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Posts Tagged ‘marketing strategy’

Mind mapping for situational analysis

Friday, February 25th, 2011

What is it?
I think it’s safe to say that we’re all familiar with the process of mind maps. Recently we’ve been using this highly organised system of planning and note taking more and more to help us in our client situational analysis and briefing work.

Mind mapping is the easiest way to put information into your brain and to take information out of your brain – it’s a creative and effective means of note taking that literally maps out your thoughts.

Situation analysis is the marketing tool commonly used when auditing an organisational marketing strategy – finding out point A of a company in order to move them to point B. When Studiowide begins working with a new client we like to undertake some form of analysis to understand their current segmentation, targeting and positioning – this allows us to provide work that integrates seamlessly with their current communications and strategies.

As a creative company underpinned by the Chartered Institute of Marketing professional codes of conduct, we have created what we like to think as a unique way of conducting a formal situational analysis using mind mapping.

Case Study:
Company A requested for Studiowide to provide them with a corporate brochure. Following our initial briefing meeting it was agreed that in order to create the exact communications we needed to understand more about the organisation; products, services, markets and competitors. In order to obtain this information in a creative and visually engaging way we employed the use of a mind map (above).

The map began with the company at the centre and then all of the information that will make up the current situation branches out from the centre – starting with market orientation at number 1 and ending up with marketing strategy at number 7. Each route then has second and third level branches associated with that topic.

The event covered a 4 hour morning and was conducted to 10 key decision makers within the organisation. We utilised a white board to draw the map on, which remained front of view for the whole event. We also used a flip chart which allowed us to tear off the sheets and blue tack them around the room.

This format proved to be highly engaging and allowed the group to arrive at the key deliverables which are marked on the map with ‘Key’ symbols.

The event was of real benefit to our client not only because it provided current information to allow us to produce the corporate brochure, but by focussing the morning on the current marketing strategy some issues where flagged up for further investigation by the company.

Why not give this format a try at your next planning meeting. It doesn’t have to be presented to a room of delegates on a flip chart and whiteboard, it can quite easily be done one-on-one with an A3 sketch pad, and will leave a lasting memory both for you and other participants.

Tags: market orientation, marketing strategy, mind maps, segmentation targeting and positioning, situation analysis
Posted in Chartered Marketing, Useful tools | 2 Comments »

Marketing audits – PESTLE

Saturday, November 6th, 2010

What is a marketing audit?

The first stage of the marketing audit process is the external analysis. It is a systematic approach to create information necessary to an organisation in order to identity the key issues it will need to create a successful marketing strategy.

Marketing, by nature, is an outward looking process and is the interface between a company and the outside world. A marketer must scan the environment, both internally and externally, in order to identify opportunities and threats. The company’s position and resources can then be adjusted based on the outcome of the analysis.

In order to understand the needs of its customers and to keep marketing at the heart of the business, the marketer must analyse the external environment as part of the marketing audit in order to identify future needs and to develop its marketing mix.

Although the external environment consists of a wide variety of factors and influences it is possible to group them under 5 broad headings:

Political/Legal:-
National government, local government, trade associations, the EU, regulatory bodies.

Economic/competitive:-
Market structure, government policy, trading bodies, taxation, interest rates, trading blocs.

Sociocultural:-
Demographics, culture, attitudes, current issues.

Technological – innovation effecting:-
Products, materials/components, processes, distribution, marketing/administration.

Environmental:-
Waste disposal, conservation, natural resources.

When to use PESTLE external analysis?

Use PESTLE environmental analysis to understand the key factors that are likely to drive change in your business environment. The aim is to then establish how these factors affect your industry in general and more importantly your organisation in particular.

What do marketing audits achieve?

Through a comprehensive, systematic and independent examination of your companies external environment you will be able to identify problem areas, future events and trends that may have an effect on your company. You may not have any influence over these events but by understanding the affects they may have on your business you will be able to recommend a plan of action to improve the company’s marketing performance.

Tags: marketing audits, marketing mix, marketing strategy, pestle
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SWOT Analysis

Tuesday, November 2nd, 2010

What is it?
The SWOT analysis model (strengths, weaknesses, opportunities and threats) is the most common marketing tool for structuring your marketing audits. The purpose of which is to then provide you with a critical analysis of your marketing strategy.

The strengths and weaknesses focus on the present and past activities, and also on other factors which are internally controlled, such as the 4 P’s, product, price, place, promotion.

The opportunities and threats tend to focus on the present and the future, taking a more strategic view. This results in a forecasted list of the likely externally controlled options that are available to the company.

When to use it?
If strengths and weaknesses represent ‘where we are now’ and opportunities and threats represent ‘where we want (or don’t want) to be’ or ‘where we could be’ then the gap, representing ‘what we have to do to get there’ has to be filled by managerial imagination. This will then be formalised in the body of a marketing plan.

What does it achieve?
The SWOT analysis helps to sort information systematically and to classify it. It however still needs further create interpretation to make sense of it all. It also helps with; • More effective decision making • Improved strategic planning process • Greater understanding of industry trends and performance drivers

Key steps
1. Compile a list of strengths, weaknesses, opportunities and threats; be creative and open minded. 2. Reduce the brainstorming session in step 1 down to a top five to ten ideas for each area of the SWOT analysis. 3. Look at each area in detail and discuss the potential implications they might have on the company. 4. Keep in mind that a SWOT analysis is compiled in order to give you a greater understanding of how your organisation can relate to its external environment. 5. Now look at the internal strengths and weaknesses of the company and see how they relate to the opportunities and threats which are external to the organisation.

Tags: critical analysis, marketing audits, marketing strategy, swot analysis
Posted in How To Do... | 1 Comment »

Definition of marketing

Monday, April 26th, 2010

What is it? The Chartered Institute of Marketing definition: “The management process which identifies, anticipates and supplies customer requirements efficiently and profitably” – Chartered Institute of Marketing (2008).

What this is saying is that Marketing is a management process that should be considered at board level and the marketing strategy should be integral to the firm’s business plan. A company will also use market research and environmental scanning to identify and anticipate customer needs, and then build a marketing plan, in the form of a marketing mix.

The marketing plan and marketing mix offered by the company must then go on to exceed the customers expectations at all times, but it must do so efficiently and profitably. It does this by selecting certain products/services and segments that will allow this to happen. So, 'marketing' happens when a company’s focus is on the customer, everything is geared towards what the customer wants. It takes into account things that the competition is doing. It looks at the cooperation between the different functions within an organisation, and responds to changes both in the environment and the customers needs, rather than trying to push the company’s own objectives into the market all of the time.

Focus is also on profit rather than on number of sales or turnover.

Role of a Marketer: Marketers effectively manage the marketing mix whilst acting as across function champions within a company. They project manage, co-ordinate, advise and inspire creativity whilst always looking after the overall company brand image.

Marketers also act as the following;

• Guide
• Deliverer
• Communicator
• Co-ordinator
• Negotiator
• Customer Voice
• Strategic partner

When to engage Marketing? Marketing should be used now and every day. It should be embedded within your company. It’s a management process, and as described clearly in the CIM definition, is integral to the business plan. Even seasonal businesses must continually reach out to customers or risk having to rebuild their sales every year.

Marketing should be used for;

• Establishing environmental scanning for opportunities and threats
• Understanding an organisation’s strengths and weaknesses
• Creating a sustainable competitive advantage
• Understanding where a brand needs to be in the future
• Creating and delivering marketing plans to get there
• Establishing management information systems to identify progress

What does it achieve? Marketing activities ultimately result in a marketing oriented company.

The characteristics of which are;

• You are driven by customers needs
• Your customers can be grouped together according to their different needs so that products can be tailored to suit
• Customers always have access to information and advice they need on how to use a product or it’s availability
• Employees are involved with the final quality of products and services and don’t just rely on their production departments
• Enables delivery of customer value

A common regret of most failed companies is that they didn’t initialise any marketing programs prior to failure. Bringing in new customers without prospect databases, not having marketing tools or materials and often little or no name recognition in the marketplace is tough. However the role of a marketer in managing the marketing mix, acting as across function champion, project managing, co-ordinating, advising and inspiring to ensure corporate identity is protected, means that you do not have to go it alone.

Key steps:

• Conduct a Marketing audit and analysis of your current state
• Identify your objectives – link in with business plan
• Identify your strategy – long term plans
• Create you short term tactical marketing communications; marketing mix
• Evaluate the process • Re-audit and adjust tactical plans as necessary

Top Tips: Invest in professional marketing advice or support. This can mean as little as bouncing ideas off a marketer, outsourcing the role or employing someone full time, it depends on individual circumstances. And secondly, develop a plan, use it but remember the fluidity of its nature; evaluation and control should be a critical part in your ongoing development. Always remember that the definition of marketing is about satisfying customer’s needs profitable, and to do so it needs an appropriate marketing orientation.

Tags: marketing definition, marketing mix, marketing plan, marketing strategy
Posted in How To Do... | 3 Comments »

Marketing Planning Cycle

Wednesday, February 17th, 2010

The marketing planning cycle; Analyse, Planning, Implementation and Control (APIC) is a model used to visually illustrate the 4 stages of planning within a marketing environment.

The cycle starts with the audit and analysis step. In a new-business-start-up this forms the first part of the overall business planning and objectives. For existing businesses, the planning will generally come as a result of a major event, such as a recession, after a major change in technology or competitor activity. However, in both cases, annual reviews of the audit, analysis and planning stages are typical in most market orientated companies.

Following the Audit and analysis comes our actual planning. Here we write up the marketing plan, including; results of audit and analysis, marketing objectives, marketing strategy and overall tactical plans. These activities are synchronised with the overall corporate mission, strategies and objectives.

The implementation stage consists of your marketing and promotional mix. This also includes communications and delivery of activities derived from media plans.

Finally, with control/evaluation we examine our overall performance in meeting our objectives, by utilising a number of metrics. These will include measures such as; how well we are meeting the expectations of our customers , where we are strong/weak/vulnerable, how can we meet or exceed expectations in future in light of known opportunities and threats and what else do we need to do?

The information that is received back as a result of the control/evaluation feeds back into the overall planning and implementation. This minor tweaking and adaption of the planning cycle continues and is an ongoing process.

Tags: marketing plan, marketing planning, marketing strategy
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