The Marketing Plan (BUS 267)

everybody. That's Ryan and welcome to our lecture series on

the marketing plan.

So the marketing plan is, you know, one of those,

um, core learning objectives for both of my marketing classes

here at CBC and to do like a complete marketing

plan is usually like a 25 to 50 page report

that would include, you know, a lot of research and

a lot of work.

It's really something that's done Well, um, if it's something

that's done well, it's something that takes, like, six months

to 12 months to really perform, So obviously it's not

something doable in one of my class settings.

But what we'll do for for this course is we

will take a look at, you know, um, the different

areas of the marketing plan.

And then kind of like if you were to create

a new product, what are some of the things you

need to consider?

You won't?

Well, I will not have anybody writing out of complete

marketing plan, but just kind of filling in some parts

of a template.

That show, which is, is how a lot of your

projects work, right?

So just showing that you understand what the different parts

of the the marketing plan consists of.

So we'll do a quick overview of kind of what

a marketing plan it is and what it does, what

it's used for, that we'll take a look at the

analytics process because having a marketing plan and then adhering

to that plan are two different things and then can.

So can you put together some analytics that do a

good job in tracing how well you're doing following your

marketing plan and then do you do something about it?

So those are the three areas will look at, and

we should able to get through this into lectures, you

know, in 30 minutes or less pretty easily.

So let's take a look at marketing the marketing plan

and the analytics process.

Uh, we're looking at creating a plan and excess assessing

its success.

We're hoping to learn.

Here is the different elements of marketing and how they

fit together for a marketing plan.

Discuss why marketing analytics are so important for tracking success

and then defining marketing analytics and the different approaches that

you can take.

Um, and the types of metrics to track will go

a little bit light in that area because and I

won't require you to do that for this course.

So a marketing plan just to define it is a

comprehensive strategy, writes that big picture strategy that covers how

the marketing management needs to be done.

How, what the managers like, what the managers need to

manage, what kind of processes they need to put into

place for a specific product or specific service.

Right? So when you're looking at your portfolio of products,

you would take a look at like, Okay, what's the

marketing plan for that product?

What's the marketing plan for this service?

You can also put together a marketing plan for a

business, but, uh but yeah, usually in a larger company,

you're taking a look at a marketing plan for given

product or given service.

Um, so I'm going to zoom in here, but what

I I skipped a whole bunch of potential slides and

decided to just focus on one slide that shows all

the different elements of the marketing plan.

You actually will find this in your case, study in

the resources so it's really helpful there, and you'll use

this same format for your case study Okay, so but

a few words before I zoom in on on this

right? You need to understand.

I think it's important to understand that you can break

down the marketing planet.

Two distinct sections.

It's not, like just a kind of like, Well, here's

the plan, right?

The plan can be broken up into specific sections that

we can look at and say, Okay, well, what about

this? What about this part?

What about that part?

Um, what you'll see is done here that I like

what they did with the marketing plan here.

Is it split up into three different colors, the green

stuff. Then you got the red one in the middle

and then blue at the end.

And before I get into each one individually, the green

stuff is kind of like the analysis of the current

situation. Okay, it's taking a look at where are we

now and then asking the strategic question of where do

we want to be?

Right. Who are we?

What is the situation like that?

We're in?

Um, what do we want to accomplish here?

Right. Those kind of questions are really important.

Um, and then we'll get into the positioning stuff and

positioning super important, right?

It's the strategic analysis that says, Okay, um, you know,

let's take a look at everything in the green area,

right? Everything above it.

And let's, um, put together a tactical plan that follows

that green area.

Right? Well, we spent a whole week talking about position

here at least half of a week, right?

So it's it's taking everything you learn about who you

are and who your customers are, and then putting yourself

there. Okay, so that part is really important.

And then the blue section is where you start to

look at, um, the tactics that you're actually going to

be putting into place, right, the seven ps of marketing

in this case and then kind of like what measures

we can put into place.

So let's take a closer look at it, and I'm

gonna disappear here.

But, um, there's a couple of things that I really

like about this, Um, first of all that.

Like I said, the color coding part makes it really

easy to understand.

And you're gonna have to fill out each of these

boxes basically for your final project.

But it all starts with brand identity, right?

What gets us up in the morning?

What's you know?

And so when you when you look at this for

a company that you didn't start right, you really have

to do some analysis and really think about it and

watch some videos and and read up on the company

and figure out you know who Who are they, right?

What? Really, You know, every company thinks they're in business

to make a profit.

And that's not true, right?

What are they really all about?

Okay. And then you're going to do things like taking

a look at, Well, who is our target market.

And you guys have done this.

What's the buyer persona?

What's the product, right?

You're going to be creating a brand new product for

this company.

And most importantly, what needs gap?

Does it fill right?

What's what are what are people out?

What's your target market missing?

That your product or your service is going to fill,

right? And then the situation analysis, right?

We've done some talk on that, but like a SWAT

analysis or what are some other things that are happening

out out in the environment out of our control that,

you know, kind of give us a good overview of

what the situation looks like.

Okay. And then last but not least in the strategy

section it's all about, you know, uh, what do we

want to accomplish?

Right. Um, what are we trying to do in the

next six months?

12 months.

Right. So the green is this strategic overarching analysis, right?

And strategy is long term stuff.

Then we have the positioning, which I mentioned, and you

can even break it down into this beautiful sentence they

have here for the, you know, the specific target market.

So we could say, like, for ladies 25 to 30

um, the product, which is and you describe the product?

Um, it's ideal for, um, those ladies to do this

with it because bam, bam, bam, bam, bam!

All the benefits that you've laid out with your product.

If you have a hard time creating a positioning statement,

you have a product that's likely to fail.

So it's really important section that you can put this

together. And so for your product that you come up

with for the case study, right, you need to be

able to put it into this, Um, to this this

kind of sentence, right?

Making sure you know who your target audience is making

sure you have a good description of your product making

sure that it is actually ideal because it has a

good user application, and and it's gonna be highly benefit

your target market.

Okay, then this last section, right?

Like I said, this is the tactical plan.

Strategy is long term tactics are like how we get

there, the step by step parts of the plan that

are going to lead us to to achieving the strategy.

Right. So you're gonna have to look at all the

marketing tools, right?

The product that you developed, what kind of price are

we going to put it out and make sure with

all of these seven ps of marketing really?

Really. Make sure you hone in on strategy, right?

Don't just put like Well, I think I'm gonna price

it at this.

Um, that's not enough, right?

Are you gonna price it odd even.

Are you going to price?

It basically went through a whole bunch of different strategies,

right? Is it a cost plus strategy?

What kind of strategy?

are you using with all these different marketing tools?

Lastly, we haven't talked about this last one yet.

And this is the important part of this chapter.

Is the customer response assessment plan.

So how are we going to know if we're doing

a good job satisfying the needs, right?

How are we going to track whether customers are sticking

with us?

How are we going to track whether or not customers

are saying good things about us or, you know, are

they Are they getting frustrated?

Right. So all of that is part of the assessment.

And that's why I just did one more slide on

the assessment plan, right?

So just completing a great marketing plan, that's not enough.

Okay, once it's done, how did the market?

How does the market even know if it worked?

How do they know if it was successful?

Because I guarantee you, even if you're the vice president

of marketing or this chief marketing officer, you're going to

have to justify your marketing plan.

Marketing costs a lot of dollars, and nobody's going to

give you that money unless you can justify that.

It worked.

Okay, so you've got to plant you got to put

together a plan that gauges whether or not the plan

works or if some kind of tweaks are needed along

the way.

And that's what we'll talk about these next couple sections.

So let's take a look at the process of how

we kind of develop analytics.

So in the world of analytics, right, What we're looking

for is collecting and using data, right?

What are we doing with that data?

You know, we're measuring the effectiveness of the of the

plans that we put forth okay?

And it's important to understand that, you know, with the

data that we get do we put it to action,

you know, do we do something with it?

Because if we don't, then it's kind of worthless, you

know? And this is where I always Todd's for a

moment. And just make sure that students understand that to

be in a marketing career does not necessarily mean that

you're a creative type that you can draw that you

can, you know, create awesome commercials or ads, right?

This is like if you're a numbers person and but

you still dig marketing.

This is an awesome field is marketing analytics and is

the fastest growing section as well.

Like companies want more and more data.

And that's you know why we're tracking our Internet usage

and our social media usage and and so that's right,

because these are the benefits, right?

If marketing has the data, they'll know whether or not

their marketing plan was effective.

Did it work or did it not, um, it improves

the marketing group's performance, right?

It makes it so that if they have the right

data, they know like, Well, based on what happened last

time, it worked really well, or hey, we really have

a lot of data on this customer.

Target group Target customers.

So we can actually we really know what we're doing

instead of guessing, right?

So that really, really helps If you don't have the

data, marketers just risk, you know, doing things that aren't

working. And, you know, or maybe they even quit things

that are working.

I've seen that happen a ton in marketing where you're

actually killing it, but you're not sure if it's working.

So you So you just say, you know, let's let's

stop with that marketing program because, you know, we really

don't know if it's working or not, right?

You shouldn't have to guess.

You should be able to look at the data and

say, you know, with 95% certainty we are doing really

well with this marketing plan are really poorly.

And then, you know, like I said, then what you

do with it after that is the important part.

So just to cover a couple terms here, marketing analytics,

um, this is where you're measuring and most importantly, analyzing

the data that you get so that you can tweak

your management your marketing performance, right?

Can you maximize your return on investment your R o

I. So that you can make the best amount of

money with the least amount of cost on your marketing

campaign, Right?

Good. Marketing analytics says I put together this process, and

based on this, we should get the best bang for

our buck.

You're going to do that by looking at metrics, right?

Metrics are what the data is, right?

The metrics are the data that says, you know Hey,

here's the date here.

The metrics that we need to look at to measure.

Um did we meet?

You know, a metric could be cost or spend a

metric Could be views or reach.

Or what are the metrics that we're looking at to

determine whether or not, um, the analytics result in a

successful program or or not So teams that that do

a good job with putting together an analytics process.

And I guarantee you there's a lot out there that

just don't Okay, so So the teams that do it

really well that they're good with their analytics process, they're

able to really stay focused on achieving marketing objectives instead

of just saying, you know, we've got this great plan

where it's gonna go out there and try to do

it. Teams with analytics processes are are constantly changing.

They're constantly improving and their stay really focused on the

end goal.

Okay, they don't chase the squirrel every time something new

comes along.

They are also able to gain credibility with upper management,

right, because they can prove that what they did is

working or hey, it didn't work, but we know it.

And now here's what we're gonna do in the future.

And mostly what I love about this is constant improvement.

If you have a good analytics process, you can always

improve and constant improvement or continuous improvement is key.

Whether it's you in your career or a job or

a department or company, right?

Those are all really, really important.

Okay, I'm running out of time, so I'm gonna posit

here and we'll finish off everything in volume to in

a moment.

The Marketing Plan (BUS 267) - part 1

Chapters

Audio TranscriptAuto-generated