Digital Marketing Before leaping into a digital marketing transformation project, take a long and hard look at the current state of your marketing organization PHOTO: Katerina Radvanska Marketing departments across the world buy shiny new technology products all the time. Each new tool promises limitless possibilities and profound increases in productivity or ROI, but in reality, many marketing technology purchases fail. This is simply because they are introduced without any consideration for the people, data, processes and culture within the whole organization.
Observational techniques such as ethnographic on-site observation Marketing managers may also design and oversee various environmental scanning and competitive intelligence processes to help identify trends and inform the company's marketing analysis.
Brand audit[ edit ] A brand audit is a thorough examination of a brand's current position in an industry compared to its competitors and the examination of its effectiveness. When it comes to brand auditing, six questions should be carefully examined and assessed: A brand audit establishes the strategic elements needed to improve brand position and competitive capabilities within the industry.
Once a brand is audited, any business that ends up with a strong financial performance and market position is more likely than not to have a properly conceived and effectively executed brand strategy.
Furthermore, a brand audit seeks to determine whether or not a business is perceived as an industry leader in technology, offering product or service innovations, along with exceptional customer service, among other relevant issues that customers use to decide on a brand of preference.
Some of these forms include skilled or pertinent expertise, valuable physical assets, valuable human assets, valuable organizational assets, valuable intangible assets, competitive capabilities, achievements and attributes that position the business into a competitive advantage, and alliances or cooperative ventures.
This type of audit seeks to ensure that a business maintains a distinctive competence that allows it to build and reinforce its competitive advantage. Marketing strategy Two customer segments are often selected as targets because they score highly on two dimensions: The segment is attractive to serve because it is large, growing, makes frequent purchases, is not price sensitive i.
In some cases, the firm may go so far as to turn away customers who are not in its target segment. The doorman at a swanky nightclub, for example, may deny entry to unfashionably dressed individuals because the business has made a strategic decision to target the "high fashion" segment of nightclub patrons.
In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product, or brand to occupy in the target customer's mind.
This positioning is often an encapsulation of a key benefit the company's product or service offers that is differentiated and superior to the benefits offered by competitive products.
Ideally, a firm's positioning can be maintained over a long period of time because the company possesses, or can develop, some form of sustainable competitive advantage.
Marketing plan The Marketing Metrics Continuum provides a framework for how to categorize metrics from the tactical to strategic. If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry, marketing managers are able to make their own key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm.
The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins, revenue growth, market sharelong-term profitability, or other goals. After the firm's strategic objectives have been identified, the target market selected, and the desired positioning for the company, product or brand has been determined, marketing managers focus on how to best implement the chosen strategy.
Traditionally, this has involved implementation planning across the "4 Ps" of: Taken together, the company's implementation choices across the 4 Ps are often described as the marketing mixmeaning the mix of elements the business will employ to " go to market " and execute the marketing strategy.
The overall goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm's chosen positioning, builds customer loyalty and brand equity among target customers, and achieves the firm's marketing and financial objectives.
In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business' objectives. The content of marketing plans varies from firm to firm, but commonly includes: An executive summary Situation analysis to summarize facts and insights gained from market research and marketing analysis The company's mission statement or long-term strategic vision A statement of the company's key objectives, often subdivided into marketing objectives and financial objectives The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive positioning to be achieved Implementation choices for each element of the marketing mix the 4 Ps Project, process, and vendor management[ edit ] More broadly, marketing managers work to design and improve the effectiveness of core marketing processessuch as new product developmentbrand managementmarketing communicationsand pricing.
Marketers may employ the tools of business process reengineering to ensure these processes are properly designed, and use a variety of process management techniques to keep them operating smoothly.
Effective execution may require management of both internal resources and a variety of external vendors and service providers, such as the firm's advertising agency.Whatever the size or type of project, there are 5 essential elements that you must get right in order to achieve a successful outcome.
Whether your project is about improving an existing product or service, managing change or implementing a new system, the same basic considerations are required when managing projects. When I searched for marketing project management this morning, I found this introduction in one of the top results pages: Traditionally, marketing experts are not strong project managers.
They are creative geniuses who produce their best ideas by themselves or in small collaborative teams. Elements of Marketing Strategy. Disciplines > Marketing > Strategy > Elements of Marketing Strategy. Elements. There are many elements of marketing and, if a marketing-led view of the firm is taken, they touch all aspects of the company.
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Marketing Management Project Elements Harvard Case Study Solution and Analysis of Harvard Business Case Studies Solutions – Assignment HelpIn most courses studied at Harvard Business schools, students are provided with a case study. * Recommend three specific marketing metrics for Sonic to apply in determining marketing effectiveness.
To determine marketing effectiveness Sonic should apply . Sales force management is the soul of the company. Establishing a world recognize brand does not only require marketing and advertise efforts, but it also requires the sales representatives or in simple words sale force along with all other promotional activities.
Firms are now investing considerable funds, time and expertise to rain the sales force.