Marketing

Measuring Success

MM Inc.  

The marketing plan for the new product “GeniusS1” is complete and ready for review. The only step left in the marketing plan is deciding what analytics to use in setting the measurement objectives for the marketing campaign. MM Inc. will need specific objectives stating what the company wants to achieve, by what date, and a way to measure the success which can be found in the organization’s SMART goals developed in the beginning of the marketing plan. As a reminder S.M.A.R.T. goals is an acronym for (S)pecific, (M)easurable, (A)ction oriented, (R)ealistic and Relevant, (T)ime based. (Journal of Staff Development, 2014).

Measuring the SMART Goals will determine whether or not the product “GeniusS1” will be a success for MM Inc. The three S.M.A.R.T. goals that I have chosen for the organization that are aligned with the company’s corporate objectives are as follows: Goal (1) a strategic goal is to help increase market share by 30% within the first year of sales launch of the new product. The metric for measuring this goal are market sales reports, and shareholder reports at the expense of the competition. The second S.M.A.R.T. goal is a business goal which is to increase brand awareness sales within the first year of promotion by 10%. The metric to measure the second goal are the use of customer surveys, sales market reports, internet marketing reports, and consumer reports. The third S.M.A.R.T. goal is another business goal which is to maximize revenue and lower costs on every transaction to increase return-on-investment or ROI within the first year by 50%. The metric to measure the last goal will be to review profit reports on ROI’s, and pricing strategy daily reporting evaluations. (SMART goals, PPT.). Measuring effectiveness does not always mean the results of revenue increases but by using other tools such as gathering company information on sales reports, financial reports, sales figures, and any customer analysis reports, surveys, or interviews, and questionnaires. (Measuring results, Phase 1 Instructor files, 2015).

MM Inc. SMART Goals

1.     To increase market share by 30% within the 1st year of sales launch (strategic goal). The metrics used: Market sales reports and shareholder reports at the expense of competitors.

2.     To increase brand awareness sales within the 1st year of promotion by 10% (business goal). The metrics used: Customer surveys, sales market reports, internet reports, and consumer reports.

3.     To maximize revenue and lower costs on every transaction to increase ROI by 50% in 1st year (strategic goal). The metrics used: Profit reports on ROI’s and pricing strategy daily reports evaluations.

Contingency Plan

Let’s say for example the marketing plan did not work as planned. The marketing promotion was not as successful as MM Inc. had planned it to be due to a poor response from the initial target market, a contingency plan will come into effect. All business need to have some type of contingency plan for reasons unknown so that the business does not fail in its marketing objectives and goals, or worse lose the business altogether. A contingency plan is developing responses in advance for various situations that might impact the business. Even though most contingency plans are formed due to negative results, a company must also have a contingency plan for positive results that may also affect the business, and disrupt business operations. (Woods, 2015).

MM Inc. Recommendations for Contingency Plan

Is there a need to make recommendations for MM Inc. should things not go the way as planned? Yes. Every business has the potential to fail on any situation due to unknown variables that could impact the operation of the business. If something should happen that was not planned it could have a negative impact on the future of the business in loss of customers, loss of income, or loss of the business. (Woods, 2015). A few examples of events that could occur are as follows:

1.     Death of a senior executive or manager

2.     Natural disasters such as hurricanes, fires, or blizzards

3.     Crisis (on site) such as troubled employees, worksite accidents

4.     Data loss such as criminal activity e.g. attack on website, sabotage, natural disaster

5.     Mismanagement such as theft or accidental destruction

6.     Product Issues such as product recall, or relocation due to distribution issues

The process for developing a contingency plan is just three (3) easy steps. (1) Analyze risks, (2) determine the likelihood and impact of risks, (3) and develop a process for each of them. (Woods, 2015). A chart could be made for the possible events. Each event should be ranked from 1-10 to determine the impact each would make on operations based on 1 resulting in it happening in one hundred years and 10 meaning it could happen once a month. Once the chart is made multiply the impact ranking by the likelihood of occurrence ranking to get a total score for each event. Than use the chart starting with the highest ranking score to come up with a contingency plan first. And then go down the line from highest to lowest score. (Woods, 2015). There is no exact Science to a perfect contingency plan because there are several independent and dependent variables that can cause change in a plan. Always prepare for possible operational disruptions.

A Special Note to Michelle

As an entrepreneur, it is normal for you to feel like you have the weight of the company (and this project) on your shoulders. The nature of being in your position means that you fully embrace ambiguity and are comfortable with being challenged regularly. You would not be in the position you are in if you did not believe in the new product GeniusS1 and its potential to make the company a profit, increase brand awareness, and increase market share. It is your unwavering belief in this project’s success that keeps you focused and persistent. It is a lot to deal with and completely normal to feel like you have the weight of the company (and this project) on your shoulders because it is like a roller coaster ride with unbelievable highs and difficult lows. It can be stressful, and draining. But, the weight is spread among the entire marketing team to help.

To help deal with these thoughts . . . I would keep in mind the ultimate advice of many other entrepreneurs before you; never give up. There is no such thing as short-cuts. Be persistent in all you do. Remember . . . you are who you associate with. You have surrounded yourself with a very professional, hardworking marketing team whom have the same vision as you. If you keep everything simple, and communicate consistently with your marketing team stress should be less. Time is your commodity. You may only have 24 hours in a day (like everyone else) but I have seen you manage your time wisely to accomplish the tasks that need to be done on a daily basis. This reaffirms you can do the job.

My final guiding words: You are the first person to hear your words before you speak them to others; believe in those words as a testimony of who you are and what you can accomplish, and never put a cap on it. The best investment you could ever make is in yourself.

Michelle I hope this letter had helpful information for you to ponder. Let me know if there is anything else I can assist you with by sending me an email. The GeniusS1 is a strong product brand name with a strong branding message. The marketing strategy, and promotion, and distribution channels all work towards sending the right message to the target market. I believe you have a strong marketing plan to present to the board.

I look forward to working with you in the near future. Good luck.

Resources

Honeycutt, A. (2015). Mobile Manufacturing Inc. marketing goals: Phase 1 Individual project. [PowerPoint]. Retrieved from Colorado Technical University Online, Virtual Campus, MKTG630-1501A-05: http://campus.ctuonline.edu

Intellipath. (2015). Colorado Technical University Online. (2015). MKTG630 Phase 1 research documentation: The research process [Multimedia presentation]. Retrieved from Colorado Technical University Online, Virtual Campus, MKTG630-1501A-05: https://campus.ctuonline.edu

Journal of Staff Development. (2014). How to create SMART Goals using a tree diagram. (2014). Journal of Staff Development, 35(6), 54-57. Retrieved from http://search.ebscohost.com.proxy.cecybrary.com/login.aspx?direct=true&db=ehh&AN=99854736&site=eds-live&scope=site