Morgan stanley marketing implementation

Morgan Stanley

Marketing Implementation

Richard Mayer MA DIPM MCIM

THE ROLE OF A PRODUCT MANAGER

Product Manager?

Brand Manager?

Product Marketing Manager?

Life Cycle Manager?

Sales Support?

Product Definition?

Pricing?

Promotion?

Channels?

PRODUCT MANAGEMENT TASKS

• Long range and competitive strategy

• Annual marketing plan and sales forecast

• Marketing communications programmes

• Support for product from sales, channels, others

• Gathering intelligence

• Initiating product improvements

Areas of Job Involvement

SupportMarket ResearchProduct Development

Market TestingProduct Information

Co-ordinator

Marketing planningProduct DevelopmentProduct Improvement

Pricing / DiscountsSales SupportPresentations

Sales / Profit TargetsProduct Quality

Customer SatisfactionTechnical Support

ForecastingProviding Reports

ProductChampion Setting Objectives

Strategy DevelopmentMarketing Planning

Product DevelopmentProduct ImprovementInvestment Decisions

Pricing PolicyPromotional PlanningDistribution DecisionsMonitoring / ControlDepartmental Liaison

Providing ReportsAttending Meetings

Mini-MD

Authority V’s Responsibility

Authority

Responsibility

Vertical Dimension Horizontal Dimension

Decision Making

Control

Autonomy

Power

Sales

MarketingMarketing Management Management Interfaces Interfaces

Marketing

Marketing

OperationsOperationsStakeholdersStakeholders

Corporate Corporate StrategyStrategy

Product Management Interfaces

TechnicalFunctions

ProductManager

Corporate /General

Management

OperationalManagement

OutsideAgencies

Customer /Channels

Own Manager /Department

Administration

ExternalBodies

Sales

Understandingcustomers,the marketplaceand its opportunities

Decidingontargetmarkets

Promotionselling

Productpolicy

Pricing

Place

Customersatisfactionaudits

Marketmonitoringand research

Developing The Marketing Mix

Stage 1 Stage 2

Stage 3

Stage 4

Integrated Objectives

Trade Offs and Strategic Imperatives

Managing Marketing

Projects

Richard Mayer MA DipM MCIM

Managing Marketing Projects

Identify Key Issues

Clarifybrief

CollectInformation

SpecifyObjectives

HighlightKey SuccessFactors

AllocatePriorities

DefineReportingStructure

DevelopAction Plan

ScheduleActionPlan

Set Budgets

Define performanceCriteria

AssembleProject Team

Define Rolesand Responsibilities

Clarifying the Brief and Setting Project

Objectives

Managing Marketing ProjectsClarifying the Brief and Setting Project Objectives

The problem Key issues

Key success factors

The objectives

Collect Information

ResearchMarkets

Customers

Stakeholders

Organisation

PriorInitiatives

IndustryExperts

CurrentPerformance

Systemsand Processes

Understanding Key Issues

Background to Project Key Stakeholders Organisation Context Role and Responsibility Operating Limitations

Identifying Key Success FactorsWhat factors must be in place and successfullydelivered to ensure the projects success

Resources Personnel Skills Support Finance Relationships Technology Research and development Organisation Processes

Setting Objectives

Key Goals Which Must Be Achieved

Primary Goal

Secondary goals Secondary goals Secondary goals

Action OrientedGoals

Action OrientedGoals

Action OrientedGoals

Action OrientedGoals

Action OrientedGoals SMARTT

Writing and Controllingthe Project Plan

Writing and Controlling the Project Plan

Identification of critical activities

Timing of

critica

l

activitie

s

Setting

Performance

Measures

Budget setting

ContingencyPlanning

Identification of Critical Activities

Short term

Medium term

Long term

IdentifyKey Stages

Identify Key Linkages

Prioritise andsequence

Action Plan

Goals Time to Budget Start Finish Critical Complete £ Date Date Activities

Key Roles / ResponsibilitiesCritical items / events which could disrupt plan

Gannt Chart

Activities BudgetTimings

J F M A M J J A S O N D

Setting Performance Measures

Input Measures Output Measures

Linked to

Performance

Correcting Deviations

Evaluation

Clarify and agree overall objectives Consider options for achieving objectives Set out how the team plans to achieve objectives Agree how to measure progress Set a time scale and establish review points Monitor and evaluate progress against measures Adjust plans if necessary

Monitoring and Evaluating Progress

Contingency Planning

Everything that can be conceived of as possible can be prepared for.

Contingency plans should be in place and updated regularly. Do not be caught unprepared.

Co-ordinating People and Resources

First we must clearly specify our objectives via co-ordinated efforts. Second, the action plan must focus on resources and opportunities not availablethrough individual divisional approaches. what can we accomplish more effectively together, rather than separately? I’m busy, and not a big believer in teamwork for its own sake; so I think its important that synergy possibilities be spelled out and not assumed

Teamwork

Effective Teams Establish and work towards clear objectives Open relationships between members Accept different viewpoints and debate High level of support Resolve potentially damaging conflicts Clear procedures and decision making process Skilled leadership appropriate to needs of team Regular reviews Recognition of roles and competences

Assembling a Project Team

Ineffective Teams Poor selection of team members Lack of control by team leader Low motivation Low creativity Poor leadership Unclear objectives Lack of delegation Poor communication No buy in

Assembling a Project Team

Team Roles and Responsibilities

Belbin

Implementer Co-ordinator Shaper Plant Resource Investigator Monitor / Evaluator Team worker Completer / Finisher Specialist

Defining the Reporting Structure

Distinguish roles and responsibilities Identify decision making authority Identify approval authority Define reporting procedures and timing Decide information requirements Define information dissemination procedures

Negotiating Skills

Negotiation is an interactive process in which parties trade and barter positions, ideas and interpretations, rework these positions, ideasand interpretations until agreement is reached.

The challenge is to find a way of accommodatingthe various parties present and emerging with some kind of agreement about the best way of proceeding and moving the process forward.

Setting the scene

Opening negotiations

AgreeingConfirming

Following up

Negotiation

Negotiation

ExplorationCreative solutionsFraming the dealBiddingBargaining

Contracting

Contracts

A legally binding agreement between two ormore parties that specifies:

Terms and conditionsPerformance specificationProduct / service specificationsPriceClauses

Initiating and Leading the Project

Leadership

IndividualNeeds

TaskNeeds

GroupNeeds

Different leadership styles can all be effective, although at different times and with differentgroups of people. The best managers are those that do not use just one style all the time, but who recognise that during some situations they will have to exercise autocratic leadership, while during other circumstances they will be most effective by leaving people to work out their own goals and methods of operation.

Leadership Styles

Decision Making

Define the problem Gather relevant facts and analyse Develop alternative solutions Evaluate alternative solutions Select best alternative Assess possible consequences of decision Implement the decision

What

needs t

o be ach

ieved

?

What

resource

s are

avail

able?

Motivation

The total propensity or level of desireof an individual to behave in a certain manner at a certain time. This motivation has to be directed towards a specific goal.

People tend to be more motivated in activities /relationships that offer the greatest perceived personal reward (or fewest penalties)

MotivationContent Theories

Maslow’s Hierarchy ofNeeds

Herzeberg’s “Two Factor”Motivation Theory

Process Theories

Handy’s MotivationCalculus

Vroom’s ExpectancyTheory

Individuals motivated bya “package of needs”

Examine ways in which certain outcomes of eventsbecome attractive to people. Individuals choose own goals

Communication

Purpose of Communicating

Decision Making

Organising

Influencing others

Initiating Action

Barriers to Effective Communication

Lack of preparation Lack of clarity Lack of openness Unclarified assumptions Premature conclusions Differing backgrounds / cultures Interruptions / noise

Creativity

Lateral thinking

Seeking to solve problems by unorthodoxor apparently illogical methods

Generating ideas (Brainstorming)

Free your mind from cluttered existing reality

Thinking

Give yourself time to think

Developing a Balanced Perspective

Performance Evaluation and Measurement Tools

Balanced Scorecard

Innovation & Learning

Fin

an

ce

Cust

om

er

s

Inte

rnal

The Balanced Scorecard introduces four new management processes that link long-term strategic objectives with short-term tactical actions.

The Scorecard is made up of fourperspectives:

• Financial• Learning and growth

• Customer • Internal Processes

Why The Balanced Scorecard?

Most organisations operational and management control systems are built around financial measurements and targets which bear little relation to the organisations progress in achieving long-term strategic objectives.

Emphasis on short-term financial measures leaves a gap between the development of a strategy and its relevance to the true drivers of successful future performance:

Value creation activities!

The Balanced Scorecard

Scorecard users select measurers of progress from all four scorecard perspectives and set targets for each of them.

• Users determine which action will drive them toward their targets.

• Identify the measures they will apply to these drivers from each perspective.

• Establish the short-term milestones that will mark their progress.

• The Balanced Scorecard forces companies to integrate their strategic planning and budgeting processes and therefore helps to ensure that their budgets support their strategies.

The Balanced Scorecard

Innovation & Learning

Fin

an

ce

Cust

om

ers

Inte

rnal

• Building a scorecard helps managers link today’s actions with tomorrow’s goals.

• It enables managers to link financial budgets with strategic goals.

Todays Actions In Synergy With Tomorrow's Goals

Using The Balanced Scorecard As A Tool

What Drives Business Performance ?

Competitive Position Market characteristics

Value added Structure

ROI

ShareRelative shareDifferentiationCustomer coverageRelative quality

ConcentrationInnovationCustomer powerLogistical complexityGrowth

Investment IntensityProductivityVertical IntegrationCapacity Utilisation

Best practice

Lean organisationParticipative cultureIncentives / trainingPersonnel policies

Relative PerceivedQuality

RelativeMarket

Share Gain

RelativeCost

RelativePrice

ProfitResult

Some PIMS Linkages