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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 Marketing Bootcamp Presentation Transcript

    • Marketing Bootcamp Thom Poole April 2011
    • Agenda
      • What is marketing
      • Marketing - basic concepts
      • Marketing mix
      • Marketing planning
      • Conclusions
    • 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
    • What is marketing? Some definitions © Jack Marketing Solutions 2011 All rights reserved
    • 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)
    • 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
    • Marketing? The basic concept © Jack Marketing Solutions 2011 All rights reserved
    • 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...
    • 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.
    • 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
    • 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.
    • 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
    • Marketing mix The elements of marketing © Jack Marketing Solutions 2011 All rights reserved
    • 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
    • Product
      • Design
      • Technology
      • Usefulness
      • Convenience
      • Value
      • Quality
      • Packaging
      • Branding
      • Accessories/consumables
      • Warranties
    • 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
    • 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
    • Place (distribution)
      • Retail
      • Wholesale
      • Mail order
      • Internet
      • Direct sales
      • Peer to peer
      • Multi-channel
      • Point of sale
    • People
      • Employees
      • Management
      • Culture
      • Customer service
      • Environment
      • Community
    • 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
    • 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
    • Marketing plan Planning for marketing © Jack Marketing Solutions 2011 All rights reserved
    • Planning Strengths of organisation Market needs Weakness of organisation Design for creating value Existing competitors Expected competitors
    • 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
    • Tactical orientation Tactical Orientation Strategic orientation Board Senior management Middle management Operations
    • Strategic orientation Tactical Orientation Strategic orientation Board Senior management Middle management Operations
    • 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
    • Conclusion Just the start of the journey © Jack Marketing Solutions 2011 All rights reserved
    • 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
    • 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
    • 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
    • Thank you Questions Thom Poole www.jack-marketing.com © Jack Marketing Solutions 2011 All rights reserved