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CIM Stage 2 Assignment on Marketing Planning Process

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Submitted in September 2015 and obtained 'B' Pass

Publicada em: Marketing
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CIM Stage 2 Assignment on Marketing Planning Process

  1. 1. 38423515 MARKETING PLANNING PROCESS 1 CIM REGISTRATION NUMBER: 38423515 MANAGING MARKETING WORD COUNT: Task One : 6 pages Task Two : 3300 Task Three : 2833 Total Word Count : 6133 OPTION ONE: To Improve the Conversion rate by 15% of the target audience from initial enquiry through to purchasing the product/Service
  2. 2. 38423515 MARKETING PLANNING PROCESS 2 Declaration ‘I confirm that in forwarding this assignment for marking, I understand and have applied the CIM policies relating to word count, plagiarism and collusion for all tasks. This assignment is the result of my own independent work except where otherwise stated. Other sources are acknowledged in the body of the text, a bibliography has been appended and Harvard referencing has been used. I have not shared my work with other candidates. I further confirm that I have submitted an electronic copy of this assessment to CIM in accordance with the regulations.’ …………………………………. ………………………………… Date Signature
  3. 3. 38423515 MARKETING PLANNING PROCESS 3 Contents Page o Executive Summary 4 o Marketing Audit – Task 01 5-10 o Marketing Plan- Task 02 11-22 o Evaluation Report – Task 03 23- 30 o Appendix 01- Company Background 31-32 o Appendix 02- Organizational Hierarchy 33 o References 34 List of Matrix 01: Mendelow’s Stakeholder Map Matrix 02: GE Matrix Matrix 03: BCG Matrix Matrix 04: Ansoff’s Matrix Table 01: PESTEL Table 02: Market Share Summary Table 03: Internal Capabilities Table 04: Comparison in Competitor Uniqueness Table 05: Balance Score Card Table 06: McKinsey 7S Frame Table 07: Market Mix Figure 01: Market Share – Pie Graph Figure 02: Perception map on Position Figure 03: Porter’s 5 Forces Figure 04: Value Chain Figure 05: Decision Making Process Figure 06: Product Life Cycle Figure 07: Brand Onion Figure 08: Bowman’s Strategy Clock Figure 09: Cultural Web
  4. 4. 38423515 MARKETING PLANNING PROCESS 4 Executive Summary There had been a significant growth in the broadcasting industry since 1994 after private radios started picking up slowly and after 1998 especially the Tamil broadcasting radios, as there was found a healthy competition due to technology advancements in Sri Lanka and the need on those media on taking the market place fulfilling the customer needs and wants in two aspects to entertain people as well as to make aware of the products in the form of advertisements. With increasing competition maintaining the conversion rate is becoming a challenge for Shakthi FM for this had been taken as a major consideration, to prepare a marketing plan to improve the conversion rate of Shakthi FM. It had been identified that the current conversion rate to be 15% and the prepared market plan will enhance the conversion rate to 30 %. As the first and base step a detailed audit had been done in order to form a basis for the marketing plan that mainly considers the present and future challenges Facing Shakthi FM. The micro and macro environment faced by Shakthi FM & the internal capabilities are well analyzed through the marketing audit, which leads to a proper marketing plan to improve the conversion rate, by highlighting its blueprints of the business –reflecting the advantages and disadvantages of the current situation and areas to improve further in order to meet the objective and stay ahead of its competitors. As the second stage, the marketing plan is prepared based on the information, grasped in the marketing audit, summarizing the findings from the audit and thoroughly going into each and every details of those findings from the marketing audit is then evaluated in order to improve the conversion from initial inquiry. Marketing Plan includes all what should have to be carried out in order to meet the objective that is to enhance the conversion rate to 35 %, which has been found as an issue to Shakthi FM. The evaluation report is produced to ensure how successful the marketing plan and its elements facilitate the task of Shakthi FM. It highlights the key tasks, potential barriers tackling methods, best ways in deploying the resources available, budget, contingency plan meanwhile it further evaluates how audit was undertaken, data gaps and analysis methods. The report further explains how. Moreover, the evaluation report identifies the possible issues when implementing the plan and practical solutions are proposed in resolving them.
  5. 5. 38423515 MARKETING PLANNING PROCESS 5 MARKETING AUDIT- TASK 01 Rationale:The radio media had been facing more challenges with retaining the market share as the rise of television and web based radios. Shakthi Fm currently carries a conversion rate of 15%, which the organization is willing to increase it by another 15 % which would give the figure of 30% conversion rate, to gain more client tie up thereby more profit. EXTERNAL ENVIRONMENT Table 02 : Market (Source :Annual report, Shakthi FM 2013/2014) Factor Influence Impact Significance POLITICAL 1. More preference and freedom to Government channels 2. Patent conflicts on broadcasting/ Telecasting special events like Olympics. Opportunity for government tie-ups, create political personalities Medium Low ECONOMIC 1. The RJs get attracted to other channel packages specially competitors 2. Advertising in Social media and internet increased 3. Increased frequency charges Demand for skilled RJs Survival on social media Medium Medium Medium SOCIAL 1. Women working rate increased and their radio listening hours reduced 2. Online radio and satellite radio influence 3. Tamil Speaking Islamic listeners are attached to religious program channel 4. Responsibilities and activities to help people affected by war and disasters such as flood etc No/less appeal Women oriented shows, opportunities on satellite packages, Seasonal catering to Muslims, opportunity for CSR High High Medium Medium TECHNOLO GICAL 1. Increased trend on mobile apps usage for radio listening 2. Emerging Visual radio 3. IVR systems for special programs 4. Limited Coverage boosters 5. The rise of Mp3 players and youngsters adaptation towards it. People’s choice for best one to suit their situation, Time management, reduction in young listenership, High Medium Medium High High ENVIRONM ENTAL 1. Energy consumption (Electricity) 2. Look for alternatives like solar power operation 6. Tie ups & Rebuild activities after a disaster Eco friendly operations, CSR opportunities Medium Low Medium LEGAL 1. One channel to operate with only two frequencies Clear issues and threat on switching Medium FM Channel Market Share% in 2011 2012 2013 Shakthi FM 60 55 50 Sooriyan FM 40 45 40 Varnam FM 10 10 5 Tamil FM - - 5 Table 01 - PESTEL FACTORS OF SHAKTHI FM  Sooriyan  Thendral/ Vasantham FM  Shakthi  Varnam/ Tamil More Airtime Less Airtime Infotainment via various channels Matrix 01- Mendelow’s Stake Holder Map TRC, Media Ministry Figure 01 - % Pie Graph Figure 02 – Perception map Employees, Celebrities Liseners , Clients Market Research Centers Government Competitiors
  6. 6. 38423515 MARKETING PLANNING PROCESS 6 INTERNAL ENVIRONMENT Table 03 : Internal Capabilities PHYSICAL FINANCIAL HUMAN INTERLECTUAL Digital system for good sound quality Transmission Towers Separate studios for recording (Drama/ Talk studios) Inhouse Production Unit IVR System The STEIN Studio for indoor events Pay best for stars or celebrities Organize special musical/dance shows of International stars Afford on new technology Reality show structure and spending power Profit stability Program personnel News Personnel HR Marketing Finance Promotions Personnel Emergency breakdown teams Highly qualified professionals Agreements with stars or celebrities Agreements with corporate clients Agreements with Employees 1. Brand equity 2. Brand loyalty 3. Word of mouth Copyrights CORE/ UNIQUE COMPETENCIES THRESHOLD COMPETENCIES Dedicated News Division, Best Pay for Celebrities, Stability of Organization Affroding to New/advanced Technology, Dedicated Studios for Events and Recordings, Television Background Sophisticated IT and Digital Technology, A corporate culture fostering creativity and innovation The ability to share knowledge throughout the organization Remarkable Airtime Utilization INFORTAINMENTthroughVarious Channels Matrix 02 Figure 03 - Porter’s Five Forces Industrial Rivalry The direct competitor is Sooriyan FM and both Shakthi FM and Sooriyan are in Maturity Stage, still Shakthi FM holds the No:01 Position with strong strand of the Television medium. Bargain Power of Supplier Low when suppliers of Mobile networking are concentrated. Switching cost is low. Backward integration cannot form new stations therefore B.P is low Threat of Substitutes TV- When people are at home they watch TV rather than listening to radio, May prefer movies, dramas, reality shows etc Internet radio – People while working may listen connecting to internet Mp3 players - Emerging youth trend use mp3 players as its growth rate is high and mobile inbuilt music players rule the song era. Threat of New entrants Shakthi FM is dominant in the market holding 50% share therefore can have a control on new entrants. New entrants blocked by defragmenting frequencies. One channel to operate with 2 frequencies therefore more opportunity for new entrants. Bargain Power of Buyer Increases at maturity stage of PLC and is high when channels are concentrated. High in off peak season Red Area – Corporate Clients Green Area – SME, Seasonal
  7. 7. 38423515 MARKETING PLANNING PROCESS 7 Infrastructure – Buildings, Digital / Broadcasting equipments, Transmission Towers, vehicles, Stein Studio for mass out door events, Separate recording studios, Production units, Music Library, Time belt, Songs, Commercials, Airtime for Commercials reading, Live updates Technology –Digital Systems, IT Network and backup System, IVR system, In-out staff tracking system, Security with CCTV, Editing Production software, Live transmitting from outdoor facility, Intranet, Website, M- Studio for Programs and Commercial schedule Auto play, email, SMS retrievers, Human Resources – Training Sessions and Induction programs, In-out Tracking Systems, Pleasant working environment, performance Appraisals, Programming, News, Marketing, Finance, HR Staffs, Security Procurement - Programs and contents that are very unique and have a mass listenership will be produced therefore the celebrity materials or whatever needed for the program will be considered for procurement Inbound Logistics  Best supplier for equipments and accessories.  Segmented programs  Timeliness Operations  Expertise to run critical operations.  News directly controlled by Chairman  Shift time RJs Outbound Logistics  Finalized prepositions are taken to the market.  Accomplishing Commercial airing task  Avoid delays  Commercial play Tracking  Reschedule missed commercial slots. Sales & Marketing  Proposals & Presentations  Promotions and Branding  Promised client Benefits. Service  Fulltime entertainment and information.  Lack of Client complaint tracking and solving system  MCR Engineers to attend to breakdown Figure 04 - Value Chain Table 04 - Comparison in Uniqueness of Shakthi FM with Direct Competitor Sooriyan FM Shakthi FM Sooriyan FM Rarity  Studio Facility  Very Forced News Team  Television Support  Most advanced in Technology  Loyal Listeners  Facebook Page Verified – The First Radio station to get verified in SL. Inimitability  The Social Service Agaram- to educate children  Reality Show – Superstar Singing Competition  Morning Show Host, The number one Tamil Radio Announcer in Sri Lanka Substitute Advantage  Promoting FM Shows and special contents on TV Medium  Sinhala brother station ‘Hiru’ promotions build Sooriyan name too Dynamic Capability  Frequent Content Changes on shows  Ability to play new songs first MARGINS
  8. 8. 38423515 MARKETING PLANNING PROCESS 8 Figure 05 - Decision Making Process Balance Score Card - Table 05 PROBLEM RECOGNISTION The corporate client seeks for more airtime to reach a mass audience INFORMATION SEARCH •Corporate client will search for information by calling or emailing with regard to the airtime availability and price packages. EVALUATION OF ALTERNATIVES •The client will evaluate the alternatives by giving priorities for quality of the segment or program, highest listenership, Price Package & Benefits , Past experience, DJ Popularity or Artist value of a show etc.. PURCHASE DECISION After making the selection of the suitable channel a sample of the advertistment will we approved and aired on the channel. POST PURCHASE EVALUATION Request commercial played time schedule direct from the channel or monitor records by appointing private agent. Innovation & Learning Perspective a)Segmented packages b) Segmented Programs Financial Perspective a) Significant Annual growth in Radio revenue b) Cost of advertisments Internal Perspective a)Job enrichment and job enlargement b)Rewards and recognition Customer Perspective a) Top of the mind awareness b) Value for money C) Satisfaction & Retention VT Introduction Growth Maturity HS Decline IP TC IP- Idhayam Pesiyathe TC-Timechecks HS-Hello Shakthi VT-Vanakkam Thayagam HYS – Hourly song Figure 06 – Product Life Cycle Time Sales HYS
  9. 9. 38423515 MARKETING PLANNING PROCESS 9 Figure 07 - Brand Onion Matrix 03 – BCG Matrix Organization Analysis Table: 06 - McKinsey 7S Framework Shakhti FM Present Value Future Value 1. Shared Value Remarkable Program, segment innovations, Vision & Mission to be reminded at intervals Professional views and experience mingled, international exposure to operational level 2. Strategy Tap the untapped market clients and increase investment of the existing clients Loyalty based packages, Good Relationship with Clients 3. Structure A tall & Functional organizational structure, effective span of control Matrix for integrated activities to fulfill the objectives 4. System Marketing Information System for Package creations and decision making CRM creations and enhance client relationship 5. Style Less formal, non autocratic at leadership level, brainstorming for better out put High preference to high and long time investors 6. Staff Marketing Executives, Brand Executive, internal research team, program developing team, Promotion, News Team Customer relationship Executive, specialists, Increase Marketing personals, Staff retention 7. Skills Marketing , Research, Promotion, expertise used for critical issues Training and highly professionals operated in long term Positioning No:01 position that reaches major Tamil speaking Listenersin the country and overseas in the term Tamil Speaking People'sPower Personality * Leader *PoliticalStability *Friendly *People'sPower *BusinessFocused *HiglyProfessional Values *CSR *QualityPrograms * DJ Recognition *Creativeness * Trend Setting Contents Vision To be the most outstandingTamil Radio Channel in Sri Lanka and market be the Market leader. Vanakkam Thayagam, Time checks, Hourly Songs Idhayam Pesiyathe Hello Shakthi Time belt from10-5 & after 9pm Figure 08 
  10. 10. 38423515 MARKETING PLANNING PROCESS 10 Table 07 - Marketing Performance Current Marketing Mix Desired Marketing Mix 1.Product Morning, Evening Drive shows with infotainment, Sports, Song segments, Time belts, Segments, Quality maintained, Concern on Tamil Language Reality Show content desirable for radio, Humorous Segments 2.Price Skimming Price Package with Benefits of Intro & Extro client tags Smart rates, Discounted Rates for a selected time bands 3.Place Client must walk into head office or our ME’s visit client at their convenience for new ad Webpage slots for client ads can be allocated & Online inquiries 4.Promotion  Advertising – News Paper, Hoardings, Leaflets, TV ads  Advertising – Special Magazines (international)  Personal Selling – Meet directly High end corporate client  Personal Selling – Contacts through Social Media, Meet SME clients  Sales Promotion – Festival promotions on airtime and special segments, representing in Dhayata Kirula (Crown for the Country)Exhibition  Sales Promotion – Continuous Contest  Public Relations – Sponsorships for education, cultural events and sports  Public Relations – Tie ups with Social service organizations  Direct Marketing – Mobile marketing, Social media interactions 5.People Training/ development programs once a year, Well trained and passionate ME’s to present the benefits of Purchase. Training / development programs every four months Virtual Team members 6.Process 5 working days for new customer recruitment and renew existing client contract. 30 days credit payment for clients 6 working days with flexible hours 45 days credit payment for clients Online Inquiry systems 7.Physical Evidence LMRB Ratings, Program Schedule Leaflets, Commercial Rate card Online version for Commercial rate cards and LMRB to display online Matrix 04 - Ansoff’s Matrix Product Market Figure 09– Culture Web The slogans- Tamil Speaking People’s Power, The Courage to be different, Lakshathibathi & Superstar logos Functional structure enabling effective span of control Overcome Tragedy in 1983 riots & intruder damage in 2009, tsunami rebuilds Chairman, Board of Directors, HOD Executive of the year , Nalloor Festival-outdoor studio, Yearly audit, Increments In-Out controls, Daily reports, Weekly Meetings
  11. 11. 38423515 MARKETING PLANNING PROCESS 11 Task 02 – Market Plan Introduction Shakthi FM, a radio unit which operates under the wings of The Capital Maharaja Organization, was launched in 1998, November 20th and it will be celebrating its 16th Anniversary in 2014. Shakthi FM is known for its service towards the needy Tamil people, fulfilling the thirst of music lovers as well as serious radio listeners who loves to listen to live news, first. The interactive exclusive interviews of well known Politicians, stars, sports persons and other innovative programs and radio concepts are trend setters in Sri Lanka Tamil broadcasting industry where the other Tamil Fm channels adopt to do the same in future. Thus not only in Program Content but also in Market share Shakthi FM leads in its position for more than a decade, but with fluctuating listenership rating carried out by the LMRB quarterly and every year. The Organization is rich in its resources and capital comparing to other Tamil Channel Organization and its business divisions into Television & dedicated News entirely had lead Shakthi FM to a strong position, in term of Brand and it positions itself as Tamil Speaking People’s Power. However the recent redline indication of decreasing conversion rate has taken the major consideration on making a marketing plan 01. Corporate Strategy Vision To be the most outstanding Tamil Radio Channel in Sri Lanka and be the Market leader. Mission To provide entertainment and information to enhance the lifestyles of the Tamil Speaking Sri Lankan public and to satisfy clients by building brand awareness via attractive advertisements. 02. Current Situation Analysis (SWOT) Shakthi FM has Divided its Programs strategy as Weekdays and Weekend, where as in Weekends it is named as Weekend Shakthi and other days Shakthi FM itself. The most identified problem is that the time belt between 10am to 5pm and after 9.00pm till 4.30pm is not been preferred by the clients to advertise their product in Radio. The business of Shakthi FM depends two ways, one to increase the listenership through improved program content and segmentation so that the more clients will be willing to advertise their product in Shakthi FM. A thorough scan on internal and external environment is important for the strategic planning process. Internal environment factors are classified as strengths (S) and weaknesses (W), and external factors can be classified as opportunities (O) or threats (T). This SWOT analysis is used to match the organization’s capabilities with its resources.
  12. 12. 38423515 MARKETING PLANNING PROCESS 12 Strength The exclusive access to resources and spending power is unmatched with any other competitor, which facilitate the competitive advantage and also the good reputation, relationship with stakeholders had established the Shakthi Brand more powerful, especially the shows like, Vanakkam Thayagam, Hello Shakthi, Agaram, Shakthi Super star, Shakthi Super voices, Shakthi Historical Dramas like Vandhiyadevan(A story of a King) etc.. Weaknesses High non-executive staff turnover and there is no induction program for them. Some programs changes leads people not to remember them at all during listenership ratings. Opportunities Non-Prime time belts can tap the new market meanwhile the prime time belts can be focused on international markets which appeal to Tamil people. Threat New radios entering the market especially the internet radio trend in a threat therefore should focus on more on social media and so on. The Market for radio is falling down as per a research done by LMRB in 2013, therefore need to find to boost radio listenership and invest on radio advertisements Retaining talented RJs External Environment The PESTEL Analysis in Audit Table 01 , gives the idea of how macro environmental factors affects Shakthi FM in order to understand how the improvements can be done to increase the conversion rate. The most significant PESTAL FACTORS are Social and Technological affecting the Shakthi Media which can be explained in the following four scenarios. a) Social (No Growth) Technological (No Growth) b) Social (No Growth) Technological (Growth) c) Social (Growth) Technological (No Growth) d) Social (Growth) Technological (Growth) a) When there is no growth found in either situation, there will be no change in the listenership which will not induce clients to advertise their products. b) When Social factors grow, the clients will be willing to spend more on their product advertising to reach its customers. But at the same if technology is not growing as to meet the social growth needs then there will be limited approaches by the clients to spend on advertisement. c) When Technology factors are seen growth then there is possibility for the client to advertise in Shakthi Radio which meets the current needs but if the Social growth is not happening then there are limits using the technology where it reverse spending ability of the client. d) When there is growth found in both situations, the money spent for advertising increases. Growth in social attitude along with the technology will definitely have great opportunity for advertisement spent to reach the customers of the clients.
  13. 13. 38423515 MARKETING PLANNING PROCESS 13 Quick view of the Overall PESTEL Analysis- Refer Table 01 It is a challenge to Shakthi FM, being a private radio station as the current situation in Sri Lanka merely giving priority to the Government channels, especially even though patents are obtained to broadcast or telecast special worthy international events like Olympic, there is conflicts raised there by the clients will have uncertainty on investing in Shakthi FM. When new channels are formed the RJs are being pulled out with attracted packages, same done by the competitors will have the chance on increasing their stability on listenership when Shakthi FM’s fluctuates. A Client will be willing to invest where a popular RJ host a show. Advertising in increased social media is very cheaper than choosing the radio media and the frequency charges are a challenge to the new channels. The current trend on female work force is increasing therefore female listening hours is becoming reduced. At the same time online radio is picking which is an advantage to promote listening Shakthi FM, online but influence of satellite radio creates environment for more choice. People in Sri Lanka after the war are expecting to rebuild their nation, especially education values where Shakthi FM had introduced a Product Called ‘Agaram’ to help educate children, which is as a result increased the value and thereby loyal listeners. Increasing trend on Mobile apps/visual radio and the opportunity for Shakthi FM Apps can be promoted to smart phone users to adopt to listen Shakthi through such advanced technology. This can also be a solution to limited coverage boosters. But the rise of Mp3 players among youngsters is still being a great challenge. Electricity consumed is high when the radio operates (24x7x365) and to reduce the impact of the fuel consumption, solar power systems can be implemented with a high initial investment. Transmitting towers are built on mountains where people existence not found. The recent rearrangement on frequencies and the limitation that one channel to operate with only two frequencies will give more space for new radios Competitor Analysis Audit Figure 03 -Porter’s Five Forces  The degree of Industrial rivalry spans between the direct competitor Sooriyan FM and Shakthi FM, where both the stations are in Maturity Stage, still Shakthi FM holds the No:01 Position with strong strand of the Television medium, the one to one comparison is further pointed in the Table 04. Further Shakthi FM’S most program/products are in its Maturity Stage(Figure 07-PLC) and needs to have new products or revamp , to maintain its existing clients as well as attracting new potential clients & keep them aware of the brand to maintain and improve the conversion rate(As per the Market Share report summary in Table 02 – Shakthi Holds 50% followed by Sooriyan FM 40%, its closest competitor)however there is a fall in Market share from 2011-2013 which needs consideration.
  14. 14. 38423515 MARKETING PLANNING PROCESS 14  Bargain power is low when suppliers of Mobile networking are concentrated therefore the Switching cost is low. Backward integration cannot form new stations therefore Bargain power of Supplier becomes significantly low.  Bargain power of buyer Increases at maturity stage of PLC and is high when channels are concentrated. High in off peak season.  Shakthi FM is dominant in the market holding 50% share therefore can have a control on new entrants. Meanwhile new entrants blocked by defragmenting frequencies. Wise versa the law on one channel to operate with 2 frequencies can bring more opportunity for new entrants  As substitutes the biggest challenge is the television as people prefer to watch TV rather than listening to radio when they are at home. The tendency on preferences such as movies, dramas, reality shows etc Another substitute is the Internet radio, the choice by People working at office ambience may listen connecting to internet where they won’t be allowed to listen to songs through radio. Still Shakthi FM can have advantage as it can be heard on internet as well. Emerging youth using mp3 players is a real challenge and the growth rate is high and mobile inbuilt music players rule the song era, which has to be considered to gain back the youngster listenership preposition. Stakeholder Analysis Refer Matrix 01- Mendelow’s Matrix  Stakeholder mapping highlights the highest power and interests group categories of Shakthi FM –The Key players are Listeners, Clients, Employees and Celebrities, as if the listenership is kept at highest then the Clients are willing to invest on Shakthi FM and ad agencies recommend. Because clients with high power and interest will reflect in the conversion rate, where good relationship should be maintained for long run sustainability. To create and progress on new contents or to push the existing content the employees from Sales, Program, and Promotion are with much influence to bring in the high conversion rate.  The Government and the Telecommunication Regulatory are kept informed for approvals as any changes they would bring may affect the conversion rate. Competitors are monitored as they need only a minimal effort as Shakthi FM is far ahead from its competitors and the research centers should be kept satisfied to build brand name.
  15. 15. 38423515 MARKETING PLANNING PROCESS 15 Competitive Position Audit Figure 08 - Bowman’s Strategy Clock ‘Differentiation’ strategy had been adopted by Shakthi FM for its competitive position in market as its service is bestowed through various channels, the up-to-date infotainment and different segmentations are unmatched by any other station. The clients enjoy value for money by choosing Shakthi FM. Thus by using this strategy the market share is maintained or increased relative to its competitors, a way to sustain successfully in market. Hybrid strategy (differentiation and reduced cost) cannot be adopted as when differentiation is implemented it would be difficult to have a reduced cost to the service. Therefore adopting this strategy may not benefit in the profit margin of Shakthi. Focused strategy cannot be implemented as it will have only limited clients to buy our service and creating a market niche will not benefit in increasing the client conversion rate. The Brand – Shakthi FM Brand Onion- Figure 07 • In order to meet the vision “To be the most outstanding Tamil Radio Channel in Sri Lanka and market be the Market leader” Shakthi FM , has built its values on CSR activities such as educational, sponsoring for events, health camps etc, Quality programs and DJ recognition as appropriate and with trend setting creative contents that long last in listeners mind and creates high recall rate on the brand. • Shakthi FM brand also had created its personality and image as a leader with great political stability in recent years fighting with the government for truth through news, friendly to its key stake holders and remains as a power of People meanwhile focusing on it business stability, being highly professional. • All these in return had given Shakthi FM the No:01 position that reaches major Tamil speaking Listeners in the country and overseas with the supporting term Tamil Speaking People's Power. Portfolio of Shakthi FM Refer Matrix 03 - BCG Matrix As per the analysis the time belt from 10am-5.00pm and 9.00pm-4.30am is found to be in Dog level. Which is considered as non prime time therefore the selling of program is very difficult but still need to in portfolio.Hello Shakthi, a prime time evening show is considered to be in cash cow level. Although there is a significant listenership ranges in the time belt between 8.00pm-9.00pm with the show Idhayam Pesiyathe, still struggles to convince the clients to invest for it. More program products, like Vanakkam Thaayagam, Hourly song and time check segments are found in star level, existing from the day Shakthi FM was launched. The Product stage of those specified programs identified in Audit Figure 07 – Product Life Cycle.
  16. 16. 38423515 MARKETING PLANNING PROCESS 16 Internal Environment Organizational Culture Audit Figure 09-Cultural Web The organizational structure is a functional tall structure facilitating effective span of control and integration on information flow. There are history records of overcoming the disasters occurred to the organization during the riots time and in 2009 the 45 Crore (SLR)worth Digital network system was damaged by intruders, but within 24 hour the broadcasting and telecasting, were back to normal with the oldest equipments, which was a talk around for its leadership driven courage- where as the organization’s slogan ‘’The courage to be different’’(Refer Appendix 01) resembles in action and the slogan of Shakthi FM the ‘’Tamil speaking People’s Power’’ had positioned it in the highest and gained the name of Broadcasting trends setter by program products like Shakthi Superstar, Who wants to be a Millionaire, Grand Master, News First. The Chairman is the final decision maker. The yearly audit is conducted, Grand Ceremony on choosing the Executive of the year held every year and the employees are Appraised and Rewarded with bonus and increments. Capabilities Table 03 – Internal Capabilities With all capabilities under Physical, Financial, Human, Intellectuals it had been identified that core competencies found on dedicated News Division, Best Pay for Celebrities, Stability of Organization affording New and advanced Technology, Dedicated Studios for Events and Recordings, Television Background which is very unique to Shakthi FM, meanwhile the thresholds are Sophisticated IT and Digital Technology, corporate culture fostering creativity and innovation, ability to share knowledge throughout the organization to impact on the conversion rate. Value Chain Analysis Audit Figure 04 -Porter’s Value Chain The Supporting Activities of Value Chain Infrastructure – This meets to fulfill the requirements of the current market. But the location of Radio stations is far away from town area which reduces the productivity time of employees. Technology –Technology being a key factor in terms of digital systems for broadcasting and other supportive systems based on technology makes the work easier therefore more productivity in less time. Even the HR tracking systems make employees follow their duty time but on the other hand it pressurize though. Revenue earned via SMS is an extra income to the organization. And paperless approach improves productivity. Human Resource – Every employee are involved in induction program to make them buy in to the organizational culture also training sessions carried out for to increase efficiency and knowledge during work, performance Appraisals done yearly to ensure job satisfaction and increments
  17. 17. 38423515 MARKETING PLANNING PROCESS 17 Procurement – Always seek to produce for high end quality programming product, no compromise for cheap programs. Quotation for Equipments obtained for best price selection and DJs, Celebrities are well analyzed on their ability and popularity before tie ups and contracts take place. Primary activities that support the above supporting activities  Inbound Logistics – Timeliness is must as the content cannot be used when it is too old. Segmentation of programs makes more sense on time belts. Best suppliers are always in the list of purchasing equipments.  Operations – Expertise hired for critical program operations, News division controlled by the Chairman himself directly to avoid any bad experiences to the organization. Shift time RJs and other employees to carry out the 24 hours of service of Shakthi FM programs.  Outbound Logistics – Finalized prepositions are taken to the market to ensure professionalism. Ability on accomplishing Commercial airing task and avoid delays and ensure efficiency by having the system of Tracking the Commercial played and reschedule the missed out to overcome any client complaints on this regard.  Sales & Marketing – The Experienced Marketing Executives make proposals and presentations to the client and ensure the benefits obtained through the programs simultaneously the promotions and branding process are carried out to promote Shakthi Brand.  Service –There is no proper complaint management system to return to customer complaints. Fulltime entertainment and information to listeners. MCR Engineers are to attend to the breakdowns 24 hours. 03. Objectives Primary Objectives: To Improve the Conversion rate by 15% of target audience from initial enquiry through to purchasing the Service. Secondary Objectives:  To change the advertising mentality of the clients who currently advertise through other mediums other than radio  To increase the investment of the existing clients, in new slots  To create more Segments to sell to the client as to fit their financial affordance  To tap the clients at the international level
  18. 18. 38423515 MARKETING PLANNING PROCESS 18 04. Marketing Strategy On the basis of Ansoff’s Matrix- Figure 0, it is advisible to go for three strategies : 1) Penetration – Shakthi FM can reach its existing clients (SLT, Commercial Bank etc) with its existing mass program products like Morning, Evening Drives 2) Market Development – Can introduce the existing programs to new Clients under SME category and also tap the clients who advertise through billboards and even international clients with franchised bond etc.. 3) Product Development – New products that fits for seasonal and new segments(Humour, Sports, Cinema etc) to both new and existing clients of Shakthi FM. Marketing Mix Refer Table 07 – Market Performance  Product It has four main divisions as specified below  Program / Time belt – A whole program package  Time checks – 5 sec clip tagged to client name played after time reminder  Segment – A snippet of 2 minutes  Seasonal – New Year, Deepavali, Pongal, Christmas, Ramadan Snippets or shows Mostly the Program hosting is concerned in Tamil Language avoiding other language mixes. Maintain quality content in each and every program.  Price The pricing method is Skimming/Premium Pricing shown as in commercial rate card (In LKR): Category 5 Sec 10 Sec 15 Sec 20 Sec 30 Sec 45 Sec 60 Sec Bronze 3750 5000 6250 7500 10000 13750 17500 Silver 4690 6250 7800 9375 12500 17200 21900 Gold 5650 7500 9375 11250 15000 20650 26250 Gold Plus 6750 9000 11250 13500 18000 24750 31500 Platinum 9375 12500 15625 18750 25000 34375 43750 Platinum Plus 11250 15000 18750 22500 30000 41250 52500 Super Platinum Plus 15000 20000 25000 30000 40000 55000 70000
  19. 19. 38423515 MARKETING PLANNING PROCESS 19  Place The client is met in person and explained about the benefits for investing on Shakthi FM or the client may visit Shakthi Head office.  Promotion Promotions are carried out in many aspects to impress people overall in the country basically the CSR is the most successful one up to date. TV, Radio trailers, Hoardings, Outdoor shop to shop also take place.  People Training people in programming and Marketing gives skilled full employees who could work towards increasing the conversion rate.  Process Now 5 working days for new customer recruitment and renew existing client contract exist which can be raised into 6 days at flexible working hours in future while increasing to 45 credit days.  Physical Evidence LMRB Ratings are presented to the clients to convince, attractive Program Schedule Leaflets and Commercial Rate cards gives a professional look of Shakthi FM. People’s Award for Channel from Accredited Centers. Well equipped studio and environment build confidence among clients. 05. Segmentation, Targeting (Refer Matrix 02 – GE Matrix) According to the GE Matrix, the strongest market growth seems to be the green area as they either need more airtime or various channels. Therefore, pricing strategies or new program slots to meet that customer segment, and thereby to meet their decision making process (on figure 05) and target effectively could lead to move them to the red zone in future. TRC Equipment Supplier Celebrity DJ Client Ads Program On air Program Outdoor Commercials Listeners Listen to Ads during listening hours hours
  20. 20. 38423515 MARKETING PLANNING PROCESS 20 06. Positioning (Figure 07 – Brand Onion) Established as No:01 position that reaches major Tamil speaking Listeners in the country and overseas in the term Tamil Speaking People's Power, which is also been ensured by the market share (Table 02 & Figure 01). The perception Map (Figure 02) point pins the Shakthi’s position as well. 07. Implementation (Refer Table 06 McKinsey 7S Framework) a) Shared Value Leadership and team work is practiced to accomplish targets and goals through internal marketing ensuring effective communication throughout the organization to remind on vision and mission. b) Strategy To stay ahead the competitors the strategy on tapping the new market and increasing the existing clients’ investments on existing or new programs will be managed well. Gannt chart is used at the implementation c) Structure The reporting system will consistently maintain the flow from top to bottom and wise versa. Further will have cross integrations where necessary. (Appendix 02) d) System MIS, MkIS to be used on Decision making, budgeting and forecasting etc. e) Style Non autocratic client focused management, flexible working style for implementing the plan in order to achieve the objectives effectively. f) Staff Training programs, incentives and rewards can enrich and enhance the efficiency of employees and recruiting experienced people from same industry. g) Skills The right person should be appointed to the right place, especially handling critical issues and conflicts elimination are essential to carry out the plan effectively and efficiently.
  21. 21. 38423515 MARKETING PLANNING PROCESS 21 08. Action Plan - Gannt Chart ACTIVITY Responsibility Q2 - 14 Q3 - 14 Q4 – 14 Q1 - 15 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun New Program Development Program Manager Online inquiry setups IT Executive Revamp existing Program Manager Advertising Promotion team Personal Selling Marketing Executives Sales Promotion Marketing Executives Training HR Event Sponsoring Brand Executive CSR Promotion team 09. Budget / Financial Implications Marketing Budget for Shakthi FM (April 2014 –April 2015) By Marketing Manager Category Amount (LKR ) Current situation analysis 10, 00,000 Audit charges 10, 00,000 HR Training and development 45, 00,000 Training programs 10,00,000 Workshops 5,00,000 Incentives 5,00,000 International Exposures 25,00,000 G& A 11,00,000 Clerical 5,00,000 Telephone 2,00,000 Travel 1,00,000 Supplies 3,00,000 Program Revamps and creations 23, 00,000 Vanakkam Thayagam(Morning Drive) 10,00,000 Hello Shakthi(Evening Drive) 5,00,000 Humorous Segments 4,00,000 Sports/ Life Style Segments 4,00,000 Promotions 48, 00,000 Advertising Commissions 8,00,000 Personal Selling 5,00,000 Sales Promotion 10,00,000 Public Relations 15,00,000 Sponsors 10,00,000 Other 5,00,000 Total Cost 120,000,000 Estimated revenue 130,000,000 Gross Profit 10,000,000
  22. 22. 38423515 MARKETING PLANNING PROCESS 22 Control & Forecasting Effective implementation on Monitoring and Controlling should be carried out to make sure the objectives are met and proper establishment of performance standards followed by periodical evaluation. Increase Conversion rate by 15 % at the end of April 2015 Quarter Q1 Apr 14 - June 14 Q2 June 14 – Sep 14 Q3 Sep 14 – Dec 14 Q2 Dec 14 – Apr 15 Client Commit 90 150 200 250 Client Enquiry 600 750 800 850 Conversion % 15 20 25 30 Profit Forecasting Quarter Q1 Apr 14 - June 14 Q2 June 14 – Sep 14 Q3 Sep 14 – Dec 14 Q2 Dec 14 – Apr 15 Total (LKR) Client Commit 16,000,000 18,000,000 19,000,000 20,000,000 73,000,000 Client Enquiry 18,000,000 21,000,000 23,000,000 25,000,000 87,000,000 Critical Success Factors  Highly professional and skillful Marketing and management personnel  Get on to floor and aggressive work implementation  Motivation and training sessions  Incentives for meeting tasks and targets  Proper resource management Balance Scorecard It is useful on monitoring and controlling by setting the goals and measures on financial, customer, Innovation & Learning and Internal Perspectives. According to the following Perspectives Goal Measures Financial Annual Income growth ROI measures Customer Superior customer Service Customer Satisfaction indicators Internal Employee Satisfaction Staff Turnover rate Innovation & Learning Top of the Mind Innovation Program Recall rates Word Count: 3300
  23. 23. 38423515 MARKETING PLANNING PROCESS 23 Task 03 – Evaluation Report REPORT To : Managing Director, Shakthi FM From : Marketing Manager Date : 19th May, 2014 Subject : Marketing Planning Process for Improving the Conversion rate by 20% of the target audience from initial enquiry through to purchasing the product/Service Introduction The importance of the Marketing planning process recommended here for Shakthi FM, on achieving the objective that to increase the conversion rate by 15 % is assessed through this evaluation report. Further this report includes and evaluates the role of Marketing audit by identifying problems of information gathering and analysis encountered in under taking the marketing audit, The competitive strategy development using segmentation targeting positioning approach with evidence of marketing mix used to achieve the desired position, and Evaluation of performance of plan. Finally the report highlights the possible issues encountered on implementing the marketing plan and presentation of practical proposals to resolve them. 3.1a What is Marketing Planning ? ‘’Marketing Planning is simply a logical sequence and a series of activities leading to the setting of objectives and the formulation of plans to achieve them’’ (McDonald.M ,2011) Therefore Marketing Planning helps to find a systematic way of identifying a range of options to choose, schedule and cost out with the sense of what has to be done to achieve the objectives if simply saying to stay ahead the competitors and sustain in the market. But this should take place as a continuous process within the organization, which the process can be expressed with the following questions: Where are we now? Situational Analysis Where do we want to be ? Marketing Objectives How to get there? Marketing Strategies Which way is best ? Tactics,Action Plan How can we ensure? Evaluation& Control
  24. 24. 38423515 MARKETING PLANNING PROCESS 24 The Basic Steps on the Market Planning Process are; 1. Situational Analysis – Through which the Shakthi FM’s micro and macro environment can be analyzed along with the market and industry and also the competitor analysis. 2. Planning- Strategies are formulated and marketing activities aligned to achieve the set objectives of Shakthi FM with the proper allocation of resources and time frame. 3. Implementation- The plan will be successfully executed with correct role and functions within Shakthi FM organization. 4. Control- The proposed marketing activities that are ongoing will be monitored and any deviations found will go under performance diagnosis to find out the cause and corrective actions would be taken to rectify the deviations. 3.1b How marketing planning can benefit Shakthi FM in improving the conversion rate 1. It offers a ‘Road Map’ for implementing Shakthi FM’s strategies to achieve the primary and secondary objectives mentioned in the Plan. The sketch makes it easier and reaches the targets more effectively and efficiently with a clear guidance so that Shakthi FM will know what should be done in sequences 2. It gives the assistance in management controlling and monitoring implementation of those strategies. Successfully decisions can be made at crucial stages through the marketing plan meanwhile allocating the right personnel to achieve the objectives of Shakthi FM. 3. It is much useful that to inform all who participate within the organization about their roles and function. The marketing plan will act as a bridge on communicating and reminding the ultimate vision and mission of Shakthi FM therefore get the fullest participation of the employees to reach the objectives by making them aware of their roles and function. 4. The Shakthi FM’s resources can be allocated accordingly and as per the need to make better use of it. The time frame which is given in the model of Gannt Chart and the budget allocation on how the financial recourse can be used are so much helpful on resource allocation which could result in effectiveness and efficiency, by saving time and minimizing the wastage. 5. Awareness can be obtained or can keep an eye on marketing trends, opportunities, threats, internal strengths and weaknesses. As in the changing Marketing environment it is essential to keep an eye on, especially the uncontrollable factors PESTEL o Political & Legal– To abide by the laws on Media and TRC, and adopt accordingly o Economic – Inflation rate and tapping the ideal clients/advertisers accordingly o Socio & Culture - The lifestyle of people and the need for the exact program product can be designed to accordingly to tap the right market to increase profitability.
  25. 25. 38423515 MARKETING PLANNING PROCESS 25 o Technological – This is a very important aspect as a Media, Shakthi FM needs to take its next level through technological advancement as per the changing market landscape and thereby create competitive advantages continuously to meet challenges. 6. It ensures that Shakthi FM is customer focused and sustain for long run in the Market. With this aspect Shakthi FM can look more and more into what the client actually needs rather than creating programs to sell to market which has no appeal. The above benefits are obtained from a realistic marketing plan which helps the Shakthi FM to improve its conversion rate and sustain in the market in leading position in the changing marketing landscape. 3.2a What is a Marketing Audit Kotler and Keller (2006) had defined an audit as following: “A comprehensive, systematic, independent and periodic examination of the company’s or business unit’s – marketing environment, objectives, strategies and activities with a view of determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance.” Evaluation on Role of Marketing Audit Integrated – Not only the problematic area but also by covering all activities of Shakthi FM business unit’s environment the failures within the organization can be picked up and sorted with proper strategies in future Systematic – An orderly sequence of steps helps to focus on each and every thing around, the internal external market environment, systems, activities of Shakthi FM etc. The action plan, the Gannt chart helps to run the activities in an orderly manner. Independent - Audits are carried out by independent marketing auditors with sufficient knowledge. By having external staff to audit it brings benefits such as higher flexibility and wider utilizing of experience. Periodic – Making these Audits periodical like once in a year or once in 6 months could serve Shakthi FM in preventing from arising problems due to uncontrollable changes and to maintain the position favourably in the Market. Auditing the marketing environment of Shakthi FM highlights the weaknesses and Threats which can be then tuned to Strengths and opportunities to build competitive strategy to stay ahead the competitors Sooriyan FM, Varnam, Tamil FM. Dividing the Environments in to two, micro where the Porter’s Five Forces is used and macro with PESTEL Analysis will find the loophole and set objectives to overcome those with proper strategy.
  26. 26. 38423515 MARKETING PLANNING PROCESS 26 Auditing the marketing strategy will be useful to Shakthi FM to decide how the strategies are adopted to achieve the objectives considering the external environment and resources and options. Auditing the marketing systems will mainly focus on Shakthi FM’s marketing systems such as MkIS, marketing control system and system for new (Program)products development. These help to ensure whether the objectives are achieved and they correspond to opportunities around. Auditing the marketing functions will evaluate the components of the marketing mix individually and in detail. Auditing the marketing productivity is useful to get to know the profitability of marketing program implemented and would examine the cost effectiveness as well. 3.2b Identification of Problems of Information gathering & Analysis Problems in Information gathering Problems on analysis encountered Unavailability of data required – There is no data to compare the Online radio with FM radios to get perfect statistics Lack of knowledge in using the audit tools In accurate information – False information from other organization in terms of building their reputation, which could mislead Lack of resources to conduct audit, therefore limited data used. Outdated Information – Some data were not fit for the current situation Difficulty in obtaining expert’s advice and had to pay in external to get such Information Overloaded – Too much gathering of data will lead to confusion It took long time for completion. Expensive data- Some data, for example the Market research reports were too expensive that Shakthi Fm had to pay millions(SLR) to obtain those 3.3a Explanation and Justification on developed Competitive Strategy As It had been identified that as per the Ansoff’s Matrix three strategies can be implemented to build compettiveness 1) Penetration – Revamping the Existing programs and selling to the existing clients needs investments very much lesser than a Market development or Product development. And as the basic tie ups and relationship is on the go it is easier to convince Shakthi FM’s existing clients 2) Product Development – Coming up with new creative trendy ideas would be a benefit to sell them to the existing clients as they know the performance of Shakthi FM and therefore great opportunity to get them invest on those new programs. But the risk is that innovation means its more in price therefore all the clients cannot be reached with this strategy therefore should insist this on High Corporate End clients
  27. 27. 38423515 MARKETING PLANNING PROCESS 27 3) Market Development – Using the existing superstar level program products, there is high opportunity for highly promoting those to the untapped markets, even overseas. For this so much effort is needed and time takes too. 3.3b Segmentation – Targeting-Positioning Approach Differentiation strategy is as used on segmentation and Shakthi FM offers a range of program packages which are segmented using the differentiation strategy. As you can refer Matrix 02 - GE Matrix, the identified customer segments are targeted effectively by offering the ideal program package to the target client group as per their investment strength which reflects in higher perceived value. Segmentation Category 1) Programs 2) Snippets/ Segments 3) Time checks 4) Hourly Songs 5) Special 6) Weekend Packages Segmentations offered Clients – High Corporate, SME, Seasonal This can be further improved into the level of international, as we find franchised business existing in Sri Lanka thereby we can use this opportunity to get those un tapped market clients to advertise on our website or even radio airtime. Targeting The GE Matrix – Matrix 02 This has been used to identify the potential target doctors as follows. Targeting can be done for the above clients as they have the capability for investing on Shakthi FM contents, thereby increase the conversion rate. When tapping the international market should ensure that it is franchised in Sri Lanka thereforePizzahut, KFC, Mc. Donalds, clients have to be convinced to make them invest on the websites, in which Shakthi FM proves its stability overseas too, as the hit rate of listeners online will be an opportunity for those international clients to invest on. Tapping such new market would help increase the conversion rate to desired position. Primary Targets Corporate Clients Secondary Targets SME / Seasonal Clients
  28. 28. 38423515 MARKETING PLANNING PROCESS 28 Positioning The current Position (Figure 02) can be moved to a higher level with all those which insists with the desired marketing mix identified in Table 07. The great opportunity is that Shakthi FM reaches every nook and corner with various channels, Radio, internet, partnering with TV, etc… But still need to include it in the satellite options to reach a greater audience thus improve the business by highlighting the strong number of listenership for a client to come and invest to advertise his business. Then Shakthi FM could position it as an internationally reached and recognized radio among Tamil speaking people. How Marketing Mix used on achieving Desired Position Product - As the trend changes it is better to focus on Radio reality Show contents which could make a WOW effect among listeners thereby bringing in the differentiation also humorous segments could be introduced so that these products will play a major role in bringing in New client tie ups as well as pool over the existing clients Price - Smart rates can be charged for new clients, Discounted Rates for a selected time bands and for existing clients which could be used as a tool to boost to invest on another slot thus improve conversion. Place- Explanation, presentations and transactions could be made online with advanced technology approaches to save time on travelling and create convenience on selling. Promotion  Advertising in Special Magazines could take Shakthi FM beyond the limits and reach internationally recognized.  Personal Selling can be more improvised through Social Media Contacts and also Meet SME clients frequently.  Sales Promotion can be carried out in a continuous manner.  Public Relations can be further improved by joining hands with Social service organizations to build reputation and support.  Direct Marketing – As the Competitor Sooriyan having a more stronger base in Mobile Social media interactions, it is a must for Shakthi FM too to adopt this as it will be useful to tap the youngster, also could go for mobile marketing the trend now and future. People - If the Sales team is not that experienced then there is a need for quality trading agencies who could have a higher power and interest on the conversion. Skilled Communication is a must in the team as the higher power and interest as if to communicate with the potential clients and make them spend on air content which could raise the conversion rate. Increase more marketing personals to meet time bound. Process - Extended Credit days and working day to serve client would bring better results. The online inquiry system should be implemented, communicate with international clients via technology elements. Physical Evidence -The Quality contents can be screened and send to international radio awards, which could benefit in return by impacting on the conversion rate by inducing the clients.
  29. 29. 38423515 MARKETING PLANNING PROCESS 29 3.3c Performance /Assessments of the Plan can be done as following: Type of Assessment Purpose Approach Annual Plan Control To examine whether planned results are achieved By Comparing: Market Share Analysis Sales Analysis Financial Analysis Profitability Control To examine whether Shakthi FM is making or losing Money Calculation and Comparison: Profitability by Customer Segment or Product Efficiency Control To Evaluate & improve spending efficiency Number records of enquiry through; Efficiency of Advertising Customer Satisfaction To evaluate the level of Customer satisfaction Collecting Data on: Customer Surveys Customer Complaints Strategic Control To examine whether Shakthi FM is using its best opportunities Marketing Audit McKinsey’s 7S framework will helpful on implementing and driving the plan where as he balanced scorecard will be useful on monitoring and evaluation. 3.4 Identification of Possible Issues & Presentation of Proposed Solution There are number of arising possible issues throughout and year when implementing the plan but having proper idea and solution to resolve will lead to further carryon the plan with control measures, therefore activities that leads to success ladder can be continued while dropping the unsuccessful activities behind or alter according to the situation of Shakthi FM Marketing landscape. The following issues had been identified in the context of Shakthi FM on implementing the plan and the proposed how to resolve those: Possible Issues Solution Failure on Internal Communication Collaboration will lead to find ways to overcome the obstacle or barrier that lies in internal relationship. Lack of Internal Marketing Make sure that all employees are aware about the Company’s Vision and Mission and they work towards the objectives on achieving those. Managing Rewards A non conflicting reward structure can be introduced and managed. Lack of knowledge for planning Expertise should be involved to overcome because if there is no proper plan then there is no point in the whole process. Poor Degree of Delegation By dividing and delegating the implementation of the plan to various members of the unit can lead to timely implementation. Insufficient support from Top Management The top management of the Shakthi FM should take into mind that planning is made for the benefit of the company with an aim to achieve a goal and therefore should not slack their support for any reason and the planning unit should fully explain the objectives and methods of planning in order that chief will be convinced the importance and support.
  30. 30. 38423515 MARKETING PLANNING PROCESS 30 Possible Issues Solution Information Overload Should avoid collecting redundant and unnecessary data which will only lead to confusion and difficulties and sometimes expensive too. Therefore should fix proper targets within a stipulated time period, to avoid gathering too much Lack of Information Not only quantitative but also qualitative research can facilitate a successful implementation of the plan Lacking Leadership Team motivation and organizing periodical Leadership and self build programs. Marketing manager can be guided carefully and practice effective communication to carry out the activities properly with proper instruction. Conclusion: In hype the report highlights the importance of marketing planning process and the key elements that would benefit Shakthi FM and achieve its objectives. First the Current snap shot of the Shakthi FM market environment was taken to consideration. For this various tools were used to bring all them to a summarized position. And then the Market Plan explains the situation and strategies for Shakthi FM to achieve its desired position. The implementations along with how to control those activities also had been given in detail. Then the evaluation of the role of the marketing audit as part of this marketing planning process was completed, meantime highlighting the problems in gathering information in undertaking the audit. Further the report explains and justifies the competitive strategy using the STP approach, using the marketing mix as evidence for Shakthi FM to reach the desired position. The Performance of plan also been evaluated. Finally the possible issues are identified when implementing the plan and proposed practical solution to resolve them. Happy improved Conversion rate! Word Count 2833 15% 30%
  31. 31. 38423515 MARKETING PLANNING PROCESS 31 Appendix- 01 Organization Background Sri Lanka’s No:01 Tamil hit music station Shakthi FM, a business unit on media which operates under the Capital Maharaja Organization Pvt. Ltd, has been bestowing its service to Tamil speaking people for the past 15 years, where it was launched in 1998 November 20th and celebrates its 16th anniversary in 2014. Entertainment and News being the pillars of Shakthi FM, not only the Tamil speaking community of Sri Lanka but also the Tamil speaking people living worldwide, especially UK, USA, Canada, India, France, Switzerland, Japan, Korea, Saudi Arabia, Kuwait, Qatar etc … enjoy the content and the music it airs. Shakthi FM has the responsibility on providing the accurate news happening around and playing the superhit Tamil songs of the periods 80’s 90’s, new millennium and so on. It also gives importance on the seasonal and special events or happenings throughout the year and design its program contents accordingly to suit the situation and air it with wise promotions. Not only indoor promotions but also outdoor promotions (shop to shop, musical shows), awareness campaigns (dengue), educational seminars (for Grade 5 scholarship, O/L students) sports tie-ups and updates (Cricket, football)are also carried out. “To be the most outstanding Tamil Radio Channel in Sri Lanka and market be the Market leader” Mission To provide entertainment and information to enhance the lifestyles of the Tamil Speaking Sri Lankan public and to satisfy clients by building brand awareness via attractive advertisements.
  32. 32. 38423515 MARKETING PLANNING PROCESS 32 Customer base The air time is allocated for the customers in terms of Program content, Hourly Segments (Domestic Comedy, Cinema & Songs), Time Checks, etc… The top 10 customers Etisalat Dialog SLT Commercial Bank Uniliver Hemas Singer Seylan Bank Nestle SLIC If divided into Industrial wise, the key sectors are the following Telecommunication FMCG Banking Insurance Product Offerings Weekdays Weekend(Saturday) Weekend(Sunday) Vanakkam thayagam (Morning Drive) Weekend Vanakkam thaayam (Morning Drive) Hello Shakthi (Evening Drive) My Shakthi (Evening Drive) Kondaatam (Request Show) T-20 (Song Countdown) Vellitirai (Movie Countdown) Maalai Express (Magazine Show) Manjal Veyil Idhayam Pesiyathey (Love) Rahmania(A.R.Rahman Hits) Sports Master(Sports Show) Nilachoru(Mind Relax, Feeling) Anandha Iravu(Commedy) Anthanaal Gnbagam(Old hits) Hourly Songs Hourly Songs Segments Segments Time Checks Time Checks Position in Market Shakthi FM is the market leaders, holding more than 50 % of the market share and the direct competitor Sooriyan FM 40%, and the rest 10 % occupied by Thendral FM, Varnam FM & Tamil FM. (Source Annual Report -Shakthi FM, 2013-2014)
  34. 34. 38423515 MARKETING PLANNING PROCESS 34 References SWOT Analysis. 2014. SWOT Analysis. [ONLINE] Available at:http://www.quickmba.com/strategy/swot/. [Accessed 15 August 2014 Activities -The Capital Maharaja Organisation Limited. 2014. Activities -The Capital Maharaja Organisation Limited. [ONLINE] Available at:http://www.capitalmaharaja.com/index.php/activities.html#anc_media. [Accessed 16 August 2014]. RAP. 2014. RAP. [ONLINE] Available at: http://www.lmrbint.com/our-services/syndicated-offers/radio-audience-points.html. [Accessed 16 August 2014]. KLINČEKOVÁ S., International Journal for Innovation Education and Research, Vol.2-01 2014. . [ONLINE] Available at: http://www.ijier.net/assets/ijier.net-vol-2-no-1-manuscript-no-2.pdf. [Accessed 20 August 2014]. Bibliography McDonald M., Wilson H., 2011, Marketing plans, 7th Edition, Printer Trento, Italy Megicks P. et al,2011, Marketing Planning Process, Sanat Printers, Kundli Sylvester G., 2011, Preliminary Certificate in Marketing, Sri Lanka