Download - Strategic MKT PLG
-
8/6/2019 Strategic MKT PLG
1/18
Strategic Market Planning
-
8/6/2019 Strategic MKT PLG
2/18
Development of marketing Plan
` Hierarchy of plans
Corporate Mission
Business Plan
Marketing Plan
Individual Event Plan
Implementation and
Review Plan
-
8/6/2019 Strategic MKT PLG
3/18
Development of Marketing Plan
` Identifying goals both commercial and socioeconomic
` For an event agency it is important to understand anddefine the interest areas in event categories thatbrought the agency into existence.
` Converting mission into objectives and createbusiness plan based on ground realities, capabilitieswithin the boundaries of available resources.
`
The marketing plan serves as a connection betweenevent agency and the environment.
-
8/6/2019 Strategic MKT PLG
4/18
The marketing plan
` Provides the direction for the future growth.
` Strategic marketing planning for the event
agency evolves from the need to look into thefuture in understanding the trends in event
market.
-
8/6/2019 Strategic MKT PLG
5/18
Setting Objectives
` New client development
` Market development of clients
` Expansion of geographical presence of existing
events
` Creating company awareness
-
8/6/2019 Strategic MKT PLG
6/18
Setting Objectives
Criteria Example
Profitability Min. 15% Margin
Pricing Premium
Market share Around
30% in value termsLogistics On time execution
Public relation
/promotion
Effort to create awareness
Artistmanagement
Acquire already established artists
Training Training by participating in actual event
execution
-
8/6/2019 Strategic MKT PLG
7/18
Development of strategic Market plan
` Understand internal and external environment
around the event firm
-
8/6/2019 Strategic MKT PLG
8/18
Environmental assessment
` SWOT Analysis:Parameter Strengths WeaknessClients Satisfied Systems not in place to
follow up on new clients
Event service Well established artists Manpower shortage
Locations Major metros, agents
Promotion/PR Creative team,PRdept. PR inactive
Costing Better bargain possible Records not updated
Finance Sales team experienced Bureaucracy
Production Experienced managers Shortage of professional
-
8/6/2019 Strategic MKT PLG
9/18
Environmental assessment
` SWOT Analysis:
Parameter Opportunities Threats
Total Market 500 Cr Growing at 50%
Political
Environment
Increased MNC presence Instability of
govt.
Technology Scope for use of IT
systems
Competitors
strength
Competition Tie ups possible
-
8/6/2019 Strategic MKT PLG
10/18
Competitive Assessment
` Understanding price advantage
-
8/6/2019 Strategic MKT PLG
11/18
Gaining competitive advantage
` Assessing bargaining power of clients
` Substitutes:Net events
-
8/6/2019 Strategic MKT PLG
12/18
Business potential assessment
` Market Attractiveness` Required investment
` New competitive threat
` Risk
` Event life expectancy` Price elasticity to market demand
` Market Growth
` Market Size
` Profitability
` Segmentation
` Seasonality
` ROI
-
8/6/2019 Strategic MKT PLG
13/18
Business Strength
` No. of events generated over a time period Geographic
coverage
` Logistics
` Change in market share
` Selling power
` Price competitiveness
` New event concepts or variations
` Ease of event differentiation
` Sourcing structure
` Drawing Power
-
8/6/2019 Strategic MKT PLG
14/18
Problem Analysis
` Problem that share a single cause
` Industry related problems
` Company related problems
` Problems that can be solved
` Problems that can not be solved
-
8/6/2019 Strategic MKT PLG
15/18
List of problems
` List of problems:Sl. No. Problem Legend
1. Poor project planning A,B,C
2. Lack of Top Management time B,C
3. Blurred functional responsibilities A,B,C4. Computer based information system needed B,C
5. Systems not in place A,B,C
6. Poor networking commitment enforcement D,B,E
7. Rework & Extra efforts ADBCE
8. Need for a library BC
9. PRdepartment not fully functional ABC
10 Shortage of professional & Skilled manpower ADBC
11. No set measurement system D
-
8/6/2019 Strategic MKT PLG
16/18
List of problems
` List of problems:
` A: problems that share a single cause ; B: company related problems
` C: Problem that can be solved ; D : Industry related problem
` E:Problem that can not be solved
Sl. No. Problem Legend
12. Poor lead and opportunity management B
13. Lack of awareness among corporate DE
14. Cyclicality/seasonality DE15. Pricing of ticketed shows ABC
16 No protection for concepts D
17 Regulations to be followed and permissions to be taken DBE
18 Reworking and repetition of efforts BC
19 Chronic over time working ABC
-
8/6/2019 Strategic MKT PLG
17/18
Opportunity analysis
Rank Opportunity Attractiveness
To firm
Probability of
success
A Synergy exploitation 10 95
B New application 10 90
C Lead Management 10 90
D Leveraging opn ability 9 90
E Technical expertise 9 75
F Understanding Marketing
strategies
9 60
G Creation of need based E 5 90
H Improvements in pdn 5 80
I Organizational Structure 5 45
J Planning & Training sales team 5 40
K Local Agents network 4 35
-
8/6/2019 Strategic MKT PLG
18/18
Opportunity Matrix
100% 50% 0%
Probability of Success
AB
CD E F
G H I J
K
10
5 Potential
Attractiveness
0