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Chapter 2 Developing a Marketing Plan

Chapter 2 Developing a Marketing Plan. Convention Management and Service Seventh Edition (478CSB). Competencies for Developing a Marketing Plan. Distinguish sales from marketing and describe the "four Ps" of marketing.

angela-gillespie
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Chapter 2 Developing a Marketing Plan

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  1. Chapter 2 Developing a Marketing Plan Convention Management and ServiceSeventh Edition (478CSB)

  2. Competencies forDeveloping a Marketing Plan • Distinguish sales from marketing and describe the "four Ps" of marketing. • Explain the importance of a marketing plan, list the four steps of a marketing plan, and describe how marketers conduct market research. • Describe how marketers select target markets, position their properties, establish objectives and action plans, review and monitor their marketing plans, and put their marketing plans into action.

  3. The Four Ps of the Marketing Mix • Product • Place • Promotion • Price

  4. Four Steps of a Marketing Plan • Conducting market research • Selecting target markets and positioning your property • Establishing objectives and action plans • Reviewing and monitoring the marketing plan

  5. The Three Types of Market Research • Property analysis • Competition analysis • Marketplace analysis

  6. Property Analysis • Appraisal of what the property has to offer • Should be objective (use input from various sources) • Include both exterior and interior • Include location, reputation, and quality of service • Conduct analysis from the viewpoint of the meeting planner • Assess the property’s current market position; look into its sales history, guest files, and operating statistics

  7. Competition Analysis Answers three questions: • Who are your competitors? • What are their strengths and weaknesses? • How do their strengths and weaknesses compare with those of your property? Other tips • Should be conducted quarterly • Can identify profitable markets your property does not currently serve

  8. Marketplace Analysis • Research on the market environment and the property’s position in that environment • Also known as “situation analysis” • Identifies factors in the marketplace that can affect the operation • Could include population growth, economy, and attractions • Identifies both opportunities and problems

  9. Sections of an Action Plan • Description of market segments/types of business to be solicited • Description of target customers • Rates and special promotions • Specific objectives • Action steps • Budget

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