Dr. Brian Monger
Good Marketing Management is crucial to marketing success. Remember, marketing is more than just running a few ads or posting a few status updates on a social media site. Marketing management includes several different components that come together to make an effective marketing plan. The plan should include an overview, situation analysis, marketing strategy, marketing tactics and, most importantly, a marketing budget.
Marketing Plan Overview
The first step in your marketing project management is to create an overview, or summary, of the entire plan. This overview should be no longer than one page and discuss the main points of the marketing plan. Write the overview last to be sure you don’t miss any important points when writing the summary.
Objectives are measurable goals. The basis for your objectives will likely be in the Business Plan. You develop or translate these into Marketing Objectives.
The situation analysis is the foundation of the marketing plan and is critical to good marketing management. Include any market research and competitive analysis. Details of current market size, projected growth, information about your competitors. Also include an assessment of your business, including strengths and weaknesses (SWOT), and a summary explaining how you will develop Strengths and overcome Weaknesses. Detail likely Opportunities and potential Threats. Be honest and as specific as you can.
Be sure to define your target segment/target market (customers) in detail. The Target Market profile will become the basis for all your marketing strategy. If it is only a few lines long it is not going to very specific or useful. Check out articles on Segmentation and Targetting in the Smartamarketing blog (see details at the end of this article)
The marketing strategy section includes how you plan to achieve the marketing objectives you determined. This section of the project should include the Marketing Mix Strategy – Usually focused on the “four P’s:”
Product – Describe your product (Product includes Services), and be sure to include both features and benefits.
Price – The pricing strategy used to determine the pricing of your Product.
Place – The location where you will sell your Product (including services), distribution channels (physical or on-line).
Promotion – The methods you plan to use to promote your product or service.
Be sure to include how the strategy should be implemented – the marketing tactics that will be used such as advertising, social media, events, Personal Selling and other forms of Promotion.
Include a monthly/weekly schedule (timelines) of events
Complete your marketing plan with a budget created from the costs associated with each section of the plan. Be realistic when creating the budget, using actual costs whenever possible.
Review Regularly – and adjust
Check that you are obtaining the desired results. If not, adjust the plan and budget. Reality needs flexibility
Dr Brian Monger is Executive Director of MAANZ International and an internationally known business consultant with over 45 years of experience assisting both large and small companies with their projects. He is also a highly effective and experienced trainer and educator
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