Mp+ +b +chapter+8
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This document provides an overview of media planning and buying in the 21st century. It discusses the marketing planning process, which involves conducting a situation analysis, defining problems and opportunities, setting objectives and strategies, and creating a marketing plan. The marketing plan translates the strategy into action steps and details timing and initiatives to achieve goals. A media plan may need to support initiatives in the marketing plan, such as product launches or sales events, to help drive business from target consumer groups.
Mp+ +b +chapter+8
- 1. Media in marketing CHAPTER 8 Media Planning & Buying in the 21st Century
- 2. Agenda MARKETING PLANNING PROCESS Situation analysis Defining the problem Problems & Opportunities Objectives, Strategies & Tactics Marketing Objectives Marketing Strategies Marketing Action Plan Media Planning & Buying in the 21st Century
- 3. Marketing Planning Process 1. Mission statement: what business are you in? What are the company’s values? 2. Situation analysis: where are we? 3. Marketing Objectives: where do we want to go? 4. Marketing Strategy: How do we get there? 5. Marketing Tactical Plan: What is the best plan for getting us there? Media Planning & Buying in the 21st Century
- 4. Situation Analysis Asks/Answers: Where are we? A comprehensive review and analysis of business performance, e.g.: Industry and brand sales/share trends Consumer characteristics and diagnostics Geographic issues Trade & distribution situation and issues Competitive activity Performance of previous marketing plans Identify problems and opportunities Media application: provides data & understanding of what brand faces Media Planning & Buying in the 21st Century
- 5. Defining the Problem One of the most important planning tasks is to accurately define the problem. You cannot solve a problem if you don’t know what it is Unfortunately, there is often confusion about the difference between problems and symptoms Clients often equate sales declines with the problem; however, a decline in sales is usually a symptom of some other problem(s) which should be identified before taking action Example: If you had a severe stomach ache (symptom), would you hope that your doctor identify the problem as the flu or a bad appendix before operating? Media Planning & Buying in the 21st Century
- 6. Problems & Opportunities Problems & Opportunities The media plan should, when possible, address key marketing problems or opportunities identified in the situation analysis and client discussions Problems include sales obstacles like: Product deficiencies Inadequate distribution Low top of mind awareness Low purchase consideration Low quality image Low trial or repurchase Opportunities include things like: Competitor is low on stock Consumers are amazed at quality of the product An opportunity exists to create a major joint promotion with Fortune 500 Buying in the 21st Media Planning &companies Century
- 7. Every Product has Problems & Opportunities Media Planning & Buying in the 21st Century
- 8. Campbell Soup Case Study Campbell Soup sales were declining Conducted research to identify “why” Research identified the problem: mothers were forgetting about soup as a nutritious lunch for their children (declining top of mind awareness) Consequently, pantry stocks of soups were increasing eliminating the need to buy more soup. If pantry stocks were reduced, moms might buy more soup To solve the problem, mothers had to think of soup for the kids’ lunches Media solution: pre-lunch time radio reminding moms to serve nutritious soup! It worked!! Media Planning & Buying in the 21st Century
- 9. Objectives, Strategies & Tactics Objectives What do you want to accomplish? Maybe your personal objective is to go to Rome Strategies How are you going to accomplish the objectives? To get to Rome, you decide to fly Tactics What are the details of the proposed strategy? To fly to Rome, you select Flight 007 leaving at 6 AM on May 1, 2011 from Fargo International Airport Media Planning & Buying in the 21st Century
- 10. Marketing Objectives From a business and marketing perspective, what does the company/brand want to accomplish in the next year and five years out? Examples: Sales (total/by segment) Market share (total/by segment) Distribution Definition of the brand Media Application: Use marketing objectives to help define communications tasks and the magnitude of the tasks. Media Planning & Buying in the 21st Century
- 11. Marketing Strategy Target Market: Source of Volume Where will the business come from? Current customers? Competitors’ customers? Market expansion like I-Phone? Marketing Mix: Strategies to employ How do we best address the target market with a communications mix which will achieve the marketing objectives? Media Application: Understand target audience considerations and marketing mix roles Media Planning & Buying in the 21st Century
- 12. Source of Volume/Target Markets Source of Sales Volume Define consumer groups which will account for sales volume Where is business most likely to come from? Market expansion Current Customers New Customers From which specific competitors? From which Consumer Segments? Non Users vs. Heavy Users? Other? Media Planning & Buying in the 21st Century
- 13. Marketing Mix Addresses Target Markets (Source of Volume) Media Planning & Buying in the 21st Century
- 14. Marketing Plan Marketing plan is a translation of the marketing strategy into an action plan which provides details, including advertising plans, promotions, timing of new product introductions, changes in product, pricing, distribution initiatives, etc., in relation to the brand’s marketing goals & objectives The marketing plan includes proposed budgets to support elements of the plan, e.g., ad budget, cost of purchase incentives , etc. Media Application: The media plan may have to support many of the initiatives in the marketing plan, e.g., to support a year end sales event or launch a new product. Media Planning & Buying in the 21st Century
Editor's Notes
- #6: The Ready, Aim, Fire approach as opposed to the all too typical Ready Fire Aim (or Fire, Fire, Fire!)
- #13: The first step of the marketing strategy is to define where the business defined in the marketing objectives will come from. How much from existing customers vs. new customers. Where will incremental sales from new customers come from?
- #14: Once the marketer has defined targets for customer generation, next step is to develop a marketing mix, including all of the various forms of promotion (marketing communication)
- #15: Once there is an overall strategy a detailed marketing plan will be developed.