Weekly Application #2

Prof. Cloudya Esther Marketing Management 6805 FIU - MSM

The Marketing Plan Part 2A - Situational Analysis

CONTENT These sections are the most common to any marketing plan and you will need to include them all on yours.

Executive Summary Mission | Vision | Objectives | Value Proposition

1

2

3

4

Market Research Buyer | Brand | SWOT | Industry

Strategy Segmentation | Mix | Budget | Timeline

Execution Create | Test | Launch

5 Analytics Evaluation | Monitoring

ANALYZING THE CURRENT SITUATION

To map an effective marketing plan, marketers need to stay abreast of key factors in the macroenvironment that can affect oganizational performance, including broad demographics, economic, ecological, technological, political-

legal, and socio-cultural forces.

Can you think of any example?

ANALYZING THE CURRENT SITUATION

In addition, marketers must look at specific groups in the microenvironment that have a more direct influence on performance, including customers,

competitors, channel members, partners, suppliers and employees.

Can you think of any example?

What is a Marketing Information System (MIS)? MIS is a structure consisting of people, equipment, and procedures to gather sort, analyze, evaluate, and distribute information to marketing decision makers.

Provides reliable internal or inside information of the company.

Internal Records

Marketing Intelligence

Market Research

(MR)

Marketing Decision Support System

Collects information from the external sources.

Is used to solve specific marketing problems of the company.

Are tools which help marketing managers to analyze data & take better marketing decisions.

•Financial Data •i.e. cost of goods sold each month or number of customers with outstanding balances

•Sales Data •i.e. number of products sold each month

•Inventory Data •i.e. number of product on hand at a given point in time

INTERNAL RECORDS

•Other non-marketing/customer data captured and maintained by the organization

EXAMPLES?

EXAMPLES?

EXAMPLES?

COMPETITOR INTELLIGENCE

PRODUCT INTELLIGENCE

MARKET UNDERSTANDING

MARKET INSIGHT

COMPETITIVE INSIGHT

Existing competitive and market-level data gathered using sources from outside the firm

Marketing Intelligence Marketing

Intelligence

CUSTOMER INSIGHT

Marketing Intelligence

COMPETITOR INTELLIGENCE

- Investments - Organization Changes - Corporate Strategy - Acquisitions - Key Executive Profiles

Marketing Intelligence

PRODUCT INTELLIGENCE

- Pricing - Prod. introductions - Prod. Promotion - Specifications - Cost Structure

Marketing Intelligence

MARKET UNDERSTANDING

- Market Size - Market forecast - Technology Trends - Segmentation

Marketing Intelligence

CUSTOMER INSIGHT

- Brands Preference - Brand Equity - Loyalty Rates - Purchase Dynamics - Brand Awareness - Brand Consideration - Key Product Concerns

Some Sources of Marketing Intelligence

FREEPAID •Hoover's Online –in-depth profiles of 20,000+ public and private co's, to research competitors, track stock market performance, and monitor IPO status/info

•Dun & Bradstreet – information relevant to your business through a searchable database of companies

•Dialog - search through 50,000 publications and documents

•Fuld & Co.'s Internet Intelligence Index – info from various public services, links to hundreds of intelligence-related sites related to macroeconomic data, individual patent and stock quote information

•Thomas Register –listings of thousands of companies in a variety of industries 

•Yahoo! Finance (no $) –up-to-the-minute market summaries, stock research , financial news and more

MARKETING RESEARCH (MR)

Types of MR: •Primary vs. Secondary  •Qualitative vs. Quantitative

•Research strategies and/or projects designed to answer a specific research question and provide decision-makers with useful and actionable information to help them make the decision

TYPES OF MARKETING RESEARCH:

SECONDARY Secondary data is information which has been collected in the past by someone else.

PRIMARY Primary data is information collected through original or first-hand research. For example, surveys and focus group discussions.

TYPES OF MR:

QUALITATIVE

Textual or visual analysis Online Communities Web Survey - Chat Focus Groups - Triads - Dyads Depth Interviews (IDIs)

Collecting empirical data through observation. DATA COLLECTION TOOLS:

QUANTITATIVE

Experiments Controlled observations Phone Polls Surveys

Collecting large amounts of data. DATA COLLECTION TOOLS:

Custom Hybrid

Company’s Customer Relationship Management (CRM) database

CRM is used to track and analyze customer interactions and data throughout the customer lifecycle in order to:

CRM databases compile information on customers across different channels, including:

CRM systems also maintain customer personal information and track customer purchase history, buying preferences, and concerns.

Marketing Decision Support System

•Support customer relationships •Assist in customer retention •Drive sales

•Company's website, telephone, live chat, direct and online marketing materials, and social media

The CRM Database & Big Data

What is Big Data?  large sets of data that can be analyzed in various ways to reveal patterns, trends, and associations in customer behavior and product tracking data.

These large data sets come from multiple areas:

----Internal: •Sales, financial, and accounting data •Marketing data •CRM database •Survey data

---External: •External customer or household data  •Social media data, ratings from company product web pages, or from ratings and review sites

The CRM Database & Big Data

BIG DATA Typically each data set is stored in separate databases but also fed into one central data repository,  so ad hoc pieces of data can be integrated together to a get a clearer picture of certain customers, product lines, etc.

SWOT ANALYSIS

Through environmental scanning and analysis, marketers collect data about these aspects of the environment and then analyze their findings to better understand the company's strengths, weaknesses, opportunities & threats

RECAP After this lesson, you should be able to complete the following parts of your Marketing Plan:

Executive Summary Mission | Vision | Objectives | Value Proposition

Strategy Segmentation | Mix | Budget | Timeline

1

2

3

4

Market Research Buyer | Brand | SWOT | Industry

Execution Create | Test | Launch

5 Analytics Evaluation | Monitoring