Top Banner
UNIT 7008 STRATEGIC MARKETING IDENTIFYING, DEVELOPING, AGREEING AND MONITORING A MARKETING PLAN THAT SUPPORTS STRATEGIC OBJECTIVES Naomi Andersson [email protected] 01568 612426 / 07794161547 @naomiandersson
42

Strategic Marketing (Unit 7008 CMI)

Oct 30, 2014

Download

Business

Naomi Andersson

This is the first presentation I've done on this topic, used for a Level 7 Strategic Business Course in July 2013. Its the basis of a group discussion session to enable the group to meet the learning outcomes for unit 7008
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Page 1: Strategic Marketing (Unit 7008 CMI)

UNIT 7008 STRATEGIC

MARKETING

IDENTIFYING, DEVELOPING, AGREEING AND

MONITORING A MARKETING PLAN THAT SUPPORTS

STRATEGIC OBJECTIVES

Naomi Andersson

[email protected] 01568 612426 / 07794161547

@naomiandersson

Page 2: Strategic Marketing (Unit 7008 CMI)

… THE PLAN FOR TODAY

1. Strategic Vision and Direction v. Marketing Plan

2. Strategies to manage risk to ensure Marketing Plan reaches organisational objectives

3. Develop a Marketing Plan

Page 3: Strategic Marketing (Unit 7008 CMI)

7008… YOUR ASSIGNMENTTASK 1:

Outline how the strategic vision and direction of your organisation impacts on the marketing planning process (1.1, 3.1, 1.2, 2.1)

TASK 2: Outline key areas of risk in developing and delivering Marketing Plan, strategies to minimize these and reach organisational objectives (1.3, 2.2)

TASK 3:Develop a Marketing Plan, key components, measurement and review and approval process (2.3, 3.2, 3.3)

Submission Date: 16th August 2013

Page 4: Strategic Marketing (Unit 7008 CMI)

ASSIGNMENT TIP• BREAK ALL TASKS DOWN INTO A CHECKLIST

• ENSURE YOU’VE HIT EVERY MARKER ON YOUR LIST IN THE FINISHED ASSIGNMENTS

• BACK UP YOUR ASSUMPTIONS/VIEWS/DECISIONS WITH FACTS AND APPROPRIATE REFERENCING.

• KEEP IT SIMPLE, STATE THE OBVIOUS

Page 5: Strategic Marketing (Unit 7008 CMI)

RUNNING ORDER…

• WHAT IS MARKETING?

• TASK 3

• TASK 2

• BREAK

• TASK 1

• SUMMARY

• LUNCH

Page 6: Strategic Marketing (Unit 7008 CMI)

WHAT IS MARKETING?

•What is it for you?

•How has marketing changed in your working lifetime?

According to Jobber/Ellis Chadwick (2013) the goal of marketing is

long term satisfaction not short term deception.

Page 7: Strategic Marketing (Unit 7008 CMI)

TASK 3. DEVELOP A MARKETING PLAN, KEY COMPONENTS, MEASUREMENT,

REVIEW AND APPROVAL PROCESS

Page 8: Strategic Marketing (Unit 7008 CMI)

MARKETING PLANS

• Is a marketing plan a static document?

• Strategic v.Tactical plans?

•Who owns the document?

According to Doyle and Stern (2006) the plan communicates the objectives and strategy to the management team and permits rational debate about potential

and chances of success.

Activity next….

Page 9: Strategic Marketing (Unit 7008 CMI)

MARKETING PLAN ACTIVITY (10 MINS)

AIMS…

•Understand the components of a marketing plan • Doyle & Stern 7 key components

•See where input from organisation needed• Post-it party!

•Spot where conflicts can arise• Red pen X time

Page 10: Strategic Marketing (Unit 7008 CMI)

MARKETING PLAN – ACTIVITY RESULTS

• Info from others

• Board level decisions

• Research & present

• Parked genius ideas

Page 11: Strategic Marketing (Unit 7008 CMI)

MARKETING PLAN – USEFUL SOURCES

ACADEMIC/ THEORY/FORMAL

•KOTLER & KELLER (CHA.2)

•HOLLENSEN

•DOYLE & STERN

•CIM

•CMI

INFORMAL/FAD/SPRINT

• MARKETINGMO.COM

• BUSINESSBALLS.COM

• MARKETINGPROFS.COM

• OFFICE.COM

Tools: SWOT, PEST, 7p’s

Page 12: Strategic Marketing (Unit 7008 CMI)

MARKETING TOOLS

MARKETING MIX

4 P’S MCCARTHY (1960)

• PRODUCT

• PRICE

• PROMOTION

• PLACE

EXTENDED MARKETING MIX

7 P’S ADDED (SERVICES, STAFF)

• PEOPLE,

• PHYSICAL EVIDENCE,

• PROCESS MANAGEMENT

Key point: Decisions on the 4p’s are not made in isolation, nor just for organisational objectives, also competitive, social political, legal, technical and economic see Wilson & Gilligan (2013) p6-7 See also Doyle and Stern (2006), Lancaster & Massingham (2011)

Page 13: Strategic Marketing (Unit 7008 CMI)

TASK 1. OUTLINE HOW THE STRATEGIC VISION AND DIRECTION OF YOUR

ORGANISATION IMPACTS ON THE MARKETING PLANNING PROCESS

Page 14: Strategic Marketing (Unit 7008 CMI)

VISION V. MARKETING• Mission, Vision and Values Statements

• Your company has them right? ….or does it?

• Fujitsu – Kill Kodak

• South West Airlines

“Organisations must be wary of a definition which is too wide or too narrow, also the definition of the business must not be outside of the competencies of the management and resources.”

Good examples of wide and well managed definitions; Virgin 300+ companies, ASDA were associated dairies, had the distribution sorted and added more product lines beyond milk. See Jobber & Ellis

Chadwick 2013 p44-45

Page 15: Strategic Marketing (Unit 7008 CMI)

STRATEGIC V. MARKETING

• Strategic, tactical and emergencies

Understanding the strategic situation, confronting an organisation is an essential starting point in developing a marketing strategy.” Cravens (1986)

from Wilson & Gilligan (2013) p19 Strategic planning logically precedes marketing planning by providing a framework within which marketing plans might be formulated.

Tools: PEST, STEEPLE

Page 16: Strategic Marketing (Unit 7008 CMI)

MORE INFO ON MISSIONS…

Want to learn more about missions?

Google “big brand business name” mission statement 2013

Tactical moves away from the mission and emergencies:

Food scares, health scares, disasters,

Umbrellas to flip flops – dig about in that warehouse…

Jobber & Ellis Chadwick (2013) use Amazon as a good example of how mission can ride through challenging trading times to become a leader demonstrating a fixed mission but flexibility of approach.

Tools: Porter’s Five Forces

Page 17: Strategic Marketing (Unit 7008 CMI)

MATCHING THE MISSION (ACTIVITY 5 MINS)

•What tools would you use to understand the decisions behind strategic and tactical marketing in your organisation?

STEEPLE, PESTLE, SLEPT, PEST, SWOT

Lancaster & Massingham (2011) 22-38 gives tools and guidance on this.

Page 18: Strategic Marketing (Unit 7008 CMI)

STRATEGY V. MARKETING PLAN – USEFUL SOURCES

ACADEMIC/ THEORY/FORMAL

• KOTLER & KELLER

• ELLIS & CHADWICK

• DOYLE & STERN

• CIM

• CMI

INFORMAL/FAD/SPRINT

•HARVARD BUSINESS REVIEW

• Roger Martin article from (Feb 2013)

* in student shared area

Tools: SMART objectives, SWOT analysis, Other: Assessing growth opportunities, Culture, Shareholder values.

Page 19: Strategic Marketing (Unit 7008 CMI)

SWOT UP … ACTIVITY 5 MINS

Strengths Weaknesses

Opportunities Threats

So a quick, real life example from your business, look at STEEPLE to help you, what will you put into a Marketing

SWOT for your business?Socio - CulturalTechnologicalEconomicEnvironmentalPoliticalLegalEcological/Ethical

Page 20: Strategic Marketing (Unit 7008 CMI)

BREAK

• 10 MINUTES

• PLEASE LEAVE YOUR SEAT AND

THIS ROOM FOR AT LEAST 5 MINUTES

Page 21: Strategic Marketing (Unit 7008 CMI)

TASK 2. OUTLINE KEY AREAS OF RISK IN DEVELOPING AND

DELIVERING MARKETING PLAN, STRATEGIES TO

MINIMIZE THESE AND REACH ORGANISATIONAL

OBJECTIVES

Page 22: Strategic Marketing (Unit 7008 CMI)

MARKETING PLAN RISKS (ACTIVITY)

1. What is the absolute worst that could happen to the business?

e.g. Weather, Litigation, HSE, HR disaster, Environmental Spillage

Wilson & Gilligan (2013) look at the modelling methods to aid decision making and new product development based on risk

Page 23: Strategic Marketing (Unit 7008 CMI)

WHAT COULD POSSIBLY GO WRONG ….

• SERIOUSLY IMPACT SALES POTENTIAL

• REQUIRE SIGNIFICANTLY INCREASED INVESTMENT

• ADVERSELY AFFECT MARKET SHARE

Page 24: Strategic Marketing (Unit 7008 CMI)

WHAT IS THE RISK IF WE….

• send a press release out to announce xxxx will be on the market dd/mm/yyyy

• When someone new is asked to cover facebook for the afternoon

• When we decide a risque tweet will be what we need to get attention

• When we latch onto some unfortunate disaster and promote our product

• A customer says they found some xxx in their xxxx

Page 25: Strategic Marketing (Unit 7008 CMI)

TASK 3 - AGAIN DEVELOP A MARKETING PLAN, KEY COMPONENTS, MEASUREMENT, REVIEW

AND APPROVAL PROCESS

Page 26: Strategic Marketing (Unit 7008 CMI)

DIFFICULT MEASURES

Evaluating effectiveness is difficult, but with substantial expenditure, close control is important.

Measurement and control should not only look at the extent to which objectives have been met but also provide reasons for

variances which can be used to adjust future campaigns.

LANCASTER AND MASSINGHAM (2011)

Page 27: Strategic Marketing (Unit 7008 CMI)

TASK 3 MEASURE AND REVIEW

PRIMARY MEASURES OF SUCCESS FOR ANY BUSINESS:

• SHORT TERM SUCCESS MEASURES

• VOLUME (UNIT AND £) PROFIT CONTRIBUTION

• MARKET SHARE

• FUTURE PROFITABILITY

• MARKET SHARE

HOW MIGHT YOU DETERMINE THE SUCCESS OF YOUR MARKETING CAMPAIGNS?

Page 28: Strategic Marketing (Unit 7008 CMI)

MEASUREMENTS AND REVIEWS

How are you going to measure the success of your marketing plan?

•Reporting (CRM, Analytics, ERP, Management Accounting, Surveys).

•Frequency(Quarterly? Monthly? Weekly? Daily?)

•Tactical PlansSee .xls template from Office.com (handout)

Page 29: Strategic Marketing (Unit 7008 CMI)

MEASURING, REVIEWING & APPROVAL OF A MARKETING PLAN

TASK 3:DEVELOP A MARKETING PLAN, KEY COMPONENTS, MEASUREMENT AND REVIEW AND APPROVAL PROCESS (2.3, 3.2, 3.3)

How and when will you measure success or improvements required?

Great measurement example with The Halifax and Howard, from Doyle and Stern (2006) cha 9.

Page 30: Strategic Marketing (Unit 7008 CMI)

THE TACTICAL MARKETING BUDGET PLANNER

Office.com

Page 31: Strategic Marketing (Unit 7008 CMI)

BREAK

We are going to go onto a summary of the whole module 7008 next

Take 5 to leave your seat and refresh yourself!

Page 32: Strategic Marketing (Unit 7008 CMI)

ADMIN• Overall word count 3500-4000

• Marketing plan portion

• Submission date 16th August 2013

• Exceptions?

• Tutorials from 29th July

• Get them booked in

Page 33: Strategic Marketing (Unit 7008 CMI)

BACK TO THIS… YOUR ASSIGNMENT

Task 1: Outline how the strategic vision and direction of your organisation impacts on the marketing planning process (1.1, 3.1, 1.2, 2.1)

Task 2: Outline key areas of risk in developing and delivering Marketing Plan, strategies to minimize these and reach organisational objectives (1.3, 2.2)

Task 3:Develop a Marketing Plan, key components, measurement and review and approval process (2.3, 3.2, 3.3)

Page 34: Strategic Marketing (Unit 7008 CMI)

COMPONENTS OF A MARKETING PLAN

WHO, WHAT, WHERE, WHEN, WHY, HOW…. + SIGN OFF

Company (summary & strategic objectives)

Market situation (customer facts/segmentation)

Cost (Financial goals, risks and projections)

Campaigns (specific, risk assessed, plans)

Planning & Resources

Review Cycle (stakeholders)

See Doyle & Stern (2006) for a simple approach not sure I agree with it, but it’s a good comparison to the other books.

Page 35: Strategic Marketing (Unit 7008 CMI)

BACK TO THIS… YOUR ASSIGNMENTTASK 1:

Outline how the strategic vision and direction of your organisation impacts on the marketing planning process (1.1, 3.1, 1.2, 2.1)

Tools:

SMARTSWOT7 Ps, 4 Ps #Ps!!

Page 36: Strategic Marketing (Unit 7008 CMI)

BACK TO THIS… YOUR ASSIGNMENT

TASK 2: Outline key areas of risk in developing and delivering Marketing Plan, strategies to minimize these and reach organisational objectives (1.3, 2.2)

Page 37: Strategic Marketing (Unit 7008 CMI)

WHAT COULD POSSIBLY GO WRONG ….

• SERIOUSLY IMPACT SALES POTENTIAL

• REQUIRE SIGNIFICANTLY INCREASED INVESTMENT

• ADVERSELY AFFECT MARKET SHARE

Page 38: Strategic Marketing (Unit 7008 CMI)

MITIGATING RISK

• IMPACT ON VOLUME

• IMPACT ON SPENDING

• IMPACT ON SALES

Triggers for action

•AGREE WHEN TO BEGIN

•CONTINGENCY PLAN

•CONTINGENCY PLAN

•CONTINGENCY PLAN

Assessment & Limiting Events causing risk

Page 39: Strategic Marketing (Unit 7008 CMI)

MINIMIZING RISK TO REACH OBJECTIVES – SOURCES

ACADEMIC/ THEORY/FORMAL

•SMART OBJECTIVES

• PEST ANALYSIS

•KOTLER & KELLER

•CMI

INFORMAL/FAD/SPRINT

• CMI Research – Weathering the Storm

• CustomerThink.com-Thomas Manning

• Gut feelings…ask the oracle!

Page 40: Strategic Marketing (Unit 7008 CMI)

HOW WILL WE KNOW THE RISKS?

• Business Objectives KPI’s (Performance)

Metrics to show how Marketing is delivering against the Business Objectives (results oriented)

• KRI’s (Risk)

Changes in preference, demand, behaviour, poor strategy, ineffective operations/people/process. (Forecasting hazards)

• KCI’s (Control)Governance, management, resources, mitigators. Ensuring A doesn’t crash with a B!!

Manning 2010 http://www.customerthink.com/article/marketing_risk_management_seeing_around_the_corner

Page 41: Strategic Marketing (Unit 7008 CMI)

ASSIGNMENT TIP

• Break all tasks down into a checklist and tick them all off!

• Back up your assumptions/views/decisions with facts and appropriate referencing.

•Where possible find conflicting references and deliver your own winning, educated, qualified stand point.

• Keep it simple, state the obvious

Page 42: Strategic Marketing (Unit 7008 CMI)

UNIT 7008 STRATEGIC

MARKETINGANY MORE QUESTIONS?

LUNCH?

Naomi Andersson

[email protected] 01568 612426 / 07794161547

@naomiandersson