Marketing review workbook

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Marketing review workbook

  1. 1. The marketing audit
  2. 2. Copyright NoticesNo part of this publication may be reproduced or transmitted in any form or by any means, mechanicalor electric, including photocopying and recording, or by any information storage and retrieval system,without permission in writing from the authors.Please do ask if you want to use this for your own courses or conducting your own customer audits.Requests for permission or for more information should be sent to: Jacqui Malpassjacqui@jacquimalpass.comLegal NoticesThe purpose of this book is to educate, entertain and provide information on the subject matter covered.All attempts have been made to verify information at the time of this publication and the author doesnot assume any responsibility for errors, omissions or other interpretations of the subject matter. Thisbook results from the experience of the author. The purchaser or reader of this book assumesresponsibility for the use of these materials and information. The author assumes no responsibility orliability on the behalf of any purchaser or reader of this book. Page 2 of 80 pages :: © jacquimalpass :: 2005 - 2011
  3. 3. TABLE OF CONTENTSWhat is a marketing review? .....................................................................................................................4How to use this workbook .........................................................................................................................4Before you start ........................................................................................................................................6Where am I review ....................................................................................................................................8SWOT Analysis .........................................................................................................................................9Market Trends ........................................................................................................................................ 14Market Environment ............................................................................................................................... 15Who are your customers?........................................................................................................................ 23Just for fun ..............................................................................................................................................26List your top 20 customers ......................................................................................................................28Working with your customers ................................................................................................................. 30Competitors ............................................................................................................................................ 35Products ................................................................................................................................................. 39Prices ...................................................................................................................................................... 47Distribution ............................................................................................................................................. 54Promotion............................................................................................................................................... 57Technology .............................................................................................................................................68Action Planning ......................................................................................................................................69Marketing Controls ................................................................................................................................. 73Where am I going? .................................................................................................................................. 77Goals and Objectives .............................................................................................................................. 77From theory to reality ............................................................................................................................. 79Market Research .....................................................................................................................................80 Page 3 of 80 pages :: © jacquimalpass :: 2005 - 2011
  4. 4. What is a marketing review?First stepsSimplicity is the key. Treat each section like a mini assignment, put it in your diary, assemble the team,brief them and assign parts of the audit to each member. As you do each section you will feel a sense ofachievement which will motivate you to complete all of the other stages.How to use this workbookThe book is set up in sections with a set of questions designed to ignite your thought processes, there willbe other questions that you will come up and in each section there is a space in the workbook to write youranswers.Your answer Copyright jacquimalpass.com :: Marketing Audit :: Page 4 of 80 Pages :: December 2010 v2.0 :: Jacqui@jacquimalpass.com
  5. 5. Mind mappingAnother way to get your ideas down is to use mind mapping software like Buzan iMindmap. This is a reallyuseful way to get thoughts and ideas down electronically.Find a way of capturing information that works for you and your team. Page 5 of 80 pages :: © jacquimalpass :: 2005 - 2011
  6. 6. Before you startHave the following items (either previous or current) ready for review: Marketing and advertising budget  Corporate folder Strategic plans  Brochures / flyers Research reports  Catalogues Trade information  Exhibition Stand (picture of) Staff experiences / stories  Website Branding  Direct mailers / eshots Corporate philosophy and mission  Letterheads, compliment slips, business statement cards Key words and phrases to describe your  Letter and fax templates business  Sales proposals and tenders Strap line  Case studies / whitepapers Use of colours  Annual report Samples of all past promotions and  PR plan advertising (last two years minimum).  Copies of PR for last 2 years Amount, quantities and timing of co-op programs/funds. List of campaigns Cost  Number of companies Responses  Number ready to be marketed to Which promotional mediums have given  Other analyses to include, numbers by you the best returns? market sector, targeted, in the sales funnel By total category for the last three to five  List your top competitors. years.  List your second and third-ranked By month January to December for each competitors. year.  Samples of past competitors promotions. By yearly total to date.  Samples of competitors collateral  Samples of competitors website Current products / services  Pricing matrix Planned products and services  Cost modelBy total category for the last three to five years. By month, for as many months as possible.By month January to December for each year.By weekly total for each year. Other political, legal, economic,  Sales and marketing team structure Page 6 of 80 pages :: © jacquimalpass :: 2005 - 2011
  7. 7. environmental or trend issues that may  Personal development plans affect your business.  Skills matrix Reasonable and probable growth for this  Skills gaps year and the next four years (i.e. as a  Training plans percentage increase/decrease from the previous year). The issues or tasks that you wish to outsource to 50five. Future plans and goals for expansion, revenue growth, and timing for these goals.Chances are this was quite onerous and demonstrates that your systems and structures may be a little outof whack! Great this is a perfect place to start.What else can you pull together?Who can help you? Page 7 of 80 pages :: © jacquimalpass :: 2005 - 2011
  8. 8. Where am I reviewThis is a good exercise to do with others in your business, hand it out and then pull everyone together toreview the answers.When you have finished try to put it into some order that you can work from and refer back to.What does my business do? What sort of customers am I most attracted to?What do they have in common? What common How am I giving my customers what they want?problems, goals, needs, wants or desires do they Describe.share?Who needs what I have to offer? What pay off do people get from my expertise?Who have you already helped? How have you helped them?What does it tell you about your business?What does it tell you about what others in your business think about what you do? Page 8 of 80 pages :: © jacquimalpass :: 2005 - 2011
  9. 9. SWOT AnalysisUnderstanding Strengths, Weaknesses, Opportunities and ThreatsWhy use the tool? SWOT Analysis is an effective way of identifying your Strengths and Weaknesses, and ofexamining the Opportunities and Threats you face.SWOT analysis is a framework for analyzing your strengths and weaknesses, and the opportunities andthreats you face.This will help you to focus on your strengths, minimize weaknesses, and take the greatest possibleadvantage of opportunities available.How to use tool:To carry out a SWOT Analysis write down the answers to the following questions. Where appropriate, usesimilar questions:Strengths:What advantages do you have?What do you do well?What relevant resources do you have access to?What do other people see as your strengths?Consider this from your own point of view and from the point of view of the people you deal with. Dont bemodest. Be realistic. If you are having any difficulty with this, try writing down a list of your characteristics.Some of these will hopefully be strengths!In looking at your strengths, think about them in relation to your competitors - for example, if all yourcompetitors provide high quality products, then a high quality production process is not a strength in themarket, it is a necessity.Your answer Page 9 of 80 pages :: © jacquimalpass :: 2005 - 2011
  10. 10. Weaknesses:What could you improve?What do you do badly?What should you avoid?Again, consider this from an internal and external basis: Do other people seem to perceive weaknesses thatyou do not see? Are your competitors doing any better than you? It is best to be realistic now, and face anyunpleasant truths as soon as possible.Your answerOpportunities:Where are the good opportunities facing you?What are the interesting trends you are aware of?Useful opportunities can come from such things as: Changes in technology and markets, government, social patterns, population profiles, lifestyle changes, etc.A useful approach to looking at opportunities is to look at your strengths and ask yourself whether theseopen up any opportunities. Alternatively, look at your weaknesses and ask yourself whether you could openup opportunities by eliminating them.Your answer Page 10 of 80 pages :: © jacquimalpass :: 2005 - 2011
  11. 11. Threats:What obstacles do you face?What is your competition doing?What specifications for your job, products or services changing?How is changing technology threatening your position?What are you doing about bad debt or cash-flow problems?Which if any of your weaknesses seriously threaten your business?Your answerCarrying out this analysis will often be illuminating - both in terms of pointing out what needs to be done,and in putting problems into perspective. Page 11 of 80 pages :: © jacquimalpass :: 2005 - 2011
  12. 12. SWOTNow summarise all of the points aboveStrengths WeaknessesOpportunities ThreatsHow are you going to:-use your strengths to take maximum advantage stop your weaknesses getting in the way ofof your opportunities seizing opportunitiesuse your strengths to overcome or resist the prevent the threats taking advantage of yourthreats weaknesses Page 12 of 80 pages :: © jacquimalpass :: 2005 - 2011
  13. 13. Key things that have helped you (or prevented) to get to the position you are in todayWhat are the key things that have Rate 1-10 What are the key things that have Rate 1-10helped you get where you are today? 10 = most prevented you from going further? 10 = least successful successfulWhat does this tell you?What are you going to do about any of it?Your answer Page 13 of 80 pages :: © jacquimalpass :: 2005 - 2011
  14. 14. Market TrendsTo remain competitive you need to get a good understanding of market trends if your business is to makethe most of its opportunities.It’s a good idea to buy a quality newspaper or trade magazine once a week/month, and subscribe to newschannels / newsletters which affect your market.These are some things which can affect your market and marketing.Seasonal / FashionIncrease/decrease in demandChange in attitudesEnvironmental concernsLegislationOutsourcing / GlobalisationCompetitors / new entrants / technologyWhat are the trends affecting your market place?Your answer Page 14 of 80 pages :: © jacquimalpass :: 2005 - 2011
  15. 15. Market EnvironmentA PEST analysis is an investigation of the important factors that are changing which influence a businessfrom the outside.PEST stands for: Political changes - e.g. a change in government, or a change in government policy.Economic changes - relate to changes in the wider economy such as rises in living standards or the generallevel of demand, rises or falls in interest rates, etc. Social changes - relate to changes in wider society suchas changes in lifestyles e.g. more women going out to work, changes in tastes and buying patterns.Technological changes - relate to the application of new inventions and ideas such as the development ofthe Internet and websites as business tools.What are the main developments with respect to demographics, economy, technology, government andculture that will affect your organisations situation?Political-Legal What laws are being proposed that may  International pressure groups affect marketing strategy?  Government policies Current legislation home market  Government term and change Future legislation  Are there any insurances that need to be in European/international legislation place? Regulatory bodies and processes  Trading policies What national, or local agency actions  Funding, grants and initiatives should be watched? Home market lobbying/pressure groupsNow FuturePositive Negative Positive Negative Page 15 of 80 pages :: © jacquimalpass :: 2005 - 2011
  16. 16. Economic - Demographic What effect will forecasted trends in the size,  market and trade cycles age distribution, and regional distribution of  specific industry factors population have on your business?  market routes and distribution trends home economy situation / trends  customer/end-user drivers overseas economies and trends  interest and exchange rates general taxation issues  What does your company expect in the way of taxation specific to product/services inflation, material shortages, unemployment seasonality/weather issues and credit availability in the short and long run?Now FuturePositive Negative Positive NegativeSocial-Cultural business issues  consumer buying patterns lifestyle trends  fashion and role models demographics  major events and influences consumer attitudes and opinions  buying access and trends media views  ethnic/religious factors law changes affecting social factors  advertising and publicity brand, company, technology imageNow FuturePositive Negative Positive Negative Page 16 of 80 pages :: © jacquimalpass :: 2005 - 2011
  17. 17. Technology competing technology development  information and communications research funding  consumer buying mechanisms/technology associated/dependent technologies  technology legislation replacement technology/solutions  innovation potential maturity of technology  technology access, licensing, patents manufacturing maturity and capacity  intellectual property issuesNow FuturePositive Negative Positive NegativeEnvironmentalClimate EmissionsWaste reduction Recyclingecological/environmental issuesNow FuturePositive Negative Positive Negative Page 17 of 80 pages :: © jacquimalpass :: 2005 - 2011
  18. 18. Porters 5 forces analysis Bargaining power of customers Bargaining Competitive Threat power of rivaly within of new suppliers an industry entrants Threat of subsitutesPower of CustomersThis is high where there a few, large players in a market e.g. the large grocery chains. If there are a largenumber of undifferentiated, small suppliers e.g. small farming businesses supplying the large grocerychains. The cost of switching between suppliers is low e.g. from one fleet supplier of trucks to another.How much power do the people who buy from you have over you? If you only have one or two clients ormain customers they can certainly make or break you.If you have many more than that, who is most important?What would happen if they increased their orders dramatically, or stopped buying from you altogether?Your answer Page 18 of 80 pages :: © jacquimalpass :: 2005 - 2011
  19. 19. Power of SuppliersThe power of suppliers tends to be a reversal of the power of buyers.Where the switching costs are high e.g. Switching from one software supplier to another.Power is high where the brand is powerful e.g. BMW, Pizza Hut, Microsoft.Forwards integration e.g. Brewers buying pubs and bars.Customers are fragmented (not in clusters) so that they have little bargaining power e.g. Petrol stations inremote places.You cant survive without your suppliers. The same questions apply.How many do you have? The smaller the number the more power they have.Who is most important?What would happen if they increased their prices, lengthened their delivery times, introduced a differentway of receiving orders, or stopped supplying you?Your answer Page 19 of 80 pages :: © jacquimalpass :: 2005 - 2011
  20. 20. Threat of New EntrantsBe alive to the threat of new entrants into your industry or local marketplace which will increase the level ofcompetition that you face. This might happen as a result of a change of legislation perhaps deregulating anindustry, or simply because another business feels there are profits to be made by doing things in a differentway. Faced with such a challenge, what would your response be? Economies of scale e.g. the benefitsassociated with bulk purchasing.The high or low cost of entry e.g. how much will it cost for the latest technology?Do our competitors have the distribution channels sewn up?Cost advantages not related to the size of the company e.g. personal contacts or knowledge that largercompanies do not own.Will competitors retaliate?Government action e.g. will new laws be introduced that will weaken your competitive position?How important is differentiation? e.g. The Champagne brand cannot be copied.Your answer Page 20 of 80 pages :: © jacquimalpass :: 2005 - 2011
  21. 21. Threat of SubstitutesSometimes a substitute product or service may arrive, reducing demand for yours. This may happenbecause of a technological development, (e-mail over fax or mail is the classic example). Is there a risk ofthat happening in your industry? This contains an element of crystal ball gazing, but forewarned is alwaysforearmed.Where there is product-for-product substitution e.g. email for fax.Where there is substitution of need e.g. better toothpaste reduces the need for dentists.Where there is generic substitution (competing for the currency in your pocket) e.g. Video supplierscompete with travel companies.We could always do without e.g. cigarettes.Your answer Page 21 of 80 pages :: © jacquimalpass :: 2005 - 2011
  22. 22. Intensity of rivalry between existing firmsThe level of competitive rivalry can be intensified if new entrants come into the marketplace, the power ofbuyers and suppliers increases, or if there are possibilities for substitute products and services. Wherecompetitive rivalry increases the likelihood is that profits will decrease. Can you afford to fight the battle inthe way that you are fighting it at the moment?This is most likely to be high where entry is likely; there is the threat of substitute products, and suppliersand buyers in the market attempt to control. This is why it is always seen in the centre of the diagram.Describe the level of competitive rivalry in your market.Your answerPorter, M. (1979) "How competitive forces shape strategy", Harvard Business Review, March/April 1979. Page 22 of 80 pages :: © jacquimalpass :: 2005 - 2011
  23. 23. Who are your customers?Objectives Know your customers better and use that knowledge to enhance profitability Grow the number of customers, the amount of sales per customer, and the lifetime value of the customer Highly profitable customers: What can we do to keep these customers and keep them spending? How can we attract more like them? Profitable customers: How do we get more of these customers to adapt the habits (spend) like our highly profitable ones? Unprofitable customers: How can we phase out these customers and, in the meantime, serve them economically? Serve each segment more effectively and at a lower cost Page 23 of 80 pages :: © jacquimalpass :: 2005 - 2011
  24. 24. How to Profile your customersConsumerDemographics Behavioural Geographic Psychological Financial Reasons to buy OtherAge When do they buy Where are they? Social class How they pay Price Do they useGender How often do they Lifestyle Disposable income Quality technology?Occupation buy? Attitudes Brand name recognition How long can youIncome How much do they Interests Customer service expect to keep the spend Needs & wants Variety of services customer Why do they buy? Discounts and sales Social Media fans? (Quality, service, Attractiveness of packaging guarantees, price, Convenience of choice) product/service use Guarantees/Warranties Technical support Flexible payment terms Financing Copyright jacquimalpass.com :: Marketing Audit :: Page 24 of 80 Pages :: December 2010 v2.0 :: Jacqui@jacquimalpass.com
  25. 25. CommercialDemographics Behavioural Geographic Psychological Financial Reasons to buy OtherNo. employees When do they buy Where are they? Innovative Ability to pay Price What problems doesTurnover How often do they Socially responsible Payment terms Quality your products andServices & Products buy? Environmentally aware Financial data (T/O, Brand name recognition services solve for youroffered How much do they Expect Credit profit) Customer service customers?Sector spend Needs & wants Credit worthiness Variety of services What are yourType of organisation Why do they buy? TO & profit goals for Discounts and sales competitive advantageGrowth stage (Quality, service, future Attractiveness of packaging (why do its customersCompetitors warranty, price, Convenience of store buy /how you differentMarkets choice) location from your Who buys – authority Convenience of competitors)? Type of employees – product/service use What major challenges common Guarantees/Warranties are you facing? characteristics Technical support What are the main How do they buy Flexible payment terms keys to success? o Financing How long can you expect to keep the customerBottom line a customer is someone:-  Who wants your product  Who has the ability to pay for your product  Who has the authority to purchase your product Page 25 of 80 pages :: © jacquimalpass :: 2005 - 2011
  26. 26. Just for funThis is one of the more fun things you can do in your business. It means thinking about your typical customer until you can see them in your mind. Thenyou’ll develop an intuitive grasp of what they want, need and fear.Start by asking a few questions and making some (educated) assumptions...then build up an archetype (or 2 - one male and one female).Question Him Her Personal details: What’s their name, age, job, marital status? Any children? Pets? Other dependents? Personality: are they introvert or extrovert? Open or defensive? What’s their attitude to risk? Are they assertive? Suggestible? Naturally sceptical? Learning style: how do they prefer to receive information? Do they respond to visual aids? Do they look for summaries or details? Can they relate to abstract ideas or do they need something more tangible? Point of view: how do they vote? Which newspapers do they read? What are their favourite TV programmes, websites and other media? Lifestyle: how do they spend their leisure time? What’s their ideal holiday? Who are Page 26 of 80 pages :: © jacquimalpass :: 2005 - 2011
  27. 27. their friends? And what type of people would they cross the street to avoid? Anxieties: what’s keeping them awake at night (and how can you make it go away)? Think about the symptom and the root of the problem – and what their life will look like when the problem is solved. Needs & desires: what do they want that they don’t need? What do they need that they don’t want? Finally (a really important one...) what would they hate to miss out on?Developed by www.earthmonkey.co.ukList all of the people in the organisation that you could “sell” to? (MD, Finance, IT, HR)Your answer Page 27 of 80 pages :: © jacquimalpass :: 2005 - 2011
  28. 28. List your top 20 customersName Segment Value £ Profitabi Number Products/Services Frequenc Date Last Date Last lity % of sales y of Sale Contact (phone, Purchase face to face) Page 28 of 80 pages :: © jacquimalpass :: 2005 - 2011
  29. 29. Who are your top 20%?Does the 80/20 rule apply to you - 80% of your business from 20% of your customers?% Segment Number of sales Value Profitability Products/Services Contribution to total revenue %Top 5%Top 10%Top 20% Page 29 of 80 pages :: © jacquimalpass :: 2005 - 2011
  30. 30. Do you spend the majority of your time supporting your best customers? Which ones?Which if any customers you should sack?What is the right mix of products or services for those customers with the greatest buying power?What do you like most about your customers?What do your customers like most about you?What do you each dislike about each other?Your answerWorking with your customersHow do you deal with your customersAction Things to considerInitial contact  How are telephone, fax, e-mail, mail enquiries dealt with?  What impression does the customer get of your organisation?  How fast and efficiently is any enquiry deal with?Negotiation  How do you make sure you understand what the customer really wants?  How do you handle price negotiations?  Are you flexible enough to meet their delivery requirements?Supply and delivery  Do you supply or deliver when and where you said you would?  Do your drivers or logistics company maintain the image of your company?  How do you know if the customer is satisfied?Complaints  Is the complaints process customer-friendly  Can the people handling the complaint take immediate action?  Does the customer go away happy - how do you Copyright jacquimalpass.com :: Marketing Audit :: Page 30 of 80 Pages :: December 2010 v2.0 :: Jacqui@jacquimalpass.com
  31. 31. know?Relationships  What is your customers view of other people in your “value chain”?  How do you know?  How are you going to help those on whom you depend to add value to the customers who depend onYour answerWho are the stakeholders?Shareholders Sub-contractorsCustomers BankStaff UnionsSuppliers Local communityYour answer What involvement do they have? How much power or control do they have? Who are your champions? Who do you need to change? Page 31 of 80 pages :: © jacquimalpass :: 2005 - 2011
  32. 32. Rate them 1-10 (1 being the most important)Who needs me? Who do I need?Who do I need to keep sweet? Who is always in the background?Why do customers buy from you?Customers expect quality, delivery and service, how do you add value?Your answerCustomer LifecycleIn customer relationship management (CRM), customer life cycle is a term used to describe theprogression of steps a customer goes through when considering, purchasing, using, and maintainingloyalty to a product or service. Its about :-  Customer acquisition  Customer retention  In short how do you get them and keep them loyal. Page 32 of 80 pages :: © jacquimalpass :: 2005 - 2011
  33. 33. What do you have in place to track your customers and keep them loyal?Your answerReferralsMarketing by getting referrals is not only simple, its low cost. Many people do not bother to ask theircustomers, suppliers or others for a referral.Make a list of those customers or suppliers (or anyone in your network) that you feel you have done agreat job for and who you could ask for a referral.Your answer Page 33 of 80 pages :: © jacquimalpass :: 2005 - 2011
  34. 34. What is your market positionYour market position is the place you occupy in the mind of your prospective clients. Its how theythink of you as compared to your competitors. High priceProducts and services Unique products andvery similar to serviceseveryone else Lower priceWhat next 1. Database – if you are planning to buy a customer/prospect database you can now segment it and only buy relevant data. 2. Up-sell/cross – now you can see which additional products you can sell to each segment/customer 3. Product mix - now you can see which products/services are missing from each segment 4. Customer phase out – now you can phase out unprofitable customers 5. Campaign management – now you can start to think about how to target each segment Page 34 of 80 pages :: © jacquimalpass :: 2005 - 2011
  35. 35. CompetitorsObjectivesBy knowing your Competitor you may be able to predict their next moves, exploit their weaknessesand undermine their strengths.Business competitors are:Other organisations offering the same product or service now.Other organisations offering similar products or services now.Organisations that could offer the same or similar products or services in the future.Organisations that could remove the need for a product or service.Step 1 – What can you find out about your competitors?Against each item put s for strength or w for weakness. e.g.FACTOR My Business Competitor 1 Competitor 2 Competitor 3 Importance to Customer (rate 1 to 5 1 being highest)Delivery Same day (S) Next day (W) Next Day (W) Same day (S) 1Use the following sheet for each competitor, you can amalgamate them at the end.FACTOR My Business Competitor Importance to Customer (rate 1 to 5 1 being highest)Mission StatementBrandsProducts/Services (main)Products/Services (secondary)Product supply sourcePricing StrategyDelivery costsQualityServiceReliabilityStabilityExpertiseCompany ReputationNumber of customersCustomer retention levelsLocationWhere do they sellSales MethodCredit PoliciesImage Page 35 of 80 pages :: © jacquimalpass :: 2005 - 2011
  36. 36. FACTOR My Business Competitor Importance to Customer (rate 1 to 5 1 being highest)Marketing MethodsDo they have a websiteWhat threats do they pose?What strategies are yourcompetitors pursuing andhow successful are thesestrategies?How are your competitorslikely to respond to anychanges to the way you dobusiness?Senior ManagementSimilarityDifferencesHow well do they usetechnology? What else could you monitor?Step 2 - Getting other dataData you can collect Other opportunities Internet resourcesAnnual accounts? Meetings with suppliers Dun & Bradstreet -Press releases Trade shows http://dbuk.dnb.com/english/default.Newspaper articles Meetings with competitors htmBrochures Ex Employees Reuters -Proposals Customers http://www.investor.reuters.com/StoPresentations ckEntry.aspx?target=/stocksCampaigns Company reports online -Price lists http://www.carol.co.uk/Patent applications Corporate reports -Tenders http://www.corpreports.co.uk/Website http://www.icc.co.uk/Suppliers websites Kompass - http://www.kompass.com/Search engines Keynote - http://www.keynote.co.uk/ Surveynet - http://www.survey.net/ WAG – www.wales.gov.uk European patent office - http://www.survey.net/ Page 36 of 80 pages :: © jacquimalpass :: 2005 - 2011
  37. 37. Step 3 – SWOTUse the information you have collected to carry out a mini SWOT analysis on your competition. Rate TotalName Market Strengths Weaknesses ShareYouCompetitor 1Competitor 2Competitor 3Competitor 4Competitor 5What Next?Competitive strategies: Cost leadership: Can you be a low-cost producer and sell equivalent or better goods in the marketplace for less? Differentiation: How can you distinguish your product in the marketplace? Innovation: Is there opportunity to create a new way of doing business, perhaps one that changes the nature of the industry? Growth: Are there opportunities to expand production, sell into new markets, and introduce new products? Alliance: Can current or prospective production, promotion, and distribution be improved through partnerships with suppliers, distributors, and others? Time: Can your business reduce product cycle time? Offer express customer service? Use time in other ways that your competitors are not doing?Your answer Page 37 of 80 pages :: © jacquimalpass :: 2005 - 2011
  38. 38. OtherHow can you lock in customers and suppliers?What are the switching costs for customers and/or suppliers?How can you improve business processes?How can you raise entry barriers for rivals and substitute products?Your answer Page 38 of 80 pages :: © jacquimalpass :: 2005 - 2011
  39. 39. ProductsProduct management is the day-to-day management your products/services at all stages of theproduct lifecycle.Product LevelsThere are 3 levels of products:-  the CORE product  the ACTUAL product  and the AUGMENTED productThe CORE product is NOT the tangible, • Corephysical product. You cant touch it. Thatsbecause the core product is the BENEFIT of Product • Actual • Augmentedthe product that makes it valuable to you.The ACTUAL product is the tangible,physical product. You can get some use outof it.The AUGMENTED product is the non-physical part of the product. It usually consists of lots of addedvalue, for which you may or may not pay a premium. Page 39 of 80 pages :: © jacquimalpass :: 2005 - 2011
  40. 40. What are your main products/services?Your answer Page 40 of 80 pages :: © jacquimalpass :: 2005 - 2011
  41. 41. What are the features, benefits and USP’s (unique selling points) of each product ?Your answerProducts/services Features Benefits (Which means that) What makes it different? Copyright jacquimalpass.com :: Marketing Audit :: Page 41 of 80 Pages :: December 2010 v2.0 :: Jacqui@jacquimalpass.com
  42. 42. What after sales /warranty do you offer?Your answerProduct/Service After sales service/warrantySummaryProduct / service Core (Benefits) Actual Augmented Copyright jacquimalpass.com :: Marketing Audit :: Page 42 of 80 Pages :: December 2010 v2.0 :: Jacqui@jacquimalpass.com
  43. 43. Where are they on the product lifecycle? Introduction Growth Maturity Decline Introduction Stage Growth Stage Maturity Stage Decline Stage •At the Introduction (or •The Growth Stage is •The Maturity Stage is •In the Decline Stage, the development) Stage characterised by rapid when competition is market is shrinking, market size and growth growth in sales and most intense as reducing the overall is slight. Substantial profits. Profits arise due companies fight to amount of profit that research and to an increase in output maintain their market can be shared amongst development costs may (economies of scale) and share. Here, both the remaining have been incurred. possibly better prices. marketing and finance competitors. At this Marketing costs may be Businesses usually become key activities. stage, great care has to high in order to test the continue to invest in Marketing spend has to be taken to manage the market, launch it and set increasing their market be monitored carefully, product carefully. It may up distribution channels. share. Promotional since any significant be possible to take out resources are moves are likely to be some production cost, to traditionally invested in copied by competitors. transfer production to a products that are firmly The Maturity Stage is cheaper facility, sell the in the Growth Stage. the time when most product into other, profit is earned by the cheaper markets. Care market as a whole. should be taken to control the amount of stocks of the product. Depending on whether the product remains profitable, a company may decide to end the product.In reality very few products follow such a prescriptive cycle. The length of each stage variesenormously. The decisions of marketers can change the stage, for example from maturity to declineby price-cutting. Not all products go through each stage. Some go from introduction to decline. It isnot easy to tell which stage the product is in. Sales & profitabilit y Introduction Growth maturity Decline Page 43 of 80 pages :: © jacquimalpass :: 2005 - 2011
  44. 44. Where are your products?Your answerProducts/services Embryonic Growth Maturity DeclineAre there elements of your offering which can be removed or added? What are theseYour answerProduct/Service Feature to be added Feature to be removed Page 44 of 80 pages :: © jacquimalpass :: 2005 - 2011
  45. 45.  What if any products/services be phased out? What if any products/services be added to the line? Have you included in your range those products or services which are more likely to be in demand in future? What is the general state of health of each product/service and the product mix as a whole?Your answerProduct/Service Phased out Bought in / developed State of health Page 45 of 80 pages :: © jacquimalpass :: 2005 - 2011
  46. 46. Are some of products/services that are seasonal – how can you maximise the quiettimes?Your answerHow does the profitability or the future potential of each product line compare?Your answerProduct/Service Profitability Future potential Page 46 of 80 pages :: © jacquimalpass :: 2005 - 2011
  47. 47. PricesPrice is the amount of money or goods for which a thing is bought or soldFor your customers, price is the monetary expression of the value to be enjoyed/benefits ofpurchasing a product, as compared with other available items.A products perceived value may be increased in one of two ways – either by:(1) Increasing the benefits that the product will deliver, or,(2) Reducing the costKnowing the difference between cost and value can increase profitability. The cost of your product or service is the amount you spend to produce it. The price is your financial reward for providing the product or service. The value is what your customer believes the product or service is worth to them.For a product: Quality of the materials used Finished product performance Packaging Delivery After sales service WarrantyFor a service:Level of experienceResponsivenessAbility to meet deadlinesValue add Page 47 of 80 pages :: © jacquimalpass :: 2005 - 2011
  48. 48. Analyse your costsThe first step in developing a pricing strategy is to collect data about the buying habits of yourcustomers. You can use that data to calculate a products price elasticity of demand, which is ameasure of how price changes affect consumers willingness to buy a product. You can:- Sell your product in a limited number of markets to get a feel for how your customers react to the product. Sell your product at slightly different prices in each market to determine the price that produces the most revenue. Analyse historical data Ask your customersAll prices must, in the long term, cover the costs of generating or marketing your product or serviceand produce a reasonable profit.Use the following table to analyse your products / prices.Product/Service Cost of Overheads Distribution Commissions Profit production costs (materials, labour etc)Compare to your competitorsYou need to consider the prices charged by your competitors, to give you a benchmark against whichto position your own price.Product/Service Your price Competitors price Page 48 of 80 pages :: © jacquimalpass :: 2005 - 2011
  49. 49. How is your product better value than the competitors?Are you getting as much (£) for your product as your competitor?Are your customers paying more for the extra value they receive? What will your competition do ifyou change your prices?Your answer Page 49 of 80 pages :: © jacquimalpass :: 2005 - 2011
  50. 50. Describe your pricing strategyThe following is a description of a variety of methods. •After you’ve calculated your cost based price, you can Competitor based compare this price against market prices. •Set a high price when you have a unique (and possibly luxury) Premium pricing product or service. •This is a no frills low price when you have no frills products or Economy pricing services. •This focuses on the price you believe customers are willing to Value based pricing pay, based on the benefits your business offers them. •The price charged for products and services is set artificially Penetration pricing low in order to gain market share. •Charge a high price because you have a substantial Price skimming competitive advantage, i.e. you may be first to market. Psychological / odd value pricing •£9.97 instead of £10.00 •Different prices for different elements. E.g. Basic wash could Product line pricing be £2, wash and wax £4, and premium car care £7. Optional product pricing •Add in optional extras. •When you have a product, that only you can service, or where Captive product pricing you have a product where only your refills will fit. Product bundle pricing •Bundle several products together and set a new price. Promotional / discounted pricing •E.g. BOGOF (Buy One Get One Free). •Prices are reflected in the additional costs to get it Geographical pricing somewhere. Or it is rare in a location. •Set a very low price to attract customers and then try to up Loss leader pricing sell them. •This method takes into account your costs, your desired Cost plus profit, and then totals these into a price. Page 50 of 80 pages :: © jacquimalpass :: 2005 - 2011
  51. 51. Cost plusExample: Full cost plus pricing seeks to set a price that takes into account all relevant costs ofproduction. This could be calculated as follows: Total budgeted cost + selling / distribution costs + other overheads + MARK UP ON COST Budgeted sales volumesE.g. Consider a business with the following costs and volumes for a single product:Fixed costs:Production costs £ 100,000Research and development £ 25,000Fixed selling costs £ 55,000Administration and other overheads £ 32,000TOTAL FIXED COSTS £ 212,000Variable costsVariable cost per unit £ 2Total variable costs £ 200,000TOTAL COSTS £ 412,000Mark-UpMark-up % required 45%TOTAL COSTS plus MARK UP £ 597,400Budgeted sale volumes (units) £ 100,000SALES PRICE £ 5.97Describe your pricing strategyProduct/Service Lifecycle Pricing strategy Page 51 of 80 pages :: © jacquimalpass :: 2005 - 2011
  52. 52.  What would be the likely response of demand to higher or lower prices? To what extent are prices set on cost, demand, and/or competitive criteria? Why? What temporary price promotions do you use, how effective are they? How do customers perceive the link between price and quality in your product What would be the likely response of demand to higher or lower prices? Why did you introduce the product / service? If you have already covered your overheads and are using spare capacity you can use marginal costing and lower prices. How could you skim the cream? If your new product is superior to the competition you can sell it at a higher price than competition. The volume sold may be small, but the profit margins will be high. How could you adopt penetration pricing. Low prices and high volumes.Your answer Page 52 of 80 pages :: © jacquimalpass :: 2005 - 2011
  53. 53. MeasureBut above all remember you need to make a profit. So analyse and measure what you do.There will be times when you need to change your prices. Before you do, you should analyse theimpact on your profitability.  What effect will the price change have on the volume of sales?  What will the effect be on the profit per sale?  What effect will this have on my customers?  How will my competitors react?  What tactics could we use, e.g. o introduce new, higher-priced products or services and make old, cheaper ones obsolete o lower the specification - and your costs - while maintaining the same priceYour answerRemember work on profits not sales volume. Page 53 of 80 pages :: © jacquimalpass :: 2005 - 2011
  54. 54. DistributionGetting the right product to the right customers in the right place at the right timeDistribution decisions have significant implications for:  pricing  margins and profits  marketing budgets  sales techniquesDistribution channels can include one or more of these options: Retail • selling to final consumer buyers Wholesale • an intermediary distribution channel Sales force • employees who sell on your behalf Brokers/agents/associates • who sell for a commission Internet • Online channelsHow do you distribute your products / servicesYour answer How else could you distribute your products and services? Which are the most effective? Why? Page 54 of 80 pages :: © jacquimalpass :: 2005 - 2011
  55. 55. Identify how your competitors distribute their productsCompetitor Product Distribution methodHow does your direct competition sell their product? Is it effective enough to follow?Identify costs associated with your distribution channelsProduct Distribution method CostsWhich channels will maximise sales and profit?What alternative methods of distributing your product that would result in more service or less cost?Your answer Page 55 of 80 pages :: © jacquimalpass :: 2005 - 2011
  56. 56. Match your methods to your strategyProduct Target Market Distribution method AlternativesWhat are the main channels bringing products to customers?How convenient is it for them to purchase your product or serviceWho is your target audienceHow does your organisation give adequate service, along with the product, to customers?What are the efficiency levels and growth potentials of the different trade channels?Your answer Page 56 of 80 pages :: © jacquimalpass :: 2005 - 2011
  57. 57. PromotionPromotion is just one part of the marketing mix. It involves communicating information about yourcompany, brand, products/services.A number of activities will go to make up the promotional mix, these can include:-Likes and dislikesWe all have likes and dislikes, if you keepinformation sent, given or collected you will soon Attentionstart to see what is real rubbish, what was thevisual impact, do the messages actually meananything to you, did you understand them, did itget your attention, did they stimulate any interest,did it create any desire by offering something you Action AIDA Interestwant OR helping you to avoid pain, did they makeyou want to take action.  Go through items that you have collected, Desire put them into piles of likes and dislikes  Write down what you liked and disliked  Are there things that you could use in your business?Your answer Page 57 of 80 pages :: © jacquimalpass :: 2005 - 2011
  58. 58. Personal SellingThe primary function of sales is to generate and close leads, educate prospects, fill needs and satisfywants of consumers appropriately, and therefore turn prospects into customers.What is the format of your sales force, is it large enough, right mix of people / skills?How can it be organised along the best lines of specialisation (territory, market, product)?Are they split for customer retention and new business?Does the sales force show high morale, ability, and effectiveness?Are they sufficiently trained? What training do they need?What incentives do you offer? Do they have enough incentives?What are the procedures adequate for setting quotas and evaluating performance?How could you use a telemarketing team or use an external source to increase appointments andleads?Your answer Page 58 of 80 pages :: © jacquimalpass :: 2005 - 2011
  59. 59. AdvertisingAdvertising includes billboards, bus stops, printed flyers, radio, cinema, TV, web banners, web pop-ups, magazines, newspapers, sides/backs of buses, taxis, tubes and trains, product placement, thebacks of event tickets, car park and supermarket receipts.  What are your organisations advertising objectives?  How does your advertising get its messages across? How do you know?  Are the themes, graphics and copy consistent? Test this.  Who writes your copy? Is it effective? Too much jargon? Ask.  Are the chosen media adequate?  What is your budget, what is your ROI?  Why are you advertising?  What are you advertising?  What is the typical response rate?Your answer Page 59 of 80 pages :: © jacquimalpass :: 2005 - 2011
  60. 60. Internet Do you have banner ads on other sites? Which ones? Which are effective? Do you use pay per click? How effective is it? Do you have a blog? When did you last write on it? Have you entered your details in online directories? Which ones? Do you Twitter or Facebook? Do you have a newsletter? When did you last send it out? What was the response?Your answerIncentives/GiftsWhat incentives and gifts do you use and where? How effective are these?What is missing?Your answer Page 60 of 80 pages :: © jacquimalpass :: 2005 - 2011
  61. 61. Networking Which networking events do you regularly attend? How are they working for you? Who goes and what are their objectives? When did you last ask for a speaking slot? What business clubs can you join? List them? Who can you go with?Your answerWebsite Do you have a website? How would you describe it? How well can you navigate the website? Does it have a search facility? Do you have separate sections for each product or service? Do you have downloadable collateral, video or other interesting information? Can you buy online? What methods can you pay with? Have you optimised your site? Do you swap links with other organisations?Your answer Page 61 of 80 pages :: © jacquimalpass :: 2005 - 2011
  62. 62. Events/Exhibitions/Seminars Do you attend any regular exhibitions or events? Which ones, why, how effective are they? Do you run any in-house seminars? How effective are they? Can you partner with anyone? Who? Can you get your suppliers to co-fund? Describe your event planning process. List exhibitions you have been too and describe your success rate?Your answerDirect MarketingDirect marketing is a way of sending your messages directly to your prospects and customers, usingthings such as mail (direct mailers, postcards, mail order catalogues, newsletters ), email and SMS.  What direct mailers do you have? What campaigns are they linked to?  How often do you send them?  What are the messages? How do these fit in with other messages?  Are they addressed to the right person? When did you last check?  Have you regularly unsubscribe emails users who request it? What process do you have in place to do this?  Do you have an anti spamming policy? When did you last update it?  Do you use pre-paid envelopes?  How often do you send newsletters? Where is your plan?  How often do you follow up? Who does it? Do you have a telemarketing team?Your answer Page 62 of 80 pages :: © jacquimalpass :: 2005 - 2011
  63. 63. Database Do you have a sales and marketing database? What format is it in? Who keeps it up to date? Is it used by the sales team / customer service / marketing? What kind of data does it contain? Can you segment customers for campaigns? Do you buy mailing lists? From where? How often? Have you cross checked your data with the telephone preference service?Your answer Page 63 of 80 pages :: © jacquimalpass :: 2005 - 2011
  64. 64. Sales PromotionSales promotion is marketing communications employed for a pre-determined, limited time toincrease demand of your products and services.Which of these do you use and how effective are they:-  Money off offers  Price reductions - A temporary reduction in the price, such as buy before October 12th and get £x off  Repackaging price - Get 25% extra  Coupons, or a coupon booklet is inserted into the local newspaper or delivery by the postman, on checkout the customer is given a coupon based on products purchased, on-line coupons  Rebates offered if the receipt or label is mailed to back to you  Competitions  Point-of-sale displays:  Incentives for customers and sales  Training  Marketing development funds  Do you offer any package (bundled) deals?  Can you make an offer with a partner? (Cross promotion)Your answer Page 64 of 80 pages :: © jacquimalpass :: 2005 - 2011
  65. 65. PublicityPublicity is the deliberate attempt to manage the publics perception of a product, service ororganisation.  Does your organisation have a carefully formulated program of publicity?  Who is your PR company? Who manages them?  What is your PR plan?  Who will do this for you internally (if you don’t use an external one)?  Do you have publicity photos? Who took them? How up to date, relevant and interesting are they?  When did you last send press releases, letters to editors, write whitepapers or expert pieces?  What is your policy for crisis management?  What events are you speaking at?  How often do you make announcements for appointments, annual reports, events etc?Your answer Page 65 of 80 pages :: © jacquimalpass :: 2005 - 2011
  66. 66. Sponsorship Who and why do you sponsor? How effective is your sponsorship? What is the cost and ROI?Your answer Page 66 of 80 pages :: © jacquimalpass :: 2005 - 2011
  67. 67. CollateralDo you have the following?Logo Business Cards Company Folder BrochuresCatalogue Flyers Compliments Slip LetterheadExhibition Stand Presentations Sales Proposals Proposal CoverCD/DVD CoversGo back to your pile of likes and dislikes and compare those with your collateral.  Are the themes, colour, graphics and copy effective?  How effective is your packaging?  Did you use the same designer for all of your work?  Are your designs consistent?  What quality does your collateral convey?  Are you embarrassed to hand out your business card?  Does you corporate literature reflect what you do?  Is your identity rubbish but you don’t know how to sort it out?  Is it a painful and time consuming process getting new collateral done?  Does your designer understand your business objectives and reflect them back in your identity?Your answerNot having a good identity will damage your reputation and cost you valuable sales.Demonstrate that you mean business and ensure that your target market knows who you are andthen remembers what you stand for by having consistently designed high quality collateral. Page 67 of 80 pages :: © jacquimalpass :: 2005 - 2011
  68. 68. TechnologyMarketing needs to make use of a vast amount of technology, for example:- Database Customer relationship management software (CRM) Email & E-newsletters Website Blog Social networking sites Auto responders E-books Graphics packages Office products Google AdwordsMake a list of all of the technology you employ which impacts your marketing.Your answerAre you properly trained, and use it all effectively? If not book some training.What other technology do you need?Your answer Page 68 of 80 pages :: © jacquimalpass :: 2005 - 2011
  69. 69. Action PlanningPush and PullThere are two main kinds of promotional strategy - "push" and "pull".A push strategy tries to create consumer demand for a product.A pull strategy tries to build up demand for a product.Campaign ManagementDescribe the process you go through when planning a campaign.What meaning do the campaign codes have?Do you have a promotional plan which ties in with your objectives? Describe it.List campaigns, tactics, costs and ROIYour answer Page 69 of 80 pages :: © jacquimalpass :: 2005 - 2011
  70. 70. Create an action plan a direct mailer.Example:What is the purpose of this marketing activity? To up-sell my support services package to my existing customersWhat are the expected results? Get 80% of my customers to take out an annual support contract. Develop better marketing materials Clean up database Get better at following up direct mailersWho is your Target Market? Existing customers who have bought a solution from me in the last 2 years.What are your strategy and tactics? Direct mailer and email, follow up calls Create copy and test it Get names and clean up Send and follow up Try to get a meeting so that we can talk about other things that we do.What is your marketing message? Peace of mind Free updatesWhat marketing materials do you need (website, Postcards, email template, names, websiteflyers, brochure, proposal etc)Key to the plan Well thought out Affordable – good valueWhat is the offer By spending just £450 per annum you will get access to a fully qualified support person who will help you out within 8 hours (or 4 if you take the premium contract), and free upgrades to the system, within that version.What is the call to action? Order now at introductory pricesFollow-up - How and when will you follow up? 1 week after it goes out follow up callsWhat is the cost? 60p per postcard incl. telephone callsWhat is the timeline? 3 months from April 1st Page 70 of 80 pages :: © jacquimalpass :: 2005 - 2011
  71. 71. Create an action plan for your activities.Objective:-Marketing ActivityWhat is the purpose of this marketing activity?What are the expected results?Who is your Target Market?What are your strategy and tactics?What is your marketing message?What marketing materials do you need (website,flyers, brochure, proposal etc)Key to the planWhat is the offerWhat is the call to action?Follow-up - How and when will you follow up?What is the cost?What is the timeline? Page 71 of 80 pages :: © jacquimalpass :: 2005 - 2011
  72. 72. How do you follow up your campaigns?Write down 3 ways you will follow up each campaign.Your answer 1 2 3 Page 72 of 80 pages :: © jacquimalpass :: 2005 - 2011
  73. 73. Marketing ControlsThere is no planning without control. If an objective states where you want to be and the plan sets outa road map to your destination, then control tells you if you are on the right route or if you havearrived at your destination.Resources What resources are allocated to accomplish the marketing tasks? What marketing resources are allocated to various markets, territories and products? What marketing resources are allocated to the major elements of the marketing mix (i.e. product quality, personal selling/contact, promotion and distribution)Make a list of your available resources.Your answerWhat else do you need?Your answer Page 73 of 80 pages :: © jacquimalpass :: 2005 - 2011
  74. 74. BudgetsWhere is the budget? How and when do you set it?What are your campaign/promotion etc costs and what your ROI (return on investment)Your answerYou should develop a simple spreadsheet which enables you to cost out each campaign or activity.You can then measure the returns you get against each one. Do not expect miracles, its takes timefor your marketing messages to get through.Implementation Where is your annual marketing plan? When do you start the planning? How often do you up date it? Does your organisation implement control procedures (monthly, quarterly, and yearly) to ensure your annual objectives are being achieved? How does your organisation carry out periodic studies to determine the contribution and effectiveness of various marketing activities? What is your organisations marketing information system to service the needs of managers for planning and controlling operations in various markets?Your answer Page 74 of 80 pages :: © jacquimalpass :: 2005 - 2011
  75. 75. Organisation Who is your high-level marketing officer/manager to analyse, plan and implement the marketing work of your organisation? Who else is directly involved in marketing activity? What training, incentives, supervision or evaluation is needed? How are the marketing responsibilities structured to serve the needs of different marketing activities, products, markets and territories in the best way possible? What other resources do you need? Do the staff understand and practice the marketing concept? If not what are your plans to change this?Your answer Page 75 of 80 pages :: © jacquimalpass :: 2005 - 2011
  76. 76. MeasurementHow do you measure success?Write down 3 measurements of success for your businessYour answerCongratulations and well done. You are now ready to create your marketing action plan. Page 76 of 80 pages :: © jacquimalpass :: 2005 - 2011
  77. 77. Where am I going?Goals and ObjectivesSetting goals and objectives is the most important aspect of any plan. Without these you will begoing no where.GoalsGoals are the large statements of what you hope to accomplish but usually arent very measurable.Goals are more vague and focus on the longer term. They create the setting for what you areproposing.The overall goal should define the long-term communications aspirations:-  Increase turnover to £1 million in 3 yearsObjectivesUnder the goal, you set specific objectives. Objectives differ from goals in their specificity and abilityto be evaluated and measuredMarketing objectives develop out of your business goals and objectives. And they should be drivingyour marketing strategy. Meeting marketing objectives should lead to sales - if they dont, then youprobably have established the wrong objectives, or you arent executing them effectively.Objectives should seek to answer the question Where do we want to go?. And ‘how do we getthere?’What are your marketing / financial objectives?The purposes of objectives include:  to enable a company to control its marketing plan.  to help to motivate individuals and teams to reach a common goal.  to provide an agreed, consistent focus for all functions of an organisation.Goals are broad Objectives are narrowGoals are general intentions Objectives are preciseGoals are intangible Objectives are tangibleGoals are abstract Objectives are concreteGoals cant be validated as is Objectives can be validated Page 77 of 80 pages :: © jacquimalpass :: 2005 - 2011
  78. 78.  Your goals/objectives should include financial elements, such as revenue, gross profit, sales per salesperson, and so on Number of leads needed to get the right number of visits, quotes and orders  Number of Customers  Market share  By market segmentFor each.However, they should also include non-financial elements such as units sold, contracts signed, clientsacquired, and articles published.Sales levels  product and serviceExamine the objectivesSMART ObjectivesThere are a number of business objectives, which an organisation can set, e.g.:Market share objectives: Obtain 3% market share of the [your industry] by 2013.Profit objectives: To increase sales margins by 10% from 2010 – 2012.Growth objectives: To grow by 15% year on year for the next five years.Brand awareness objectives: To increase brand awareness over a specified period of timeHowever, whenever you set your objectives you need to remember SMARTS SpecificM MeasurableA AchievableR RelevantT Time boundSet objectives that you can really do something with. Page 78 of 80 pages :: © jacquimalpass :: 2005 - 2011
  79. 79. From theory to realityWrite down 3 objectives for your marketing.Objective Long / Medium / Short Term123How will you meet your goals and objectives?First you will have undertaken some analysis of your business and performed some market researchto ensure that these are realistic and relevant.Example. Target Price MarkObjectives: I want to attract 10 new businesses who will spend an average of £5400 each on ourdocument managements solutions over the next 12 months ProductBreak it down into small chunks, and start asking some relevant questions.The PlanNow that the objectives are set, and have been broken down into bitesized chunks, you can nowbegin to pull together a plan to meet them. Page 79 of 80 pages :: © jacquimalpass :: 2005 - 2011
  80. 80. Market ResearchIn order to obtain information about the wants, needs, preferences, beliefs and likely behaviour ofpotential consumers of your products and services you need to conduct some market research.There are two ways to do market research:Secondary Research involves analyzing information that already has been gathered for anotherpurpose.Primary Research involves collecting new information to meet your specific needs.Primary research can be:  Qualitative: Gathering descriptive information, usually representing verbal or narrative data through open-ended interviews or focus groups. o Open-ended interviews are composed of questions that can not be answered with a simple yes or no. This type of interview gives you a lot of information, but is time consuming for both you and the person you are interviewing. The greatest benefit to you is that you will learn a lot about the group you are studying including common trends, emotional motivators, and general likes and dislikes of your primary market. o Focus groups should be led by professionals skilled in leading small groups of 6 to 12 people through a series of questions ranging from specific to general in nature. Usually, focus group sessions last for at least an hour. Since focus groups must be lead by trained professionals to be most effective, they are the most expensive form of market research.  Quantitative: Gathering numerical information that can be analyzed statistically through surveys. o Surveys take longer to develop, but are generally easier to administer than other types of market research. Since they take less time to complete, people are usually more willing to answer them. Also, surveys provide excellent information if they are well-constructed with thoughtful questions. The easiest and most cost effective way to conduct surveys is either by telephone or where the product is sold.Planning your researchWhat information is required Identify search methods Set a timeframe for the research Establish the research budget Compile and analyse the results Present the results in a planNow you have completed your research you can start to plan!END Page 80 of 80 pages :: © jacquimalpass :: 2005 - 2011

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