List any contingency plans you might have

Assignment Help Marketing Management

Reference no: EM133772270

Overview and Objectives

One of your essential product or brand manager responsibilities will be to draft a Marketing Plan. Typically, these documents are based on years of data and analysis and run 30 pages or more, plus exhibits. The plan's objective is to architect a strategy to build brands (thus creating profits) and to provide a vehicle for others in the firm to have input into that strategy. Your marketing core lecture notes could also be invaluable in constructing the marketing plan.

Given the short duration of the term and the difficulty inherent in obtaining accurate market data, the market plan you will draft will be only no more than fifteen (15) double-spaced pages (approximately) plus exhibits. Nonetheless, the exercise aims to offer you some valuable experience in drafting a Marketing Plan.

The Marketing Plan

Your marketing plan will consist of six key sections (the plan should include all of these sections, but the specific lettered points within these six sections need not be discussed if they are not relevant):

1. Executive Summary

2. Situation Analysis

3. Marketing Plan Objective(s)

4. Marketing Strategy and Programs

5. Financial Projection

6. Monitors and Controls

QUESTIONS TO ANSWER

3. Objectives

The situation analysis and summary should highlight a number of planning objectives. These will include i) quantity (sales, share, and profit by segment), ii) direction (e.g., increase/decrease), iii) time frame, and iv) rationale. The objectives should be specific and measurable (e.g., increase share from 25% to 30% within one year). Your performance will, in part, be measured by these objectives. One note of "real world" caution: if objectives are too ambitious, you will fail to meet them and will not make a bonus, or worse. In contrast, if objectives look too unambitious, any resources will unlikely be forthcoming. This, too, can hurt your performance.

6. Monitors, Controls, and Contingencies (10 points)

Plans often go awry. Accordingly, the prudent product manager constantly monitors progress against plan. In my experience, damage control is best begun early, before problems spin out of control (remember the rogue trader Nick Leeson in Singapore who bankrupted the venerable Barings Bank, or our Pepsi Syringe scare)! Thus, decide early what figures you will monitor and have backup plans ready if things are not proceeding. Note that you can also learn from things that went better than planned. Decide whether and how to monitor:

a. sales information

b. market share

c. net income, etc.

List any contingency plans you might have or a process you will engage in if things do not go according to plan (who should know, what new planning should be done, what information should be gathered, etc.)

Reference no: EM133772270

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