Individually, you are required to write a 2000 word marketing plan that looks at all elements of themarketing mix and explores the positioning of your brand relative to current and potential competitors inthe market. In preparing your marketing plan, you are required to adhere to a specific structure
MKT304_T2_2020_Workshop_09_v01 MKT304 Strategic Marketing Strategy – creating the marketing plan Workshop 9 Copyright Notice COPYRIGHT COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 WARNING This material has been reproduced and communicated to you by or on behalf of Kaplan Higher Education pursuant to Part VB of the Copyright Act 1968 (the Act). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Do not remove this notice Visual depiction of the course Capture Strategy Delivery Audit Plan Implementation What will we be learning? Week Topic 1 Introduction to strategic marketing 2 Capture – Internal context and developing the marketing audit 3 Capture – External context 4 Capture – Segmentation, targeting, positioning and SWOT 5 Assignment 1 presentations 6 Study week (Attendance is compulsory). 7 Strategy – brainstorming and problem solving 8 Strategy – Brand strategy 9 Strategy – Creating the marketing plan 10 Delivery – Marketing campaigns 11 Delivery – Implementation schedules, metrics, and tracking 12 Future of strategic marketing and ethical considerations Workshop Activity Revision What did we discuss last week? Identify the three main points that you’ve learned during last week’s class. Share your thoughts with the rest of the class. Let’s decipher the strategy of Toyota What do you believe is Toyota’s marketing strategy? Source: Toyota This Topic’s Big Idea “An hour of planning can save you 10 hours of doing” Dale Carnegie Learning Outcomes 1. Understand the role of a marketing plan. 2. Review the key marketing concepts. 3. Assess the components of a marketing plan. 4. Analyse various contexts required for a marketing plan. 5. Undertake the creation of a marketing plan. In week 1 we covered… • Strategic Marketing is a management process whereby the resources of the whole organisation are utilised to satisfy the needs of selected customer groups. • Strategy should be the first thing marketers consider before undertaking marketing actions. • The purpose is to achieve the objectives of both organisation and customers. Wilson, R.M. and Gilligan, C., 2012. Strategic marketing management. Routledge. Marketing Plan • Strategic document. • Solution to the marketing problem the organisation is having. • Should be referred to regularly. • Sets the strategy for the next 3-5 years with actions for the next 12 months • Contains the strategy that has been endorsed by the organisation to be delivered by marketing. • Usually created by the CMO/Marketing Manager or a Marketing Consultant. What is the ultimate purpose of a marketing plan? So that an organisation is able to meet and service the needs of customers. Establish a Competitive Advantage Cost Leadership Differentiation Cost Focus Differentiation Focus COST DIFFERENTIATION B R O A D N A R R O W Porter’s Generic Strategies Creating a Marketing Plan Written very much like a business report. BUT the marketing plan needs to tell a story. The marketing plan has the following sections: 1. Executive summary 2. Introduction 3. Background of the organisation 4. Defining marketing 5. Situation analysis 6. External analysis 7. Segmentation, targeting and positioning 8. SWOT 9. Marketing objective 10. Marketing strategy 11. Actions, metrics and budget 12. Conclusion Marketing Plans should be Written in Two phases Draft marketing plan – write until the strategy phase with an overall knowledge of actions. • Present this to key stakeholders and gain approval. • Make any amendments. Write final marketing plan from this document. • Add the implementation schedule. Executive Summary • Summarises the entire marketing plan. • This is usually what the executive/other managers will read. • The marketing team will read and implement the remainder of the report. • The executive summary should be written after the entire marketing plan is complete to ensure consistency. • Can contain, images, tables and graphs. • Is one page in length (no more/no less). Workshop Activity In groups of three to four discuss what can you do to write an effective executive summary? Why is executive summary important? Share your thoughts with the rest of the class. Report Sections • Introduction – Introduces the marketing problem and the purpose of the marketing plan. – Should be concise – 1- 2 paragraphs, and detail what the Marketing Plan will set out to achieve. – Discusses the various sections of the report. • Business background – Name – What do they do? – Business history – Mission, vision, objectives. – What challenges do they face? Marketing Context • The marketing function – Define what is marketing – Discuss the understanding of marketing within the organisation. – Discuss who is involved in marketing in the organisation. • Situation Analysis – Build from the Marketing Audit – Discuss the current position of marketing within the organisation. – Provide immediate improvements that do not require refinement of the marketing strategy. Workshop Activity In groups of three to four discuss ways in which marketing audit can assist in the preparation of a marketing plan? What issues could exist if marketing audit was not undertaken? Share your thoughts with the rest of the class. Analysis • External Analysis – Discuss the context external to the organisation. – Highlight competitor activities and achievements. – Use theories and models to discuss the impact. – What are the key threats? • Segmentation, targeting, positioning – Discuss the market size. – What segments should be targeted and why? – What will be the potential revenue that the organisation can make? – Develop a positioning map. – Highlight why this approach is suitable for the organisation. SWOT • Should summarise the strengths, weaknesses, opportunities and threat that the organisation faces. • The SWOT is used to discover what is the real problem that marketing can solve. This Photo by Unknown Author is licensed under CC BY-SA http://boagworld.com/digital-strategy/swot-analysis/ https://creativecommons.org/licenses/by-sa/3.0/ Workshop Activity Recall earlier discussion of the SWOT analysis – what would be an example of a strength, weakness, opportunity and threat? Share your thoughts with the rest of the class. Marketing Objectives • The problem statement is converted to a marketing objective. • The marketing objective should serve as the solution to the problem statement. • It could be as simple as one word or it could be a sentence that describes the overall aim of marketing over the next 3-5 years. • Examples: – Revenue growth: increase membership by 20% by 2022 – Global expansion: enter China and India by 2022 with a customer base of at least 100,000. Marketing Strategy The strategies that are put in place through the marketing mix to ensure value is created and exchanged. • Common strategies: – Increase brand awareness – Stronger link between marketing and sales processes – Develop a value proposition – Grow business – Become a thought leader – Enhance customer experience Increase Brand Awareness • This is a promotion first strategy. • May involve enhancing advertising and market presence • The focus should be on the target customer learning and associating value with the brand • Measure through brand recall and recognition Source: https://www.mindtools.com/pages/article/keller-brand-equity-model.htm https://www.mindtools.com/pages/article/keller-brand-equity-model.htm Stronger link between Marketing and Sales • The organisation may need to improve the number of quality leads. • Often this involves looking at the sales funnel. • Marketing should work with sales to achieve growth. • Leads can be grown through a range of channels including What is a Value Proposition? "A customer value proposition is the sum total of benefits a customer is promised to receive in return for his or her custom and the associated payment (or other value transfer). A customer value proposition is what is promised by a company's marketing and sales efforts, and then fulfilled by its delivery and customer service processes.“- AMA. Workshop Activity “Uber is the smartest way to get around. One tap and a car comes directly to you. Your driver knows exactly where to go. And payment is completely cashless” (2016) In groups discuss: Do you feel this value proposition captures the essence of what Uber provides customers? Is it memorable? Is it catchy? What other value propositions can you recall and why? Grow Business • Determine how the organisation should achieve growth. • The Ansoff matrix is a way to undertake this analysis. – Market Penetration (grow market share) – Product development (new products for existing markets) – Marketing development (find new markets for existing products) – Diversification (new business opportunities) • Ansoff matrix: bit.ly/mkt304ansoff http://bit.ly/mkt304ansoff Become a Thought Leader • Usually applicable in a B2B setting. • Build up the reputation of the business as a leader in its industry/ product category. • Marketing methods: – Publications – Case studies – Client testimonials – Reviews – Public relations – Webinars – Social media – Events and speaking engagements • Build credibility and expertise Source: IBM Enhance Customer Experience • Applicable to both B2B businesses and B2C businesses. • Customer experience across all marketing channels. • Customer personas may need to be created. • There can be an overlap in roles. • Ensure that all decision makers needs are met. • Revisit the customer journey and touchpoints Roles Initiator Influencer Decider Buyer User Gatekeeper Pre purchase Purchase Post purchase Thinking Feeling Doing Actions • These are the major actions that the marketer will be taking. • We should use the marketing mix as a base to determine what channels will be used. How does Marketing Strategy looks like at the end? Objective Strategy 1 Strategy 2 Action Action Action Action Grow revenue Sales funnel Customer experience Lead management Automation Refresh website Staff engagement Focus on competitive advantage Build brand awareness Search advertising Traditional advertising Events and speaking Examples Actions, Metrics and Budget Will be covered in the next weeks’ workshop. Next Week Delivery –