Model application

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Information about Model application
Marketing

Published on July 24, 2014

Author: HelenStrong

Source: slideshare.net

Description

Invites viewers to consider the power of marketing and management models when preparing strategic plans. It focuses on what type of problems / opportunities require additional information to inform the management decision

Strategic Tools Unleashing the Power of Marketing & Management Models Helen Strong helen@strong.org.za

Management Decisions • To reach a decision as a marketing or product manager you need information about the marketplace and the consumers who are available to buy your product • The most efficient way to gather this information is to use a structured approach, guided by business models which help you – Identify which factors affect the decision – Work out the relationships between those factors

Strategy for the Strategic Analysis Plan before you start … • What is the purpose of the analysis? – What management decision needs the information? • What information do I have already? • What do I need to do to be fully informed? • How & when do I need to report?

Who should take part? • Often it helps to put together a diverse team of experts who can provide input – Different insights – Transfer of ideas from one area to another – Cooperation and buy-in to the solutions

Purpose? Ask: What is the management problem? • Some common reasons for strategic analysis include: – New product development – Building brand loyalty – Looking for growth / opportunities – Sales are falling – Preparing a Zero based budget – Evaluate impact of competitive activity – Entering a new market

E.g. Assume entering a new global market The management decision 1. Which market do we enter? 2. What target market do we need to reach? 3. What do we need to do to the marketing mix to maintain the brand integrity

Which market do we enter? • Initial enquiries would be broad-based • Ask – Objectives in entering a new market? – Risks – Returns – Sustainability

Eliminate the obvious… • Unless you are an arms manufacturer or support organization, probably don’t want to enter a war-zone • Is there an adequate communication system • However, developing economies (such as Africa) are becoming more attractive

Do Some Secondary Research • GDP • Culture & lifestyle (Use the product?) • Current levels of consumption? • Access to target markets? – Distribution channels? – Promotion channels? – Achievable margins? • Structure of the economy? • Transaction costs? • Legislation, especially taxation & repatriation of profits? • Exchange rates?

Best entry model? • Self funded independent • Partnership • Franchise • Manufacture under licence • Finished goods for distributor / retailer • Decide once have considered the environment…

What type of management models can guide the decision? One of the oldest… • SWOT • Strength and weaknesses = internal organization factors and resources • Opportunities and threats = external environment – Defines the capacity of the company – Identifies obvious opportunities and threats

More powerful to apply Mullins 7 Domains • Examines both the internal capacity and the external environment – Looks at the people in the company who will be driving the entry into the new market – Answers the question about the competitive situation

And to look at the supply chain… Here the organization • Examines the end consumer needs • Defines the required product quality • Looks for partners who can deliver these CSF’s

Important to consider the Brand Translation… • How does the brand need to adapt to maintain its integrity in the new market? • Avoid unintentional errors in language and brand expression

Prepare the Plan • Build all the information that you have gathered into a PLAN • Know – How you will adapt the brand and marketing mix – How you will launch into the new market – Market penetration strategies – Sales targets – How you will repatriate your profits • Responsible head office executives • Where the resources will be available • Be sure of your partners / associates • Evaluate what the competition has done • Be familiar with local culture and customs • Ensure compliance with local legislation

• The above is a brief example of how management models can assist the decision processes • The exercise focuses the mind to consider important factors and the relationships between them • There is a new resource for people who have strategy in mind ….

Explore the full potential of Marketing & Management Models…

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