Transcript Document 505053

Monitor marketing mix against marketing
performance and isolate components for testing
 At this point in the process, the marketing plan has
been developed and the product has been
launched.
 Given that few environments are static, the results
of the marketing effort should be monitored closely.
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Often, small changes in consumer wants can be
addressed by changing the advertising message.
 As the changes become more significant, a product
redesign or an entirely new product may be needed.
 The marketing process does not end with
implementation - continual monitoring and adaptation
is needed to fulfil customer needs consistently over
the long-term.

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Testing
 A final mix test is helpful.
 It allows, for the analysis, the interactions of different
marketing mix elements and therefore answers the
following questions:
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○ Does the advertising and packaging
communicate the essential benefits of the
product?
○ Does the product fulfil the expectations
which arise from customers?
○ Is the desired price level realistic?
○ Does the advertising, packaging and product
experience convey a comparable image
profile or do discrepancies emerge here?
 Many variables need to be
considered to test your
marketing mix. The whole of it or
individual elements of the mix or
even part of an element of the
mix.
○ It all depends on the situation.
 Consider future trends and
compare your current mix with
the trends. Understand the gaps
you need to address in your
adjusted marketing mix.
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Evaluate implications of altering one or more
components of marketing mix

Implications of altering one or more components of the
marketing mix in relation to market factors and consumer
response:
 List the key market factors (consumer expectations,
trends, competition etc...),
 List the current marketing mix elements
 Compare them and identify the underperformance
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 After receiving the first
set of feedback on the
adjusted marketing mix
from the test results, a
total review of the key
elements needs to be
done.
 After further adjustment
of the mix and with
management approval,
the adjusted mix
should be launched in
the market.
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Budget implications needs to be
constantly considered as well during
the review process.
How much should I budget for?
 To answer this question, you must clarify.
○ What are your main objectives for the year?
○ To achieve brand awareness only, to receive a mix of brand
awareness and sales, or simply to sell?
 This is generally determined by where your company is
currently at,
○ Are you ready to roll out a new product?
○ Will a good mix of brand awareness and sales be the way to go.
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 For smaller firms, simply
tackling sales increase would
achieve a better ROI.
○ So, split your budget
according to these
objectives.
 It is the time to allocate funds
to different combination of
marketing mix
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Some Do's and Don'ts
 Don't spend all of your budget on one medium only.
 Do spend your budget across various media.
 Don't over expect - just because you spend $1 doesn't
mean you'll get $1 back!
 Using services of marketing consultants can save you
thousands of dollars as they can help identify what
would be the best ROI for you and save you from
buying the wrong types of data and media.
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 Key points to consider:
 New products: typically need large
advertising budgets to build awareness and
gain consumer trial.
 Market share: high market share requires
higher advertising spend (related to sales) to
maintain the market share.
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 Competition and clutter: In a crowded market a
brand must be advertised to be heard.
○ McDonalds advertises the brand “McDonalds”
to get people, they do not promote individual
products like a “Fillet o fish” or “Big Mac”.
○ Advertising frequency: Repetition require a
large budget.
Ensure Marketing mix align with organizational
and functional objectives
The marketing process begins with
a detailed S.W.O.T analysis
 Based on this analysis, a firm can
establish its mission and goals and
develop corporate strategies to
achieve these goals.

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Now each functional area of the
organisation (marketing, production,
finance, HR, etc.) will establish its own
objectives and develop strategies to
achieve them
 The objectives and strategies of each
functional area must support the
organisation’s overall goals and mission.

 How would one ensure that the marketing mix
continues to meet organisational, strategic and
operational marketing objectives and desired
positioning?
 All marketing mix decisions should support the
organisation to meet its organisational, strategic
and operational marketing objectives and desired
positioning.
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
Periodic reviews are the best way to gauge the
performance of the marketing mix execution.

Before the real execution, marketers need to set the
benchmark of the expected outcomes and
periodically analyse the results against the
outcomes.
 In a competitive ever changing
business scenario, the benchmarks
also need to be reviewed periodically.
So, that the execution for the
implemented marketing mix stays
current and contemporary.
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