Metrics for strategic objectives.

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En provenance du cours de IE Business School

The Marketing Plan

130 notes

IE Business School

The Marketing Plan

130 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

Expected results

Welcome to the final part of The Marketing Plan course - the expected results. Here, you will use metrics to make realistic estimates to how successful your marketing plan has been. This is document that will be used to test whether or not your marketing plan has been successful in the future. You will, most importantly, learn how to produce a profit and loss account, which will predict, and ultimately judge, the financial success of your marketing strategy and implementation.

Introduction to expected results.2:17

Interview with Luis Rodriguez Baptista.9:46

The expected results definition.3:54

Metrics for financial objectives.7:20

Metrics for non-financial objectives: brand awareness5:08

Metrics for non-financial objectives: social media brand.4:50

Metrics for strategic objectives.6:08

Metrics for customer objectives.6:44

The Marketing Plan budget.8:41

How to complete assignment 4: expected results?3:09

Rencontrer les enseignants

Ramon Diaz-Bernardo
Associate Professor
Marketing

[MUSIC]

Hello, I've continued with respective results analysis.

Let me now move to metrics are related

to the strategic objectives of the marketing plan.

Remember the strategic objective is basically to finding the target sector and

their position in that we are pursuing with this marketing plan.

Okay, so remember that was probably the most important part of the marketing

strategy definition is defining clearly what is my target segment and

what is my positioning that I want to reach in the market?

So now it's a moment where we'll have to evaluate if we are reaching that

objective.

So that's the expected resulted and we also need to define a way to measure it.

Okay, a metric.

So, remember in the targeting and positioning,

we will define in this process called STP, segmentation targeting and positioning.

So the target is basically choosing the segment that we're going to pursue,

the segment that we try to get, okay?

Very important, very relevant.

And so how come we evaluate if we are actually reaching

the target segment that we wanted to reach, okay?

So if we're actually getting the expected result that we saw we were looking for

when defining the target segment?

Well, the metric is going to be very simple,.

It's basically defining the percentage of the target segment that you're

actually reaching, okay?

Let me give you an example here.

Let's say that we have this hotel where we have three different possible settings of

customers, the leisure traveler, the corporate traveler, and the airline crews.

So that's a very typical segmentation in the hotel industry.

Take the second definition.

In a marketing we say, okay, we want to reach in our customer makes,

60% of our customers being corporate travelers,

30% of them being leisure travelers, 10% of them being airline crews.

That's objective, we put together on our marketing plan to achieve this objective.

So how do we know if we're achieving the objective in real terms?

At the end of the marketing plan, we start this metric, here in the expected results,

say we are going to evaluate the percentage of the total customers

that is actually corporate traveler, leisure traveler, or airline crew.

So if we end up having the mix that we were looking for, we have succeed.

If not, we should probably review the marketing plan that we were using.

Okay, so very simple, basically analysis

in terms of percentages of the different types of customers in our customer base.

Then we go to the positioning.

And as you know, positioning is basically the perception

that the customer has about our product or service.

Okay, so we want to build a position and an idea.

We want the customer to associate our brand with a certain idea

of a product or service.

How are we going to know if we're actually reaching the positioning that

we want to reach?

Well, we have to go and

ask the customer, and basically do what is called usually a brand perception study.

So we ask them, what is your perception about my brand?

Okay, so if actually the perception of the customer is close or

is the same as the positioning that we are trying to deal, then we're doing well.

Okay, we're achieving this expected result.

If not, once again, probably need to review what we're doing because maybe

we're not reaching what we were trying to do.

Let me give you an example, this same hotel.

Okay, so here we have this hotel.

And we say, okay, we want to build a positioning around two different

elements of differentiation of this hotel,

the excellent room designer that we have and the great service quality.

Okay, so these two elements are going to be my positioning.

So I build a marketing plan, trying to rate this positioning.

And now is the moment where I have to test it.

I have to develop a metric in order to know if I'm reaching the objective.

How do I do it?

With a brand perception study.

Taking a sample of customers and

asking them about the perception that they have about this brand.

If there is a good fit, if the perception is close to the objectives that we were

defining in the positioning, we're good, we're in the right track.

If not, again we need to review it.

One final thing that sometimes we do because we're doing these brand

perception studies is build a positioning map.

Okay, because now we know the perception that they have about my brand.

If we also ask them their perception about other brands,

we may be able to build a positioning map or a perceptual map.

The one that we have here as an example is just for a sample,

is sports shoes, okay comparing Adidas, Nike, Asics, Reebok, Puma.

Okay, in two dimensions.

Expensive, inexpensive versus lifestyle or sports orientation, okay.

So basically we're going to see that different brands are going to occupy

different places in this perception map, okay.

And this was built basically using our brand perception study.

So it's an interesting.

I'm interested in a study that can be used also

in your marketing plan expected results.

With these and to summarize,

remember that we've basically finding here target sector and positioning.

And we want to know if we're reaching the target segment and

positioning that we were looking for.

For a target segment basically analyze the percentage of your

customers that is actually par of your target segment.

And for the positioning do one perception study to figure out if the perception

is close to the positioning that you're trying to build.

And that will be it and with this pretty much,

we finish the expected results and the matrix that we were using for

the marketing plan in terms of expected results.

Thank you very much.

[MUSIC]

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