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Stages of the marketing plan
The Marketing Plan requires a methodology…
Stages of the marketing plan
The Marketing Plan requires a methodology to be followed with some precision if we do not want to fall into disarray.
It is important to follow each and every one of the following steps in the order described.
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Marketing Forecast
Demand forecasting is estimating the sales of a product during a certain future period.
Executives first estimate demand across the industry or market and then predict sales of the company's products there.
Demand forecasting gives rise to several kinds of projections.
A sales forecast (or sales projection) consists of estimating your sales in a future period taking into account current conditions (the market, customer behavior, salespeople's performance, etc.) or their possible changes.
The forecast in statistics is the estimate of what is expected to happen with respect to a variable. This, based on a numerical analysis. In other words, the forecast is a way of anticipating what may happen in the future, always using mathematical tools.
Objectives
- General objectives of the marketing plan. 2. Sales objectives by product.
- Objectives by market share.
- Objectives for brand participation.
- Quality objective.
- Objectives on deadlines and times.
- Price targets.
- Margin and cost targets.
- Advertising and promotion objectives.
- Determination of the target audience (Target).
- Sales quotas per vendor, delegation, team...
Strategies
We understand by strategy the way to achieve the objectives. Or what is the same, what are we going to do to reach the proposed goal?
The term strategy comes from military language.
Charles O. Rossoti says that strategy is «The engine that increases the flexibility of the organization to adapt to change and the capacity to reach new and creative opinions»
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Tactics to Use
The tactic is a lower order strategy. Actions to achieve smaller goals in shorter periods of time.
More specific tasks and not as global as strategies would be.
- What should each person do in particular?
- When should you do it?
- How should you do it?
- Who should do it?
- What resources do you have?
- Work planning and tasks
- Technical, economic and human resources
- Organization
Controls to Use
Control procedures must be established that allow us to measure the effectiveness of each of the actions, as well as determine that the scheduled tasks are carried out in the manner, method and time foreseen.
There are three types of control:
- Preventive. They are those that we determine in advance as possible causes of error or delay. They allow to have a corrective action established in the event that it occurs.
- Corrective. They are done when the problem has happened.
- Late. When it's too late to correct. For this reason, we should establish preventive controls for each of the proposed actions.
Feedback
Feedback. As we implement the marketing plan, it may happen that some initial conditions change.
For example, some reaction from the competition, entry into the market of new products, etc.
This implies that we must correct the strategic marketing plan as appropriate.
The strategic marketing plan should not be rigid and immovable. Rather, you must show some flexibility in your application.
It is important to establish a contingency plan for each possible new situation.
Financial planning
The objective of this section focuses on the need to plan the costs and budgets related to the Marketing Plan.
It is necessary to anticipate in advance each and every one of the costs as well as the different budgets that we will assign to each department.
- Advertising and Promotion Costs
- Costs and Sales Income
- Research Costs
- Product Development Costs
- Logistics and Distribution Costs
- Margins and Balance Point
- Budget determination for each Department/Area.