Analysis of a Company Marketing Plan
Sometimes in the real world of business, someone who has developed a marketing plan may leave the company or even more likely, a new fire starter will be brought in to shake things up in a marketing department that management feels is slacking or lacking. One of the first tasks that individual will undertake is a review of existing marketing plans to determine their strengths, weaknesses and how they are working at their most important task: facilitating sales of the company’s goods or services.
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Evaluating Plan Goals
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It may seem simplistic endeavor, but a good marketer will evaluate the objectives and goals of a marketing plan to determine whether they were developed based on realistic circumstances and achievable hard targets. While making sales numbers is traditionally not the responsibility of a marketer, any marketing plan that does not in some way work to achieve the numerical goals of a sales forecast is not worth the paper its written on. While marketing is distinct from sales planning objectives and strategies, a marketing plan often is the grease that turns the wheels of sales.
Understanding Situational Analysis
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A marketing plan’s strategies and tactics are an outgrowth of the circumstances under which the plan was developed. The current situation in the marketplace in terms of the actions of competitors, the economic climate among consumers, as well as broader social or political circumstances that could affect sales should be addressed in a marketing plan. If not, the foundations upon which the plan was developed may be faulty and the resulting plan by consequence weak.
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Strategic Analysis
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Marketing strategies should be a natural outgrowth of the situational analysis and the plan goals. The breadth and depth of the strategic plan is the mark of the skill and ability of the plan developer. The strategic plan parameters give a good indication of the ability of the individual charged with the marketing success of the product.
Analyzing Tactics
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The tactical area is where the creativity of the marketer and his advertising agency really is revealed. How breakthrough are the tactics employed to accomplish the strategies identified? Will these strategies help achieve the sales goal? How costly are the tactics?
Is the cost/value quotient an equitable one? These are questions that should be asked and answered as the marketing plan is evaluated for soundness.
Analyzing Budget
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What was the final approved budget given to the marketer to accomplish all that the marketing plan promised? Was it enough money to get the job done? How was the money apportioned throughout the marketing year? Are there funds remaining that can be recommitted or usurped if need be?
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