MARKETING STRATEGY - University of Mississippi

MARKETING STRATEGY - University of Mississippi

Market-Based Management Chapters 14, 15, 16 Marketing Plans and Performance Marketing Planning Process Step 1: Situation Analysis Adjust Marketing Plan as Necessary Step 2: SWOT Analysis

Step 7: Perform Review Step 3: Strategic Market Plan Step 4: Marketing Mix Strategy Step 6: Profit

Plan Step 5: Marketing Budget Figure 14-9 Components of a Market Strategy Review Handout Successful Plan Implementation Owning the Marketing Plan 1. Detailed Action Plans 2. Champion and

Ownership Team 3. Compensation 4. Management Involvement Supporting the Marketing Plan Adapting the Marketing Plan 1. Time to Succeed 1. Continuous Improvement

2. Resource Allocation 3. Communication 4. Required Skills 2. Feedback Measures 3. Persistence 4. Adaptive Rollout A Hierarchy of Performance Strategic Performance Marketing Performance

Financial Performance Program A Performance Program B Performance Task 1 Performance Task 2 Performance Program C Performance

Task 3 Performance Marketing Performance is the End Product of Marketing Plans and Marketing Actions Marketing Plans Marketing Actions Marketing Performance But, this model doesnt account for all that

can go wrong. Marketing Plans Marketing Actions Poor Data Analysis and Planning Marketing Performance Poor Communication

of Objectives Insufficient Resource Allocation Changes in Customer Needs Poor Tracking of Performance Insufficient Training This is Further Complicated by

Difficulties in Problem Diagnosis MARKETING PLANS APPROPRIATE INAPPROPRIATE I M P L E M E N T A T I

O N GOOD POOR SUCCESS UNCERTAIN All that can be done to insure success has been done Good execution can

mitigate poor strategy, forcing success. OR The same good execution can hasten failure TROUBLE UNCERTAIN Poor execution hampers good strategy. Mgmt may never become aware of strategic soundness because of implementation

inadequacies Very Difficult to diagnose because bad strategy is masked by poor execution. Difficult to fix because both strategy and execution are wrong. As with Corporate or Business Unit Performance, Marketing Performance Has Multiple Dimensions 1 Performance Relationships

Program Effectiveness Sales/Share Increases New Service Performance Profitability Customer Satisfaction Efficiency 1 Defining Marketing Effectiveness The

Achievement of Marketing Program Goals Sales growth/share growth Retention Profitability Awareness Positioning Cost reduction 1 Sub-dimensions of Performance 1 Performance Dimensions - Growth Sales

growth Share growth Increased sales to existing customers Sales to new customers Opening new markets 1 Performance Dimensions - Efficiency Achieving goals with minimum resource invested. Productivity Outputs/Inputs Efficiency =

Sales . Mktg Exp. 1 Performance Dimensions - New Products Development Trial rate Retention rate Time to market Revenue from new services 1

Performance Dimensions - Customer Satisfaction Satisfaction Retention/Loyalty Perceived value received 1 Performance Dimensions Profitability ROA = Profits/Assets Cash Flow/Assets = CFROA Return on Sales (ROS) = Profits/Sales Meeting Margin or Contribution Goals

1 Conclusions: Evaluation of program effectiveness depends on the objectives set for the program. While profitability is one dimension, success will be determined by those variables which drive profitability. Many of these variables are marketing performance indicators. 1

Common Firm Goal Attainment Metrics Awareness rates. Satisfaction and Loyalty Ratings Growth and Share targets. Hurdle rates for Project ROI NPV hurdles. 2

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