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BSBMKG608A Develop organisational marketing objectives Housekeeping Emergency procedures Lift operations and opening times Mobiles and security issues Break times and smoking policy This course is interactive – ask questions Practise respect and confidentiality Ground rules – No food or drink in class – Use level 6 for eating – Check on assessment due dates Objectives Know how to identify strategic direction Explain how to review marketing performance Understand how to scope marketing opportunities Demonstrate how to formulate marketing objectives Gain the essential skills and knowledge. Identify strategic direction 1.1 Confirm organisation's mission, vision, purpose and values from current organisational materials or from owners, directors or senior management Mission statements Developing marketing strategies and objectives relies implicitly upon a sound understanding of the organisation’s mission, vision, purpose and values. Before any objectives are identified, you will need to ensure that your understanding of these points is complete and current Always ensure that you stay abreast of any changes and upcoming changes and factor these into your marketing strategies and objectives. Confirm information You should always seek to confirm the organisation’s mission statement before undertaking any marketing work. You can confirm this by: o Reading current organisational materials and paperwork o Communicating with senior personnel. Review topics and Discuss Identify strategic direction 1.2 Analyse strategic organisational documents to identify organisational directions and targets Strategic documents Strategic documents may be: Annual reports Codes of practice Company policy Customer service charter Security and privacy policies Strategic marketing plans Strategic plans. Using the documents The basic information you should gather from the documents should include: The organisation’s mission statement, vision, purpose and values The organisation’s current financial viability Current and future business objectives The business plans and goals overall Policies to adhere to Current marketing strategy. Review topics and Discuss Identify strategic direction 1.3 Complete a situational analysis that identifies factors impacting on the direction and performance of the business Situational analysis A situational analysis refers to the way you can analyse both internal and external factors that may affect the business in both positive and negative ways. By understanding the internal and external environment, you can judge how the business and its marketing strategy can be affected. Put simply, a situational analysis is an analysis of the situation. Internal elements Internal elements for inspection may involve examining the information contained in: Annual reports Codes of practice Company policy Customer service charter Security and privacy policies Strategic marketing plans Strategic plans. External elements Past economical data Present economical data Predicted future economical data Political climate Social climate Technology Customer segmentation The state of the industry sector Competitors and their performance. Review topics and Discuss Identify strategic direction 1.4 Identify legal and ethical requirements for the organisation Legal requirements ADMA Direct Marketing Code of Practice Australian E-commerce Best Practice Model Consumer Protection in Electronic Commerce Confidentiality and privacy requirements Copyright laws Defamation laws Free TV Australia Code of Practice Anti-discrimination legislation Sweepstakes regulations. Legal and ethical requirements Codes of Practice Cultural expectations and influences Environmental issues Health and safety of workplace personnel Legislation Policies and guidelines Regulations Security and privacy issues Social responsibilities Societal expectations. Group discussions and research activity – what is ethical behaviour? Identify strategic direction 1.5 Document and confirm the strategic direction of the organisation with owners, directors or senior management, and identify its impact on marketing activities Directions and strategies After all of your analyses and information gathering, you should be able to identify the ideal strategic direction the organisation should follow The strategic direction should be confirmed with owners, directors or senior managers of the company, in order to ensure that you are all on the same page and are making the best decisions for the business The strategic direction the organisation needs to take will directly influence any marketing activities and objectives. Review topics and Discuss Review marketing performance 2.1 Evaluate the effectiveness of previous marketing and positioning strategies to identify lessons learned Past data By understanding what went well and what didn’t go well, you can identify areas in need of improvement Every problem that can be identified and resolved is a move towards strengthening the business. Positive feedback and successes should be analysed to understand what elements contributed to this success; these elements can then be preserved and strengthened, in an effort to preserve this success. Research and discussions about reviewing marketing performance Why review data? Review marketing performance 2.2 Analyse current key products or services and major markets for strengths, weaknesses, opportunities and threats Key products, services and markets By analysing your products, services and markets for strengths, weaknesses, opportunities and threats, you can further increase your knowledge and understanding of the current market climate and can accommodate for different conditions accordingly Key products, services and markets are generally the supporting structure of a business’ sales and income; anything else sold is in addition to these. Review topics and Discuss Review marketing performance 2.3 Evaluate previous marketing opportunities captured by the organisation, and examine and document their profitability Assessing success You can determine profitability by assessing actual sales and profits and comparing these figures against predicted figures and targets By determining the profitability of previous marketing activities, you can identify lessons learned and advice for future activities The way that you evaluate these activities and opportunities may be determined by your organisation; they may have criteria and formulae to use that will indicate the level of success Review marketing performance 2.4 Evaluate marketing performance against previous objectives, targets to identify critical success factors, and areas for improvement Evaluate performance There are several ways to evaluate marketing performance, including: Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis Comparative analysis Competitive analysis Life cycle models Product portfolio analysis Value chain analysis. Moving on Identifying critical success factors and areas for improvement is the key to marketing success and progression; making the same mistakes repeatedly is not conducive to growth or success and will not inspire customers and potential customers. Scope marketing opportunities 3.1 Identify and analyse marketing opportunities in terms of their viability and likely contribution to the business Marketing opportunities When a marketing opportunity is identified or proposed, you will need to analyse it in terms of viability and how it can contribute to the business Viability means that ability of the opportunity to make money or meet other goals and to cover its costs The likely contribution to the business should be assessed to determine whether it makes financial sense to pursue the activity. Review topics and Discuss Scope marketing opportunities 3.2 Use an assessment of external factors, costs, benefits, risks and opportunities to determine the scope of each marketing opportunity Scope Factors that can affect scope can be: External factors Costs Benefits Risks Opportunities. Scope and goals You need to take different factors into consideration when determining the scope of your marketing activities Marketing on a large scale to a wider scope can be a waste of time and money if the likely return is expected to be poor or there are significant risks and / or costs involved If a promising opportunity arises and you fail to take advantage of it, you can miss out on chances to promote your product and brand and expand your business. Review topics and Discuss Scope marketing opportunities 3.3 Analyse opportunities in terms of their likely fit with organisational goals and capabilities Opportunities and goals No matter how good an opportunity may seem, it cannot be truly effective and contribute to the organisation unless it fits in and complements organisational goals When opportunities are detected, they should be analysed in terms of the organisation’s current goals; this may affect how the marketing is conducted and on what scale. Review topics and Discuss Scope marketing opportunities 3.4 Evaluate each opportunity to determine its likely impact on current business and customer base Impact Impact can be good or bad. Marketing opportunities can impact on the business and its customer base and this impact needs to be positive as far as possible Negative impact on the business and its customer base can be devastating Determining impact will be likely done in the early stages of planning the activity and conducting research, such as situational analyses and formulating targets and outcomes. Review topics and Discuss Formulate marketing objectives 4.1 Develop objectives in consultation with key internal stakeholders that are attainable and measurable, and that identify the nature and extent of what is to be achieved Working with stakeholders When developing organisational marketing objectives you may need to work with stakeholders. These key stakeholders may include: Board of directors Finance staff Human resources staff IT staff Managers Marketing personnel Owners Production staff Supervisors. Formulate marketing objectives 4.2 Ensure objectives are consistent with the forecast needs of the business and the market Future relevance A well-organised organisation will be aware of its future needs and future objectives This may be because they have predicted and formulated future objectives or because their current objective is a part of a larger plan of action Even if plans are not in place, you should still consider how current objectives will affect the future operation of the business and the business’ NOW FUTURE future needs. Review topics and Discuss Formulate marketing objectives 4.3 Ensure objectives are compatible with the organisation's projected capabilities, resources and financial position Organisational capabilities Your marketing objectives need to be within the organisation’s ability to undertake and achieve You can determine the organisation’s capabilities, resources and financial position in the research you do before formulating marketing objectives You will need to consider your organisation’s: o Capabilities o Resources o Financial position. Review topics and Discuss Formulate marketing objectives 4.4 Ensure objectives are compatible with the organisation's direction and purpose, and meet legal and ethical requirements Direction and purpose It is imperative to the effectiveness and success of marketing endeavours to ensure that the objectives are compatible with the organisation’s direction and purpose. If a marketing objective does not align with the organisation’s direction and purpose, then it will not serve to achieve anything for the organisation, in terms of business plans and objectives. Legal and ethical requirements Failure to abide by legal requirements will mean that you are breaking the law and will be subject to the given punishment. This applies to everything the organisation does, including its marketing endeavours. Failure to abide by ethical requirements or choices can result in the relevant punishment, but can also alienate customers who can withdraw their custom. Discuss pros and cons of KPIs Formulate marketing objectives 4.5 Formulate long term strategic objectives and related key performance indicators by product or service, market segment and overall Objectives and KPIs Organisations may have long term objectives and KPIs in place for: Different products Different services Different market segments Business overall. Everything a business does, in terms of objectives, goals and KPIs should contribute towards one or more long term strategic objectives. Review topics and DiscussE Formulate marketing objectives 4.6 Develop a risk management strategy to identify risks and manage contingencies, and to ensure that marketing objectives are met in accordance with overall organisational requirements Risk management In business, risk management is the identification of and preparation for financial risks. Some risks can be identified before they occur and you can have plans in place to handle this if it ever happens These are called contingencies and the plans made are known as contingency plans. Identify and manage risks External risks may be: Failing economy Rival organisations Customer boycott Advances in technology Internal risks may be: Increasing wages bills Rising resource use and costs Staff strike. Solutions and objectives Risks to the business may be defined by the organisation’s objectives Action must be taken to preserve the objective A solution to the problem that does not align with the current objective(s) may be suitable in the short term, but not the long term, as the objective is a more important factor. Discussion Why risk management? Formulate marketing objectives 4.7 Document marketing objectives Document marketing objectives The organisation’s marketing objectives should be clearly documented Most organisations will include the full details of the marketing objectives in the marketing plan; this may include records of past marketing objectives, campaigns and strategies and their success and may also cover future objectives Your organisation should have its own paperwork, templates and procedures for documenting the marketing objectives. Review topics and Discuss Final review of the program Assessment tasks and submission requirements Assessment tasks What to submit What do I need to print or email to the trainer What date to submit How many tasks must be submitted Summary and Feedback Did we meet our objectives? How did you find this session? Any questions? Congratulations! You have now finished the unit… ‘Develop organisational marketing objectives’