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Introduction. This workbook is designed to help you reinforce and better apply the key learnings from the “Marketing Works: Unlocking Big Company Strategies For Small Business” book, specifically back to your own business. It will follow the same simple process outlined in the main text and will use many of the same tables and worksheets contained in the book, for you to fill in with your particular business details. © 2006 Chris Lee and Daniele Lima
STAGE 1: OVERALL ANALYSIS: “What position is your business in now?”
Original Reference: Figure 2.1: Marketing Planning Process (from main text).
Initial analysis of the position of your
business, comprising:
• Internal (business) Analysis • External (market) Analysis
Marketing information input
S.W.O.T. Analysis
Market Segmentation Process
Matching Process, including Key Success Factor profiling
Select specific markets to be targeted.
Identify exactly the unmet customer
Proceed to Stage 2
STAGE 2: OBJECTIVES MODULE: “Where would you like the business to be?” STAGE 3:
MARKETING BLUE-PRINT: “How do you get to this new position?” STAGE 4: FEEDBACK FUNCTION: “Has your business got to where it should be?”
Original Reference: Figure 2.1: Marketing Planning Process (from main text).
· Set your business objectives. · Estimate possible risks and potential upsides for these objectives. · List the key assumptions you made when developing the above objectives.
Develop specific marketing blue-print Include - • all strategies for the product itself, its distribution,
pricing and promotion • all resource allocation details • time related details • cost estimates
Ongoing evaluation of actual performance against planned
performance to highlight any variances.
INITIAL ANALYSIS: Internal Business Analysis: The key questions you need to answer about your business are: By Customer:
1. What do you actively define as your target market? Is there any group that dominates your customer base? How is this group distinguished?
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ By Product:
2. What products (or product ranges) do you offer your target market to meet their yet unmet needs?
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3. How many of each product do you sell? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _____________________________________________________________________________ _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________
4. When do you sell your products? (I.e. time of year, month, week, day etc). ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
5. What strengths or size of each product line do you sell? Do you know what is driving the demand for these specific product units?
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6. Which products don’t sell well? Why? What would need to change to make them more attractive to customers?
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7. What alternative products could you sell to take the place of those that don’t sell well?
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8. What approach to pricing do you currently use? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9. What is the gross margin for each product? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________
10. How much does each product earn in total gross sales? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
11. How much does each product net after all costs (including promotional costs).
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12. What other products could the business sell to supplement its existing range of successful products?
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13. What products could be deleted from the current product range? Why? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
By Resource:
14. What key resources does your business have that drive its sales and growth?
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15. Who are the key business personnel? What are the key skills they bring to the business?
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16. Do you have a succession plan in place to cover the promotion or loss of any key personnel?
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17. What additional training do current employees need for both current and future roles?
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18. What additional staff and/or skills do you need to bring into the business? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
19. Is your equipment (i.e. machinery, plant, etc) adequate for current and projected needs?
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20. What additional level of borrowings are you able to access if required? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ By Comparison with Key Rivals:
21. How does the quality and scope of your product range (including all goods and services), compare to your main rival businesses?
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22. What unique skills or knowledge does your business have, which your rivals do not have? Are these being fully leveraged to maximum effect?
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23. What general advantages does your business have the competition? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
24. Are these advantages effectively turned to profit? How? If not, why? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Customer Analysis & Retention - The key to ongoing success. One of the most important tasks a business has is to accurately assess who the customers are and the extent of their loyalty. Customers can be classified within the Customer Analysis Model. Customers are not loyal to the business. Why do they not return? Customers loyal Customers through habit or perceive the convenience only. value you are offering.
Reference from Figure 3.2: Customer Analysis Model (Main Text).
Customers
Transient Customers Loyal Customers By Default By Design
• Perform the simple exercise below to help capture your thoughts on how
and when you can best reward key customer groups for their ongoing support.
Names of key contributing customers or
customer groups
What do these customers bring to the business?
How can these customers be
rewarded?
Can these customers be leveraged to
attract others?
Names of key contributing customers or
customer groups
What do these customers bring to the business?
How can these customers be
rewarded?
Can these customers be leveraged to
attract others?
Figure 3.1: Customer Analysis Model. (From Main Text).
INITIAL ANALYSIS: External Market Analysis: The external market analysis involves a thorough analysis of the market, where the current trends and characteristics are identified and analysed. These variable factors when analysed help determine the main threats and opportunities the business faces. Although the business may have no control over these external factors, understanding them will help you put together a more effective marketing plan. Competitive Climate The competitive climate of a market refers to the number, size, type and behavioral patterns of your rivals. The competitive climate can provide key insights into the behaviour of your competitors. If you better understand what they are doing there is a good chance you will be able to see the rationale for why they choose to go down this strategic path.
Some key questions to ask include:
1. How many competitors do you directly compete against? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2. Who are your main competitors? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
3. Do your key rivals actively trade with or market to any one group in particular? Why? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
4. What product range do they have in comparison to you? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
5. What pricing policies do they adopt? Why? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
6. What (if any) competitive advantage do you rivals have over you? How can you neutralize or overcome this advantage?
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7. What competitive disadvantages do your rivals have? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
8. What advertising do they use and why? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
9. How does their location compare?
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Cultural and Social Climate Identify and describe the cultural and social climate and how it may affect your business.
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Market Size and Trends List all current and reliable information on the unit and dollar size of your targeted market, along with any additional information on prevailing market trends and market projections for future size and growth for this year and the next two. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________
_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Technological Environment List the key technological equipment needed to effectively operate in your market. List what technology, machinery or general equipment you don’t already have or need to have updated to meet the minimum acceptable, industry standard. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Economic Environment By its very nature, the economy is dynamic and constantly changing. You need to protect the business by keeping a constant vigil over the various, key economic indicators such as the inflation rate, interest rates, currency exchange rate, unemployment rate and economic growth rate. By being aware of any changes to these key indicators, you will be in a better position to respond quickly with appropriate changes to your marketing strategies. List the indicators mentioned above and how these may affect your business in the next 12 months. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Legal Environment List any proposed changes to key legal statutes that may impact on your business. How will it impact? What will be the magnitude of the impact? Any additional legal information that is crucial to the running of your business? ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ List any other external factor you feel may have an impact on your business with the next year or beyond. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Sources of Marketing Information
Ref: Figure 4.1 (from the main text): Sources of Marketing Information.
Sources of Marketing Information.
Secondary (Available) Information
Sources
Primary (Not available)
Information Sources
Information collected internally
Internally conducted research
Existing External Data that is available to the business
Externally Conducted: Qualitative technique: (In-depth individual responses) And Quantitative technique: (Structured feedback on insights gained from qualitative research)
Secondary Information Sources When conducting a market analysis, the first type of information you should search out is Secondary Information. Secondary Information is information that already exists. In other words, it is information that has already been gathered and is available to your business. This secondary information is divided into two main groups.
i. Describe all internally collected, available secondary information. Include:
• Actual sales figures
• Costing information.
• Customer feedback (on any number of issues).
• Supplier conversation records.
• Research reports.
• Supplier reports.
• Staff performance and feedback reports
• Competitor activity reports
• Other relevant, internally collected data
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ii. Externally collected secondary information. List known sources of external data and specifically what data each source will provided. ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Primary Information Sources In many cases the various sources of secondary information will be sufficient to meet most business needs. In cases where those needs have not been adequately met by available secondary data sources, primary information is then required. Primary information comes from market research activities, which can either be performed by the business itself or, by independent market research firms. List the data that is not already available from secondary sources. ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
What is the best approach to gain this data? Will qualitative analysis suffice or is quantitative data also required? If so, who will conduct it? ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
S.W.O.T Analysis. The analysis of strengths and weaknesses, opportunities and threats (SWOT) is
the key analysis that comes from the results of both the internal business
analysis and the external market analysis. The better these analyses are done,
the stronger the outcomes of the SWOT analysis will be.
A SWOT analysis will qualify the internal strengths and weaknesses of a
business. Moreover, it identifies the possible opportunities and threats the
business will face in the short and longer term, over which it has no direct control.
Therefore unlike the internal strengths and weaknesses, which are all
controllable, the external opportunities and threats are uncontrollable by the
business.
After completing a full Situation Analysis (including both an internal and external
analysis) for your business, capture the key findings in the SWOT analysis
template.
IMPLICATION
(Specific
Relevance To The
Business)
INDICATED
ACTIONS
(What Needs
To Be Done)
RESOURCES
REQUIRED
(What Will It Take
To Do)
OPPORTUNITY
COST
(What Else Could
Be Done With Those
Resources)
STRENGTHS
(List In This Column)
IMPLICATION INDICATED
ACTIONS
RESOURCES
REQUIRED
OPPORTUNITY
COST
WEAKNESSES
IMPLICATION INDICATED
ACTIONS
RESOURCES
REQUIRED
OPPORTUNITY
COST
OPPORTUNITIES
IMPLICATION INDICATED
ACTIONS
RESOURCES
REQUIRED
OPPORTUNITY
COST
THREATS
Market Segmentation
Market segmentation refers to the process of dividing a market into segments of
customers with similar needs for eventual targeting. A targeted market approach
will aim to satisfy the needs of individual groups within the overall market,
through different marketing strategies.
Describe the dimensions by which you will segment your market.
(Note Table 3.1 in main text lists key dimensions).
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The Matching Process:
Once the market has been segmented, the Segmentation Analysis (S.A) Grid -
(see Figure - 3.2 main text), can be drawn up to look at both currently targeted
segments and the viability of other potential segments.
The S.A. grid also highlights Key Success Factors (or KSF’s). These KSF’s are
as the name suggests those factors that are essential in delivering the required
product to a specific target audience, to consistently satisfy their unmet needs.
This matching process matches the business strengths and weaknesses (from
SWOT analysis) to these KSFs, with the aim of identifying the market segments
with the greatest potential for the business.
Figure 4.2: Segmentation Analysis Grid: (S.A.G)
Market
Segments
Specific
Unmet
Needs
Product to
Meet
Needs and
Wants
Key
Benefits
Derived By
Customer
Key
Success
Factors
Currently
Targeted
Prospective
Segments
Writing a customer profile for your selected target market.
Once you have selected your target market, it is a useful to sit down and write a
page or two customer profile (see example section 4.10 in main text).
Imagine the typical man, woman or child from your target group and write down
everything you think you know about them, that describes them.
CUSTOMER PROFILE: John / Jane Smith.
John / Jane Smith is ………..
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Establishing effective business objectives
. Operational Objectives.
(See Section 5.2 of main text for more detailed information on each)
(i) Financial Objectives:
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(ii) Personnel Objectives
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(iii) Production Objectives (Where applicable)
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Other Summary Notes:
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Marketing Objectives.
(i) Target Market Objectives.
(Who will the business actively target?)
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(ii) Marketing Mix Objectives.
(What are the specific aims for each of the 4 P’s of the marketing mix?). In each
case are they reasonable? Why? (Ref: Chapter 4.1.2 in the main text).
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(iii) Sales/Market Share Objectives. – (What portion of your market do you think you can
gain based on your analysis? Why?).
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Key assumptions you have made in putting your objectives down:
(Clearly state the set of assumptions that underpin the objectives stated and the risk associated
with each one).
(Ref: Chapter 4.4 in main text).
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The Marketing Blueprint
Once you have segmented the market and decided on which particular market
segment(s) to target, you are then in a position to design your marketing
blueprint. The marketing blueprint will contain the inter-related strategies for the
marketing mix (i.e. product, price, promotion, and place).
From the diagram below (Ref: Chapter 5.1) it can be seen how the targeted
customer and their unmet need, is the focus of the strategic development of the
marketing mix.
Ref (from main text): Figure 5.1: Marketing Blueprint for a target market
TARGETED CUSTOMER
Uncover and meet customer’s
unmet needs
PRODUCT PRICE
PLACE PROMOTION
The Unmet Need.
Quite simply, it all begins and ends with the customers unmet needs. How well
you are accurately able to uncover and meet these unmet needs will ultimately
determine how successful you will be, in attracting and retaining this group of
targeted customers to your business.
WORKSHOP:
Finding the unmet need Define your target customer market: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Describe what the unmet need of the customer is: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________________
What portion of the need is already met by you or your rivals? ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ What are the consequences for the customer if these additional needs remain
unmet?
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ What additional resources will be needed to meet these unmet needs?
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Product Management Process Model
→ →
(Unmet Need) → (Required Benefits) → (Product offering)
↓
(Put together the
(product offering)
↓
Customer Satisfied
Ref Figure 5.2 (main text): Product Management Process model.
Examine the key needs of targeted customers.
Determine which benefits are being sought.
Determine what products are needed to provide these benefits.
Design/modify overall
product offering.
(Including blend of goods &
services)
Satisfaction obtained due to needs being met. Feedback Loop
Strategy and tactics for the 4 P’s:
Product ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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Implementing Your Marketing Blueprint (Reference: Chapter 5.3 Main Text).
Turning broad strategy into an action programme:
Now that your business has written down its proposed strategies for the four
elements of the marketing mix (i.e. Product, Price, Promotion and Place), you are
in a position to combine these strategies with time related details and projected
costs. This will then transform the broad strategic plan into a pragmatic, action
plan, which, when implemented can be done so at an acceptable level of risk.
The next step is to write down the specifics of how each part of the strategy is to
be carried out. This step includes:
1. All timing details – which outlines when each step is to be implemented? 2. Costing details – which describe how much each stage of the plan will
cost. 3. Personnel details – which specify who the responsible staff members,
are for each part of the plan. 4. Specific details – which charts exact tactical details as to how each
strategy is to be implemented and carried out.
ACTION PLAN IMPLEMENTATION GRID
Key Tasks
To Be
Performed
Key time
lines-
Start/Close
Who
performs
the task
Key
outcomes
of task
Costs and
Resources
used
Other Key data
January
February
March
April
May
June
July
August
September
October
November
December
Ref Figure 5.5 (from main text) : Action Plan Implementation Grid
Control Function. (Reference Chapter 6 – Main Text).
Below is a table for charting actual and projected figures for each key area, as
well as variances. These variances will need to be scrutinised so that appropriate
changes to the current marketing program can be identified and subsequently
implemented.
Specific
item being
reviewed
Planned
performance
Actual
performance
Variance Postulated
reasons for
the variance
Required
changes to be
implemented
Ref Figure: 6.1 (from main text): Variance Analysis Chart
Marketing Promotional Budget and Variance analysis chart.
(000's )
Jan Feb Mar Apr May Jun Jul A ug Sept Oct Nov Dec TOTA L
0000000000000000000000000000000000
Overall TotalSales Force Discretionary spendBalance for M arketing Ac tivities
Deficit / surplus
Reference: Figure 6.2 – From Main Text.
Other Key Metric Calculations
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Your Funky Dashboard
Sales to BudgetEx-Man YTD In Market Sales
MAT
Sales Force MonitorMAT Jan 05
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