Name _____________________

Homework III:  Tactics and Resources

There are three parts to this assignment, all three need to be completed for full credit.

Part 1

For part 1 review the six categories of tactical plans (product and service tactics; process tactics; standards and evaluation tactics; organizational and structural tactics; marketing and sales tactics; and customer tactics) on pp. 179-181 of Barksdale and Lund. Identify 3 tactics that you will be using in your strategic plan, and complete the table below.

NOTE: Here’s a write-up on the difference between metrics and measures. You will need this information to finish this assignment. Measures vs Metrics for Marketing x

Measures vs Metrics for Marketing

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Published on Published onMay 1, 2014

Jeff Nelson

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One of the concepts that I have learned from Joanne O’Connell is the difference between a measure and a metric. Joanne O’Connell and I are developing a system for tracking and analyzing marketing campaigns. We also teach a course on marketing metrics at the

University of Calgary

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I honestly thought that a measure and a metric were the same thing and I used the terms interchangeably. But I learned from Joanne that the difference is significant and important.

A “measure” is a number that is derived from taking a measurement. Your height, weight or temperature would all be measures. In the case of marketing, examples of measures would be the number of impressions, the number of visits to a website or the number of sales generated by campaign on Google’s AdWords search network.

In contrast, a “metric” is a calculation between two measures. Typically, the calculation is a form of division. The format of the calculated result can be a percentage, a ratio, a fraction, a decimal or a multiple.

· A percentage is a calculation where the fraction is multiplied by 100. The expression is %.

http://en.wikipedia.org/wiki/Percentage

. An example is Return on Investment (ROI).

· A ratio compares the number of one thing to another. The expression is 16:9

http://en.wikipedia.org/wiki/Ratio

. An example would be for every pair of pant sold we sold 2 shirts.

· A fraction is typically expressed as one number compared to another. For example, 3/4 which is three quarters of a whole.

http://en.wikipedia.org/wiki/Fraction_(mathematics)

. An example would be 3/4 of our marketing budget was spent on the Chicago trade show.

· A decimal is a calculation where the fraction is expressed as a decimal point. The expression is 1.23

http://en.wikipedia.org/wiki/Decimal_fraction#Decimal_fractions

. An example is 2.42 Pages per Session.

· A multiple is a number that is greater than what it is compared to. This would be similar to that.

http://en.wikipedia.org/wiki/Price_earnings_ratio

. An example is our format for Return on Marketing Investment (ROMI): For every $1 spent on marketing we generated $5 in Revenue and $2 in Profit.

The value of measures is that a marketing team can measure the results of their marketing activities. For example, between two time periods: the visits in February were 1,000 and 1,200 in March.

The beauty of a metric is that the marketing team can establish and compare performance. For example: The click through rate (CTR) increased from 1% in February to 3% in March and the result was a 20% increase in visits.

Name _____________________

Homework III: Tactics and Resources

There are three parts to this assignment, all three need to be completed for full credit.

Part 1

For part 1 review the six categories of tactical plans (product and service tactics; process tactics; standards and evaluation tactics; organizational and structural tactics; marketing and sales tactics; and customer tactics) on pp. 179-181 of Barksdale and Lund. Identify 3 tactics that you will be using in your strategic plan, and complete the table below.

Tactic

Define the Business Result

Define the Outcome

Define the Metric

Define the Measures

Part 2

Prioritize the Tactics and Resources by Expected Results (p. 201). Using the same tactics as above, complete the following table). Identify the resources needed to support each tactic (column 2). In column 3, list the results you expect to realize when each tactic is implemented. Be realistic. Finally, in column 4, rank the importance of each tactic’s results (all of the results as a package) to the organization. Rank them on a 5 point scale (5=very important, 3=somewhat important and 1 = very unimportant.

Tactic

Resources Required for Tactic

Results Expected

Importance of Results to Organization

Part 3

Calculate the value of the tactic’s benefits. If a tactic will provide specific benefits, identify the monetary value of those benefits will yield (column 2). Then determine the total cost of the tactic (fixed, variable, and one-time) in column 3. Finally, in column 4, state whether or not this tactic should be implemented.

Tactic

Benefits

Cost

Decision to Implement