Marketing Plan & 8P

Difference between Tactical and Strategic Marketing Planning

Tactical = short-term marketing

planning for two years or less. Strategic = long-term marketing planning for up to three to five years in the future.

Eight Requirements for an Effective Marketing Plan

1. 2. 3. 4. 5. 6. 7. 8. Fact-based Organized and coordinated Programmed Budgeted Flexible Controllable Internally consistent and interrelated Clear and simple

Benefits of Having a Marketing Plan

1. 2. 3. 4. 5.

Activities matched with target markets. Consistency of objectives and targetmarket priorities. Common terms of reference. Assistance in measuring marketing success. Continuity in long-term planning.

Contents of a Marketing Plan

A written plan of action used to guide an organizations marketing activities for a period of a year or less.
Three parts:
1. Executive Summary 2. Marketing Plan Rationale 3. Implementation Plan

A Systematic, Five-Step Approach for Marketing Hospitality and Travel Organizations

1. Where are we now? 2. Where would we like to be? 3. How do we get there? 4. How do we make sure we get there? 5. How do we know if we got there?

Contents of a Marketing Plan Marketing Plan Rationale

Situation analysis highlights:

Where are we now?

Selected marketing strategy:

Where would we like to be?

Contents of a Marketing Plan Implementation Plan

Activities plan Marketing budget

How do we get there?

Control procedures

How do we make sure we get there?

Evaluation procedures

How do we know if we got there?

Approaches to Developing Marketing Budgets

1. 2.

Historical or arbitrary budgeting Rule-of-thumb budgeting

3.
4.

Competitive budgeting
Objective-and-task budgeting (recommended approach)

Steps in Preparing a Marketing Plan

1. Prepare the Marketing Plan Rationale Review and summarize:
Situation analysis Marketing research studies Market segmentation Segmentation approach and bases Target-market selection Marketing strategy Positioning approaches Marketing mixes Marketing objectives

Steps in Preparing a Marketing Plan

2. Develop a Detailed Implementation Plan Design and specify:

3. Write the Executive Summary

Activities by marketing-mix element for target markets Responsibilities (internal and external) Timetable and activity schedule Budget and contingency fund Expected results Measurements Progress reporting procedures Performance standards Evaluation timetable

The 8Ps of Hospitality and Travel Marketing

Traditional

Product Price Place Promotion

Additional Packaging Programming People Partnership

Marketing Plan Development Process

Situation Analysis & Research Results

Example of an organization with three target markets

Marketing Strategy & Target Market Selection Target Market 3 Positioning Objectives Marketing Mix (8Ps)

Target Market 1 Positioning Objectives Marketing Mix (8Ps)

Target Market 2 Positioning Objectives Marketing Mix (8Ps)

Marketing Plan