Global marketing
Marketing Plan for Ellen’s Stardust
Write a marketing plan for establishing Ellen’s Stardust diner in London West End.
You may follow the structure given in Table 1 below for your Marketing Plan.
Table 1:Marketing Plan structure. Elements Description
Executive Summary Your summary should summarise the key components of your marketing plan. Think of it as a quick reference tool that you can refer to at any time to keep your goals on track.
Background Analysis The background analysis section should detail the opportunities and challenges that your business has encountered along the way. This will help you to define your business’s capabilities and opportunities within the market. It will also play a key role in helping you to meet your customers’ needs. PESTEL and SWOT analysis, microenvironment analysis. Summarise your search from Assignment 1 here.
Marketing Objectives Be specific about what it is that you want your marketing plan to accomplish. Your objectives may be financial, with a goal to increase sales, or marketing focused to build awareness of your product or service. The most effective (and accountable) way to define your marketing objectives is to follow the ‘SMART’ acronym (Specific, Measurable, Achievable, Realistic and Timely)
Marketing Strategy An effective marketing strategy will help you to define the overall direction for your marketing program. It will also detail how you are going to bring your products and services to market in ways that will satisfy your customers. This section needs to include the market entry mode for Ellen’s Stardust.
Consider the marketing mix and how it should be adapted (or not) to the new market.
Marketing Mix The elements that make up your marketing strategy are often referred to as the marketing mix. In this case your mix will include the 7 P’s of marketing – product (or service), pricing, position, promotion, people, process and physical environment.
Actions Plans and Budgets Strategies and marketing goals are theoretical objectives. It’s your action plans and budgets that will bring them to life. Your action plans and budgets are your key tools for implementation. To ensure that they are successful they should be detailed, definitive and revisited regularly. Try to find out how much it will cost to realise your marketing plan. There is no budget limitations, but you need to quote costs for as many ‘items’ in your plan as possible (e.g.: how much will it cost to use magazine advertisements).
Organisational implications Organisational implications are often overlooked when business owners tackle a marketing plan. For example, if your goal is to increase your customer base by 15% and therefore your staff by 10% – will you be able to house them in your current offices? Could you outsource some tasks? It is important to consider and document these decisions in your plan.
Contingencies All marketing plans should remain flexible and adjustable as you are often working with assumptions. The more planning you do, the better you will become at predicting.
Evaluation and monitoring strategies To ensure ongoing improvement it is critical to control and measure the results of your planned marketing activities. Whatever method or technology you choose to use – formal methods of evaluation and monitoring will help you to understand the effectiveness of your marketing and return on investment.
Supporting documentation Use this section of the marketing plan to reference and attach documents supporting the claims or assumptions made within the marketing plan.
Adapted from: http://www.business.vic.gov.au/operating-a-business/developing-your-business/marketing/marketing-plan
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