The Marketing Mind
The Marketing Mind
The Core Principles of Marketing
The Business Goals
What are the Business Goals? What are the Overall Goals of the Business and how can Marketing assist the Business in pursuit of these goals?
The Business Goals have to be tied to the Marketing Objectives. However, remember that the Research and Analysis part of the Marketing Process will determine the realistic short-term Marketing Objectives. The Business Goals might have to reformed given what you determine is existing Internally and Externally in the business.
Research & Analysis
What is “really” going on in the Industry, the Market? With the Products and Customers?
Tools like the Marketing Mix, SWOT, etc.
It is essential that you approach the Analysis phase with an open mind. Do not predetermine what you expect from the Analysis. Your subjective assumption can be dangerous in bringing about a skewed Analysis. In your Research and Analysis consider the principles of the Scientific Method.
The core aspects of the Scientific Method are the notion of impartiality. Which you will have a hypothesis or assumptions, make sure your subjective thoughts do not distort your read of the Internal and External Analysis reality.
Realistic Marketing Objectives
Based upon Your Review of the Internal and External Environment, what are the Realistic Marketing Objectives?
Your Research and Analysis based upon the concept of the Scientific Method will allow you to set Realistic Marketing Objectives. A failure to read what is real will doom your Objectives.
To also ensure success, you can follow your Strategy and Action Steps/Tactics closely as you launch your planning Tactics and once again keep an open mind as your evaluate to determine errors in setting your Objectives.
How will you achieve the Marketing Objectives? What is your thought process?
It is fundamental that you do not establish any Action Items/Tactics until you have a clear Marketing Strategy. A clear Marketing Strategy is dependent upon a realistic Marketing Analysis and Objectives.
Your Marketing Strategy is in a nutshell. The relationship between the customers/target markets -> their wants and needs -> your promotion/message –> your products/services. Your Strategy is your understanding of this relationship. Your Action Plan is based upon your Strategy. Your Strategy will determine which Tactics and most importantly, why the choice of Tactics.
Marketing Tactics & Action Plan
One way to determine the difference between Tactics and Strategy is if the item can be acted upon or not. A Tactical element can be Time-Based while a Strategic Element is the why. With the Action Plan you determine the Time Sequence of of Actions to support the Marketing Strategy.
It is very important that the Tactics are selected for a reason. They come out of your Strategic thinking.
All your Tactics should have some type of measurement to evaluate their effectiveness. This is necessary to ensure the soundness of your Strategy and effectiveness of the Tactics.
As your launch your Tactics, read them and adapt them quickly.
Measure, Evaluate and Adjust Objectives, Strategy and Tactics.
You should expect possible incorrect pieces in your Marketing Planning and Execution. This is natural and expected. Throughout the Marketing Execution, you want to evaluate and adjust any aspect of the Marketing Planning. Do not allow your Subjective expectations to blind you to reading the Evaluation correctly. Accept what is occurring and change as necessary.