Philosophy of Business Marketing
Dr P F Mario
Mario’s Philosophy of Marketing • “Find out what people need, want and demand and give it to them”. Mario’s key business Philosophy • “KISS – Keep It Simple Stupid”
Marketing Plan Structure - A Sample (slides 3 to 19)
(source: P. Quester et al 2007) Dr P F Mario
• Using an appropriate structure increases
your chances that key issues in a marketing plan will be addressed • No specific structure is best for all situations • Following framework should be useful for those who lack experience in marketing plans
1. Executive summary
marketing plan • Attend to it last
Dr P F Mario
• Single page synopsis of the main points of
2. Introduction and situation analysis
Dr P F Mario
Details of • Company background • Environments and competition • Current distribution methods • Any existing market research findings Example – new restaurant in heart of Suva
3. Segmenting and targeting (step
three of annex “F” –re. slide 10)
some segments as targets - established
Dr P F Mario
• The segmentation of the market and strategic choice of
• The “product or service” should be seen as a potential
need-satisfying item from the consumer’s perspective
• Identify the main benefit delivered by the product or •
service and the segment(s) of the population most likely to benefit analysed Market research can be utilised to detail the segment(s) at which marketing plan will be aimed or targeted
Example – concluded CBD Suva needs a new restaurant.
Market Segmentation Overview
(source: P.Quester et al 2007)
prepared by Dr P F Mario
Steps 1 & 2
Step 3 &4
Steps 5 & 6
7-tactics
8-5
Steps in Segmenting and Targeting Markets
(source: P.Quester et al 2007) prepared by Dr P F Mario
5-strategic options 6-selected strategy 7-Tactical elements-marketing mix
8 - 14
4. Company objectives and goals
(“MBO” -Kotler chap 2 page 53)
Dr P Mario
• In this section one outlines company’s Mission
•
• •
and all company goals and objectives. An achievable , specific and measurable statement of what the company expects to achieve over the duration of the planning period. Allows managers and staff to understand the key objectives of the marketing plan. This section is vital for the overall effectiveness of the plan – yet seldom given the attention it deserves
Company objectives and goals – cont..
(“MBO” -Kotler chap 2 slide 30-31)
Dr P Mario
Setting objectives is an important step managers should ensure that their objectives are SMART. Objectives must be 1. “s”pecific, 2. “m”easureable, 3. “a”chievalble, 4. “r”ealistic, 5. “t”ime-bound
Company objectives and goals – cont..
(“MBO” -Kotler chap 2 slide 30-31)
Dr P Mario
Example: New Restaurant in CBD Suva. The financial goal for say a new restaurant marketing plan in Suva could be to as simple as – “breaking even within the first 6 months”. The marketing objectives would be on following lines (MBO):(1) Serve 10-20 meals each 4 nights p/week (2) Serve 20-40 meals each 2 nights p/week (3) Welcome special quests for dinner weekly (4) Provide 100% satisfaction per meal
Manage by objectives and goals
(MBO) -Kotler chap 2 slides 30-31
Dr. P Mario
Goal : Breakeven within 6 months (New Suva Restaurant)
--------------------------------------------------Objective Strategy Budget Time Line Responsible KPIs
Annex F
Situation analysis: marketing environment (SWOT) (Chaps 1-3 & 5) Step 1
Conducting Marketing Research and Forecasting Demand (Chap 4) Step 2
Segmentation (Chap 8 - Kotler) (4.1)Analysing consumer
markets (Chap 6) Sample: Framework (4.2) Analysing business Markets (Chap 7) Step 3
Step 4
Marketing Strategy
Marketing-mix
(5) Strategic options & (6) Selected strategy
Step 5 Promotion Strategy (5.4)
Product or service Strategy (5.1)
Pricing Strategy (5.2)
Place or positioning
Strategy (5.3)
Chaps 9-13 & 20
Chaps 14
Chap 15 & 16
Chaps 17-19
Feedback
Implementation & Control (Chap 22)
Step 6
NB: Above chap numbers re. to Kotler’s - Dr P Mario- May 09- Suva - Fiji
5. Strategic options
Dr P F Mario
• Analysis of possible strategic choices within
selected target markets Example: Take the new restaurant CBD Suva – at this point, based on a market research, majority of restaurants in Suva serve European, Chinese or Indian food. • So the strategic options are? – European, Chinese, Indian Cuisine or something different! • Different (Kotler: differentiating positioning) the chosen strategic option…provide…..? Thai food?
6. Selected strategy
intends to reach its objectives
Dr P F Mario
• A broad description of how the company
Example: the selected strategy is therefore
“A Thai Restaurant in the heart of Suva”.
(See marketing plan framework annex “F”)
7. Tactics : tactical elements – the marketing mix
Dr P F Mario
• Details of operational decisions that allow
the implementation of the selected strategy (“A Thai Restaurant in the heart of Suva”.) • Key tactical elements of the marketing plan might be depicted in some form of planning chart to provide a simple overview of the overall plan (refer next slides 16 and 17)
Marketing strategy planning = Finding opportunities and developing profitable marketing strategies
(source: P.Quester et al 2007) prepared by Dr P F Mario
Marketing strategy
TARGET MARKET
A similar group of customers to whom a company wants to appeal
+
MARKETING MIX Product
Price Place Promotion/People
(7) Tactics: Relating strategy policies to operational decisions
Dr P F Mario
Mktg/Mix
Product Place
Strategy Policies
Maintain Thai unique taste
Likely Operational Decisions
Thai spices must be imported
Est. Restaurant Ground Floor New FNPF Tapoos Building CBD, New Building Use Radio, TV, Newspaper Ads
People/ Promotion Promote the taste, benefits of traditional Thai food
Price
Maintain a “premium” price but offer discounts initially
Offer short term price introductory “deals”
8. Budget
Dr P F Mario
• A costing of all strategic and operational
decisions within the planning period plus schedule of expenses • MBA Purposes - put estimates hypothetical figures – show an initial loss, then growth and profits – be realistic
9. Audit and control procedures
Dr P F Mario
• Performance evaluation activities to be
undertaken during and after the planning period
Conclusion
• Any Questions?
• Thank you • Tagio Tumas • Vinaka vakalevu • Dhaniyawad