CCT224 Lecture 1 PDF

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CCT224 Fall Lecture 1...

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Friday, September 6, 2019

CCT224 Lecture 1— Perfomance Assessment: Intro/GOPST/Mission Statements/Elevate! What is performance assessment

• The measurement of financial and non-financial indicators determine the health/ value/performance of a company !

• Measuring success and failures!

Performance assessment in real life

• Based on their wealth and what they have —> cars, clothing, accessories, etc! • Jobs! • Measure people on our phone —> how many likes they get or followers they have! Measuring

• Financial and non-financial indicators to determine the health/value of a company ! • Old school - theories, practice! • New school- startups, trends, news ! ! GOPST

• Use for measuring a company ! • Goals, objectives, plans, strategies, tactics!

Goals

• Goals are the ultimate thing you want to achieve! 1

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- It is often a single thing, but in some cases it can be two things! - These are the statements that a company uses to motivate employees and statements used to judge snd measure challenges that you face!

• Goals are what you end up with, when you achieve your objectives! • Excellently worded goals should include statements indicating something that can be accomplished from objectives that are met!

• Examples: - To be the largest online cosmetic retail site on the planet by 2019! - We’re determined to make healthy and organic food affordable for everyone!

Objectives

• Every successful online campaign starts with clear objectives ! • Each objective should be attainable and tie-in to offline marketing activities! • These objectives will drive the overall direction of any plans! - You will always help you judge whether a plan is working or not by how it can achieve the objective!

• Examples: - Be the largest cosmetic retail for Asia! - Be the largest cosmetics retailer for Europe! - Be the largest cosmetics retailer for North America! - Have the largest online product offering of cosmetics • Objectives are:! - Specific! - Measurable ! - They accomplish the goal when all are completed! - Failing at one of these fails the goal!

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Friday, September 6, 2019 Plans

• Plans are the ordered sequences of several strategies! • They need a time element — which come from tactics! • Contain additional information identifying supporting resources (human resources, technical resources, inventory, etc)!

• Examples: - Develop information about the competition’s price! - Improve brand awareness! - Discover any new models or product features being launched by the competition!

• Similar to how the completion of objectives completes the GOAL, so to do complexing specific plans allow the completion of an OBJECTIVE!

Strategies

• Strategies are the collection of various tactics! • They are an organized and structured sequences of action! • Strategies are the “Target Market” + the “Marketing Mix”! - The “Target Market” is simply “who” you are selling to! 3

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- The “Marketing Mix” is your 4P’s — product, price, promotion, place and how you mix them to suit what the company wants to achieve !

• Examples: - Develop online giveaways to drive consumers to our product ! - Create online contests to increase your brand depth! - Build your brand association to other high end cosmetic lines!

Tactics

• Tactics are the specifics of strategies! • These are the specific ways you do things in order to carry out strategies! • Depending on which tactic you employ (based on access to resources) some strategies will work, some will fail!

• Tactics are the who, what, when, and how of the broad-stroke strategy! • Examples: - Monthly contests that give away sample product to 10 winners! - To enter consumers must subscribe to a newsletter! - Winners will be announced on out website to ensure traffic!

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- GOPST question on exam —> case study ! - *if objective fails then goal fails*!

Mission statements

• An organizations basic purpose of being! • It orients the company ! - It supplies guidelines for senior managers when they are facing difficult problems or tackling new marketing situations!

• They can change! - May be adapted as new marketing situation arise ! • Should contain:! - The core purpose of the company ! - The core values of the company! - The visionary goal! - A vivid description of the envisioned future! • Should depict:! - What the organization is! - Why it exists! - What its values are! - How it does business! - And what it intends to become!

GOPST vs. Mission Statements

• Mission statements! - “contributing to our environment, through responsible harvesting”! • Goals! 5

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- “to be the largest forest products company in Canada”!

Mission drift

• When a company gets off topic! • A condition due to decision that subtly alters the course of an organization. Ultimately these decisions hinder the organizations ability to reach its intended destination !

• Recognize it when you see it —> when a company gets off topic it means they’re gonna be screwed !

• Symptoms:! - Intense focus on internal needs rather than external IMPACT! - Often happens in a large organization that focuses on process, not results! - Mission focuses on procuring money! • Because fundraising can allow for association with celebrities ! - Justifying new funding or program opportunities as extensions of our mission ! - Allowing the urgent to usurp the important and pursues the immediate at the expense of the long-term !

- Diverting staff time and focus from the core mission to accomplish a lesser good !

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