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Marketing Monitoring and Controlling Tools for Diethnes

MKT101A - Marketing Fundamentals

Learning Outcomes Addressed

a) Describe the marketing concept b) Outline and apply the elements of the marketing process. c) Identify and explain the macro and micro environmental factors impacting the marketing of a business or industry. d) Demonstrate an ability to incorporate new trends to solve marketing problems and apply communication skills.

Context

Congratulations! You are now in Stage 2 of your marketing plan.
It is time to show Mary, your marketing manager, that you know how to identify appropriate target audience(s). Based on the same client from Stage 1, you are now required to analyse the segments using suitable and relevant segmentation variables in order to select the ideal target market for your client.  
As part of the marketing process, you need to research different types of data using a variety of sources to understand consumers’ needs, wants and relevant trends to make informed marketing decisions.  
In this stage, you also need to identify or suggest a positioning statement to the client, which considers all the values and competitive advantages that need to be promoted to consumers, as well as setting up its positioning map using competitors’ information already collected in Stage 1.

Instructions- Stage 2
In Stage 2 of your marketing plan, the focus is on demonstrating an ability to incorporate new trends from consumers’ behaviours and consumption patterns to create relevant marketing strategies to solve potential issues that may affect the business.

Answer

1. Monitoring and controlling System Tools

Scarborough (2016) commented that the marketing plan act as the blueprint for the sales strategy of the business. Diethnes has developed new product strategy for repositioning its brand, and hence a marketing plan has been developed. However, the management needs to review and assess the marketing plan. The three marketing monitoring and controlling system or tools that can be used by Diethnes are listed below: 

  1. Cost and benefit analysis: cost and benefit analysis is a vital monitoring system that helps to analyse actual business expenses and the returns obtained from it. For it, the business needs to analyse the overall investment made for every campaign (Drummond, Ensor & Ashford, 2007). Breaking down every marketing initiative helps in analysing the exact points in which the campaign worked well or fell short.  
  2. Sales Person Feedback: This would help to evaluate the value of the advertisement and the products that are to be launched and its level of acceptance. This can help in the assessment of the actual value of the campaign and offer a brief idea about customer responses (Wrenn & Mansfield, 2014). 
  3. Customer Feedback: The feedback from the customers is an essential tool for monitoring the marketing plan. It would help to evaluate the perception of the customers about the new products in the market (Wrenn & Mansfield, 2014). It would also help in assessing the new marketing campaigns, and the customers feel about the same.

Marketing Metrics and marketing per system

Cost-Benefit AnalysisReturn on Investment: The ROI would help to evaluate the extent to which investment made on the marketing campaign and the ways it can be returned through the sales.   
Net Present Value: It helps to evaluate the value of the advertisement and the products that are to be launched and its level of acceptance.
Customer Acquisition Cost (CAC): This help to evaluate the total investment that is made on the campaign and the customers that are obtained in return.
Sales Person FeedbackSales Qualified Lead: It would help the management of the Diethnes to decide if the customers reached through the brand is ready for the next stage of sales. 
Lifetime value of a customer: It helps to assess the actual lifestyle of the customers which in turn would help to evaluate the future sales of the organisation. 
Marketing Qualified Leads: It would help to assess the target market who had the interest in the brand and the products they would offer and hence is more likely to purchase the products.   
Customer FeedbackSurvey: It would help to evaluate the perception of the customers about the new products in the market 
Brand awareness: The brand awareness of the customers would help to evaluate the performance of the brand and the perception of the customers.  
Customer engagement: The rate of the customer engagement help in evaluating the performance of the marketing campaign organised Diethnes.

Table 1: Marketing Metrics

(Source: Farris et al. 2008)

2. Final marketing deliverable

The final marketing deliverable would include the design of a poster that would help in the marketing campaign. The poster consists of attractive pictures about the new products that are to be launched and would also help in the rebranding of Diethnes. The three stages that would be followed in the market deliverable process are listed below: 

Step1: Advertisement planning which includes selecting the theme of the advertisement and developing the value proposition. It is the critical stage as the planning has to be made based on the theme and idea and the objectives of the marketing planning.

Step 2: In this stage, the requirements are specified that are required for the development of the poster advertisement. The requirement, in this case, includes the materials that are needed for the posters that would be displayed the number of copies that would be printed and undertaking the decision if the posters would also be displayed online in social media and websites.

Step 3:Design and development are the third and final stage in which the colours, designs, images and writings are selected. This is one of the critical stages as the marketers of Diethnes needs to select the most attractive design that would do justice to the marketing campaign organised. This would help to provide a clear picture, improve the brand awareness and would attract the customers to try out the new dessert items launched by Diethnes. 

The poster for the marketing campaign of Diethnes is illustrated below:



Come and try the authenticity of Athens and enjoy the luxury and the love of the nation from its ancient culture.
Authenticity of Athens
The three Desert Items which are to be launched in Diethnes would help you to enjoy the authentic taste of Rome
Desert Item 1
Desert Item 2Desert Item 3
Diethnes logo

The above poster can be used as an essential marketing campaign tool for the launch of the new products.

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