Chapter 14: Creating a Marketing Plan
14.3 Implementing and Evaluating a Marketing Plan
Learning Objectives
By the end of this section, students should be able to:
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Understand the importance of training, preparation, and resource allocation in the implementation of a marketing plan.
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Identify and apply key scheduling and execution strategies for marketing plans.
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Evaluate the effectiveness of a marketing plan by examining data collection methods, performance metrics, and the need for adjustments.
Critical Terms
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Marketing Plan Implementation
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Resource Allocation
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Marketing Plan Evaluation
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Data Collection
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Performance Metrics
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Marketing Adjustments
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Market Response
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Competitive Analysis
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Strategic Roll-Out
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Seasonal Marketing
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Customer Feedback
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Market Trends
Embarking on the journey of marketing can be likened to setting sail on a vast ocean. A well-thought-out marketing plan is your compass, guiding your efforts and ensuring you reach your intended destination. However, simply having a map isn't enough; one must know how to use it and adjust when necessary. This brings us to the dual stages of implementing and evaluating a marketing plan.
Implementing the Marketing Plan
Imagine Starbucks, the coffee giant we all know. When they decided to introduce a new drink to their menu, they didn't just make it and hope for the best. There was a strategic roll-out.
Training and Preparation: Before launching a product or service, everyone involved—from the product development team to the sales force—needs to understand the plan. This ensures a cohesive approach to the market. Starbucks, for instance, would train its baristas on how to make the new drink and educate them on its ingredients and flavor profile.
Scheduling: Timing is crucial in marketing. Whether it's a seasonal product, a limited-time offer, or a year-round addition, determining the best launch date and marketing timeline can maximize impact. Think about Coca-Cola releasing a summer-themed bottle design just before vacation season.
Resource Allocation: Ensuring the right resources—money, time, and manpower—are in the right places is critical. If Nike is launching a new sneaker, they'd ensure they have enough marketing budget for advertisements, influencer partnerships, and in-store displays.
Execution: This is the "go" moment. The plans are put into action, campaigns are launched, products are introduced, and sales strategies are employed.
Evaluating the Marketing Plan
Evaluation is not a one-time event; it's ongoing. As the market responds, you have to listen and adjust. The world of technology gives us a prime example. Remember BlackBerry? Once a leader in the smartphone world, they faced stiff competition from Apple's iPhone and Android devices.
Data Collection: Modern marketers rely heavily on data. This could be sales numbers, website visits, or customer feedback. For example, Netflix monitors what shows are being watched and for how long, helping them decide on content production and promotion.
Performance Metrics: These are quantifiable measures used to evaluate success. If Spotify runs an ad campaign to get more premium subscribers, the metric might be the number of new sign-ups within a month.
Adjustments: Based on feedback and performance metrics, adjustments are made to the plan. Did you know that McDonald's once introduced a "McLobster" sandwich in some regions? However, it wasn't a hit everywhere and hence was offered only in areas where it was popular.
Post-Implementation Review: After a set period, teams come together to discuss the overall performance. What worked? What didn't? What can be learned for the future? Toyota, for instance, after seeing the popularity of hybrid technology in their Prius model, expanded this technology to other car models.
Implementing and evaluating a marketing plan is a dynamic process. It requires marketers to be proactive, responsive, and always in tune with their audience's needs and the market's pulse. After all, in the world of business, those who adapt thrive, and those who remain static are often left behind.
