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AMERICAN COLLEGE OF MANAGEMENT AND TECHNOLOGY

Marketing Plan for

SENIOR PROJECT

Martina Bileti Professor: Tane Duilo-Cavich Mentor: Tane Duilo-Cavich

Dubrovnik, 2004

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2.0 INTRODUCTION
Chapter 1 determined the focus and objective of this Senior Project. The purpose is to create an organized Marketing Plan for the firm Inoma. The Marketing Plan is to help the firm have a more strategic marketing future. It is important for any firm to have planned marketing, no matter how little or big it is. .

2.1 WATCH INDUSTRY

Olson (2000) explains that the watch industry thinks that the time when people kept their watches for whole lives has ended. Now, it is believed that more and more customers want to have several expensive watches. Every man/woman should have at least a sports watch and a dress watch. Therefore, the watch industrys future is going to be better. There are expected to be more and more mergers, not so much in the field of making watches, but in the field of marketing and distributing them.

2.6 MARKETING
For many years people believed meaning of marketing is just telling and selling. Marketing was considered as selling and advertising. Today, there is new sense of marketing. These days we know, selling and advertising are just parts of the marketing. Marketing is more complex than this; it is the whole process of satisfying customer needs. (Kotler & Armstrong, 2001) In this constantly changing business world, the need for good and organized marketing is becoming crucial. Following are marketing definitions:

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Kotler & Armstrong

Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others. (Kotler & Armstrong, 2001, p.5)

Peter & Donnelly

Japan Marketing Association www.marketingprinciples.com

The American Marketing Association has recently defined marketing as the process of planning and executing conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. (Peter & Donnelly, 1998, p.7)

It refers to integrated and coordinated activities of research, product, price, promotion, distribution, customer relation, environmental activity, among others, which are directed toward both inside and outside of the organization (Japan Marketing Association, 1990)

Peter Drucker stated: Marketing and innovation are the two chief functions of business. You get paid for creating a customer, which is marketing. And you get paid for creating a new dimension of performance, which is innovation. Everything else is a cost center. (Americas Small Business Marketing Resources, 2003)

Bileti Senior Project Excerpt, Page 5 of 22 Through marketing, individuals and groups create and exchange products and services with others in order to create value or satisfy wants and needs. (Dolak, 2003, para.1)

Marketing
(Dolak, 2003) The definition of marketing does not rely only on simply selling something to somebody. Both parties have to have value. Satisfaction is essential in this exchange relationship. It is important that marketing realizes both sides of equation: needs and wants and ideas, products, and services. Marketing has to understand it, and it has to successfully communicate details between these two opposite sides in order to eliminate gap between them. Marketing has to be seen as the continuous process of creating and developing relationships. It is important to use all marketing tools and channels available to grow marketing share, as well as to get a greater share of each customer. This means that companies have to make successful match between products/services they offer and needs/wants of the market. But it is not just that, they will, also, have to continue to maintain the relationship with customers. And then through this relationship companies will be able to understand customers additional needs and wants. These additional needs will bring companies to introduce more products and services to bring even more value than their needs and wants request. This will bring companies to higher profits than ever. Companies have to create customers for lifetime. This involvement will come when value is created for both parties. If they want continuously create value, organizations must understand that customers are unique, and they must be treated that way. There are no two

Bileti Senior Project Excerpt, Page 6 of 22 customers that are alike. Every single one has different needs and wants, and perceives different degree of value in the relationship with the company. Once they stop receiving value from the company, they will stop make the business with it. (Dolak, 2003) Marketing means managing markets to bring about exchanges and relationships for the purpose of creating value and satisfying needs and wants. (Kotler & Armstrong, 2001, p. 13) According to Kotler and Armstrong (2001) core marketing activities are the product development, research, communication, distribution, pricing, and service. We always think that marketing is carried on by sellers, but customers also carry on marketing activities. Consumers are doing marketing activities when they search for the goods they want buy at prices they can pay for. The following figure shows elements in the modern marketing environment. Each party in this system adds value for the next step. Therefore, success of the company depends not only on the company itself, but also on the entire system that supplies the needs of final customer. (Kotler & Armstrong, 2001)

Suppliers

Company (marketer) Competitors

Marketing intermediates

End user market

(Kotler & Armstrong, 2001, p.13)

2.7 MARKETING PLAN

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2.7.1

Definition of Marketing Plan

In the world where too many products are waiting to be bought, planning marketing is

more important than ever. Marketing planning is the process required to discover knowledge from the customers, as well as to deliver to the customers what they really want. Here are several marketing plan definitions that people from marketing field delivered:

Peter & Donnelly

The marketing mix is the set of controllable variables that must be managed to satisfy the target market and achieve organizational objectives. (Peter & Donnelly, 1998, p.26)

Mplans.com

Marketing plan is a written document containing description and guidelines for an organizations or a products marketing strategies, tactics and programs for offering their products and services over the defined planning period, often one year. (Mplans.com, n.d., Definition of Marketing Plan section)

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Kotler & Armstrong

Marketing planning involves deciding on marketing strategies that will help the company attain its overall strategic objectives. A detailed marketing is needed for each business, product, or brand. (Kotler & Armstrong, 2001, p.69)

Susan Ward
B. Define target market

A marketing plan outlines the specific actions you intend to carry out to interest potential customers and clients in your product and/or service and persuade them to buy the product and/or service you offer (Ward, n.d., Definition section)

To systematically summarize what marketing managers accomplish in the process of planning while creating a marketing plan, it is important to define three major missions: A. Research market opportunities

C. Create marketing mix (product, price, promotion, place).

(Tihi, 1999)

2.7.2

Purpose of Marketing Plan

The marketing plan is often misinterpreted. The problem is that most people cannot

understand what good marketing plan is, and what it can make for the bottom line. Organized and executed properly, the marketing plan can add directly to profits. As Boccaleone (2003, para. 7) emphasized it all starts with a plan. A marketing plan is like a road map. Also, the marketing plan is essential to maximize limited resources: people and funds, and to guarantee organizations meet their objectives.

Bileti Senior Project Excerpt, Page 9 of 22 The marketing plan is like a space between the organization and customers, both existing and potential. The company can have the best product, but it cannot be sold if people do not know about it and how it differs from the competition. (Boccaleone, 2003) Also, the purpose of the plan is to determinate a companys market by identifying its customers and competitors. Then the company can introduce the strategy for attracting as well as keeping these customers. Someones business cannot succeed without careful planning, paying attention to details, and understanding the marketplace. (Lamb, 2003)

2.7.3
2.7.3.1

Components of Marketing Plan

Executive Summary

Executive summary is a brief summary of main goals of the plan. It helps that management of the company realize how the overall plan will going to look like. (Kotler & Armstrong, 2001) Executive summary gives the overview that will help the reader to generally understand what the plan is trying to accomplish and why. (Dolak, 2003)

2.7.3.2

Market Review

In this part it is important to describe the target market and the companys position in it. Here you have to describe your customer, and you have to follow trends that are mainly set by the competition. It is important to know your clientele and their wants and needs. (Kotler & Armstrong, 2001) The success of any marketing plan lays on how well it can identify customer needs and organize its resources to satisfy those needs. Therefore, a crucial element of the marketing plan

Bileti Senior Project Excerpt, Page 10 of 22 is selecting the groups of potential customers that can use firms products or services. (Peter & Donnelly, 1998) The section outlines about identified needs and identifiable groups, and how gives insight of companys products and services meet those needs and wants. You have to know your customers as much as possible, because as more as you know them, the better your plan is going to be. (Dave Dolak, 2003) Before developing a marketing plan its important to find out what customers want and how they make purchase decisions. (Mplans.com, 2002, Customer analysis section)

2.7.3.3

Competitive Report

In the competitive report you have to explore many aspects of your competition. Who are they? What do they do? How do they do it? What are their strengths and weaknesses? Who are their customers and why do they buy from them? You have to check competitions strategies and works, and then you can get ideas from them also. (Dolak, 2003) You can start by identifying five (5) nearest direct competitors and indirect competitors. Identify their strengths and weaknesses. Keep notes on their pricing strategy, and advertising and promotional materials. Review these notes periodically and determine how and when they advertise, and determine their sponsor promotions and offer sales. (Bellis, n.d.)

2.7.3.4

Product and Business Review

The product review will show sales, prices, and gross margins of most important products in a product line. Also, it is important to summarize overall business related to the brand where these products belong. (Kotler & Armstrong, p.70) This part should contain discussions of companys products and services, and how each of them outstandingly meets the customers needs and wants. What are you selling? What is unique about it? Why would anyone but it? (Dolak, 2003)

Bileti Senior Project Excerpt, Page 11 of 22 Try to describe benefits of companys goods, but it is important to be from customers perspective. Emphasize its special features. For the firm to be successful is important to know, or at least to have an idea of what their market expects from them. This can have a great deal for building customer satisfaction. (Bellis, n.d.)

2.7.3.5

SWOT Analysis

Conducting a SWOT analysis is essential for a good marketing plan. Here you can determine the companys position, and this can serve as a guide while developing the marketing plan. SWOT analysis provides a simple, low-cost process of determining the companys position. It helps the organization to make the marketing plan, and also it makes it easier to set organizational goals and objectives. It establishes where the company where the company currently stands, and where it supposed to go in the future. It is important to examine companys strengths, weaknesses, opportunity and threats from the customers perspective, as well. Internal issues should be separated from the external. The companys strengths and weaknesses are internal, while opportunities and threats are external. (Mplan.com, 2002) SWOT analysis reviews major threats and opportunities that the product might face. This will help management to predict important positive or negative developments that can have a huge impact on the firm and its strategies. (Kotler & Armstrong, 2001)

2.7.3.6

Marketing Goals and Objectives

Bileti Senior Project Excerpt, Page 12 of 22 Once when you have determined companys strengths, weaknesses, opportunities, and threats, you will have better insight of what marketing goals and objectives should be. Goals are overall accomplishments that youd like to make and objectives are benchmarks to meeting those goals. (Mplan.com, 2002, Marketing goals and objectives section) Goals should be realistic and reliable on the companys mission. On the other hand, objectives should be measurable and time- precise. (Mplan.com, 2002) Marketing objectives usually are derived from organizational objectives. In some cases where the firm is totally market-oriented, the two are identical. Objectives must be specified, and achievements conducted should be measurable. (Peter & Donnelly, 1998) This section states the marketing objectives that the company would like to achieve. Also, it is important to state how that particular goal might be achieved (for example: how to expand market, or how to enlarge percentage of sales). (Kotler & Armstrong, 2001) Here will be discussed the major marketing objectives and how you are going to accomplish it in terms of quantitative variables, such as the companys budget and major actions you will conduct to accomplish these objectives. (Dolak, 2003)

2.7.3.7

Marketing Strategies

It specifies the broad marketing logic by which the business unit counts on to achieve its marketing objectives. Also, it defines information about the target market, product, price, positioning, and distribution. Every single one of these stages includes the best possible planning in order to meet wanted goals. (Kotler and Armstrong, 2001) Once the target market, and its purchasing characteristics are determined, the next step is to describe the marketing mix. In this section discuss marketing mix elements: product, price, distribution, and promotion, and their relationship with the companys product or service.

Bileti Senior Project Excerpt, Page 13 of 22 It is stated that the marketing mix is set of controllable variables. These variables are usually classified according to four major decision areas: product, price, promotion, and place (or channels of distribution).

Product
What are the features and benefits of your product? What is your competitive advantage? How will you position and differentiate your product? What complementary products are available? What customer services are available?

Price
What are the costs associated with the product or service? What is your pricing strategy? Will you give discounts?

Distribution
Who are your suppliers and intermediaries? How will you make the product or service conveniently available to customer? What partnerships can be developed to distribute the

product?

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Promotion
Where will you advertise? What public relations activities will be involved? If you will be involved in personal selling, what is your

sales strategy? What types of promotions will be run? What sponsorship opportunities are available? (Mplans.com, 2002, Marketing strategies section)

2.7.3.8

Action Plan and Implementation

This part will set how marketing strategies will be turned into specific action programs that are supposed to answer: What will be done? Who is responsible for doing this? How much will it cost? (Kotler & Armstrong, 2001) You have to discuss specific actions that will happen and when they are supposed to happen. In other words, you will create a month-by-month marketing calendar that will be the guideline for implementation. (Mplan.com, 2003)

2.7.3.9

Marketing Budget

Once when you get types of promotions available and their costs, you need to think about your budget. One of the easiest ways to get the budget is to use the percentage-of-grosssales method. To determine how much money to spend on the marketing program, you can take a percentage (usually 2 to 5 percent) of gross sales for the previous year. (Joyce, 2003)

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2.7.3.10

Evaluation

Outline tools that will be used to monitor the progress and review results issued from marketing plan actions. (Kotler & Armstrong, 2001) The evaluation is extremely important, because it is like a guideline for what is right and what is wrong, what to do and what not to do in the next marketing planning period. It guarantees that the marketing plan will be implemented properly. (Mplan.com, 2002)

2.8 ADVERTISING
Advertising searches to promote companys products in terms of printed or electronic media. Messages adopted by advertising techniques can reach larger numbers of people and inform, convince, and remind them about the companys products and services. (Peter & Donnelly, 1998) According to Kotler & Armstrong (2001, p. 543), the advertising is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor. Companies need to do more than just make a good product or service, they must inform consumers about products benefits and features, and they have to position product in customers minds. To accomplish all this, companies must use mass-promotional tools of advertising, sales promotion, and public relations. (Kotler & Armstrong, 2001)

2.8.1

Advertising Media
To select the best available media, companies must decide what reach and frequency

are needed in order to meet marketing objectives. Reach is the percentage of people in the target market that are supposed to be exposed to the ad campaign during a certain period of

Bileti Senior Project Excerpt, Page 16 of 22 time. Frequency is how many times the person in the target market is supposed to be exposed to the message. (Kotler & Armstrong, 2001) Marketing developed in last few decades, so today it has influence on all businesses. All advertising campaigns have to have certain steps. According to Bovee and Thill (1992) every advertising campaign has following steps.

FIVE STEPS OF ADVERTISING

Step 1 Establish the Advertising Objective Step 2 Select the Basic Appeal Step 3 Select the Media Step 4 Create the Advertisement Step 5 Evaluate the Advertising Effectiveness

(Bovee & Thill, 1992, p.559) Personal ways of communicating are: Special attention to organizations that have influence Word-of-mouth Media advertising

Non-personal ways of communicating can be: Media Atmosphere Happenings

Media are newspapers, magazines, radio, TV, mail, etc. Mass media are usually targeted to big and indifferent auditory, and sometimes to the selective, specialized audience.

Bileti Senior Project Excerpt, Page 17 of 22 Atmosphere is special environment, special conditions and relations that are creating feeling for enlarging customers wants for buying. That is especially important for service-based companies. Happenings are specially designed activities, created for sending a certain message to the specially targeted audience. (Cicic & Brkic, 2001)

PROFILES OF MAJOR MEDIA TYPES MEDIUM Newspapers ADVANTAGES

Flexibility; timelines; good local market coverage; broad accessibility; high believability Good mass-market coverage; low cost per exposure; combines sight, sound, and motion; appealing to the senses High audience selectivity; flexibility; no ad competition within the same medium; allows personalization Good local acceptance; high geographic and demographic selectivity; low cost High geographic and demographic selectivity; credibility and prestige; high quality reproduction; long life and good pass-along readership High selectivity; low cost; immediacy; interactive capabilities

LIMITATIONS
Short-life; poor reproduction quality; small pass-along audience High absolute costs; high clutter; fleeting exposure; less audience selectivity Relatively high cost per exposure; junk mail image Audio only, fleeting exposure; low attention (the half heard medium); fragmented audience Long ad purchase lead time; high cost; no guarantee of position

Television

Direct mail

Radio

Magazines

Internet

Small, demographically skewed audience; relatively low impact; audience controls exposure

(Kotler & Armstrong, 2001, p.553)

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2.8.2

Trends in Media
It is important to always be on the right track, to follow trends. Companies should look

for latest trends and work quickly to incorporate them into the product line. (Joyce, 2003) Television Bureau of Advertisement (2003) announced that the multi-media study has been done every three years, because usage of media is changing very rapidly. Trends are also measured, and they are becoming more and more complex. The television still remains the winner, as it has in past Media Comparison Studies. These are some of the newest trend measurements: Television reaches more of the advertisers profit each day than any other medium. Also, it is important that adults spend more time watching the television than with any other media (this replies to every major demographic segment) Regarding the advertising, public perceives television ads as the most influential, authoritative, exciting, and persuasive. Adults see the broadcast television as their primary news source, and as their primary source about local weather, traffic and sports news. They checked broadcast television as the choice one when they have been asked which was the most influential and exciting news source. Asked about which medium was the most involved in their communities, they answered: Broadcast television Newspapers Radio Cable TV Public TV Internet 50.4% 22.4% 14.1% 6.3% 5.3% 1.5%

Bileti Senior Project Excerpt, Page 19 of 22 (Television Bureau of Advertising, 2003) With the rapid growth of TV and Internet, some analysts have predicted the end of print as an advertising medium. But newspapers and magazines still account for huge part of global advertising expenditures, and spending in still increasing. However the press has lost shares over the last decade. (International Journal of Advertising, 1999)

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