morgan stanley marketing implementation
TRANSCRIPT
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Morgan Stanley
Marketing Implementation
Richard Mayer MA DIPM MCIM
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THE ROLE OF A PRODUCT MANAGER
Product Manager?
Brand Manager?
Product Marketing Manager?
Life Cycle Manager?
Sales Support?
Product Definition?
Pricing?
Promotion?
Channels?
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PRODUCT MANAGEMENT TASKS
• Long range and competitive strategy
• Annual marketing plan and sales forecast
• Marketing communications programmes
• Support for product from sales, channels, others
• Gathering intelligence
• Initiating product improvements
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Areas of Job Involvement
SupportMarket ResearchProduct Development
Market TestingProduct Information
Co-ordinator
Marketing planningProduct DevelopmentProduct Improvement
Pricing / DiscountsSales SupportPresentations
Sales / Profit TargetsProduct Quality
Customer SatisfactionTechnical Support
ForecastingProviding Reports
ProductChampion Setting Objectives
Strategy DevelopmentMarketing Planning
Product DevelopmentProduct ImprovementInvestment Decisions
Pricing PolicyPromotional PlanningDistribution DecisionsMonitoring / ControlDepartmental Liaison
Providing ReportsAttending Meetings
Mini-MD
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Authority V’s Responsibility
Authority
Responsibility
Vertical Dimension Horizontal Dimension
Decision Making
Control
Autonomy
Power
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Sales
MarketingMarketing Management Management Interfaces Interfaces
Marketing
Marketing
OperationsOperationsStakeholdersStakeholders
Corporate Corporate StrategyStrategy
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Product Management Interfaces
TechnicalFunctions
ProductManager
Corporate /General
Management
OperationalManagement
OutsideAgencies
Customer /Channels
Own Manager /Department
Administration
ExternalBodies
Sales
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Understandingcustomers,the marketplaceand its opportunities
Decidingontargetmarkets
Promotionselling
Productpolicy
Pricing
Place
Customersatisfactionaudits
Marketmonitoringand research
Developing The Marketing Mix
Stage 1 Stage 2
Stage 3
Stage 4
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Integrated Objectives
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Trade Offs and Strategic Imperatives
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Managing Marketing
Projects
Richard Mayer MA DipM MCIM
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Managing Marketing Projects
Identify Key Issues
Clarifybrief
CollectInformation
SpecifyObjectives
HighlightKey SuccessFactors
AllocatePriorities
DefineReportingStructure
DevelopAction Plan
ScheduleActionPlan
Set Budgets
Define performanceCriteria
AssembleProject Team
Define Rolesand Responsibilities
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Clarifying the Brief and Setting Project
Objectives
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Managing Marketing ProjectsClarifying the Brief and Setting Project Objectives
The problem Key issues
Key success factors
The objectives
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Collect Information
ResearchMarkets
Customers
Stakeholders
Organisation
PriorInitiatives
IndustryExperts
CurrentPerformance
Systemsand Processes
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Understanding Key Issues
Background to Project Key Stakeholders Organisation Context Role and Responsibility Operating Limitations
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Identifying Key Success FactorsWhat factors must be in place and successfullydelivered to ensure the projects success
Resources Personnel Skills Support Finance Relationships Technology Research and development Organisation Processes
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Setting Objectives
Key Goals Which Must Be Achieved
Primary Goal
Secondary goals Secondary goals Secondary goals
Action OrientedGoals
Action OrientedGoals
Action OrientedGoals
Action OrientedGoals
Action OrientedGoals SMARTT
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Writing and Controllingthe Project Plan
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Writing and Controlling the Project Plan
Identification of critical activities
Timing of
critica
l
activitie
s
Setting
Performance
Measures
Budget setting
ContingencyPlanning
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Identification of Critical Activities
Short term
Medium term
Long term
IdentifyKey Stages
Identify Key Linkages
Prioritise andsequence
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Action Plan
Goals Time to Budget Start Finish Critical Complete £ Date Date Activities
Key Roles / ResponsibilitiesCritical items / events which could disrupt plan
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Gannt Chart
Activities BudgetTimings
J F M A M J J A S O N D
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Setting Performance Measures
Input Measures Output Measures
Linked to
Performance
Correcting Deviations
Evaluation
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Clarify and agree overall objectives Consider options for achieving objectives Set out how the team plans to achieve objectives Agree how to measure progress Set a time scale and establish review points Monitor and evaluate progress against measures Adjust plans if necessary
Monitoring and Evaluating Progress
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Contingency Planning
Everything that can be conceived of as possible can be prepared for.
Contingency plans should be in place and updated regularly. Do not be caught unprepared.
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Co-ordinating People and Resources
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First we must clearly specify our objectives via co-ordinated efforts. Second, the action plan must focus on resources and opportunities not availablethrough individual divisional approaches. what can we accomplish more effectively together, rather than separately? I’m busy, and not a big believer in teamwork for its own sake; so I think its important that synergy possibilities be spelled out and not assumed
Teamwork
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Effective Teams Establish and work towards clear objectives Open relationships between members Accept different viewpoints and debate High level of support Resolve potentially damaging conflicts Clear procedures and decision making process Skilled leadership appropriate to needs of team Regular reviews Recognition of roles and competences
Assembling a Project Team
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Ineffective Teams Poor selection of team members Lack of control by team leader Low motivation Low creativity Poor leadership Unclear objectives Lack of delegation Poor communication No buy in
Assembling a Project Team
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Team Roles and Responsibilities
Belbin
Implementer Co-ordinator Shaper Plant Resource Investigator Monitor / Evaluator Team worker Completer / Finisher Specialist
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Defining the Reporting Structure
Distinguish roles and responsibilities Identify decision making authority Identify approval authority Define reporting procedures and timing Decide information requirements Define information dissemination procedures
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Negotiating Skills
Negotiation is an interactive process in which parties trade and barter positions, ideas and interpretations, rework these positions, ideasand interpretations until agreement is reached.
The challenge is to find a way of accommodatingthe various parties present and emerging with some kind of agreement about the best way of proceeding and moving the process forward.
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Setting the scene
Opening negotiations
AgreeingConfirming
Following up
Negotiation
Negotiation
ExplorationCreative solutionsFraming the dealBiddingBargaining
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Contracting
Contracts
A legally binding agreement between two ormore parties that specifies:
Terms and conditionsPerformance specificationProduct / service specificationsPriceClauses
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Initiating and Leading the Project
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Leadership
IndividualNeeds
TaskNeeds
GroupNeeds
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Different leadership styles can all be effective, although at different times and with differentgroups of people. The best managers are those that do not use just one style all the time, but who recognise that during some situations they will have to exercise autocratic leadership, while during other circumstances they will be most effective by leaving people to work out their own goals and methods of operation.
Leadership Styles
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Decision Making
Define the problem Gather relevant facts and analyse Develop alternative solutions Evaluate alternative solutions Select best alternative Assess possible consequences of decision Implement the decision
What
needs t
o be ach
ieved
?
What
resource
s are
avail
able?
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Motivation
The total propensity or level of desireof an individual to behave in a certain manner at a certain time. This motivation has to be directed towards a specific goal.
People tend to be more motivated in activities /relationships that offer the greatest perceived personal reward (or fewest penalties)
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MotivationContent Theories
Maslow’s Hierarchy ofNeeds
Herzeberg’s “Two Factor”Motivation Theory
Process Theories
Handy’s MotivationCalculus
Vroom’s ExpectancyTheory
Individuals motivated bya “package of needs”
Examine ways in which certain outcomes of eventsbecome attractive to people. Individuals choose own goals
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Communication
Purpose of Communicating
Decision Making
Organising
Influencing others
Initiating Action
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Barriers to Effective Communication
Lack of preparation Lack of clarity Lack of openness Unclarified assumptions Premature conclusions Differing backgrounds / cultures Interruptions / noise
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Creativity
Lateral thinking
Seeking to solve problems by unorthodoxor apparently illogical methods
Generating ideas (Brainstorming)
Free your mind from cluttered existing reality
Thinking
Give yourself time to think
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Developing a Balanced Perspective
Performance Evaluation and Measurement Tools
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Balanced Scorecard
Innovation & Learning
Fin
an
ce
Cust
om
er
s
Inte
rnal
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The Balanced Scorecard introduces four new management processes that link long-term strategic objectives with short-term tactical actions.
The Scorecard is made up of fourperspectives:
• Financial• Learning and growth
• Customer • Internal Processes
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Why The Balanced Scorecard?
Most organisations operational and management control systems are built around financial measurements and targets which bear little relation to the organisations progress in achieving long-term strategic objectives.
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Emphasis on short-term financial measures leaves a gap between the development of a strategy and its relevance to the true drivers of successful future performance:
Value creation activities!
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The Balanced Scorecard
Scorecard users select measurers of progress from all four scorecard perspectives and set targets for each of them.
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• Users determine which action will drive them toward their targets.
• Identify the measures they will apply to these drivers from each perspective.
• Establish the short-term milestones that will mark their progress.
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• The Balanced Scorecard forces companies to integrate their strategic planning and budgeting processes and therefore helps to ensure that their budgets support their strategies.
The Balanced Scorecard
Innovation & Learning
Fin
an
ce
Cust
om
ers
Inte
rnal
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• Building a scorecard helps managers link today’s actions with tomorrow’s goals.
• It enables managers to link financial budgets with strategic goals.
Todays Actions In Synergy With Tomorrow's Goals
Using The Balanced Scorecard As A Tool
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What Drives Business Performance ?
Competitive Position Market characteristics
Value added Structure
ROI
ShareRelative shareDifferentiationCustomer coverageRelative quality
ConcentrationInnovationCustomer powerLogistical complexityGrowth
Investment IntensityProductivityVertical IntegrationCapacity Utilisation
Best practice
Lean organisationParticipative cultureIncentives / trainingPersonnel policies
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Relative PerceivedQuality
RelativeMarket
Share Gain
RelativeCost
RelativePrice
ProfitResult
Some PIMS Linkages