2 Marketing Objectives

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Chapter 2 out of 4 Marketing Objectives 1

Marketing Plan NOW

danny abramovich

Marketing ObjectivesChapter Two

www.MarketingPlanNOW.com
http://www.marketingplannow.com/http://www.marketingplannow.com/http://www.marketingplannow.com/


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Chapter 2 out of 4 Marketing Objectives 22. Tourism Intro

2. Marketing strategic planning & objectives


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Strategic planning is an organization's process ofdefining its strategy and making decisions on allocatingits resources to pursue this strategy. Resources caninclude people (HR), capital assets, know-how, etc.

Marketing strategic planning leans on most of the

marketing analytical tools we have covered in theprevious chapter.

In a practical way, we are going to

transform the analytical findingsfrom the past year into marketingobjectives for next year.


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2.6

2.5

2.4

2.3

2.2

2.1

Sales forecastSources of info (research)1.8*

Perceptual gapsPositioning1.7

SWOT-driven objectivesSWOT analysis1.6

Desired marketing-mixMarketing-mix1.5

Desired segmentationSegmentation1.4

Competitive analysis1.3

Market analysis1.2

Marketing strategic

planning

Environmental analysis1.1

Next years objectivesPast year analysis

*Comment: the only section in chapter ONE that does not transforminto an objective in chapter TWO is 1.8




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2.1 Marketing strategic planning

2.1


Market analysis1.2

Marketing strategic

planning



A matrix called Product- Market Growth Matrix, knownmore as Ansoff Matrix (Igor Ansoff, 1957) is a basictool to clarify what is marketing strategic planning and

how to use it.

The background considerations of this model are to

do with the following analysis: Business environment,market & competition.


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Ansoff Matrix proposes four strategies betweenoffer (products) and demand (markets) with somerecommended paths for a controlled development.

The matrix interrelates between products andmarket demand showing the way of developing a

business via existing or new products, inexisting or new markets.

The model demonstrates the importance ofsetting priorities when conducting transitions

between one strategy to another.

Comment: the term products also representservices or ideas



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Ansoff matrix, introduction

theobviousstrategy

products/ services

Penetration

strategy

existing XexistingY

markets

First phase in everybusiness - promotingfirst X products to firstY consumers asmuch as possible byenhancing retention/loyalty often bydeveloping standardsand direct marketing


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thechoice ofstrategies

products/ services

Marketdevelopment

strategy

Productdevelopment

strategy

Penetrationstrategy

new X+existing X

markets

Recommended secondphase by developing new

products (X+1) and/or newcustomers (Y+1) on top of theexisting offer & demand

e

xistingY

new

Y+



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thematurestrategy

products/ services

Diversification

strategy

Marketdevelopment

strategy

Productdevelopment

strategy

Penetrationstrategy

new X+existing X

markets

Following theintermediatestrategies, it is

only thenrecommendedto shift into amore mature

choice ofmoving intodiversified/peripheralprofit centers

e

xistingY

newY+


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Ansoff matrix - a practical illustration

anexampleof year 1

products/ services

Penetration

strategy

existing 8

markets

An example of a

restaurant that haslaunch its operationsduring this year, has abasic menu of 8 dishesand a loyal customerbase of 150businessmen. The red

circle represents theyearly marketing budget

existing150



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a firstoption inyear 2

products/ services

Marketdevelopment

strategy

Productdevelopment

strategy

Penetrationstrategy

new +4 (total 12)existing 8

markets

A year following its opening,should the restaurant develop4 new menu items to better

serve the existing 150 loyalbusinessmen?

budget

Assumption

+

=

existing150

new


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a secondoption inyear 2

products/ services

Marketdevelopment

strategy

Productdevelopment

strategy

Penetrationstrategy

newexisting 8

markets

A year following its opening,should the restaurant promotethe same menu to reach 75 new

loyal businesswomen?

existing150

new

+75

budget

Assumption

+

=



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Ansoff matrix - a practical illustrationa third

option inyear 2

products/ services

Marketdevelopment

strategy

Productdevelopment

strategy

Penetrationstrategy

new +2 (total 10)existing 8

markets

A year following its opening,should the restaurant develop 2(not 4) new menu items - and in

parallel attract new demand toreach 50 (not 75) new loyalbusinesswomen?

existing150

new

+50

budget

Assumption

+

+

=


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Ansoff matrix - a practical illustrationan

exampleof year 3

products/ services

Diversificationstrategy

Marketdevelopment

strategy

Productdevelopment

strategy

Penetrationstrategy

new +2 servicesexisting 10

markets

In two-years

time, shouldthe restaurantdevelop homedelivery service

and live musicin the evening,2 new services

that areexpected toattract 120 newloyal students?

existing200

new

+120

budget

Assumption

+

+

+

=



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Ansoff matrix

products/ services

Diversificationstrategy

Marketdevelopment

strategy

Productdevelopment

strategy

Penetrationstrategy

newexisting

existing

new

markets


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2.1


Market analysis1.2

Marketing strategic

planning



Formulating one marketing objective such as:

Next year we (restaurant) will develop two new seasonallunch menus, mainly for our existing customers (est. 60% ofresources), and in parallel promote the existing dinner menu &upcoming lunch menus to students (est. 25% of resources).

Furthermore, we will operate a new home delivery service inthe last quarter of next year (est. 15% of efforts).



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M a r k e t i n g

Planning

S t r a t e g i c


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Marketing objectives

After formulating marketing strategic planningand before setting marketing objectives, whatare the standards for a proper objective?

time framerealisticachievablemeasurablespecificchallenging

TRAMSC



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2.2 Desired segmentation

2.2 Desired segmentationSegmentation1.4


Based mainly on the findings of the past year (1.4),

segmenting existing targeted audiences, we canformulate two-three marketing objectives to clarifythe desired segmentation of existing and newsegments:

Next year we will target

C-SMART


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2.3 Desired marketing-mix

2.3 Desired marketing-mixMarketing-mix1.5


Based mainly on the findings of the past year (1.5),

proportional mapping of the mix, we can formulatetwo-three marketing objectives to clarify the mainvariables as per their importance next year:Next year we will emphasize

C-SMART


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2.4 SWOT-driven objectives

2.4 SWOT-driven objectivesSWOT analysis1.6


Based on the findings of the past year (1.6), SWOT,

as well as by using TOWS matrix, we can formulateat least four marketing objectives (SO/ST/WO/WT) :Next year we will

C-SMART


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2.5 Perceptual gaps

2.5 Perceptual gapsPositioning1.7


Based on the findings of the past year (1.7),

perceptual maps as perceived by customers &consumers, we can formulate two-three marketingobjectives in order to minimize perceptual gaps:Next year we will highlight

C-SMART


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2.6 Sales forecast

2.6 Sales forecast

Next years objectives

we can transform several bottoms line-indications of

a sales forecast into two-three marketing objectives.The lowest common basis includes a roughestimate of the average price and the units to besold to give us a top of the line revenue figure:Next year our revenue is expected to

C-SMART


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