Marketing Process Implementation

Imagine running a business and launching a marketing campaign. How do you ensure its effectiveness? How is success measured in these situations? The marketing process phases of Implementation, Monitoring, and Controlling offer a strategic framework.

This flowchart highlights the role of each phase in the marketing process.

Definitions and Significance

Understanding these phases is essential for business success. They align marketing activities with objectives such as increasing market share and building brand loyalty.

• Marketing Process Phases:
  • Implementation: Execution of planned marketing strategies, akin to distributing flyers for a school event.
  • Monitoring: Continuous assessment, similar to checking the number of flyers picked up.
  • Controlling: Taking corrective actions, such as printing more flyers if demand increases.

Implementation of Marketing Strategies

I. Simplified Definition and Role in Marketing Process

• Implementation: Implementation involves putting planned marketing strategies into action.
• Role:
  • Serves as a bridge between planning and operations.
  • Transforms plans into actionable steps for success.

II. Expanded Estimation of Costs and Revenues

• Estimation of Costs:
  • Cost Estimation serves as a performance benchmark.
  • Cost Elements:
    • Market Research: Understanding consumer needs for effective targeting.
    • Product Development: Essential for creating new offerings.

III. Organisational Structure Impact

• Hierarchical vs Flat Structure:
  • Hierarchical structure offers clear authority and accountability, suitable for large companies.
  • Flat structure promotes swift decision-making, preferred by dynamic companies like Google.

IV. Financial Forecasting

Financial forecasting in marketing involves predicting financial conditions to guide decision-making processes. It is vital for aligning resources with strategic marketing objectives, ensuring decisions on budgets and product launches are based on accurate forecasts.

Revenue Forecasting

• Techniques for forecasting future earnings include:
  • Trend Analysis
  • Market Projections

Monitoring Marketing Performance

Monitoring Marketing Performance: Regular evaluations to determine if marketing goals are being met.

• Key Performance Indicators (KPIs): Metrics to evaluate the success of marketing efforts.
  • Sales Growth: Measures the increase in sales.
  • Market Share: Reflects the company's portion of total sales in the market.

Techniques for Monitoring Marketing Performance

• Data Collection Methods: Utilising surveys and analytics.
• Customer Feedback Integration: Essential for refining marketing strategies.

Overview of Variance Analysis

• Methods for Identifying Deviations:

  • Utilising data tools like QuickBooks and SAP.

• Corrective Actions and Strategy Alignment

  • Balanced Scorecards: Evaluate strategic goals via scorecards.

Importance of Revising Marketing Strategies

• Definition and Necessity: Revising marketing strategies is crucial for maintaining a competitive advantage and achieving sustained growth.

The Revision Process

• Modifying the Marketing Mix (4Ps):
  • Product, Price, Place, Promotion

• Real-World Examples and Case Studies
  • Netflix Transition: Transitioned from DVDs to streaming, investing in exclusive content and personalised recommendations.

Conclusion

Reflect on these processes and contemplate how you might apply them to a personal or hypothetical business scenario. Consider developing a mini-marketing campaign for a school event to practice effectively implementing, monitoring, and controlling strategies.

Tools in Use