Question Tag: Marketing Plan

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  • 20 Marks

BMIS – Nov 2015 – L1 – Q5 – Finance, R&D and marketing strategies

Describe the contents of a marketing plan, including executive summary, situation analysis, strategy, financial projections, and controls.

You are employed by a local company, AllFresh Ltd, specializing in the production and sales of fresh fruit drinks. At a recent Management meeting, a 3-member team was selected to prepare a marketing plan for the company. Your letter appointing you as a member of the team also specifies that you will be chairman of the team.

Required:
Describe the contents of the marketing plan.

(20 marks)

A marketing plan is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives.

The contents of the marketing plan include:

  1. Executive Summary and Table of Contents:
    The marketing plan should open with a brief summary of the main goals and recommendations. The executive summary helps senior management grasp the plan’s major thrust. A table of contents that outlines the rest of the plan and all the supporting rationale and operational details should follow the executive summary. (4 Marks)
  2. Situation Analysis:
    This section presents relevant background data on sales, costs, the market, competitors, and the various forces in the macro environment. It seeks answers to questions such as: How is the market defined? How big is it and how fast is it growing? What are the relevant trends affecting the markets? What is the product offering and what are the critical issues facing the company? All this information is used to carry out a SWOT analysis. (4 Marks)
  3. Marketing Strategy:
    At this point, the product manager defines the mission, marketing, and financial objectives, as well as the groups and needs that the market offerings are intended to satisfy. The manager then establishes the product line’s competitive positioning, which will inform the game plan to accomplish the plan’s objectives. This section should also specify the branding strategy and customer strategy that will be used. (4 Marks)
  4. Financial Projections:
    The projections include a sales forecast, expense forecast, and break-even analysis. On the revenue side, the projections show the forecasted sales volume by month and product category. On the expense side, the projections show the expected cost of marketing, broken down into finer categories. The break-even analysis shows how many units must be sold monthly to offset the monthly fixed costs and average per-unit variable cost. (4 Marks)
  5. Implementation Controls:
    This final section outlines the controls for monitoring and adjusting the implementation of the plan. The goals and budget are spelled out for each month or quarter for management to review each period’s results and take corrective action as needed. Some firms include contingency plans outlining the steps management would take in response to specific environmental developments, such as price wars or strikes. (4 Marks)

Total: 20 Marks

  • 12 Marks

BMIS – May 2021 – L1 – Q2b – Finance, R&D and marketing strategies

Explain the marketing concept and four elements of a marketing plan for a company producing fresh, natural fruit drinks.

You have been appointed as the leader of a five-member technical committee to prepare a marketing plan for your company, Quality Fresh Drinks Limited, which is well noted for the production and sale of fresh, natural fruit drinks.

Required:
i) Explain the marketing concept to the other members of the technical committee. (4 marks)
ii) Explain FOUR (4) elements of a marketing plan you would recommend to the technical committee. (8 marks)

i) Marketing Concept:
The marketing concept is a business philosophy that assumes that the extent to which an organization can satisfy the needs of its customers more effectively and more closely than its competitors largely determines its success. This means that in whatever activity the firm engages, it has the customer as its central focus.
(4 marks)

ii) Elements of a Marketing Plan:

  1. Executive Summary: The marketing plan should begin with a summary of the main goals and recommendations. The executive summary assists management in grasping the major goal of the plan.
  2. Situation Analysis: This portion of the plan provides the required background information on sales, costs, the market, competitors, and environmental factors. It attempts to find answers to how the market is defined, its size, and whether it is growing or declining. The information collected is then used to conduct a SWOT analysis.
  3. Marketing Strategy: At this stage, the marketer defines the mission, marketing, and financial objectives together with the target groups and needs the market intends to satisfy. The strategy should be specific about the branding strategy and customer strategy used.
  4. Financial Projections: These include a sales forecast, expense forecast, and break-even analysis. The projections show the expected cost of marketing and the minimum number of units sold monthly to cover the fixed and variable costs per unit.
  5. Implementation Controls: This section of the marketing plan outlines the mechanisms for monitoring and revising the plan where possible. This is facilitated when goals and budgets are clearly defined for each month or quarter.
    (8 marks)

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