Financial and non-financial objectives.

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En provenance du cours de IE Business School

The Marketing Plan

152 notes

IE Business School

The Marketing Plan

152 notes

Cours 4 sur 5 dans Specialization Marketing Strategy

Create your own Marketing Plan for your own product or service idea. In this course you will learn how to produce arguably the most important marketing tool for any business. Rather than simply learning the stages of The Marketing Plan, you will be asked each week to complete a peer graded assignment which will help you complete a simplified version of the plan. You will be required either to map the four crucial stages for your own product or service idea or use the Nissan Leaf case study (attached in the additional readings) in order to produce a professional example. Ramon Diaz Bernardo - a professor with over 20 years experience - will guide you through the four most important stages of The Marketing Plan: analysis, marketing strategy; the marketing mix and expected results. On this journey, he will conduct interviews with leading experts from international companies in marketing as well as invite students to join him for explanations and discussions. This excellent and unique course allows you not only to learn the essential parts of The Marketing Plan but also map out the future of your own business and take the first steps on the path to launching your own product.

À partir de la leçon

Marketing Strategy

Welcome to the marketing strategy part of the course. Here, you will learn how to identify the best target segment for your brand, product or service and also how to position your company in order to best reach them. You will also begin to understand the benefits and drawbacks of trying to attract new customers or retain existing ones.

Introduction to marketing strategy.2:59

What is marketing strategy?5:22

Marketing strategy definition.10:15

Financial and non-financial objectives.4:36

The customer attraction vs customer retention dilemma.7:41

Identifying the best target segment for your product or service.9:23

How to identify the best positioning for your product or service?9:34

How to complete assignment 2: marketing strategy.4:50

Rencontrer les enseignants

Ramon Diaz-Bernardo
Associate Professor
Marketing

[MUSIC]

Hello.

We are again discussing marketing strategy and we're moving one step farther.

Now we're going to discuss in more detail financial and non-financial objectives.

Remember that in the marketing strategy part of your marketing plan,

we'll first define objectives.

What is what we're trying to achieve?

Specifically, now we're going to discuss what we call financial objectives and

non-financial objectives.

Remember that in your own marketing plan and in the assessment that we're going to

do later, probably you should consider and think carefully about

what are going to be your financial and non-financial objectives.

Basically, we split here a decision tree and say those are going to

be my financial objectives and my non-financial objectives.

Concerning financial objectives,

just common sense, so sales, units and value, and

market share, profit, defined as net contribution,

gross contribution, maybe, net operated income.

In different ways,

we will discuss in these more in detail in the later part of the course.

But basically, we always try and define financial objectives,

we know we have quantitative aims, objectives for our marketing plan.

If I take you back again to the Nissan Leaf

case that we've been using as an example.

In that case, for example, the sales objective was very clear.

In that case, the sales objective is 2,000 units.

They're trying to sell 2,000 units of the car in year one.

Is that an achievable and challenging sales objective for this marketing plan?

Probably, it is.

Actually, maybe, it's too challenging.

Is it reasonable?

Is it achievable?

As you can see in the slide, we have just seen the total sales of cars in German

in that year probably was four million, so 2.000 units seems like nothing.

But this is different probably and is a very special car.

So defining the sell subjective is essential and

is probably what is going to define the rest of your marketing plan.

The rest of the marketing plan actually is the way that you're going to find

to achieve those sells, 2,000 units in the case of Nissan.

So that would be financial objectives.

Non-financial objectives is a different world, it's basically when we

move to the brand and to the perceptions and we try and find objectives that

are more related to the marketing mix actions that we are going to do.

Typically, brand awareness.

Why? Because probably we're

going to some advertising campaign or some communication campaign.

So you want to know how many costumers or potential costumers know about my brand.

Why is this so relevant?

Because if they don't know you usually, they don't like you and

they don't buy you.

Basically, brand awareness is usually a very typical known financial

objective that we include in the marketing plan.

Brand preference also important, purchase intention.

All of the new internet marketing related non-financial objectives,

like number of clicks on a website, or number of searches on Google,

followers on Twitter, or likes on Facebook, or comments in our website.

Customer generated content in our own website.

All these things are becoming more and

more relevant in the non-financial objectives.

These two parts of the objectives

that we have in the marketing strategy are essential, are very important.

And are going to become probably a very important part in your own

marketing plan and in the assessment that we will be doing at the end of this model.

Thank you very much.

[MUSIC]

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