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Marketing Plan

Marketing plan is designed to implement the strategies chosen at

the corporate and strategic business unit levels. The development

of a marketing plan every year is also important for independent

operations, because having good strategies in place is equally

crucial to their success.

Writing a marketing plan allows you to examine the marketing

environment in conjunction with the inner workings of the business.

Once the marketing plan is written, it serves as a reference point for

the success of future activities. Finally, the marketing plan allows

the marketing manager to enter the market place with an

awareness of possibilities and problems.

Given the competitive situation in the hospitality industry, the

better question is ‘Why would any organisation not plan?’ It is

noted that the long term effect of a marketing plan is to hard

measure with precision. A look at the power of many trademarks in

hospitality offers unquestionable proof that there are such things as

long-term effects. Ronald McDonald is said to be the second most

recognizable name, next to Santa Claus by children. Without

effective marketing strategies, travellers envision universal images

when they hear names like Hilton and Holiday Inn would not have

happened.

Elements of Marketing Plan

Elements of marketing plan should ideally include:

1. Current Situation

What are you doing? This should include a brief review of the

‘product’ you offer, analysis of your target markets and any

important trends.

Marketing DHM 162 / DHCM 162 / DTM 182

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2. Marketing Objectives

This will involve setting some basic targets and defining what you

want to achieve.

3. SWOT Analysis

A consideration of the factors which are likely to make you succeed

or fail, looking both inside and outside organisation.

4. Competitor Analysis

You will need to decide who your competitors are, what they are

doing and how you can compete with them.

5. Market Research

How much do you really know about your existing and potential

customers? Before you can move forward you will need to establish

basic information about them.

6. Target Markets

You need to consider which markets are most worthwhile and

important to you.

7. Marketing Tools

For many, the most interesting bit! You need to develop a sort of

shopping list of the promotional tools you will use and what budget

you will devote to them.

8. Monitoring

How will you know if you have been successful? You will need to

decide how you are going to monitor your performance.