Chapter 2 Developing a Marketing Plan

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Chapter 2 Developing a Marketing Plan
Convention Management and ServiceSeventh
Edition (478CSB)
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Competencies forDeveloping a Marketing Plan

1. Distinguish sales from marketing and describe the
   "four Ps" of marketing.
2. Explain the importance of a marketing plan, list
   the four steps of a marketing plan, and describe
   how marketers conduct market research.
3. Describe how marketers select target markets,
   position their properties, establish objectives
   and action plans, review and monitor their
   marketing plans, and put their marketing plans
   into action.

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The Four Ps of the Marketing Mix

• Product
• Place
• Promotion
• Price

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Four Steps of a Marketing Plan

• Conducting market research
• Selecting target markets and positioning your
  property
• Establishing objectives and action plans
• Reviewing and monitoring the marketing plan

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The Three Types of Market Research

• Property analysis
• Competition analysis
• Marketplace analysis

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Property Analysis

• Appraisal of what the property has to offer
• Should be objective (use input from various
  sources)
• Include both exterior and interior
• Include location, reputation, and quality of
  service
• Conduct analysis from the viewpoint of the
  meeting planner
• Assess the propertys current market position
  look into its sales history, guest files, and
  operating statistics

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Competition Analysis

• Answers three questions
• Who are your competitors?
• What are their strengths and weaknesses?
• How do their strengths and weaknesses compare
  with those of your property?
• Other tips
• Should be conducted quarterly
• Can identify profitable markets your property
  does not currently serve

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Marketplace Analysis

• Research on the market environment and the
  propertys position in that environment
• Also known as situation analysis
• Identifies factors in the marketplace that can
  affect the operation
• Could include population growth, economy, and
  attractions
• Identifies both opportunities and problems

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Sections of an Action Plan

• Description of market segments/types of business
  to be solicited
• Description of target customers
• Rates and special promotions
• Specific objectives
• Action steps
• Budget