Data Analytics and Traditional Marketing

Discuss about the Data Analytics and Traditional Marketing.

Introduction

Marketing Plan is considered to be an important part of the business plan. Good marketing strategy can act as a strong foundation for a marketing plan that is well-written. Marketing plan comprises of a list of actions and a good strategic foundation is crucial for a business. Marketing plan acts as a blueprint that helps in outlining the advertising along with the marketing efforts pertaining to a business. Marketing plan consists of the description of the marketing position along with the discussion pertaining to that of the target market. A marketing plan is of crucial importance for a new product as it helps the common people in knowing details about the product. It also helps in highlighting about the positive aspects pertaining to the product. This essay analyses in great detail what is involved within the scope of the marketing plan and underlines why this this so crucial for an organization.

The key responsibility of the product manager is in relation to the development of the marketing plan. Annual planning along with updating of the marketing plan can help in improving the aspect of co-ordination. A marketing plan helps in highlighting what has been proposed and it can serve as a useful induction document for that of the new employees. Market research helps an organization in gathering important information regarding the potential market of a product or that of service. It can help in the evaluation of the strengths along with weakness and helps in identification of a target audience. The development of the marketing messages can help in communicating the manner in which the brand wants itself to be perceived (Xu, Frankwick & Ramirez, 2016). The analysis of the competitors can help an individual in the positioning of the business. The marketing strategy can help in setting the path so that the sales related goals can be achieved. A month-by-month schedule can be developed that can help one to spend on the arena of marketing.

The strategic planning in the arena of marketing plan can help in setting broad objectives and the strategies are more general in this kind of a planning. The strategic planning is scheduled for 3-5 years and it provides annual updates. The marketing planning on the other hand occurs at the level of the business centre. It helps in setting objectives that are more specific and this kind of planning is done on annual basis. The goals of the marketing plan helps in defining the current business situation and it helps in defining problems along with that of opportunities that the business faces. It can help in the establishment of objectives and clearly lays out the strategies that can help in the process of achieving the objectives. Disciplined thinking t helps in pinpointing responsibilities that can help in achieving the objectives (Kotler, 2015). It can encourage the process of disciplined thinking and helps in establishing customer-competitor orientation.

It can be said that the products does not operate in vacuum. The tastes of the consumers change from time to time and the entry of the new competitors leads to the improvement in the nature of the products. The marketing plan can turn out to be a failure on account of the influence of the unexpected factors. The changing of the business environment can prove to be an issue for big household item like that of car and real estate. Appraising the competitors can help a company in creation of a competitive grid. This can help in identification of similarities along with differences between the old products and the new product. The grid should be inclusive of the product name, launching year, characteristics and the price point of the product. The demographic segment pertaining to the competitor products should be identified at the outset. The market share in relation to each product should be estimated and the amount that one wants to get from the market share should be assessed.

The frequent mistakes that are made in the marketing planning process revolves around speed of process along with that of the amount of data that has been collected. It has been found that if the managers rush the inputs along with that of detail then it can lead to missing the major targets. The managers on the other hand who act in a slow manner tends to forget that of the big picture. In preparing the marketing plan, one should avoid ‘analysis paralysis’ that can diminish that of marginal return. The conflict that takes place between the central planners and the line managers leads to the poor implementation of the marketing plan. Frequent change of the marketing planning process can pave the path for that of erratic behaviour. The marketing plan not being changed on frequent basis shows that the product is not responding to the changes that are taking place within the market.

Good marketing planning makes use of different kinds of managerial levels and it is not just about the product manager. A good marketing plan makes use of both internal along with external data sources. Good planning has sufficient time so that it can gather important data and carry out analysis. The process of planning makes use of the three steps- analysis, objectives along with strategies. The implementation includes the critical stage, action plan and that of responsibility. Top-down planning can provide a better perspective. The bottom-up planning can lead to the process of better implementation because the planners in this case are the same as that of the doers. It helps in analysing the market along with the customers more closely. The data that is gathered from the marketing planning sequence can be either quantitative or qualitative. The historical data should be updated at the outset and then the current situation data should be collected. On the basis of data analysis, objectives along with strategies can be developed. The financial documents can be developed and the final plan can be negotiated. This can help in measuring the progress towards that of the objectives. Developing the objectives is a critical step that helps in not only developing but in making a selection. Negotiation of the final plan can take a long time and it can prove to be a frustrating process. The senior management in this step finally reveal about the marketing plan. The goals of the marketing plan can be in terms of growth, marketing profitability, brand awareness and that of customer service. The growth can be measured with the help of sales increase. The profits made in the market can be measured with the help of marketing expenses. The brand awareness can be measured with the help of unaided recall by that of the target market. The goals pertaining to customer service can be measured by checking whether the customers are satisfied with that of post-sale service.

The financial performance is a critical aspect in relation to marketing. Profit along with loss model can help in testing the different strategies that can help in growing the market demand. The model can help in increasing the market share and increase the efficiency of marketing. Developing a marketing plan is important in relation to the launching of a new product as it helps in the restating of the mission statement of a business. It helps in the definition of the purpose clearly regarding why the customer chooses the product and not the competitor. The marketing plan proves to be greatly effective in identification of the customers. The brand positioning statement can help in setting the company apart because this is what ultimately draw the customers.

Conclusion:

Updating of the marketing plan along with that of annual planning can improve co-ordination in the organization. The marketing plan can highlight the new ideas that has been proposed and it can also act as that of a useful induction document in relation to the new employees. It can help in the definition of the business situation and it helps in clearly stating the problems and opportunities of the organization. It is important to keep track of the changing customer tastes and how the competitors are innovating the product. Unexpected factors can lead to the failure of the marketing plan. Analysis paralysis can diminish the aspect of marginal return and one should keep this in mind when a marketing plan is being prepared. It has been found that conflict arising between central planner and line manager can pave the path for poor implementation of that of the marketing plan. Internal and external data source should be used when a good marketing plan is being prepared. Sufficient time should be left for planning so that significant data can be gathered. It can be vital for the launching of that of a new product that can assist in the process of restating of that of the mission statement. It can help in defining the objective of the marketing plan clearly and lays out why the customers should end up choosing a product and not the product pertaining to a competitor.

References:

Kotler, P. (2015). Framework for marketing management. Pearson Education India.

Xu, Z., Frankwick, G. L., & Ramirez, E. (2016). Effects of big data analytics and traditional marketing analytics on new product success: A knowledge fusion perspective. Journal of Business Research, 69(5), 1562-1566.

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