Mkf 3121
1. Why bother to plan? Planning is about analysing both internal and external factors, both past, current performance, future and set a future goals with actionable It is important because planning should guide the company as a whole. It bothers other functional department’s operation. There are a number of reasons why you would bother to plan. Planning ensures survival as you are able to compete effectively and efficiently, you have made a realistic assessment of past, present and future behaviour and trends and have taken all relevant and impacting variables into consideration (eg. competitors, capabilities, broad marketplace trends). Planning aids horizontal and lateral expansion and motivates employs as you are able to see what they are working towards. Planning also satisfied the firm’s responsibility to all stakeholders (customers, shareholders etc.)2. What is the strategic plan and what is its relationship to the marketing plan?Every organisation occasionally has to make some momentous decisions. A strategic plan will be used to address really big issues. The issue could be change the organisational structure, strategic partner, competitive position etc. Therefore, strategic plan is the plan that affect the destiny of the whole organisation. It looks much further ahead. The strategic decisions must get right in order to guide the operation of all departments. Therefore, the strategic plan will have impact on the decisions made in marketing plan. For example, what the objectives may be, how budgets are set, what elements (of the p’s for example) are focused on, because the outcome of the marketing plan must support the decisions in strategic plan.
3. What are the essential characteristics for an effective marketing plan?All successful companies, regardless of their size or type, are likely to share seven characteristics. They are:Strong top management support: since the marketing should guide all the companies’ operation. In order to satisfy the goal of the marketing plan, all functional department or area have to work together. Therefore, the most important influencer, CEO, should mould company’s attitudes, values and beliefs.  Unless all other department, including the top influencer, CEO appreciates the power of a marketing plan and trying to support it, it will be impossible for marketing department to build an effective plan.Complied by staff: An effective marketing plan is complied through the process of people involvement. Not only the engagement of marketing people, other stuff such as consultant, senior management – other stuff from the organisation. As only if all stuff understands the marketing plan, they will know the right way to achieve it.Thoroughly researched: a successful plan need thorough research. Only based on the information or analysis of matrix (matrix could include PLC, SWOT), and other key areas that been covered in a plan such as context, competitor …. The plan will be effective.Personal/specific: action-oriented, by who, when, how and why. It should not be an overgeneralised or overemphasised information. Have a clearly identified objectives that is reasonable, specific.Continually reviewed 4. What is the difference between corporate, SBU and functional level plan?Corporate level of plan can be seen as the highest level of the plan in an organisation.The link between corporate, SBU and functional level plan.5. What are the criteria used in establishing a good Mission Statement?A mission statement asks companies to think about what business they are in and there are a few criteria in establishing a good mission statement. These are: RUDDCM