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BSBMKG606 Manage international marketing programs Housekeeping Emergency procedures Mobiles, security issues Break times/smoking policy This course is “interactive” – ask questions Respect, confidentiality, practice Ground rules Objectives Discover how to formulate international marketing objectives Know how to determine international marketing approach Learn how to determine operational structures Understand how to manage international marketing performance Comprehend how to evaluate and improve international marketing performance Gain the skills and knowledge required for this unit. Formulate international marketing objectives 1.1 Select viable international marketing opportunities and develop objectives consistent with the organisation's capabilities and resources Viability You need to consider things such as: Monetary cost of the marketing opportunity Time cost of the marketing opportunity Risk factors Competition in internal market Current market share Estimated impact of marketing opportunity Relation of marketing opportunity to your organisation's goals. Conduct a SWOT or a PEST analysis SWOT analysis: Strengths Weaknesses Opportunities Threats PEST analysis: Political Economic Social Technological Developing objectives For effective objectives to be created, it is good practice to create them based on the mnemonic of SMART. Specific – state exactly what you want to achieve Measurable – quantifiable and measurable Achievable – realistic in the current market Relevant – related to organisational objectives Timed – have deadlines for achievement. Activity 1A Formulate international marketing objectives 1.2 Identify measurable international marketing objectives consistent with organisation's strategic direction, and identify nature and extent of goals for international market Measurable international marketing objectives Specific – state exactly what you want to achieve Measurable – quantifiable and measurable Achievable – realistic in the current market Relevant – related to organisational objectives Timed – have deadlines for achievement. Activity 1B Formulate international marketing objectives 1.3 Formulate strategic objectives and related key performance indicators by product, service, country or international grouping, and overall Key performance indicators When creating strategic objectives and key performance indicators, consider the following points: Product Service Country or international grouping Overall Activity 1C Formulate international marketing objectives 1.4 Develop a risk management strategy to manage contingencies, and ensure marketing objectives are met in accordance with overall organisational requirements Risk management strategy Risk management strategy may include: Risk analysis Risk assessment and prioritisation Risk identification Risk maintenance Risk treatment and controls Risk evaluation Risk monitoring Monitoring risks Making adjustments to risk treatments and controls. Activity 1D Determine international marketing approach 2.1 Research international marketing opportunities and determine global or customised approaches for promotion of products or services Research international marketing opportunities In order to research international marketing opportunities, you will need to use a variety of methods: Surveys Focus groups Trial runs Analysing secondary research Conducting primary research. Approaches for promotion of products or services Regulations, guidelines, laws, standards Australian E-commerce Best Practice Model Australian Guidelines for Electronic Commerce Australian Government Policy Framework for Consumer Protection in Electronic Commerce Australian Standards and international standards Anti-discrimination legislation and ethical principles Consumer laws Extra-territoriality provisions of the Trade Practices Act now Competition and Consumer Act 2010 Regulations, guidelines, laws, standards Foreign investment limits Labour laws Legal aspects of bilateral and multi-lateral trade agreements Privacy laws Taxation laws World Trade Organization (WTO) dispute resolution system Organisation for Economic Co-operation and Development (OECD) International Guidelines for Consumer Protection in the Context of Electronic Commerce Activity 2A Determine international marketing approach 2.2 Evaluate options for choice of marketing approaches Evaluate options for marketing approaches Once you have all of the available options for marketing approaches at your disposal, the next step is to evaluate them for their advantages and disadvantages; ultimately, you need to decide which approach will reap the best return on investment (ROI). Two key factors that need to be considered when evaluating marketing approaches include your budget and the financial viability of the proposed approaches. Activity 2B Determine international marketing approach 2.3 Select a marketing approach to meet marketing objectives, international market conditions and consumer preferences Select a marketing approach What are your marketing objectives? How will your marketing approach help achieve this? How does your marketing approach meet international market conditions? Do your marketing objectives comply with consumer preferences? Activity 2C Determine operational structures 3.1 Evaluate business culture and consumer preferences, and identify compatible marketing structures Evaluate business culture and consumer preferences When you enter international markets, the business culture will vary, just as typical culture will. It is important that you recognise the business culture and adapt your approach to conform to it. If you fail to do this, it can cause misunderstandings and impact negatively on your marketing success. Activity 3A Determine operational structures 3.2 Identify options for operational marketing structure and rank them for strengths and weaknesses in servicing international markets Options for operational marketing structure Operational marketing structure may include: Export operation Global organisation Joint venture Licensing Multi-national organisation Online business operation Overseas branch Strategic alliance Subsidiary company Ranking by strengths and weaknesses Strengths and weaknesses may include: Accessibility Distribution channels Financial factors Manufacturing capability Market capability Potential profit factors Research capability Resource commitment Risk control. Activity 3B Determine operational structures 3.3 Choose operational structure that best fits international market and product or service Choose operational structure Now you have ranked the operational structures based on strengths and weaknesses, you must use this information to choose the one that best fits both the international market and product/service you are marketing. You will usually choose the highest ranked options, as your system should be geared towards meeting your objectives. Activity 3C Manage international marketing performance 4.1 Communicate international marketing objectives across the organisation to suit culture, customs, levels of knowledge, experience and needs of personnel Communicate international marketing objectives Once you have determined your international marketing objectives, you then need to communicate them to the personnel in your organisation, to ensure you are all striving for the same things. The way you communicate these to personnel will depend on their levels of knowledge, experience and their specific needs. Activity 4A Manage international marketing performance 4.2 Identify and agree roles, responsibilities and accountabilities of staff and contractors involved in all elements of marketing effort Roles, responsibilities and accountabilities In order for any team to function effectively, you need to be able to have specific roles and people assigned to them. This helps ensure that all of the required activities are carried out by those with the relevant skill and knowledge sets, as well as developing accountability for the success of these individual tasks. Roles in marketing Activity 4B Manage international marketing performance 4.3 Develop communication strategy to ensure personnel responsible for each element of marketing mix work together to meet organisation's marketing objectives Communication strategies Communication strategies should ensure that the people responsible for the individual elements of the marketing mix can work together effectively – this will determine whether the organisation's marketing objectives are met or not. Communication should be open and honest – if information is withheld from certain personnel, it can cause conflict and prevent them from performing their roles effectively. Activity 4C Manage international marketing performance 4.4 Manage marketing effort to ensure it is directed towards areas of greatest potential for the organisation Directing the marketing effort It is important that your efforts in the marketing process are directed in the areas that offer most potential benefit for your organisation. This means identifying and focusing on your target market. This can be done through effective market research and concept testing. You will need to delegate your team and resources in the areas that will yield the greatest cost-benefit ratio. Activity 4D Manage international marketing performance 4.5 Manage integration of marketing, promotional and any sales activities in accordance with international marketing objectives International marketing objectives These are based upon your company's overall mission statement and aims. They are more specific, in that they usually deal in quantifiable figures and specific sections of the organisation. So, for example, a strategic marketing objective may be to increase the profits of X (a brand, a product line) by Y (a certain date). What are your company's international marketing objectives? Promotional and sales activities These are aimed at boosting sales (usually in the short term) and can be things like: Reducing prices Offering additional rewards with a purchase Multiple purchase deals Low cost subscription services (for a limited period) Free gifts Coupons/vouchers Loyalty programs. Activity 4E Evaluate and improve international marketing performance 5.1 Monitor product, pricing and distribution policies in relation to market changes, objectives of marketing plan and organisational requirements Monitor policies Monitoring processes may include: Comparisons against competitors Meetings to discuss product, distribution, pricing and marketing communication Email contact Telephone contact Regular performance analysis of marketing strategy. Activity 5A Evaluate and improve international marketing performance 5.2 Monitor overall marketing progress against performance targets to ensure activity, quality, cost, and time requirements are met Monitor overall marketing progress You will need to monitor your overall marketing progress against performance targets – this will ensure that activity, quality, cost, and time requirements are met. The methods of monitoring you can use are marketing metrics and statistical and data evaluation techniques. Activity 5B Evaluate and improve international marketing performance 5.3 Analyse, review and revise marketing outcomes and objectives Analyse marketing outcomes After you have completed a marketing campaign, you need to analyse the outcomes of it to determine whether it was successful. The first place you should start is to look at your international marketing objectives – did you achieve them? What were the contributing factors to your success/failure and were they controllable? You need to then revise your methods for future marketing campaigns to ensure you learn from any feedback and analysis you have gathered. The idea is that, during your next marketing campaign, you can make the process more effective and efficient. Review marketing objectives and outcomes Once you have reviewed marketing objectives, there are various resolutions you may come to: Use the same marketing objectives but manage improvement by changing the actions required to achieve them Change the objectives to fit the current context – this may require readjusting benchmarks Change the marketing objectives completely. Activity 5C Evaluate and improve international marketing performance 5.4 Analyse successes and performance gaps as to cause and effect, and use to improve international marketing performance Performance gap analysis Performance gap analysis helps identify the areas of an individual that are lacking in comparison to competitors (regarding performance). The standards you measure against are benchmarks for acceptable performance – see previous information on key performance indicators (KPIs). It will help identify what additional skills and knowledge may need to be gained in order to ensure employees meet company benchmarks. It may also identify any additional resources that are required to help achieve KPIs. Improving marketing performance This may involve any of the following actions: Additional training Performance monitoring Acquiring extra resources Re-explaining the international marketing objectives and how to achieve them Disciplinary procedures Mentoring Additional skills and knowledge assessments Bringing in external coaches. Activity 5D Evaluate and improve international marketing performance 5.5 Analyse changes in market phenomena, and identify and document their potential impact on international marketing objectives Analyse changes in market phenomena Market phenomena come in a variety of forms and will shift as new technology and trends emerge. Market phenomena will vary depending on the industry you are dealing with – some of them can be explained, while others appear somewhat unpredictably. You will need to analyse the changes that are explainable and determine why they have happened – use this information to then predict future market phenomena (to a degree). Activity 5E Evaluate and improve international marketing performance 5.6 Document review of marketing performance against key performance indicators in accordance with organisational requirements Document review of marketing performance You will need to document your review of marketing performance against key performance indicators (KPIs) in accordance with your organisation's requirements. This will ensure that documentation is standardised and easy to access and interpret for future use. It will also deal with documentation formats i.e. electronic or manual. Activity 5F Skills and Knowledge Activity Major Activity This activity should take anywhere between an 1-2 hours to complete and can be found at the end of your workbook. Your instructor will let you know whether they wish for you to complete it in session time or your own time. Summary and Feedback Did we meet our objectives? How did you find this session? Any questions? Congratulations! You have now finished the unit… ‘Manage international marketing programs’