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Marketing Bootcamp

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Basic marketing principles delivered in a presentation to business students in Northamptonshire by Marketing expert - Thom Poole

Basic marketing principles delivered in a presentation to business students in Northamptonshire by Marketing expert - Thom Poole

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Marketing Bootcamp Presentation Transcript

  • 1. Marketing Bootcamp Thom Poole April 2011
  • 2. Agenda
    • What is marketing
    • Marketing - basic concepts
    • Marketing mix
    • Marketing planning
    • Conclusions
  • 3. Why me?
    • International marketing director with 25 years experience
    • Developed the first MSc in digital marketing
    • Written papers on ‘Data Privacy’, ‘The Marketing Art of the Opt-in’ and ‘Trust in Business and Marketing’
    • Written many books, including ‘a guide to ethical digital marketing’ called ‘Play It By Trust’
    • Held senior marketing positions at O2, Black & Decker and Hilti
    • A Fellow of the Chartered Institute of Marketing, and Chartered Marketer. Member of the Worshipful Company of Marketors
    • Consultant & business mentor for marketing strategy and implementation
  • 4. What is marketing? Some definitions © Jack Marketing Solutions 2011 All rights reserved
  • 5. Definitions 1
    • Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
    • Chartered Institute of Marketing (CIM)
    • Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
    • American Marketing Association (AMA)
  • 6. Definitions 2
    • Marketing is all about exploitation!
    • You learn everything you can about your customers, marketplace, competitors, etc...
    • and you exploit your knowledge...
    • to give your customers what they want, think they want, or you can persuade them they want!
    • Thom Poole
  • 7. Marketing? The basic concept © Jack Marketing Solutions 2011 All rights reserved
  • 8. Role of marketing
    • marketing provides the ammunition for the front-line of sales that ammunition could be the right product, competitive pricing, inspiring collateral, intuitive training, etc...
  • 9. Provides much more…
      • The voice of an organisation – public relations
      • The interactivity of the organisation – digital marketing
      • The eyes and ears of the organisation – research
      • The managers of the organisation – customer-centric processes
      • The trackers of success – marketing and business metrics
    • Marketers shape and develop new products; develop and track strategic and tactical plans; assign and control budgets; and build knowledge about the organisation’s customers.
  • 10. Critical business function
    • Marketing is critical for organic growth of a business and its central role is in creating, communicating, capturing and sustaining value for an organisation.
    • Marketing helps a company create value through better understanding of the needs of its customers and providing them with innovative products and services.
    • This value is communicated through a variety of channels as well as through the firm's branding strategy.
    • Effective management of customers and pricing allows the firm to capture part of the value it has created.
    • Finally, by building an effective customer-centric organisation a business attempts to sustain value over time.
    Source: Harvard Business School
  • 11. Roles
    • Marketing is perhaps the most important activity in a business because it has a direct effect on profitability and sales. Larger businesses will dedicate specific staff and departments for the purpose of marketing.
  • 12. SME marketing
    • Look bigger
    • Improve the chance of procuring venture capital or other investments
    • Attract more clients
    • Brand yourself
    • Convey that you are a business
    • Provide a sense of business stability
    • Be more memorable
    • Explains your business name/ values
    • Endear your company name and identity to your clients
    • Explains unusual lines of business
    • Demonstrates how you differentiate
    • Stand out in your field
    • Comply with expectations
    • Demonstrate commitment and personal pride in your business
    Source: Yahoo! small business advice
  • 13. Marketing mix The elements of marketing © Jack Marketing Solutions 2011 All rights reserved
  • 14. The mix
    • The marketing mix was coined by Neil Borden in 1965 and used a cookery analogy. Originally, the mix comprised of product, price, promotion and place (distribution).
    • The mix was extended to the ‘7 P’s’:
        • Product or service
        • Price
        • Promotion
        • Place (distribution)
        • People
        • Process
        • Physical evidence
  • 15. Product
    • Design
    • Technology
    • Usefulness
    • Convenience
    • Value
    • Quality
    • Packaging
    • Branding
    • Accessories/consumables
    • Warranties
  • 16. Pricing
      • Premium pricing
      • Price skimming
      • Penetration pricing
      • Psychological pricing
      • Cost-plus pricing
      • Loss-leader pricing
      • Economic pricing
      • Product line pricing
      • Optional product pricing
      • Captive product pricing
      • Product bundle pricing
      • Promotional pricing
      • Geographic pricing
      • Value pricing
    Pricing strategies
  • 17. Promotion
    • Special offers
    • Advertising
    • Endorsements
    • User trials
    • Direct marketing
    • Collateral, such as leaflets, posters and brochures
    • Merchandising, such as gifts
    • Competitions
    • Joint ventures
    • Digital marketing, such as websites, email marketing, etc
  • 18. Place (distribution)
    • Retail
    • Wholesale
    • Mail order
    • Internet
    • Direct sales
    • Peer to peer
    • Multi-channel
    • Point of sale
  • 19. People
    • Employees
    • Management
    • Culture
    • Customer service
    • Environment
    • Community
  • 20. Processes
    • In service organisations, processes are traceable and demonstrate capability and competence.
    • At each stage of the process, marketers must demonstrate:
        • Delivery of value through all elements of the marketing mix
        • Feedback is acknowledged and the mix be altered as appropriate
        • Customers are retained, and other services or products are extended and marketed to them
        • The process itself can be customised to the needs of different individuals, experiencing a similar service concurrently
  • 21. Physical evidence
    • Physical evidence is vital to demonstrate quality and trustworthiness.
      • Internet/web pages
      • Paperwork (such as invoices, tickets and despatch notes)
      • Brochures
      • Furnishings and decoration
      • Signage (e.g. on buildings and vehicles)
      • Uniforms
      • Business cards
      • The facilities
      • Quality marks
      • Recommendations and testimonials
      • Service delivery
  • 22. Marketing plan Planning for marketing © Jack Marketing Solutions 2011 All rights reserved
  • 23. Planning Strengths of organisation Market needs Weakness of organisation Design for creating value Existing competitors Expected competitors
  • 24. The plan
    • Describe your market and the characteristics and size of each market segment
    • R esearch what customers value
    • Compare the distribution channels for reaching customers
    • Profile your competitors and what they're offering
    • Identify other key factors influencing your business environment
    • Review the effectiveness of previous marketing initiatives
    • Assess the profitability and sales potential of different customers and market segments
    • Decide who to target among both existing and potential customers
    • Set SMART objectives
    • Decide how you will price each product or service
  • 25. Tactical orientation Tactical Orientation Strategic orientation Board Senior management Middle management Operations
  • 26. Strategic orientation Tactical Orientation Strategic orientation Board Senior management Middle management Operations
  • 27. Contents
    • Executive summary
    • Mission statement
    • Financial summary of revenue, expenses and earnings
    • Marketing audit
    • SWOT analysis
    • Assumption of key determinants
    • Overall marketing objectives and strategies
    • Expected results
    • Contingency plan
    • Budget
  • 28. Conclusion Just the start of the journey © Jack Marketing Solutions 2011 All rights reserved
  • 29. Marketing matters more
    • Markets are incredibly complex and competitive
      • Competitive intensity has tripled in most markets
      • Typical market segmentation models now have 400 clusters
      • Product lifecycles have reduced by 70% over the last decade
    Source: Peter Fisk – Marketing Genius
  • 30. Customers are important
    • Customers are much more powerful than ever
      • Consumers now receive 1500 messages per day
      • 54% of consumers have registered for ‘do not call ’
      • Purchase decisions are typically made in 2.6 seconds
    Source: Peter Fisk – Marketing Genius
  • 31. Shareholders demands
    • Shareholders demand higher, faster returns
      • Intangible assets make up 78% of the Fortune 500 company values
      • 60% of brand investment impacts future years
      • 21% of CEOs are marketers delivering 5% better total systems resourcing
    Source: Peter Fisk – Marketing Genius
  • 32. Thank you Questions Thom Poole www.jack-marketing.com © Jack Marketing Solutions 2011 All rights reserved