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Strategic Marketing (Unit 7008 CMI)

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This is the first presentation I've done on this topic, used for a Level 7 Strategic Business Course in July 2013. Its the basis of a group discussion session to enable the group to meet the learning …

This is the first presentation I've done on this topic, used for a Level 7 Strategic Business Course in July 2013. Its the basis of a group discussion session to enable the group to meet the learning outcomes for unit 7008

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  • Hello – introductions – around the room, handshake icebreaker. My objective – for the end of course feedback to be glowing, to have the most amazing outcomes, go on and be successful in your businesses and remember the little people when you are living the dream! My background – Ex marketing manager, market stall trader, online shop owner, local press floozy and all round broadcaster of product me or mine! Now working freelance, I’m doing this for others, campaigns, strategy, sales and promotions. So – here are my contact details, I am here for you, paid to support you, use the resources you have available (me!) contact me in any which way suits you, on your terms, in your time, evenings, weekends, I can answer your questions, help to prioritise, troubleshoot, offer marketing advice and support for your businesses (Usually £45 an hour for consulting so make the most of it!) But… we only have till lunch so lets crack on!
  • This is the plan for today We need to hit each of these topics, and share some pointers to enable you to complete the module, Please don’t be shy, I really want to make sure you understand the point, quiz me if it isn’t clear (or make a note to ask me about it afterwards if you are a bit shy).
  • Have you had a chance to look at the assignment for Unit 7008 Strategic Marketing? Read it through. You see how its all jumbled up with the 1.1 1.2 1.3 – that's because you have a chicken and egg situation here in the marketing department! Its all linked up. You will need to work on Task 3, to work through Tasks 1 and 2.
  • So – in the hope that you get the most out of this session and you know what is expected, here are my top tips. Take your 7008 form and turn it into a checklist. The most important of which is the last one, once you start the process of building a marketing plan you’ll see why, limit yourself to an area you are familiar with and do it well.
  • This is the plan for the day, we have a huge amount to get through. So I’ve split it into chunks, I hope that works for you. Any comments/appointments or otherwise that I need to know about?
  • Use the whiteboard to gather the groups feedback on what marketing means to them.
  • So this is task 3, it looks backwards to do it this way but really it will help!
  • Has anyone ever seen a marketing plan? Ever written one? (share out the Southern Solar template one I used in my interview) Continuous Process, cyclical, feedback and improvement loop. 2. Strategy and Tactics - Do you know what these are? (call out to the group) Does your organisation have them? If the KPI’s are met, do we all go to the beach? No – the MD will move the goal posts, it’s a constant and continuous process How many veggies in the room; OK excuse the example, but it will stick in our minds! Strategic – e.g. Food Producer has a 3 year plan to make burgers, plan is in place for promotions, production, pipeline and profit. Horse meat scandal hits the headlines; Switch to tactical – stop promotion, go into damage recovery, wheel out best media people and aim production at something less risky. Turkey twizzlers are back on! Strategic has the long term broad focus, (think stratosphere) tactical has the nitty gritty on the ground detail and changes with the climate (think of tactics as team talks at the sports ground). Core Components (activity) – next slide
  • In small groups, take a look at the three example Marketing Plan Templates printed out: CIM, Microsoft Office, and Naomi’s Stick a post it note for each topic that requires research within the organisation In another colour write a post it note for each topic that requires an opinion or discussion with a senior manager/board level In another colour write a post it note for all the topics that the marketing team can get on with by themselves. Mark with a RED X the post its where one or more SBU/Divisions of the organisation could put the anchors on your plan. So lets call out (flipchart paper required) Sheet 1 all the topics we need to research within our business (finance, history/legacy) Sheet 2 all the topics that the boss needs to give direction on (strategy, tactics, what if,) Sheet 3 stuff marketing can do themselves (outside research, competitive research, focus group, client fact gathering) Sheet 4 another department can squish your dreams (accounts, ops, logistics, sales) Are we building a picture of how this living, breathing beauty of a document has multiple stakeholders, Can you see the tools you’ve looked at with Robin in use here, SWOT, PESTLE or STEEPLE and the impacts on the business you need to consider?
  • TAKE NOTE: the role of marketing is to nurture this inside and outside the organisation, feedback and improvement, feedback and improvement we are the spaniels and collies and retrievers of of the business world, eager to please, keep learning new tricks, keep running back with the ball!
  • Here are my recommendations to contribute to your own study on marketing plans, my challenge to you is to present a very tailored Marketing Plan for your task 3, a document that fits your organisation, TAKE NOTE: If I rang the FD or your accountant he/she would need to know he’d been consulted on budget for the plan, if I rang the ops director, s/he’d know he’d been asked what it is possible to deliver. Cautionary note – if you google “marketing plan template” you get bazillions of hits for free downloads, you need to employ a bit of a sense filter on this, some are peoples’ college work and not real life examples. Some are genius of course!
  • In the 1960’s McCarthy came up with a really concise way to define how you market, by looking at Product, Price, Promotion and Place, A good example of this in practice is the 1970’s car industry EU & Japanese car makers took on the US big boys, anticipated the market growth, built a better product, more reliable, better and faster engineering, they were more efficient and sold to the Americans. Some amazing examples, e.g. Lanc & Massingham 498 How McDonalds International Marketing decision leads to a no beef burger in the Hindu regions of India, in MD’s in NYC is set up for lunch-timers, in The Netherlands they are focused on evening meals, in the UK until very recently it was all about kids birthday parties. Urge you to read the Marketing Mix sections of the books listed here, to get a full picture and the varied opinions, to help you apply your marketing mix in your projects and assignments.
  • OK we are going to leave components of a marketing plan there for a bit….we will come back to it and draw it all together. TAKE NOTE: HOW… This is not ‘what is the strategic vision’ – that could be, the boss wants to spend the summer in Cannes so we have to turn over £12million with a 30% profit this year. HOW….does it impact the marketing planning process.
  • Does your organisation have a single mission or Commanders Intent? What is your company’s mission ? From Robin; Also; South West Airlines – Be THE low cost airline Importance comes in decision making, e.g. client feedback gives evidence that a chicken salad would go down well at SWA, but will they be THE low cost airline if they spend time and effort finding a chicken salad to package, service, store, promote, so thank you for your feedback, nice idea, but our mission is to be THE low cost airline so we’ll continue to serve the bargain non perishable snacks you see on the list. Question to the group, Is this stuff all fixed? Once the mission statement for an organisation is published? … .. To a point yes but then -> What can impact the mission of the company? No – things change, business climate changes, MD reads an article, meets someone on a train, operations hit a snag. Use Kingspan Example: deliveries of equipment are delayed, princess Anne is opening the production line, it’s a constant 3 legged race, or 10 legged race.
  • We already talked Strategic back in Task 3 it comes in here again, looking at the vision and looking at how it impacts the direction marketing points its resources. Look for resources which talk about the Marketing Mix – this is the broad approach you’ll come to with a Marketing Plan, it will be the priorities over what activities you will or won’t do. You may find using external audit tools such as PESTLE or STEEPLE assist with understanding the strategy and define the market profile or mix needed to deliver on the objectives.
  • Wilson & Gilligan 2013 chapter 10 explains how Michael Porter’s models back up how the strategist focuses on the ways an organisation is most capable of developing, to maximise the benefits of what is good, focus on good, do more good etc. Very interesting chapter talking about complacency with competition in the market, what happened to Marks and Spencer in the 1990’s etc.
  • Kotler and Keller has some views on Marketing from CEO’s – quite insightful!! Looks at important senior management priorities. They also talk about the central role of strategic planning, understanding customer value, creating cv, delivering cv, capturing cv and sustaining cv.
  • So in groups of 3, please can you pick one of the businesses, or if you are quick and efficient, do all three and help each other, really back of a fag packet stuff, use STEEPLE as a prompt to draw out from your own experience of your own organisation. You are going to review your own companies marketing performance via SWOT and STEEPLE, to give you a checklist of factors to audit STEEPLE tends to be for external factors (uncontrollable factors) that impact the marketing plan SWOT tends to be for internal and controllable variables
  • Guessing game -
  • Using a scribe for the group lets have a brainstorm I’ll give you a couple of minutes in your small groups to look at those marketing plans again, have a look at those marketing plan templates your SWOT opportunities again and see what you can think of. Back together this time its car crash time, Fukushima just happened and you market Nuclear. Neddy has just been found at Findus, Its snowing in June and you’ve got a container load of flip flops to sell. Your mini widget toy just failed EC safety testing and nearly killed a child in the focus group. call out – what can happen to the business, what can happen to the campaign? OK in groups of 3 Pick a risk (hurricane, earthquake, litigation, human rights violations, environmental disaster) OK – now lets drill down a bit to a specific campaign. We are going to write to all your existing customers to say v.2 of the product you sold them last year is just out, you might be using snail mail post, email, facebook and twitter depending on the client or audience. Who wants to be the product manangement/marketing department Shout out – product management whats are customers are asking for today, what improvements, what is their chicken salad? Who wants to be operations Operations – how quick can you make me some xxxx Oh crap – salmonella outbreak is affecting old ladies on a saga bus trip… What can we do about it? Look at all the aspects of these template plans So did you see what we did there? We discovered a risk the wrong way, but we dealt with it….hopefully by pre-empting risk using the tools such as Wilson and Gilligan suggest you’ll be able to mitigate risk in your marketing processes.
  • The greatest business risks for marketing are those that…. Last one can be non financial, if you are a scaffolding firm who has a poor Health and Safety record, then a visit from the HSE will do this for you without you upsetting a single customer. Start thinking about how you can catalogue risks, anyone involved in Health and Safety, ever done a risk assessment, Use the white board – draw a table, risk, level of risk, level of priority, what you can do to mitigate it All the marketing books are full of this stuff, look at sections on positioning, particularly on the CMI site.
  • Ok we have a product and Ops says its going to be ready xxxx Right marketing dudes and dudettes – what is the risk if I I send a press release out to announce xxxx with be on the market xxxx (delay and version 1 stops selling = xbox) When someone new is asked to cover facebook for the afternoon When we decide a risque tweet or video will be what we need to get attention When we latch onto some unfortunate disaster and promote our product (oklahoma/boston) A customer says they found a bit of xxx in their xxxx What can we do about it? So in our marketing planning we need to ensure we’ve got our backsides covered. Operational timelines – review regularly, plan plan plan, PR ready and embargoed with agencies. Social media damage control and ethics – need a strong policy Did you know Walmart lets any employee tweet on their behalf, they all have the login and password for the Walmart twitter feed, they have minimal guidelines and the task is to please their customers. So that’s what they do, that’s very brave, or very stupid! But it is working for them. Customer Service action plan; everyone has a story about Orange, or Tesco or Virgin Media or Sky, let me tell you about Gracie’s Wine Bar and my free bellinis, it just happened again with a dodgy groupon wording and a cheap camping holiday for me and the kids.
  • So this is task 3, it looks backwards to do it this way but really it will help!
  • I’ll tell you how important this is, a recruiter friend of mine from 20 years ago based in Surrey is struggling to fill an new role in the city – its called The Analyst, its performance analytics for business, getting 6 fig salaries if they can make sense of all of the above and drive change, the wealth of data collection is now HUGE, its processing it and drawing useful information from it, regularly and acting on that which is key!!! This shows you the measurement and review part of marketing and business as a whole is stepping up a gear, people are obsessed with ROI Financial and Non Financial. So how might you determine the success of your campaign? Sales Bonus and happy board room Competition out of business Great feedback, following on social media, buzz, inquiries from abroad etc. One show request etc. How will you know?
  • All of the above are tools to enable you to prove or disprove your marketing genius theories. Ensure you use these, deliver factual results in a timely fashion to your board to enable decision making, pulling the plug, or increase the budget etc.
  • Open talk for a few minutes on how you can support a continual improvement process within the business, how to structure feedback sessions (or not!) to ensure the measurements are relevant Dashboards, pie charts, board level simple statements Examples to draw upon; Risk avoidance, tactical changes, e.g. socks aren’t performing as hoped, heel holes reported, suggest drop the sock campaign or invest in a new heeler machine and start a ‘new and improved’ campaign when operations are ready, in the mean time we’ll prioritise something else. Here is a tool I have used to keep everything under control, on target – it really works, if you like that sort of thing!!
  • This is available online at office.com There are lots of versions but it’s a really helpful tool if you…. Have an MD or Sales Director who meets telesales execs on the weekend and comes in on a Monday to float his/her brilliant idea. It may well be the most brilliant idea – but this will help you work out with them what to drop/de prioritise, after all their new idea is going to cost £ 3,000 just to pilot, should we stop the Christmas cards to the wounded soldiers or cuddly toys for the hospital this year?
  • Take note of wordcount – SS example marketing plan is just over 2000 words – you don’t want yours to be this long!! Focus Focus Focus My aim would be to have your Marketing Plan 1300 – 1500 words
  • OK we are back here – looking at the components for that checklist I suggested you take note of… Lets step through and see how we are going with it…
  • Look back at the plans we got out at the beginning – there are running themes through them all, varying levels of density Key factor here is the sign off, not just the award winning plan, but the practical application in the real world, working with others, with risk and adverse market conditions and sticking to it.
  • This is one of the ways of planning your marketing, using the 7p’s, personally I think there are at least 3 too many P’s in there!! All these tools are really useful though, great if you are starting from scratch or taking over and the company is going through a bit of a change.
  • OK we are back here – looking at the components for that checklist I suggested you take note of… Lets step through and see how we are going with it…
  • The greatest business risks for marketing are those that…. Last one can be non financial, if you are a scaffolding firm who has a poor Health and Safety record, then a visit from the HSE will do this for you without you upsetting a single customer.
  • How do we plan for risk? You know because we’ve SLEPT, STEEPLED AND PESTLED it all before!! Same as in Health and Safety, you do an assessment, you gauge the severity or likely impact and alter practices to limit or mitigate the risk
  • Gut feelings is an interesting one, you may find there are a few oracles within the business, who quietly watch it all going on, if you are part of a big retail chain, these are your checkout operators and your shelf stackers, they hear customers chuntering on about things – this is gold dust and crucial to spotting risks you hadn’t even thought of.
  • As Manning states in his super article on Customerthink.com Successful navigation of risks and objectives comes from looking at Key Performance Indicators Feed the Key Risk Indicators This bit is crucial, requires strong management, fast decision making,
  • So – in the hope that you get the most out of this session and you know what is expected, here are my top tips. Take your 7008 form and turn it into a checklist. The most important of which is the last one, once you start the process of building a marketing plan you’ll see why, limit yourself to an area you are familiar with and do it well.
  • Transcript

    • 1. UNIT 7008 STRATEGIC MARKETING IDENTIFYING, DEVELOPING, AGREEING AND MONITORING A MARKETING PLAN THAT SUPPORTS STRATEGIC OBJECTIVES Naomi Andersson naomi@naomiandersson.co.uk 01568 612426 / 07794161547 @naomiandersson
    • 2. … THE PLAN FOR TODAY 1. Strategic Vision and Direction v. Marketing Plan 2. Strategies to manage risk to ensure Marketing Plan reaches organisational objectives 3. Develop a Marketing Plan
    • 3. 7008… YOUR ASSIGNMENT TASK 1: Outline how the strategic vision and direction of your organisation impacts on the marketing planning process (1.1, 3.1, 1.2, 2.1) TASK 2: Outline key areas of risk in developing and delivering Marketing Plan, strategies to minimize these and reach organisational objectives (1.3, 2.2) TASK 3: Develop a Marketing Plan, key components, measurement and review and approval process (2.3, 3.2, 3.3) Submission Date: 16th August 2013
    • 4. ASSIGNMENT TIP•BREAK ALL TASKS DOWN INTO A CHECKLIST •ENSURE YOU’VE HIT EVERY MARKER ON YOUR LIST IN THE FINISHED ASSIGNMENTS •BACK UP YOUR ASSUMPTIONS/VIEWS/DECISIONS WITH FACTS AND APPROPRIATE REFERENCING. •KEEP IT SIMPLE, STATE THE OBVIOUS
    • 5. RUNNING ORDER… • WHAT IS MARKETING? • TASK 3 • TASK 2 • BREAK • TASK 1 • SUMMARY • LUNCH
    • 6. WHAT IS MARKETING? •What is it for you? •How has marketing changed in your working lifetime? According to Jobber/Ellis Chadwick (2013) the goal of marketing is long term satisfaction not short term deception.
    • 7. TASK 3. DEVELOP A MARKETING PLAN, KEY COMPONENTS, MEASUREMENT, REVIEW AND APPROVAL PROCESS
    • 8. MARKETING PLANS •Is a marketing plan a static document? •Strategic v.Tactical plans? •Who owns the document? According to Doyle and Stern (2006) the plan communicates the objectives and strategy to the management team and permits rational debate about potential and chances of success. Activity next….
    • 9. MARKETING PLAN ACTIVITY (10 MINS)AIMS… •Understand the components of a marketing plan • Doyle & Stern 7 key components •See where input from organisation needed • Post-it party! •Spot where conflicts can arise • Red pen X time
    • 10. MARKETING PLAN – ACTIVITY RESULTS • Info from others • Board level decisions • Research & present • Parked genius ideas
    • 11. MARKETING PLAN – USEFUL SOURCES ACADEMIC/ THEORY/FORMAL •KOTLER & KELLER (CHA.2) •HOLLENSEN •DOYLE & STERN •CIM •CMI INFORMAL/FAD/SPRINT • MARKETINGMO.COM • BUSINESSBALLS.COM • MARKETINGPROFS.COM • OFFICE.COM Tools: SWOT, PEST, 7p’s
    • 12. MARKETING TOOLS MARKETING MIX 4 P’S MCCARTHY (1960) •PRODUCT •PRICE •PROMOTION •PLACE EXTENDED MARKETING MIX 7 P’S ADDED (SERVICES, STAFF) • PEOPLE, • PHYSICAL EVIDENCE, • PROCESS MANAGEMENT Key point: Decisions on the 4p’s are not made in isolation, nor just for organisational objectives, also competitive, social political, legal, technical and economic see Wilson & Gilligan (2013) p6-7 See also Doyle and Stern (2006), Lancaster & Massingham (2011)
    • 13. TASK 1. OUTLINE HOW THE STRATEGIC VISION AND DIRECTION OF YOUR ORGANISATION IMPACTS ON THE MARKETING PLANNING PROCESS
    • 14. VISION V. MARKETING • Mission, Vision and Values Statements • Your company has them right? ….or does it? • Fujitsu – Kill Kodak • South West Airlines “Organisations must be wary of a definition which is too wide or too narrow, also the definition of the business must not be outside of the competencies of the management and resources.” Good examples of wide and well managed definitions; Virgin 300+ companies, ASDA were associated dairies, had the distribution sorted and added more product lines beyond milk. See Jobber & Ellis Chadwick 2013 p44-45
    • 15. STRATEGIC V. MARKETING •Strategic, tactical and emergencies Understanding the strategic situation, confronting an organisation is an essential starting point in developing a marketing strategy.” Cravens (1986) from Wilson & Gilligan (2013) p19 Strategic planning logically precedes marketing planning by providing a framework within which marketing plans might be formulated. Tools: PEST, STEEPLE
    • 16. MORE INFO ON MISSIONS… Want to learn more about missions? Google “big brand business name” mission statement 2013 Tactical moves away from the mission and emergencies: Food scares, health scares, disasters, Umbrellas to flip flops – dig about in that warehouse… Jobber & Ellis Chadwick (2013) use Amazon as a good example of how mission can ride through challenging trading times to become a leader demonstrating a fixed mission but flexibility of approach. Tools: Porter’s Five Forces
    • 17. MATCHING THE MISSION (ACTIVITY 5 MINS) •What tools would you use to understand the decisions behind strategic and tactical marketing in your organisation? STEEPLE, PESTLE, SLEPT, PEST, SWOT Lancaster & Massingham (2011) 22-38 gives tools and guidance on this.
    • 18. STRATEGY V. MARKETING PLAN – USEFUL SOURCES ACADEMIC/ THEORY/FORMAL • KOTLER & KELLER • ELLIS & CHADWICK • DOYLE & STERN • CIM • CMI INFORMAL/FAD/SPRINT •HARVARD BUSINESS REVIEW • Roger Martin article from (Feb 2013) * in student shared area Tools: SMART objectives, SWOT analysis, Other: Assessing growth opportunities, Culture, Shareholder values.
    • 19. SWOT UP … ACTIVITY 5 MINS Strengths Weaknesses Opportunities Threats So a quick, real life example from your business, look at STEEPLE to help you, what will you put into a Marketing SWOT for your business? Socio - Cultural Technological Economic Environmental Political Legal Ecological/Ethical
    • 20. BREAK • 10 MINUTES • PLEASE LEAVE YOUR SEAT AND THIS ROOM FOR AT LEAST 5 MINUTES
    • 21. TASK 2. OUTLINE KEY AREAS OF RISK IN DEVELOPING AND DELIVERING MARKETING PLAN, STRATEGIES TO MINIMIZE THESE AND REACH ORGANISATIONAL OBJECTIVES
    • 22. MARKETING PLAN RISKS (ACTIVITY) 1. What is the absolute worst that could happen to the business? e.g. Weather, Litigation, HSE, HR disaster, Environmental Spillage Wilson & Gilligan (2013) look at the modelling methods to aid decision making and new product development based on risk
    • 23. WHAT COULD POSSIBLY GO WRONG …. • SERIOUSLY IMPACT SALES POTENTIAL • REQUIRE SIGNIFICANTLY INCREASED INVESTMENT • ADVERSELY AFFECT MARKET SHARE
    • 24. WHAT IS THE RISK IF WE….• send a press release out to announce xxxx will be on the market dd/mm/yyyy • When someone new is asked to cover facebook for the afternoon • When we decide a risque tweet will be what we need to get attention • When we latch onto some unfortunate disaster and promote our product • A customer says they found some xxx in their xxxx
    • 25. TASK 3 - AGAIN DEVELOP A MARKETING PLAN, KEY COMPONENTS, MEASUREMENT, REVIEW AND APPROVAL PROCESS
    • 26. DIFFICULT MEASURES Evaluating effectiveness is difficult, but with substantial expenditure, close control is important. Measurement and control should not only look at the extent to which objectives have been met but also provide reasons for variances which can be used to adjust future campaigns. LANCASTER AND MASSINGHAM (2011)
    • 27. TASK 3 MEASURE AND REVIEW PRIMARY MEASURES OF SUCCESS FOR ANY BUSINESS: • SHORT TERM SUCCESS MEASURES • VOLUME (UNIT AND £) PROFIT CONTRIBUTION • MARKET SHARE • FUTURE PROFITABILITY • MARKET SHARE HOW MIGHT YOU DETERMINE THE SUCCESS OF YOUR MARKETING CAMPAIGNS?
    • 28. MEASUREMENTS AND REVIEWS How are you going to measure the success of your marketing plan? •Reporting (CRM, Analytics, ERP, Management Accounting, Surveys). •Frequency (Quarterly? Monthly? Weekly? Daily?) •Tactical Plans See .xls template from Office.com (handout)
    • 29. MEASURING, REVIEWING & APPROVAL OF A MARKETING PLAN TASK 3: DEVELOP A MARKETING PLAN, KEY COMPONENTS, MEASUREMENT AND REVIEW AND APPROVAL PROCESS (2.3, 3.2, 3.3) How and when will you measure success or improvements required? Great measurement example with The Halifax and Howard, from Doyle and Stern (2006) cha 9.
    • 30. THE TACTICAL MARKETING BUDGET PLANNER Office.com
    • 31. BREAK We are going to go onto a summary of the whole module 7008 next Take 5 to leave your seat and refresh yourself!
    • 32. ADMIN • Overall word count 3500-4000 • Marketing plan portion • Submission date 16th August 2013 • Exceptions? • Tutorials from 29th July • Get them booked in
    • 33. BACK TO THIS… YOUR ASSIGNMENT Task 1: Outline how the strategic vision and direction of your organisation impacts on the marketing planning process (1.1, 3.1, 1.2, 2.1) Task 2: Outline key areas of risk in developing and delivering Marketing Plan, strategies to minimize these and reach organisational objectives (1.3, 2.2) Task 3: Develop a Marketing Plan, key components, measurement and review and approval process (2.3, 3.2, 3.3)
    • 34. COMPONENTS OF A MARKETING PLAN WHO, WHAT, WHERE, WHEN, WHY, HOW…. + SIGN OFF Company (summary & strategic objectives) Market situation (customer facts/segmentation) Cost (Financial goals, risks and projections) Campaigns (specific, risk assessed, plans) Planning & Resources Review Cycle (stakeholders) See Doyle & Stern (2006) for a simple approach not sure I agree with it, but it’s a good comparison to the other books.
    • 35. BACK TO THIS… YOUR ASSIGNMENT TASK 1: Outline how the strategic vision and direction of your organisation impacts on the marketing planning process (1.1, 3.1, 1.2, 2.1) Tools: SMART SWOT 7 Ps, 4 Ps #Ps!!
    • 36. BACK TO THIS… YOUR ASSIGNMENT TASK 2: Outline key areas of risk in developing and delivering Marketing Plan, strategies to minimize these and reach organisational objectives (1.3, 2.2)
    • 37. WHAT COULD POSSIBLY GO WRONG …. • SERIOUSLY IMPACT SALES POTENTIAL • REQUIRE SIGNIFICANTLY INCREASED INVESTMENT • ADVERSELY AFFECT MARKET SHARE
    • 38. MITIGATING RISK •IMPACT ON VOLUME •IMPACT ON SPENDING •IMPACT ON SALES Triggers for action •AGREE WHEN TO BEGIN •CONTINGENCY PLAN •CONTINGENCY PLAN •CONTINGENCY PLAN Assessment & Limiting Events causing risk
    • 39. MINIMIZING RISK TO REACH OBJECTIVES – SOURCES ACADEMIC/ THEORY/FORMAL •SMART OBJECTIVES •PEST ANALYSIS •KOTLER & KELLER •CMI INFORMAL/FAD/SPRINT •CMI Research – Weathering the Storm •CustomerThink.com -Thomas Manning •Gut feelings…ask the oracle!
    • 40. HOW WILL WE KNOW THE RISKS? • Business Objectives KPI’s (Performance) Metrics to show how Marketing is delivering against the Business Objectives (results oriented) • KRI’s (Risk) Changes in preference, demand, behaviour, poor strategy, ineffective operations/people/process. (Forecasting hazards) • KCI’s (Control) Governance, management, resources, mitigators. Ensuring A doesn’t crash with a B!! Manning 2010 http://www.customerthink.com/article/marketing_risk_management_seeing_around_the_corner
    • 41. ASSIGNMENT TIP • Break all tasks down into a checklist and tick them all off! • Back up your assumptions/views/decisions with facts and appropriate referencing. • Where possible find conflicting references and deliver your own winning, educated, qualified stand point. • Keep it simple, state the obvious
    • 42. UNIT 7008 STRATEGIC MARKETING ANY MORE QUESTIONS? LUNCH? Naomi Andersson naomi@naomiandersson.co.uk 01568 612426 / 07794161547 @naomiandersson

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