6. implementation, monitoring and controlling

Implementation (in the marketing process) is :: the process of putting the marketing strategies into operation.
Monitoring (in the marketing process) is
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the process of measuring actual performance against planned performance
- to gather and report any changes, problems or opportunities that arise during the marketing plan.
Controlling (in the marketing process) is:
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when KPIs are assessed against predetermined targets and corrective action is taken
during control, must constantly ask:
- What does the business want the marketing plan to achieve?
- Are the objectives being achieved?

Marketing is a very expensive process,
- By measuring expected sales revenue forecasts for each strategy and comparing these with expected expenditure, the business can effectively allocate marketing resources.
a Financial forecast is :: the business’ predictions about the future which specifically details costs and revenues for each strategy.
Developing a financial forecast requires:
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A Cost estimate: based on market research, product development, and promotion.
A Revenue estimate: based on how much consumers are expected to buy for what price, and what sales staff predict they will sell.

Three performance indicators used to measure the success of the marketing plan:
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comparing actual sales with forecast sales to determine the effectiveness of the marketing strategy
- differences are calculated between (Actual sales & Sales quota)
Main strength: the figures are relatively cheap to collect and process
Main weakness: data for sales revenue do not reveal the exact proﬁt level
- such info can only be revealed by further investigations of overall expenditure.

comparing the changes in total sales due to its marketing strategy or external forces such as competitors
- (e.g. “there was a 1% fall in market share following the new marketing strategy”)

measures how much revenue a marketing campaign is generating compared to the cost of running that campaign.
To calculate, take sales growth from that business or product line:

After calculating the results^ of a marketing strategy, marketing managers must assess which objectives are not being met, and take corrective action if needed.
- ^(changes in; sales, market share, profitability (ROI))

could include:
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Product modification
- upgrade products
Price modification
- revise pricing strategies/methods
Promotion modification
- revise promotional campaigns
Place modification
- tap into new geographic markets
New product development
- continually develop new products
Product deletion
- the elimination of some lines of products
Product deletion is : the elimination of some lines of products
- often when a product is in the decline stage

🪴 JoshNotes