8.3.1. Establish Goals, Objectives, Metrics for Products/ Services
- Definition: Estabish goals and obectives for individual products/ services to achieve marketing strategy
- Example: After 2 months of marketing campaign, we need to reach 200 000 thousand people for this new product and get a 10 000 turns into action
- Synonym: goals for products
- Cloud services: none
8.3.2. Etablish Marketing Budget
- Definition: This process contains determining cost of marketing, determining projected ROI for marketing investment"
- Example:You have $500,000 to spend on all marketing activities for a given quarter
Inbound Content Marketing: 20 - 25% ($100 - 125K)
Email Marketing: 5 - 10% ($25 - 50K)
SEM PPC, Display, and Social Media Ads - 20 - 25% ($100 - 125K)
PR, Off-Page SEO, and Influencer Marketing - 20 - 25% ($100 - 125K)
Website - 10 - 15% ($50 - 75K)
Traditional - 10 - 15% ($50 - 75K)
- Synonym: Marketing Budget
- Cloud services: none
8.3.3. Develop And Manage Pricing
- Definition: This process contains of: determine cost of production, forecast volume for pricing, evaluate pricing performance, communicate price change, get regulatory approval for pricing
- Example: If an electronic toothbrush from Oral B is produced with cost of $10 and priced $30, there will be 30'000 people buys it. However, if it is priced $40, there will only be 17'000 people willing to buy it. Which price should P&G set for its toothbrush
- Synonym: Pricing
- Cloud services: none
8.3.4. Develop Promotion Activities
- Definition:
This process includes
* Define promotional concepts and objectives
* Define marketing messages
* Define targeted audience
- Example: In Vietnam, when Tet comes (the biggest festival in the year), the bevarage industry always launch promotion campaign with the message "Tet is when family gather together and enjoy their products in a cozy setting".
- Synonym: Promotion
- Cloud services: none
8.3.5. Track Customer Measures
- Definition: This process analyzes customer revenue trends, customer retention rate, customer metrics
- Example: When there is a depression in the economy, spendings on luxurious products will sink as well and luxurious brand need to have measure to predict cosumption trend and strategy to overcome this period
- Synonym:Customer measures
- Cloud services: none