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BSBMKG603B Manage the marketing process 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 manage marketing performance Know how to manage marketing personnel Learn how to evaluate and improve strategic marketing performance Gain essential skills and knowledge required for this unit Manage marketing performance 1.1 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. Legislation, codes of practice and national standards Anti-discrimination legislation and principles of equal opportunity, equity, and diversity Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice Australian E-commerce Best Practice Model Australian Government Policy Framework for Consumer Protection in Electronic Commerce Confidentiality requirements Copyright laws Etc. Review Activity Manage marketing performance 1.2 Manage integration of marketing, promotional and sales activities in accordance with strategic marketing objectives Strategic 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 strategic marketing objectives? Integrated marketing This is a holistic approach to communication in marketing, where it is consistent both online and offline. This means that the message is clear and ensure that spending is optimised towards the approach that is most effective. Therefore, when managing the marketing process, you will need to determine which forms of media you will utilise and how they will all inter-relate to one another. 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. Economic, social and industry directions, trends and practices You will need to take notice of economic, social and industry directions, trends and practices when planning your marketing strategy, as these will help you determine what will be most successful. Economic, social and industry directions will help you determine customer needs and what strategies are currently selling and not selling. From this, you can determine what is more likely to be successful. You may also spot a gap in the market or decide to take a risk on a strategy that is different to current trends in order to stand out. Industry product and service knowledge This will help you identify the following: Strengths of the product/service Weaknesses of the product/service Comparisons to similar products/services in the industry Industry trends Cost of production Profit margins Selling strategies and trends Past trends Upcoming products. Review Activity Manage marketing performance 1.3 Monitor product, distribution, pricing and marketing communication policies in relation to market changes, marketing plan objectives and organisational requirements Monitor product, distribution, pricing and marketing communication 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. Review Activity Manage marketing performance 1.4 Use marketing metrics and monitor overall marketing progress against performance targets to ensure activity, quality, cost, and time requirements are met Marketing metrics These are used to measure the success of marketing against performance targets, to ensure that they are being met. There are four main types of metrics used, which are: Consumption Sharing Lead generation Sales. Statistical and data evaluation techniques to measure marketing performance Descriptive data analysis Inferential data analysis Key performance indicators (KPIs) Return on investment (ROI) Review Activity Manage marketing personnel 2.1 Communicate strategic marketing objectives across the organisation in ways suited to levels of knowledge, experience and specific needs of personnel Communicate strategic marketing objectives Once you have determined your strategic 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. Review Activity Manage marketing personnel 2.2 Identify and agree roles, responsibilities and accountabilities of staff and contractors involved in all elements of marketing effort Roles, responsibilities and accountabilities of staff and contractors 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. Review Activity Manage marketing personnel 2.3 Develop communication strategy to ensure that personnel responsible for each element of the marketing mix work together to meet organisation's marketing objectives Marketing mix Marketing mix may include: Distribution Level of service Pricing Promotion Product or service variables such as: o design o quality o range o safety features o technical features. Review Activity Manage marketing personnel 2.4 Provide mentoring, coaching and feedback to support individuals and teams to achieve agreed objectives and to use resources to the required standard Provide mentoring, coaching and feedback Provide confirming and corrective feedback Provide guidance and support Provide recognition and reward Using feedback and coaching Types of feedback Review Activity Manage marketing personnel 2.5 Identify individual and team performance, and instigate corrective action promptly to safeguard marketing outcomes Types of assessment May include: Self-assessment Peer assessment Team assessment Corrective action Corrective action may include: Additional training Explaining the strategic marketing objectives Disciplinary procedures Mentoring Additional skills and knowledge assessments Bringing in an external coaches. Review Activity Evaluate and improve strategic marketing performance 3.1 Analyse marketing outcomes, review strategic objectives and marketing metrics, and revise if required 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 strategic 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. Review strategic objectives and marketing metrics Ask yourself if the strategic objectives are still in tune with aspects such as economic, social and industry trends. Will your strategic objectives for your next marketing campaign be the same? Will you chase the same demographic or will you attempt to break new ground? Are strategic objectives reasonable within the given timeframes? Are the benchmarks appropriate to the context in which in you are assessing them? Review Activity Evaluate and improve strategic marketing performance 3.2 Analyse successes and performance gaps in relation to cause and effect, and use this information to improve strategic 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 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 strategic performance This may involve any of the following actions: Additional training Performance monitoring Acquiring extra resources Re-explaining the strategic marketing objectives and how to achieve them Disciplinary procedures Mentoring Additional skills and knowledge assessments Bringing in an external coaches. Review Activity Evaluate and improve strategic marketing performance 3.3 Analyse overperformance against targets for trends and set new targets Setting new targets When setting new targets, consider the following: What are the skill and knowledge levels of the team? What is the timeframe to achieve the targets? What targets are similar teams setting? What are the short-term targets? How will these short-term targets impact on long-term targets? What resources will be required to achieve targets? Will additional training be required for team members? Review Activity Evaluate and improve strategic marketing performance 3.4 Analyse changes in market phenomena, and identify and document their impact on strategic marketing objectives Analyse changes in market phenomena 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). You must also identify and document the market phenomena changes' impact on strategic marketing objectives. Review Activity Evaluate and improve strategic marketing performance 3.5 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. Review Activity Skills and Knowledge Activity Summary and Feedback Did we meet our objectives? How did you find this session? Any questions? Knowledge Test This activity should take anywhere between an 1-2 hours to complete and needs to be completed in class. Congratulations! You have now finished the unit… ‘Manage the marketing process’