5.0 FINANCIAL STRATEGY 5.1 CONTROL AND PERFORMANCES STANDARDS The following performance standards and financials are suggested. • The total budget for launching the new product, research, and customer’s survey will be equal to 80 percent of the annual promotional budget for the product introduction year. • Each team is responsible for reporting all financial expenditures, including personnel salaries and direct expenses, for their segment of the project. A standardized reporting form will be developed and provided by the marketing director. • The marketing director is responsible for adherence to the project budget and will report overages to the company president on a weekly basis. The marketing director also is responsible for any redirection of budget dollars, as required for each project of the business analysis team. • The new product offering would be evaluated on quarterly bases to determine its profitability. Product development expenses will be distributed over a two-year period, and will be compared with gross income generated during the same time period. 8
6.0 CONTROLS STRATEGY 6.1 IMPLEMENTATION SCHEDULE Activities, responsibilities and time for completion: all implementation are designed to create customer awareness and boost sales 6.2 MARKET ORGANIZATION Because the new product requires extensive commercialisation to match customers need, it is necessary to organize the marketing function by customer groups. This will give Celcom the opportunity to focus its effort on the need and specifications of each target market. Celcom marketing efforts will be organized around the following marketing groups: a) Manufacturing group, b) Business-to-business group, c) Customer satisfaction group, and d) Customer relationship group. Each group will be headed by a Sales Manger who will report to the marketing director. Each group will have full decision making authority and responsible for marketing the new product to the target customers within the segment. These changes in marketing organization, enables Celcom to be more creative and flexible in meeting customers’ need, reduce highly centralized management hierarchy and finally, give better opportunities to monitor the activities of competitors. 9
7.0 SWOT ANALYSIS 7.1 STRENGTH • Celcom maintains a product differentiation strategy resulting from a strong market orientation, commitment to high quality, and customization of products and services. • There is little turnover among well-compensated employees who are liked by customers. The relatively big size of the staff fosters communication and quick response to client’s needs. • A long-term relationship with the primary suppliers results in shared knowledge of the product’s requirements, adherence to quality standards, and a common vision throughout the development and production process.
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- Spring '13
- Marketing, Celcom