Marketing Plan and Strategy for Seylan Bank in Sri Lanka

Marketing Strategy/ Marketing Plan

The marketing plan might be structured as follows:

Ø  Specify the target market

Ø  Positioning of the product in the minds of the customers

Ø  Indicate how the product line is to be changed by the addition/deletion of product offerings

Ø  Pricing strategies to be adopted

Ø  Efforts to be expanded to improve or change levels of distribution

Ø  Show how the sales force to be motivated, compensated or altered in strength in order to sustain the selling effort

Ø  Service levels are to be maintained, improved in order to facilitate the achievement of plan’s objectives

Ø  Indicate the nature of advertisement campaign that is going to help to achieve the increase in the level of consumer awareness etc. that will eventually lead to increase the market share of the Bank

Ø  Sales promotion to be changed in order to stimulate consumer purchases at the point of sale.

Ø  The R&D budget to be altered to enable the market share to sustain the long and innovation and introduction of new products & new models.

Ø  Spends on Marketing Research to improve the knowledge base of the consumer and needs to monitor the competitor moves as well.

a.      Plan of Action

Each plan has its own strategically moves. The following marketing element has to be elaborated in the following points:

·         What will be done

·         When it will be done

·         Who will do it

·         How much it will cost

b.      Projections of Profits & Losses

The auctioned plan needs a budget requirement by the marketing manager. On the revenue side, it will show the sales volume in units & the average realized price. On the expense side, it will show the production costs, physical distribution costs & other marketing costs.

c.       Controls

The planning document should outline the nature of controls to be employed in monitoring the progress of the plan when it is put into operations.

d.      Evaluation of Marketing Plan

A brief evaluation of marketing plan as follows:

a)      Overview: A brief discussion of the plan, its goals & major actions to be taken.

b)      Situation Analysis: This should include corporate goals, consumer & customer information, demographics, psychographics, economic factors & trends, product facts, company capabilities & limitations, competitive assessments, projections & personal issues, research findings etc.

c)      Objectives: To accomplish the plan in measurable, quantifiable & actionable terms. It will be related to corporate objectives and financial issues that have been established on the development of the plan.

d)     Positioning: This is a key to any marketing plan. It identifies what is being marketed, who is the competition, who is the target customers & markets and why the customer should purchase the product or services.

e)      Strategies & Tactics: It will define how the things work upon strategically. Therefore, it should consider the situational analysis and define where actions must be taken, then look the positioning. Strategies & Tactics are actual defining of those actions.

f)       Budget: It should link with the corporate financial objectives & overall financial goals of the organization.

g)      Evaluation Plan: each strategy & tactic must be measurable & measured. Evaluation must be done thereafter.

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