Part 4-7 (sir's Notes)

PART 4 Product definition □ Product o Features o Advantages o Benefits □ Needs and wants being addressed Findings from industry experts □ Findings, insights and input from credible industry experts to lend credibility to the chosen product concept Findings from consumer research □ Findings’ insights from consumer research about the product o Acceptance o Purchase frequency o Usage Estimate existing market size and potential of product □ Based from existing data □ Computations, estimates from data and info from cons PART5 – general marketing strategy Right to left planning *problem: come up with the tactics first □ Always begin with the end in mind □ The end should be the goal/ vision □ These should be specific and quantified □ The more exact the measures, the more you can manage your resources and concentration of time, effort and money □ If you cannot measure it, you cannot really manage it *VMOKRAPISPATRES Vision, mission, objectives, kra, pls,strats, programs, actives, resources Brand vision  BE □ A futuristic picture of the brand, described in words or a vision statement □ It should be time bound (3 to 5 years) □ Ambitious but realistic (*BHAG) □ May have a geographical and target market focus that would help you plan strategically □ The vision can also be in relation to the company □ It is something to pursue

Rand mission statement  DO □ The basic “purpose of being” for the brand □ Basic purpose includes earning a decent return and getting a share of the market □ Mission statements specify the product or service to be rendered and the market □ Mission statement = something to achieve □ Relate to mother company’s vision and mission Brand objectives □ Measurable END results that translate the vision and mission □ Objs usually centre around 4 major ends □ Sales and profits □ Expanding markets □ Satisfying customers with quality products □ Providing reasonable compensation/ benefits to employees Brand kras □ The attainment of the obs or measurable end results could be described by key result areas □ Kras are proofs that the objs… didn’t catch it □ E.g. growth in sales vs. growth in sales per outlet □ Other: o growing consumer acceptance in the form of surveys o Growth in market share o Explain why those KRAs were chosen ---□ Brand performance indicators o PIS are the KRAs quantified o Discuss each PI (at least for the first year PIS) o E.g. (table—obj, KRA, PI[3 years]) o Realistic potential market size  Target market selection (primary, secondary and tertiary—emerging target markets)  Consumer survey – interview at least 30 people in each group  Benchmarking with original product’s market size (worst, better, best scenario) PART 7 – OVERALL MARKETING STRATEGY □ brand strategy – o base it on performance indicators o list swot and performance indicators and combine any elements under the two o top bottom – vmo, kra, PI  strat o bottom up – swot  strat □ summary of strategic options – segment these into thematic strategies

o general strategic options o specific strategic options o and then, form major strategic alternatives □ strategy formulation – after listing down the strategic options, identify what major alternatives can be developed from the options… didn’t catch the others □ other o Where is your industry in terms of product life cycle? o Look at the attractiveness of your market and the competitive advantage of the mother company □ STP o Propsed target market analysis  Demographics  Psychographics  Behavioural  Geographic  Lifestyle  Motivation  Attitude  Attitude and motivation toward the product o Total population o Breakdown: primary target market, secondary TM and if necessary, tertiary and emerging TM (emerging – next batch of people moving in your target market) o **product positioning strategy FROM THE SATURDAY CLASS □ Part 4 o Basis: external analysis: KSF’s and O&T o Internal analysis: company, brand, S&W o *Positioning and 4P’s o E.g. chewing gum market: 100% distribution in national key of premise of modern trade (defined number, indicates how much it’s widespread) o E.g. high visibility in all outlets – explain what high visibility means in terms of the product □ Product definition o **The extended product - address what are the needs being addressed o Advantage and benefit (e.g.) o cheese: existing market size and potential of the market is almost equal already o needs addressed internally: to arrest the saturation or low growth o needs addressed externally: study of lactose intolerants in the country. Example: 50% of the country are intolerant◊ define it more. For our case, let’s find people of our age bracket that suffer from having dandruff and regularly colours hair o PROVE why the company needs our brand □ Estimate of existing market size…

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o e.g. o Age bracket ◊ total pop. o Multiplied by: Gender ◊ total pop. % o Multiplied by: Economic bracket ◊ pop. % o Total potential market size Right to left planning  VISION o Brand extension vision o Vision is something you try to achieve in the time allotted (3-5 years) o You will never fully achieve your vision o BHAG Brand mission o You can actually achieve this o Reason why the brand exists o In terms of its role in the company Objectives o A way to flesh out your vision and mission o Objectives: more practical o Expanding the market could mean gaining more customers or more penetration KRAs o Key result areas o A means for the objectives to be achieved o Key result areas o More qualitative o E.g. obj: expanding market share ◊ how do you prove that you are achieving a dominant presence in the country, what do you need to do in order to achieve a market presence in the country o Market share = sales/market size or market potential o Performance indicators = kra’s per year