Marketing Plan| LGMW01/08
Marketing Plan – Marketing Management
A shift from the production orientation to the marketing and customer orientation has resulted in the emergence of newer, better and faster methods and tools of reaching out to target consumer groups. For a firm to create a favourable space in today’s competitive market scenario it is not enough for the firm to develop and release an innovative product or service; if consumers are not aware of such a product there is a chance that the product may not result in fulfilment of the firm’s objectives. Hence, a comprehensive marketing plan is the need of the hour.
A part of the overall business strategy, the marketing plan is a comprehensive and consolidated blue print which chalks out the overall marketing efforts of an organisation. It includes perspectives drawn from the firm’s finance, production, operations and other teams, core and support, to devise and outline an effective plan for marketing activities and integrated marketing communications. According to Business Dictionary, a marketing strategy is an organization’s strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan. According to Philip Kotler and K.L. Keller, the marketing plan can function from two points: strategy and tactics.
Steps to Create a Marketing Plan
The first step of the marketing plan would be to set specific, measurable, ambitious yet achievable, realistic and time-bound goals (SMART), which reflect the overall goals of the organisation. This step requires a thorough analysis of the organisation’s goal for that period in question, and finding a way to fit into that goal. The overall goal of Tourism Australia is to grow overnight tourism expenditure to over $115 billion by the end of 2020 through their new strategic approach, Tourism 2020. Thus, the marketing goal would be to boost tourism through strategic marketing communications and creating unique experiences accor to experts of ExpertAssignmentHelp
Define the organisation
It is vital to establish a definition of the organisation, its market presence, goals and objectives, future outlook and its impact on and by its environment. This will help the marketing team gain an understanding of the forces of internal and external environment that could positively or negatively impact any marketing campaign. In the case of Tourism Australia, it is an Australian Government agency responsible for attracting international visitors to Australia, both for leisure and business events, with a purpose is to increase the economic benefits to Australia. Since it operates in a travel and hospitality industry, the agency is bound by factors, both global and local, such as currency fluctuations, economic standing of the tourist nations, global events, local responses, cultural sensitivity and tolerance and so on
Define the market
At this stage, the marketing team needs to devise its segmentation and targeting strategies (MKA4). The firm will need to group the entire market into specific heterogeneous groups which are homogenous within, through geographic, demographic, psychographic, lifestyle or benefit segmentation strategies. Post segmentation, the team will be required to select one or more segments which they can best cater to, which is sizeable and will help the firm achieve its strategic objectives. Tourism Australia has segmented the market using geographic and lifestyle segmentation strategies. From the segments so formed, it has selected 17 core geographic markets across the Americas, Europe, New Zealand, Greater China, Japan and Korea, and South and South East Asia. From the lifestyle segments, it has targeted the ‘Experience Seekers’. This common segment across different cultures, receptive to the Australian experience is comprised of individuals, groups and families that are highly predisposed to Australia’s offer and is more likely to stay longer, spend more and disperse to regional areas.
The firm needs to create a favourable space for its offerings in the minds of its target consumer groups, such that they are well differentiated from those of its competitors. Positioning is achieved through tailored marketing communications via various media – television, print, OOH, social and digital media. According to Tourism Australia, Experience Seekers can be found among all age groups, income levels and geographic locations; they are experienced international travellers, opinion leaders, open minded and selective in their media consumption. Hence the agency has to position Australia the destination for unique, involving and personal experiences.
Enhance product/service offering
This step requires determining a proper marketing mix for the firm – product , price , place , promotion , along with effective branding exercises. The product/service offerings should be reflected through the firm’s brand promise and image, such that it has a distinct competitive advantage. Tourism Australia emphasises on its Unique Australian Experiences – seven quintessential Australian experiences that appeal to the target market.
Develop marketing tactics
Choosing the right marketing elements, each in the right amount, are essential for a successful marketing campaign. Tourism Australia focuses its marketing efforts on building Brand Australia. Its positioning statement mentions the following: The people of Australia are friendly and straight talking and open. Their sense of mateship and their no worries attitude make all visitors feel welcome. They make it easy to enjoy adventures beyond imagination. Whether it’s in Australia’s wide-open landscapes, pristine oceans or vibrant cities, a holiday in Australia is an opportunity to experience a vast yet accessible adventure playground. You don’t just visit Australia, you live it.
Brand Proposition: On holiday in Australia you don’t switch off you switch on. The unique experiences you have and the people you meet will make you feel uplifted and full of life.
Brand Personality: High spirited, down to earth, irreverent, welcoming.
Every point of consumer engagement must be ripe with the firm’s communication strategy, through the media that the consumers are most likely to pay attention to (MKA6). Tourism Australia’s latest campaigns – Restaurant Australia and There’s Nothing Like Australia – has Brand Australia as its base, and works with different media tools such as television ads, print ads, still and moving footage, screensavers and digital wallpapers, promo posters, OOH advertising, eNewsletters, campaign content widgets, postcards, digital and social media tools to engage and communicate with target consumers
Plan the budget
The marketing plan must devise its marketing strategies keeping in mid the allocated budget for various activities. Each item on the agenda must be associated with a cost, such that the marketing team does not exceed the budget allocated for this purpose
Create an implementation plan
Once all the aspects of the marketing strategy and campaign have been covered, an implementation plan must be put in place – where, when, how, for how long, cost implications and so on
A key aspect of the marketing plan, the firm must set milestones for achievement, and progressively measure the campaign’s success in reference to the expected results. This must be done on a continuous basis, along with feedback collection an recommendations for any changes
A well devised and comprehensive marketing plan works as an efficient tool to help the firm reach its strategic objectives. A collective effort, the marketing plan works as a road map as well as a yardstick to measure the firm’s success.
Other articles under blog series of “Marketing Management”
- Marketing environment
- Consumer behavior
- Organisational buyer behavior
- Market segmentation, targeting and positioning
- Branding and product development
- Marketing plan
- Customer relationship management (CRM)
- Consumer buying process
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