Chapter 19Next Years Marketing Plan.ppt

Chapter 19Next Year’s Marketing Plan The marketing department should operate with direction and be proactive. A new marketing plan must be written each year. A marketing plan serves several purposes within any hospitality company: Provides a road map for all marketing activities of the firm for the next year Ensures that marketing activities are in agreement with the corporate strategic plan Forces marketing managers to review and think through objectively all steps in the marketing process Assists in the budgeting process to match resources with marketing objectives Creates a process to monitor actual against expected results. A Marketing Plan I. Executive summary II.? Corporate connection III.? Environmental analysis and forecasting IV.? Segmentation and targeting V.? Next year’s objectives and quotas, VI.? Action plans: strategies and tactics VII.? Resources needed to support strategies and meet objectives, VIII.? Marketing control IX.? Presenting and selling the plan, X.? Preparing for the future Executive Summary Overview of the entire plan, including a description of the product or service, the differential advantage, the required investment, and anticipated sales and profits. Table of Contents Corporate Connection A marketing plan is not a stand-alone tool. It must be linked to the firm’s strategic plan and supported by the other functional areas. Environmental Analysis and Forecasting Major environmental factors: Social Political Economic trends Competitive Analysis Market Trends Market Potential Market Research Segmenting and Targeting Describe your target market segment in detail by using demographics, psychographic, geographic, life-style, or whatever segmentation is appropriate. Why is this your target market. How large is it? (Size may be described by both geographic dimensions and actual numbers). Next Year’s Objectives and Quotas Give the overall marketing goals of the firm. State precisely the marketing objectives