he marketing planning process consist of the following components:
this is an overview of the plan, it highlights the main points of the marketing plan and describes the targeted good or service, it
includes only the most critical points, and leaves out less critical issues and factors it is a solid description of the targeted market and defines the main objectives, the executive summary also gives an overview of funding and current competitors as well as competitive advantage and growth potential, it helps to determine priorities, what is most important to least important what products to develop, finding good locations and creating good strategies and partnerships, it help to tighten business concepts and gives everyone a clear vision for moving forward.
A situational analysis analyzes the current position of the company and examines the internal and external factors that affects and influences the future of the business. it is an overview of the organization that helps to give a better understanding and realistic assessment of the business whilst also targeting objectives, it defines growth, potential customers and competitors. a SWOT is often used to determine the strengths and weaknesses of the internal environment and opportunities and threats of the external environment. internally it looks at the team members, the efficiency of operations, the overall capacity, resources and the structure of the organization amongst other factors while externally it looks at market trends customers and partnerships, new technologies, suppliers, and the economic environment as well as other outside factors. it looks at what can benefit the business and also what can put the business at risk.
“an objective should refer to the fundamental purposes of the enterprise such that if it fails to achieve it, it can be said to have failed as an organization” (gordon f. foxall ) (strategic marketing planning)
marketing objectives determine what an organization wants to achieve and how to achieve it, it is a detailed process of smaller goals set by the business to achieve the organizations overall objective within a specific time frame.
“A marketing strategy is a fundamental pattern of present and planned objectives, resource deployments, and interactions of an organization with markets, competitors and other environmental factors.” (pg 2) (svend hollensen, marketing management a relationship approach)
a marketing strategy explains the goals set out by the organization
and consist of what as to be done in order to achieve those goals, it has a longer lifespan than that of a marketing plan and contain the value proposition for the company which gives an outline of why a customer should use a product or service.
Budgeting and financial forecasts
Budgeting deals with the financial aspects of the marketing plan and uses estimation to measure the expectation of revenue it creates a starting point for comparing and determining performance results and how they differ, it includes assessment of sales, cash flow and start up cost and break even points as well pg (538)
(svend hollensen, marketing management a relationship approach)
financial forecasting is used to estimate the companies future outcome and can give a more accurate result of the amount of revenues that will be achieved, it examines the historical data of the company and helps to predict end results that are based on financial data, it also helps the company to decide how to distribute future budgets and can be updated frequently depending on changes made in profits, losses or the marketing plan.
Evaluation and controls”
evaluation and control deals with monitoring the progress of the marketing plan and seeing the effectiveness of strategies chosen and how well they contribute to achieving organizational objectives while also making any necessary corrective adjustments in the process. it is keeping track of numbers, customer and partner responses as well as competitor retaliation to see how they change over time, this is a good and early indicator of how well the marketing plan is doing.
The Tall Tree cereal company is an american based company established in 2011, now serving to retailers throughout the us ,the company has worked hard to maintain a good brand image, now well established they are aiming to creating a new breakfast cereal called fibre nut crunch and is planning to extend internationally in order to reach more people, expand the business and gain higher profit margins.
so far, the company has 3 types of cereals that are well known in the US
crispy apple crunch
and frosted cluster flakes, which are all popular amongst children and young adults
the aim moving forward is to create an all natural cereal with more health benefits keeping in mind the older generation as well and what they look for in a cereal and will be called fibre nut crunch,
this new product will be available in the us but will also be used as a stepping stone into the international market
Applying marketing orientation to the tall tree cereal company will be greatly beneficial as we can more effectively meet the needs of our customers. being ahead of
opportunities before our competitors by always being on the lookout for new up and coming trends to use to our advantage, existing products and services can be modified and new ideas can be formed from this, it is also a great way to find solutions for new customer problems that may emerge. Being ahead of competitors can give competitive advantage and build up a loyal customer base. by aim to view each customer as an individual while recognizing there differences in wants and needs, will also help to improve the chances of customers returning, find out their level of satisfaction will further improve these chances as customers will respond positively and will appreciate the fact that owners want to improve service to better meet their needs. Focusing on production the company can develop better products that are more suited for the needs of our customers, by doing this there is more satisfactory from customers which will increase the chances of repeat purchases and create loyalty from customers as well. Overtime, the company can then make adjustments and by looking to the market to keep up with consistency in what people want, can not only lead to upgrades and product improvement but also long term profitability. your essay
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