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Planning Marketing Strategy

This document outlines the key components of strategic planning and marketing plans for travel and tourism companies. It discusses the importance of both short-term tactical planning through marketing plans as well as long-term strategic planning. A marketing plan guides activities over 1 year, while strategic planning considers mission, values, and responds to changing market conditions. The document also describes various elements of marketing plans including objectives, strategies, implementation plans, and monitoring.

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60 views23 pages

Planning Marketing Strategy

This document outlines the key components of strategic planning and marketing plans for travel and tourism companies. It discusses the importance of both short-term tactical planning through marketing plans as well as long-term strategic planning. A marketing plan guides activities over 1 year, while strategic planning considers mission, values, and responds to changing market conditions. The document also describes various elements of marketing plans including objectives, strategies, implementation plans, and monitoring.

Uploaded by

Aitm Mba Belagavi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Planning

Marketing
Strategy
Objective: Introducing the significance of not
only short-term tactical planning, but also
strategic planning required by travel and
tourism companies to respond to their
changing market conditions.

Marketing Plan

A marketing plan is a written plan


that is used to guide an
organizations marketing activities
for a period of one year or less.
It is quite detailed and specific, and
it helps an organization coordinate
the activities and people that play a
role in marketing.

Vision and Mission

Strategic planning should be founded on the


mission and the values of the organization.
Corporate values drive the purpose and
strategy of a company.
Key areas that shapes the mission or values
of the firm include;
Why a company exists
What the company believes in
The competitive position and distinctive
competence
The policies and behavior patterns that underpin
the distinctive competence and value system

The vision of a firm is expressed in


the mission statement which
communicates what the company
stands for.
A mission statement is then sets the
agenda for the companys strategy.

Benefits of a Marketing
Plan

A marketing plan is one of the most


useful tools for any organization. A
written plan has the following five key
benefits:
Activities matched with target markets
Consistency of objectives and target-market
priorities
Assistance in measuring marketing success
Continuity in long term planning
Minimizing the risk through analysis of
internal and external environment

Activities matched with


target markets

The marketing plan ensures that


activities are focused only on chosen
target markets.
This way helps to prevent spending a
lot of money on unattractive target
markets.

Consistency of objectives
and target market priorities

The plan ensures that the level of


effort is consistent with the
marketing objectives for each target
market and the relative size of each
market.

Assistance in measuring
marketing success

A marketing plan plays an important


role in
controlling how the activities are going
on and,
evaluating if the objectives have been
achieved.

Continuity in long-term
planning

Several marketing plans make up


one strategic market plan.
Marketing plans complement
strategic market plans and provide a
link between short-and long-term
planning.

Minimizing the risk through


analysis of the internal and
external environment

The marketing plans allow managers


to identify the areas of strength and
weaknesses.
So that an advantage can be taken
from the strengths and also company
can minimize the weaknesses. In
addition, threats and opportunities
can be assessed.

Contents of a Marketing
Plan

There are two parts in the marketing


plan. The rationale and
implementation plan.
The marketing plan rationale explains
all of the analysis, assumptions and
decisions on which the marketing
plan is based. It describes the target
markets, and marketing objectives
selected for the period.

The implementation plan details the


marketing budget, staff
responsibilities, activities, timetable,
and methods of controlling,
measuring, and evaluating activities.
In other words, the function of the
implementation plan is to specify all
the required activities,
responsibilities, costs, time
schedules, and control and
evaluation procedures.

Stages of A Marketing
Plan

Marketing Plan Rationale


1. Executive summary
2. Current marketing situation
3. Business situation analysis
4. Creating the objectives
Implementation Plan
1. Marketing strategy formulation
2. Creating action programs
3. Monitoring and evaluating the plan

Executive summary

The planning document opens with a


short summary of the plans main
goals and recommendations.

Current marketing
situation

It is necessary to gather enough


information about the external company
environment in order to form a business
and market picture of current and future
pressure and trends.
First of all, the information collected
should form the basis of a PEST
investigation. PEST analysis is an
examination of the political, economic,
social and technological changes which
may affect the company and the market.

Business situation
analysis

This is the so-called SWOT analysis.


In particular, this is the analysis of
the companys major;
Strengths,
Weaknesses,
Opportunities
Threats

Strengths are expressed as inherent


advantages in the organizations product or
operation in relation to competitors. For
example, products with increasing shares of
growing markets, location, architectural style,
professional skills of the working people etc.
Once identified, strengths can be promoted to
potential customers.
Weaknesses are opposite the strengths. For
example, it may range from old fashioned
products in declining markets to impolite
customer contact staff. Weaknesses and
strengths are often matters of perception
rather than fact and may be identified with
consumer research only.

Opportunities may arise from elements


of the business under direct control such
as particular product. In addition, they
may arise from shifts in the external
environment that a firm may exploit. For
example, Club Med seized an opportunity
to develop its particular holiday concepts
(freedom, activities) with an image in a
way no other operator matched in the 70s.
Threats may also be presented by
internal elements within the businesses
control or by external events such as
exchange rate changes, rising oil prices or
acts of international terrorism.

Marketing objectives and


targets

Objectives are a combination of what is


expected of the company by its
shareholders or directors.
The selected target markets should be
discussed, along with the reasons for
choosing them. The objectives for each
target market should be spelled out.
They have to be results oriented, stated in
numerical terms, and time specific.
At this stage, the plan should briefly review
the segmentation approach used to divide
market.

Marketing strategy
formulation (what to do)

At this section, the broad marketing


strategy must be outlined.
This section should cover what target
markets will be attracted, the required
positioning strategy to attract these
markets and marketing mix variables that
will be used to attract the targeted
groups.
This section outlines broad marketing
thrusts to achieve the business objectives.

Creating marketing-mix
programs (how to do)

Action programs consist of the program


of the activities on four controllable
variables -marketing mix- promotion,
distribution, product, price that are
undertaken to influence and motivate
buyers to choose targeted volumes of
particular products.
A marketing-mix program expresses
exactly what activities will take place on
a week by week basis for each target
market.

Monitoring and evaluating


the plan
Weekly flow of bookings against planned
capacity.
Sales response related to any advertising
activity.
Customer awareness of advertising
messages measured by research surveys.
Sales response to any price discounts.
Sales response to any merchandising efforts
by travel agents.
Customer satisfaction with product quality
measured by customer satisfaction
questionnaires.

Sources

Kotler, P.; Bowen, J. and Makens, J. (1999).


Marketing for Hospitality and Tourism (2nd
ed.). Prentice Hall: NJ.
Kotler, P. and Armstrong, G. (2006) Principles
of Marketing (11th ed.). Prentice Hall: NJ.
Middleton, V. T. C. (2004) Marketing in Travel
and Tourism (3rd ed). Elsevier: Oxford.
Middleton, V. T. C.; Fyall, A.; Morgan, M. And
Ranchhod A. (2009). Marketing in Travel and
Tourism (4th ed). Butterworth-Heinemann:
Oxford.

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