say, show, discuss • Revise • Request review by leaders • Revise • Present to executives

  11. Step 8:Measure/Renew • Key result indicators • Develop measures of things that are critical to customers • Share results • Seek new ideas and input to improve performance

  12. Marketing Courses • Busi 2201 Marketing Applications • Busi 5200 Consumer Behavior • Busi 6200 Marketing Research • Busi 6210 Advertising Management • Busi 6220 Professional Selling & Sales Mgmt • Busi 6230 Services Marketing • Busi 7210 Retailing Management • Busi 7230 Marketing Management • Busi 7240 International Marketing • Busi 7250 Business and Industrial Marketing

  13. That’s All… • Thank you for being such a great class! • Best of luck on your exams!! • Have a safe and happy holiday!!!

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