Monitor marketing mix against marketing performance and isolate components for testing  At this point in the process, the marketing plan has been developed and the product has been launched.  Given that few environments are static, the results of the marketing effort should be monitored closely. 2 Often, small changes in consumer wants can be addressed by changing the advertising message.  As the changes become more significant, a product redesign or an entirely new product may be needed.  The marketing process does not end with implementation - continual monitoring and adaptation is needed to fulfil customer needs consistently over the long-term.  3 Testing  A final mix test is helpful.  It allows, for the analysis, the interactions of different marketing mix elements and therefore answers the following questions: 4 ○ Does the advertising and packaging communicate the essential benefits of the product? ○ Does the product fulfil the expectations which arise from customers? ○ Is the desired price level realistic? ○ Does the advertising, packaging and product experience convey a comparable image profile or do discrepancies emerge here?  Many variables need to be considered to test your marketing mix. The whole of it or individual elements of the mix or even part of an element of the mix. ○ It all depends on the situation.  Consider future trends and compare your current mix with the trends. Understand the gaps you need to address in your adjusted marketing mix. 6 Evaluate implications of altering one or more components of marketing mix  Implications of altering one or more components of the marketing mix in relation to market factors and consumer response:  List the key market factors (consumer expectations, trends, competition etc...),  List the current marketing mix elements  Compare them and identify the underperformance 7  After receiving the first set of feedback on the adjusted marketing mix from the test results, a total review of the key elements needs to be done.  After further adjustment of the mix and with management approval, the adjusted mix should be launched in the market. 8 Budget implications needs to be constantly considered as well during the review process. How much should I budget for?  To answer this question, you must clarify. ○ What are your main objectives for the year? ○ To achieve brand awareness only, to receive a mix of brand awareness and sales, or simply to sell?  This is generally determined by where your company is currently at, ○ Are you ready to roll out a new product? ○ Will a good mix of brand awareness and sales be the way to go. 10  For smaller firms, simply tackling sales increase would achieve a better ROI. ○ So, split your budget according to these objectives.  It is the time to allocate funds to different combination of marketing mix 11 Some Do's and Don'ts  Don't spend all of your budget on one medium only.  Do spend your budget across various media.  Don't over expect - just because you spend $1 doesn't mean you'll get $1 back!  Using services of marketing consultants can save you thousands of dollars as they can help identify what would be the best ROI for you and save you from buying the wrong types of data and media. 12  Key points to consider:  New products: typically need large advertising budgets to build awareness and gain consumer trial.  Market share: high market share requires higher advertising spend (related to sales) to maintain the market share. 13  Competition and clutter: In a crowded market a brand must be advertised to be heard. ○ McDonalds advertises the brand “McDonalds” to get people, they do not promote individual products like a “Fillet o fish” or “Big Mac”. ○ Advertising frequency: Repetition require a large budget. Ensure Marketing mix align with organizational and functional objectives The marketing process begins with a detailed S.W.O.T analysis  Based on this analysis, a firm can establish its mission and goals and develop corporate strategies to achieve these goals.  15 Now each functional area of the organisation (marketing, production, finance, HR, etc.) will establish its own objectives and develop strategies to achieve them  The objectives and strategies of each functional area must support the organisation’s overall goals and mission.   How would one ensure that the marketing mix continues to meet organisational, strategic and operational marketing objectives and desired positioning?  All marketing mix decisions should support the organisation to meet its organisational, strategic and operational marketing objectives and desired positioning. 17  Periodic reviews are the best way to gauge the performance of the marketing mix execution.  Before the real execution, marketers need to set the benchmark of the expected outcomes and periodically analyse the results against the outcomes.  In a competitive ever changing business scenario, the benchmarks also need to be reviewed periodically. So, that the execution for the implemented marketing mix stays current and contemporary. 19