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Marketing Implementation

Marketing implementation refers to the execution of strategies developed in the marketing plan. The financial institution will, as part of the marketing planning process, prepare an implementation schedule setting out a program of strategies with start dates and/or completion dates. The strategies listed may include supply strategies, demand strategies, competition strategies, positioning strategies, segmentation strategies, fundamental marketing strategies, as well as marketing mix strategies.

 

The implementation schedule is of vital importance since marketing failures are much more frequent during operations than during the conceptual and planning stages. It is very easy to assume that operations personnel will provide support and the required effort toward the success of marketing plans and programs, however, such assumption can lead to miscommunication and failure of the marketing plan. It has been seen that the unavailability of information and inadequate training for field and customer-contact personnel are two of the many reasons for marketing plan failure. The implementation schedule is a great tool to ensure a high degree of success. Below is a sample implementation of marketing plan schedule:

 

Marketing Plan Implementation Chart:

 

ACTIVITY

DATE / FREQUENCY

Obtain Board approval

By mid March 2002

Sensitize staff and pursue their buy-in

By March 31,2002

Contract an advertising agency to formulate an advertising plan

By March 31,2002

Select the sales team

By March 31,2002

Train the sales team

By mid April 2002

Development an incentive program for the sales team

By mid April 2002

Provide the members of the sales team with a formal written program of the project

By April 30, 2002

Provide each member of the sales team with a job description

By April 30, 2002

Provide the sales team with the necessary tools, such as cell phones

By April 30, 2002

Construct special counter for golden years customers

By April 30, 2002

Hold an official launching

30-Apr-02

Install six additional ATMs

2 Sept. 2002, 2 Mar. 2003 and 2 June 2003

Introduce telephone banking

By Sept. 2002

E-mail prospective customers

Daily beginning April 2002

Advertise the service on our website

Daily beginning April 2002

Phone or visit prospective customers

Daily beginning April 2002

Advertise the service on the local radio and television

Daily during April 2002, and as necessary thereafter within budget

Advertise in the local newspapers which are also distributed in the USA, Canada and Britton.

Weekly during April 2002, and as necessary thereafter within budget

 

 

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