Podcast
Questions and Answers
What is the primary purpose of defining marketing objectives in a marketing plan?
What is the primary purpose of defining marketing objectives in a marketing plan?
- To create advertising content
- To establish specific benchmarks for measuring success (correct)
- To determine the pricing strategy for products
- To outline the market share of competitors
Which component is included in the environmental analysis step of the marketing planning process?
Which component is included in the environmental analysis step of the marketing planning process?
- Budget allocation
- SWOT analysis (correct)
- Market objectives
- Advertising history
Which of the following is NOT a strategic competitive position in marketing strategies?
Which of the following is NOT a strategic competitive position in marketing strategies?
- Market challenger
- Market leader
- Market mailer (correct)
- Market follower
What does the planning assumption step of the marketing process help to identify?
What does the planning assumption step of the marketing process help to identify?
Which of the following objectives is considered crucial for achieving a high rate of return on investment (ROI) in marketing planning?
Which of the following objectives is considered crucial for achieving a high rate of return on investment (ROI) in marketing planning?
What is a key benefit of effective strategic marketing planning?
What is a key benefit of effective strategic marketing planning?
In the context of strategic competitive positioning, what type of business is referred to as a 'Market Specialist'?
In the context of strategic competitive positioning, what type of business is referred to as a 'Market Specialist'?
During the step of reviewing progress in the marketing planning process, which of the following should an organization primarily focus on?
During the step of reviewing progress in the marketing planning process, which of the following should an organization primarily focus on?
What characterizes a 'cash cow' in a marketing context?
What characterizes a 'cash cow' in a marketing context?
Which of the following is NOT a driver of strategy implementation?
Which of the following is NOT a driver of strategy implementation?
What is a key challenge in implementing business strategies?
What is a key challenge in implementing business strategies?
Which of the following best describes a 'problem child' in marketing?
Which of the following best describes a 'problem child' in marketing?
How does organisational leadership influence strategy implementation?
How does organisational leadership influence strategy implementation?
Which element is crucial for enabling teams to adapt products and marketing strategies?
Which element is crucial for enabling teams to adapt products and marketing strategies?
What is the role of 'dogs' in the product lifecycle?
What is the role of 'dogs' in the product lifecycle?
What is essential for a successful market entry strategy according to the principles of organisational culture?
What is essential for a successful market entry strategy according to the principles of organisational culture?
What is an essential component for effective communication within an organization?
What is an essential component for effective communication within an organization?
Which motivational strategy can help create a positive team culture?
Which motivational strategy can help create a positive team culture?
What is a valid method for evaluating a business’s service standards?
What is a valid method for evaluating a business’s service standards?
Which of the following is NOT a typical component of a marketing audit?
Which of the following is NOT a typical component of a marketing audit?
What aspect is crucial for determining return on investment (ROI) in marketing?
What aspect is crucial for determining return on investment (ROI) in marketing?
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Study Notes
Marketing Plans
- Marketing plans are a tool to measure business progress against goals
- They identify effective and ineffective strategies
- Confidently convey to investors that a business can achieve its objectives
- Create networking opportunities and source new leads
Marketing Planning Process
- Historic Appraisal:
- General market data (sales and market shares)
- Market activity information (advertising, pricing, historical cost and profit)
- Changes in technology, regulations or environmental conditions
- Environmental Analysis:
- Internal, customer and external environments.
- SWOT analysis
- Planning Assumptions:
- Product market potential
- Market and brand forecasts
- Exogenous factors
- Marketing Objectives:
- Mission statement
- Objective requirements
- Objective hierarchy (ROI, sales increase, market share increase, growth)
- Formulating Marketing Strategies:
- Strategic competitive positions:
- Market leader
- Market challenger
- Market follower
- Market specialist
- Strategic competitive positions:
- Finalising Marketing Plans:
- Plan format (Executive summary, current marketing situation, threats and opportunities, objectives and issues, marketing and market strategies, action programs, budget, controls)
- Reviewing Progress:
- benefits of strategic planning
- consistency
- responsibility
- environmental scanning
- organisational adaptation
- achievement
- resource allocation
- competitive advantages
- communication
- commitment
Planning Models
- Market growth-market share matrix:
- Growth rate and market share
- Product portfolio analysis
- Product portfolio and product lifecycle
- Usefulness of market growth-market share matrix
- Star:
- New products with large market share and growth potential
- Requires communication
- Requires systems in place for communication between management, employees and departments
- Examples: team meetings, monthly meetings, and meetings with other departments to discuss key aspects
- Cash cow:
- Successful, well-established products
- Generate money and nearing maturity
- Problem children:
- Small market share, require substantial marketing to maintain market share
- Potential to become a star, require significant investment
- Dogs:
- Low market share and growth
- Limited cash flow
- Sold or closed later
- Evaluation and Control:
- Evaluation methods:
- Obtaining customer feedback
- Obtaining feedback from within the business
- Comparing service standards to objectives and customer attitudes
- Taking corrective action
- Sales analysis
- Marketing cost analysis
- Efficiency analysis
- Customer value analysis
- Obtaining customer feedback
- Getting feedback from the business itself
- Comparing the business’s service standard to its objectives and customer attitudes
- Taking the correct corrective action
- Evaluation methods:
- Marketing Audit:
- Components of a marketing audit
- How to conduct a marketing audit
Implementation
- Importance of implementation:
- Drivers of strategy implementation
- Organisational structure
- Organisational leadership
- Organisational culture
- Managerial processes
- Organisational culture:
- Align organisational structure with marketing strategy
- Example: entering new markets requires coordination between marketing, R&D, and sales
- Example: being environmentally friendly requires specialists in the field
- Organisational leadership:
- Leadership is crucial in implementation
- Includes delegation, communication, and establishing corporate culture
- Delegation: Empowering lower level personnel to make decisions
- Example: Regional managers able to make day-to-day decisions without approval from headquarters
- Communication:
- Vital aspect, with systems in place for management to communicate with employees
- Communication between employees at the same level and across departments
- Examples: Team meetings, monthly management meetings, and cross-departmental meetings
- Motivation:
- Motivating employees to be positive and cultivate teamwork
- Launch team work activities and reward goalachieving teams
- Evaluation Methods: Pg 528
- Marketing Audit:
- Components of Marketing Audit
- Conducting a Marketing Audit
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