[MUSIC] Hi, I'm here with Veronica, which is one of our MBA students at IE Business School. And we're together here to discuss what is a marketing plan. So I would like to know her thoughts and feels about what is a marketing plan and her experience also with the marketing plan concept. Hi, Veronica. >> Hi. >> How are you? >> Very good. >> What do you think is a marketing plan or how will you define what a marketing plan is? >> Well, I think a marketing plan is like combining all the different elements that has to do with a marketing strategy. Like the four P's, segmentation, positioning, targeting, everything. And being able to take all those different elements, analyze them, and have a successful income after doing the right things and the right strategy. >> Good, I think that's a very good explanation. Let me try and put some order in the concept. I mean, what you were saying is absolutely true but the thing is what we're going to try and do in this class is basically try and organize this process. So basically usually the marketing is going to have four parts. First one is going to be the analysis, so basically to know more about the market. Second one is going to be defining the marketing strategy, so what do you want to get, target positioning. And the third one is a marketing mix, as you were saying very well, where we discuss the different elements of the mix. And the last one is the results that we're going to deliver, and we call it expected results. So that's the process that we're going to go through when trying to build a marketing plan. Have another question for you. If you think about these four elements of the marketing plan, what would you say is the most important one or the one that you have to do more carefully when doing a marketing plan? >> I think it could be the marketing mix implementation. because there you know the 4 P's and that helps you know your market, know your target. Know how you're going to know their needs, and then you can know how you can arrive or achieve that target, or that segment you want to get. So it helps you to define your product, your strategy, and all the different elements. >> Okay, I think it's a very good analysis, yeah. The marketing mix is key, why? Because first, most of the resources that you're going to use in the marketing plan are going to go there, so that's where the money goes. Second question is because the implementation is going to actually define your success or failure. But another thing that you probably should consider is that the marketing mix is basically the consequence of the marketing strategy. So you need to define very carefully and clearly what is the marketing strategy, what is the target segment that you want to reach, what is the position that you want to build? And the marketing mix basically is going to be, it should be aligned, and it should be coherent and consistent with the marketing strategy. That's why the marketing strategy is also relevant. That is, I think, probably the main. Final question for you, what do you think are the benefits, or what could be the reason for doing a marketing plan or putting together a marketing plan in a business or for a brand? >> I think that's what make your product, service, or whatever you're offering successful or not. because if you don't know your target, you don't know your segment, you don't know your competitors, you don't know the environmental, different aspects that can make you successful or not, you wouldn't be able to have a good marketing plan or to be good at what you're offering, because you don't know the basis, the most important things. >> Okay, again, I think I tend to agree with everything. My perception about the benefits of the marketing plan. Basically, the first thing is going to organize yourself. So you're going to develop a process which is more organized, more structured. And, hopefully more successful because of that. So first is organizing yourself. Second thing, many times is a good communication tool, so, you let all those in your organization know what you plan to do and somehow, you also ask for resources in order to develop your marketing plan. And the third thing is basically a tool, that is going to align different especially that appeals for companies which are big or have different functions, so everybody knows what you're planning to do and everybody should know where you're going to deliver. What are the results that you're going to deliver. But, If I have to say, probably the most important thing about doing a marketing plan is organizing yourself and understanding, well, how are you going to define your objectives and how are you going to try and reach them? So yeah. >> Interesting. >> Yeah, the rest of this course, basically is going to be devoted to try, and first define, where are the different stages in the marketing plan. And second, train basically our participants in how to do the marketing plan and how to develop a good structure for the marketing plan. >> And I guess, if you're making a mistake or something that helps you to notice it before it's too late, right? >> Absolutely and actually we learn by mistakes and the marketing plan basically is what you'd proposed as a best solution for a brand or or a product or service. But it should always have room for improvements, adjustments, changes, and that is also part of the marketing plan process. >> Great, thank you. >> Thank you very much and thanks to all of you. Thank you. [MUSIC]
