Marketing Strategy | Customer Relationship | Managing Marketing Effort | Chapter 2 C | Lec 6 Video Lecture | Understand Marketing Strategy: Grow your Business - Sales

in this last part of chapter 2 see I
would like to continue with the managing
the marketing effort so in the managing
the marketing effort you have analysis
planning implementation and control when
you're done with the analysis you go
into the planning phase and analysis
phase you were trying to determine your
target market your potential market
share your strategic marketing plan and
your product and your service
description all of these things are
defined clearly in the analysis phase
and then you need to do the planning
phase in which you develop strategic
plans to execute the the findings in the
analysis phase then you have
implementation in which you carry out
the plants itself and then the control
is measure results evaluate results take
corrective action so these are the three
things that you do in the control phase
a SWOT analysis you must have heard of
the word SWOT analysis and SWOT analysis
will help you identify your strengths
weaknesses opportunities and threats
notice the matrix format in which these
four placards are arranged you have the
internal and external positive and
negative so portunities are external to
the environment okay and these are
positive for the business strengths are
internal to the environment and they are
also positive to the business threats
are external to the environment and they
are negative to the business and
weaknesses are also negative but they
are internal to the company okay come to
think of it you have internal and
external positive and negative factors
opportunities are external factors that
the company may be able to exploit which
advantage for example you know maybe you
have a park opening across your store
that's an opportunity okay that means
more people will come close to your
store strengths internal capabilities
that may help a company reach its
objectives okay
just hired a very top-notch
instructional designer in your company
and this instructional designer is
supposed to solve all your learning
problems so any strategies or clients
that are placed in the business you want
them to be able to translate it to the
other parts of the department of the
company so what you want to do is you
need to make sure that you have the
strength here you have an instructional
designer here so what happens is that
this instructional designer is able to
bring the rest of the company up to par
with these strategies so that is your
strengths here it's an internal strength
and it will help you reach your
objectives threats are current and
emerging external factors that may
challenge the company's performance for
example and they're external for example
you may have a competition open up next
to you how would you deal with this
competition okay how would you diversify
your products how would you change your
products and services in such a way that
it helps you stand out then you have
weaknesses internally you may have some
weaknesses for example limitations that
may interfere with a company's ability
to achieve its objectives for example
you have this product that you need to
demonstrate on the website and you do
not have a graphics designer and you
trying to do this in-house because
you're out of budget
so this is a weakness okay and you would
need to think of how to overcome this
weakness maybe you can hire somebody
offshore pay them less but be able to
get quality at the same time then you
have parts of a marketing plan okay once
you're done with all the strategic
planning and everything defining your
market segment defining your marketing
management strategies you need to have a
marketing plan in a marketing plan it's
a document cave which has the following
sections you can pause the slide and
take pictures of the slide to make sure
that you have all of them for example
the first one that you have here has an
executive summary okay so you have an
executive summary you
have marketing situation you have
threats and opportunities you have to
write all of this down in this document
you have objectives and shoes you have
marketing strategy you have action
programs you have budgets controls all
of these constitute the marketing plan
you may want to work on this right now
if you want and if you have any
questions you can always run them by me
then you have implementation it is the
process that turns marketing plans into
marketing actions to accomplish
strategic marketing objectives
implementing is the process that turns
marketing plans into marketing actions
to accomplish strategic marketing
objectives okay and it is actually the
process of performing okay it's the
actual performance here successful
implementation depends on how well the
company blends its people organizational
structure its decision reward system
company culture into a cohesive action
plan that supports its strategies so
this is how a successful implementation
takes place it has to be very smooth and
organized if you look at the marketing
department organization you have a
functional organization you have a
geographical organization you have
product management organization and you
have a market of customer management
Department marketing control is the
process of measuring and evaluating the
results of marketing strategies and
plants and taking corrective action to
ensure that objectives are achieved okay
for that you have operating control and
you have strategic control strategy
control is where all the theory is
written out the plans the goals the
mission objectives
those are your strategic control
operating the tool is the practical okay
testing all your theories putting your
theory into practice
that's what operating control means so
marketing control has planning
and implementation that's what it means
return on marketing investment ROI now
ROI is something that's used very
commonly we turn our marketing
investment or marketing ROI is the net
return from marketing investment divided
by the cost of the marketing investment
so as I explained in the beginning of
the chapter ik that you will have a
certain amount of finances dedicated for
marketing and then once you start
getting a revenue you should be able to
make way more money than what you spend
in the marketing okay way more money
than the cost of your marketing so that
would be a true return on your
investment marketing ROI provides a
measurement of the profits generated by
investments in marketing activities so
marketing ROI is nothing but measurement
of profits generated by investments in
marketing activities with this I am
going to end my chapter two here and we
are going to work on chapter three after
this if you have any questions so far
just make sure that you message under
this video so up next we're going to
talk about other interesting issues and
technology based marketing in Chapter
three I'll see you shortly
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