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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

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Marketing Bootcamp

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