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Workshop 3: Quarter One
Transcript of Workshop 3: Quarter One
Learning by Doing
How to proceed
1. W/S Objectives
2. Decision Overview
3. Marketing Audit
4. Strategic Decision Making
5. Tactical Actions
6. Team Meetings
7. Workshop preparation
8. Question Time...
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Q1: Analysis & Objectives
Stay in Touch!
Dr Nicola Thomas
Thurs 11 to 1pm
1. Be a great team - feedback on
team norms wiki
2. Put your market audit knowledge
to good use
3. Start making decisions
4. Understand the need for
& SMART OBJECTIVES
Explain & Justify Your Decisions
KEY PERFORMANCE INDICATORS
Made up of 8 rounds, each round represents one quarter of a financial year and is based around the 7 Ps of marketing. In each round, you must decide on tactical actions - these will become more complex with each round, and cover each of the 7 marketing P's:
30% of your team work coursework is based on your decision justifications, so don't overlook their importance!
1. Ask questions (during or end of class, A&F hours).
2. In terms of strategy, focus on PEST (Market) and
3. Complete a contact report and fill in your individual
contribution diary as you go - see BlackBoard under
Important Forms. Don't know what we're talking about -
read the module handbook!
4. Make sure you complete all your strategic decisions
BEFORE you make tactical actions.
5. Reread Lectures to make sure you understand the
use this workshop guide at team meetings
6. Please respond to wiki feedback from your tutor -
and use your wiki to guide your teamwork - any
problems, let your tutor know!
Make sure you are sitting with your team members
: Read Q1 Analysis & Objectives (left hand box). What do you have to achieve in Quarter 1?
: Your company name, as with all your current strategic decisions, can be edited/ changed up to the end of Workshop 5 (Quarter 3).
5 minute task
: Start brainstorming brand names to enter into Company Name later. Here are some existing jeans brands to inspire you! Please don't use existing brand names though...
Start Market and Customer Analysis (next workshop, we'll focus on Competitor and Company Analysis)
: News Bulletins.
: Check Metrics
Team Task 1 (5 minutes)
- Share News Bulletin reading and identify relevant PEST factors. Make notes!
Team Task 2 (5 minutes)
- Start evaluating the implications of each PEST factor for your jeanswear brand.
Team Task 3 (5 minutes)
- Critically discuss who your target customer target should be. Do check out Market Information under Metrics. Make notes.
Confused? Ask your tutor!
In your extra team meeting, once you have
your market analysis, i.e. PEST (where are we now?) and decided who your target market will be, your team can then decide upon your mission, and write a snappy statement on '
where you want to be
'. Research company mission statements and re-read lecture #4. Can you remember the marking criteria for your Mission statement? No, then you definitely need to look at the lecture material again :-)
Operating profit (selected by default)
Market share men
Market share women
Brand awareness men
Brand awareness women
Brand image men
Brand image women
Brand loyalty men
Brand loyalty women
Under Strategic Decisions,
you must select three KPIs
. There is no such thing as a 'correct KPI', but: (1) think about your mission/objectives; and (2) your game's score will weight your 3 KPI's 5x more than the others (and impact your assessment grade)!
Don't guess, e.g. "It seemed like a good idea at the time"
Explain with theory, e.g. "According to Kotler (1989), ....
Explain with evidence, e.g. "The positioning map indicated .... "
Make your point.... be snappy, don't add fluffy stuff.
Write professionally.... read some market research reports, emulate their style.
Use SMART objectives, where relevant.
Explain and justify ALL decisions.
Don't proceed to tactical actions until you have made, explained and justified all strategic decisions.
Never underestimate the importance of evidence-based decision making!
MAKE SURE YOUR TACTICAL ACTIONS ARE ALIGNED WITH YOUR STRATEGIC DECISIONS
e.g. if your Market Analysis, e.g. using PEST, reveals we are in the midst of a recession, and consumers are financially squeezed, then luxury jeans may not be appropriate!
four key decisions
QUALITY - Men (1) and Women (2)
QUALITY IMPROVEMENTS - Men (3) and Women (4)
Prior to making these decisions, think about your strategic decisions, positioning, your profit margins, and also which segment(s) you are trying to target!
You have to make two key decisions:
SELLING PRICE - Men (1) and Women (2)
Again, think about your strategic decisions, your profit margins, and your positioning to attract your target market. Also, as with all of the 7 marketing P's, make sure they are all aligned.
You have two key decisions to make:
KEY MESSAGE: Men (1) and Women (2)
Again, make sure this marketing P is aligned with strategic decisions (e.g. mission statement), your positioning, target segment appeal and the other marketing P's.
max of two key messages
You have FOUR key decisions to make:
PHYSICAL DISTRIBUTION CHANNELS (i.e. brick and mortar stores (1)
ONLINE DISTRIBUTION CHANNELS (2)
SET STOCK LEVELS: Men (3) and Women (4)
: Where are your target segments most likely to buy from? What are the cost implications? Is your place strategy aligned with your strategic decisions?
You have ONE key decision to make:
Set training budget per quarter
: How important are people to your brand? What impression do you want to make with your customers? What are the cost implications? Is this tactical action aligned with your strategic decisions, e.g. mission statement, SMART objectives?
You have TWO key decisions to make:
SET CUSTOMER SERVICE LEVEL: Men (1) and Women (2)
Look at your options carefully, e.g. self service, use of technology and personal service.
: What would appeal to your target market? What are the cost implications? Are your decisions aligned with your positioning and strategic decisions?
You have TWO KEY decisions to make:
Design and decorate shop window and interior for men (1) and women (2)
: What sort of atmosphere/design approach would your target segment appreciate? What are the cost implications, etc.? What are you trying to achieve with your positioning?
You have TWO key decisions to make:
Buy market research for (1) economic growth forecasts, and (2) online sales growth.
: Given your strategic position, which, if any, reports could deliver insights to boost your competitive position?
READ THE GAME PLAY DOCUMENT
Incorporated in module handbook, this document will provide further pointers for critical reflection. Please use this to complement our workshop guide!
ARRANGE NEXT TEAM MEETING
2 to 3 hours at team meetings EACH WEEK to make highly strategic decisions. Remember your decisions will affect your score.
Where are we now?
Please spend 5 minutes checking the Metrics section. Where are you now? Start thinking - Where do we want to be? Start crafting some SMART objectives,
e.g. To increase profitability by X,XXX Euros.
Please have your wiki's ready for tutor feedback as they will spend 5 minutes with each team!
Check Bb for tutor A&F hours!