Marketing Management PDF

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Marketing Management notes...

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Marketing management Marketing planning A marketing plan is a document that describes the marketing environment, outlines the marketing objectives and strategy and identifies who will be responsible for carrying out each part of the strategy Business planning – three levels Strategic planning, functional planning, operational planning STRATEGIC PLANNING -OPTIMISE REVENUES ACROSS MULTIPLE LINES OF BUSINESS -MINIMISE RISK IN A COMPLEX AND CHANGING GLOBAL ENVIRONMENT -INCLUDES A SERIES OF STEPS THAT RESULTS IN DEVELOPMENT OF GROWTH STRATEGIES Steps Define the mission statement -A formal document that describes the orgs overall purpose and what they hope to achieve for its customers products and resources. Evaluate the internal and external environments -Internal environment elements

-External environment elements

Evaluate both internal and external environments SWOT analysis

Set Organisational/SBU objectives

Business portfolio

Product market growth matrix/Ansoffs matrix

FUNCTIONAL/MARKETING PLANNING Situation Analysis – Where are we now? SWOT analysis Set Marketing Objectives – Where do we want to be? STP analysis Assess potential demand – the number of consumers willing and able to pay for the offering, firm will have distinctive competencies to create a competitive advantage

Developing Marketing Strategies – Marketing mix strategies 7Ps

Implement and Control the Marketing Plan – What works/doesn't work, adjusting, changing and stopping -Measure actual performance -Compare performance to established objectives -Make adjustments to objectives or strategies based on this analysis ROMI -Revenue generated by investment in a given marketing program by the cost of the program of a given level of risk E.g. Revenue from Marketing Investing = 150k Cost of Marketing Program = 30k ROMI = 150/30 = 5.0 ROMI = 5.0 ACTION PLANS Assigning responsibility in the action plank : Who will be responsible for carrying out each part of the marketing plan SETTING A BUDGET -Increases accountability for all parties -Accuracy in estimating individual action plan expenditures MEASUREMENTS AND CONTROLS -Measuring performance -Comparing performance to established marketing and strategy objectives -Making adjustments to the objectives or strategies based on this analysis Selecting the right metrics should account for short term objectives balances against firms long term sustainability

OPERATIONAL PLANNING Day to day execution of marketing plan Shorter period of time Done by lower level managers Include detailed instructions for activities Key marketing metrics used for operational planning

MARKETING RESEARCH

STEPS IN MARKET RESEARCH STEP 1: define the problem specify the research objectives identify the consumer population of interest place the problem in an environmental context

STEP 2: determine the design

STEP 3: choose the data collection method OBSERVATION PERSONAL OBSERVATION MECHANICAL OBSERVATION

COMMUNICATION : MAIL QUESTIONNAIRES

TELEPHONE INTERVIEWS

FACE TO FACE INTERVIEWS

ONLINE QUESTIONNAIRES

STEP 4: DATA QUALITY

DESIGN THE SAMPLE

STEP 5: COLLECT THE DATA

PROBLEMS WITH ONLINE RESEARCH

STEP 6: ANALYSE AND INTERPRET DATA ENTER, CLEAN AND CODE DATA CHOOSE APPROPRIATE TECHNIQUES FOR ANALYSIS INTERPRET ANALYSIS STEP 7: PREPARE THE REPORT...