File Name: strategic management and marketing in the service sector .zip
Strategic and clear marketing objectives are fundamental to any sound, effective inbound marketing plan.
- Service Management: A Management Focus for Service Competition
- 10 Powerful Service Marketing Strategies (Valuable)
- The Importance of Marketing in the Hospitality Industry
Service Management: A Management Focus for Service Competition
Strategic and clear marketing objectives are fundamental to any sound, effective inbound marketing plan. Beyond this, you can look at your marketing objectives as a way to provide clear direction for your team members to follow.
By implementing a straightforward marketing plan, your company will have the goals it wants to achieve and the execution plan to meet those marketing objectives. This guide is for marketing departments looking to align their goals with those of the overall company and to contribute to the overall success of the enterprise.
So, what exactly are marketing objectives? How can you define them so that you know what marketing efforts the marketing team needs to prioritize? As we stated above, marketing objectives should contribute and align with the overall company goals. Establish an online presence in new city or country, translate all marketing materials to the local language, launch a brand awareness campaign to introduce the brand in the new market, and generate X amount of online sales by X date.
Marketing objectives need to have an impact on the organization as a whole and the objectives need support from other departments for marketing to be seen as relevant. The Sales and Marketing relationship is far too often a struggle. So how can a marketing department set marketing objectives that are prioritized and seen as necessary by the rest of the company as well?
That is, you want them to have the following characteristics: specific, measurable, achievable, realistic and time-bound. The SMART approach allows your department to manage marketing activities better and be able to determine how successful new objectives can be. The goals are clearly defined and outlined. Your marketing goals have key performance indicators KPI and benchmarks. Your objectives are within the ability of your company and team.
Your marketing objectives are relevant to your brand mission and the direction of your business. Each marketing objective contributes to reaching a company goal. Then follow the six steps below to further narrow and specify your objectives.
You can also aim for a 25 percent increase in sales. As part of your objective regarding sales, you can include the strategy you will use to reach the objective. Begin where you currently are and add a percentage for the period your marketing plan covers.
This will likely motivate your marketing team much more than an open-ended type of goal. Decide on the number of customers you need to achieve your sales objectives and market-share targets. This requires you to analyze the size of an average purchase. It costs money to acquire customers, so make sure you have the budget to reach your objective. Next, you should choose a percentage increase for each customer purchase.
Here you want to set price targets. Review your current prices to determine how they position you in the marketplace. Your marketing objectives depend on effective pricing. For example, a limited-edition wine could justify a high price to appeal to well-to-do connoisseurs. On the other hand, local IT services might have to be priced to compete with neighboring businesses. Reaching this price objective might take several small steps, such as increasing prices 10 percent per year.
Finally, you should combine all of your key objectives into one summary paragraph, so you can see whether they work together. We will increase the number of customers by 20 percent, and increase the average purchase by 10 percent. Also, we will increase our prices by 5 percent over the next three years. This is one of the marketing objectives that will increase revenue and the amount of money coming into your business.
If your brand is new or only known to a small audience, one of the marketing objectives to focus on could be expanding your reach and getting more people familiar with your brand.
Rather than focus on new customer acquisition, you may want to focus on keeping the existing customers you already have. If your upcoming plans include launching new offerings, your marketing objectives should include promoting those new products and services.
Successful goal setting requires placing KPIs and benchmarks to track your objectives. You need to assign numbers, deadlines, and metrics to each of your marketing objectives. KPIs and marketing metrics allow you to evaluate progress along the way and assess results at the end of your campaign. So as you lay out your marketing plan, assign relevant KPIs that will help you assess and measure the output of your work.
Below are some examples of the big buckets that matter most in tracking and the KPI options under each. There are many ways to measure lead-generation metrics. Depending on your marketing objectives, determine which metrics will measure your success best.
Your market share is the portion of a market that your brand or product controls. This metric helps you compare your company to others in your industry and identify ways to reach your growth potential. To measure changes in your market share, you need to know your current share of the market. To find your market share, consider the total revenue and market size of your industry or geographic location. This calculation will give you an estimate of the percentage of the market your brand controls.
When engaging in digital strategies as they relate to social media, utilize KPIs as they relate to social performance. When in a growth phase, you should keep an eye on new customer acquisition and the metrics that help you monitor growth.
KPIs that measure customer acquisition include the following metrics. Both of those metrics will help you gain insight into whether your sales are growing. Monitor changes over specific time frames, as well as intervals over the duration of campaigns or marketing initiatives to see trends and fluctuations.
Below are some KPI examples for monitoring sales teams:. If your marketing plans include improving your visibility in search, monitor KPIs that show improvement in your SEO status. When running campaigns that have intended results—such as a customer making a purchase, a website visitor signing up for a free trial, an audience clicking on a link in an email—you should always monitor the conversion rates.
Conversion rates are the percentage of people who perform the desired action when presented with an option to act. Track conversion rates for all of your landing pages, website opt-ins, email links, free trial sign-ups, or any other call-to-action in your marketing campaigns. These examples are just the tip of the iceberg. The methods used to track these objectives can differ from company to company, and it depends on how sophisticated you need or want to get.
It can be as simple as tracking them in an Excel spreadsheet, but with that is the manual process of continually keeping the data updated. Keeping track of your marketing objectives in a real-time business dashboard will keep everyone in the company—not just the marketing team—updated on the progress toward set goals.
There are many benefits to using a real-time dashboard to keep track of progress such as an at-a-glance view of performance, sales and marketing alignment, KPIs all in one place, time savings, and your data is always up to date with the manual process of updating the data removed. Software such as HubSpot, Infusionsoft, and ActiveCampaign make it easy to keep all of your marketing in one software and track marketing objectives.
We use HubSpot and like their easy-to-use sales and marketing dashboards. HubSpot comes with a default marketing dashboard, but you do have the option to create your own with the metrics and KPIs that matter to you.
They also have easy-to-view reporting that can be shared across the company. This is not ideal because of the manual input necessary, but it does get you thinking about starting to track KPIs. Depending on your level of Excel knowledge, you can add different functions and integrations to make it easier. If nothing else, just list your KPIs along the row and the tracking cadence in the column and start inputting, making sure to keep the data updated.
Of course, make sure each KPI with the corresponding cadence is up-to-date before distributing it to other department heads.
Have you set your company marketing objectives? If you need help determining what your marketing objectives should be and are looking for a framework to follow, schedule a consultation with us. Our consultants review your current marketing goals, help you create a mission plan and see if your execution plan aligns with hitting those goals. We use this exact process for our digital marketing agency and our clients.
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10 Powerful Service Marketing Strategies (Valuable)
In any business, a solid marketing strategy is critical to building a brand, attracting new customers and maintaining loyalty. The hospitality industry is no different. Because customer loyalty is key, marketing managers and executives devote a lot of time and resources to building brand awareness and creating ongoing, interconnected campaigns. These marketing efforts usually include both print and digital collateral that target former guests while also attracting new clientele. However, this particular industry has a unique set of challenges that must be overcome. Understanding the importance of marketing in the hospitality industry can help you get ahead and stand out in the competitive job market.
When service firms think of marketing strategies , they usually consider outbound and direct techniques i. The goal, in this approach, is to be persuasive and compelling so that your audience responds to and engages with the service offered. Start Your Free Marketing Course. These techniques will be undeniably in vogue as long as marketing exists. But service marketing strategies have evolved over the years, especially after the arrival of digital marketing. The behavior of service buyers has changed.
The focus of the present paper is to identify and defines the important factors of strategic management in SMEs with a specific focus on the service sector and to compare its current situation in the Czech Republic and Slovak republic firms. To shape the study, survey-based research planned and conducted in the Czech Republic and Slovak republic over SMEs in the service sector. The data were collected from the owners or top-level managers, the total sample used in the study was , respondents from the Czech firms and firms from the Slovak republic. The study employs basic statistics tools, percentages and mean values, used Z-score to compare the respondents in the Czech Republic and Slovak republic. The major findings of the study reveal that majority of the firms in both the countries use strategic management as an integral part of corporate governance and believe that strategic management usage improves the competitiveness of the firms and its stability in domestic and foreign markets. Another interesting finding reveals that the business sector is not a statistically significant factor in evaluating the sources of strategic risk, found from the firms of both countries. The paper adds to the existing literature of SMEs, investigated the use of strategic management tools for their sustainability and competitiveness.
Develops a theory of strategic management and marketing of services that is both profit-oriented and Please request a PDF file at [email protected] Topics.
The Importance of Marketing in the Hospitality Industry
From Wikipedia, the free encyclopedia This article may need to be rewritten entirely to comply with Wikipedia's quality standards. You can help. The discussion page may contain suggestions. May Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
That being said, your strategy needs to be long-term. When you work to increase market share, you need to make sure you can build on your past success and maintain market share for years or even decades. These steps will help you get there.
In most western economies at least, both service firms and manufacturers of goods are facing a new type of competition, which has been emerging over the last decade or so.
Human resource management HRM , the management of work and people towards desired ends, is a fundamental activity in any organization in which human beings are employed. It is not something whose existence needs to be elaborately justified: HRM is an inevitable consequence of starting and growing an organization. This article focuses on the scope of HRM and its major subfields. While there are a myriad of variations in the ideologies, styles, and managerial resources engaged, HRM happens in some form or other. It is one thing to question the relative performance of particular models of HRM in particular contexts or their contribution to enhanced organizational performance relative to other organizational investments, such as new production technologies, advertising campaigns, and property acquisitions. These are important lines of analysis.
By Lee Frederiksen, Ph. November 23, Your business development strategy can be key to the success or failure of your firm. Business development BD is the process that is used to identify, nurture and acquire new clients and business opportunities to drive growth and profitability. A business development strategy is a document that describes the strategy you will use to accomplish that goal.
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