ADV 205 Lecture 9 Outline of Last Lecture I Advertising Research II What consumers want III Steps in the research process Outline of Current Lecture IV Advertising planning strategy V Corporate business plan VI The marketing plan VII Planning Approaches VIII Integrated Marketing Communications Current Lecture Advertising Planning and Strategy Strategic planning o Begins at corporate level o Extends to the functional level o Ends with advertising The corporate Business plan Mission Statement Also uses S W O T analysis Specific objectives and goals Strategies and tactics for goal achievement The Marketing Plan Document that proposes strategies for using the marketing mix to achieve marketing objectives Assembles all pertinent facts about o An organization These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute o Its markets o Products services o Customers o Competition Specific objectives strategies and tactics Planning Approaches Top Down Model o Situation Analysis internal environment strengths and weaknesses and external environment opportunities and threats o SWOT analysis what s going on what are you going to do Strengths Weakness Opportunities external things we can take advantage of Threats also external outside control if they can be identified you can try to make them less damaging o Marketing Objectives Corporate objectives goals about the company s profit growth RUI or reputation Need satisfying objectives Sales Target Objectives o Marketing Strategy Step 1 Define the target market Who S2 Determine the strategic positioning What does it do Who is it for S3 Develop the marketing mix 4 p s o Marketing Tactics what specific things am I going to do Bottom Up Model o Marketing Results o Marketing Strategy o Marketing Tactics Integrated Marketing Communications Model aka relationship planning o Lost customers are hard to re acquire o Defensive marketing is cheaper that offensive marketing o Repeat purchasers account for 90 of sales o Current consumers are most important Share of customers vs share of market Lifetime customer value LCV o Level of relationship building Most important transactional relationship buy get done Reactive Accountable Proactive Least Important Partnership Integrated Marketing Communications A concept A process The integrated triangle o Say planned message o Confirm unplanned messages o Do product service messages