Nation Branding And Place Marketing Vii Marketing Implementation Evaluation And Control

Nation Branding And Place Marketing Vii Marketing Implementation
Evaluation And Control

Nation Branding and Place Marketing - VII .​
Marketing Implementation,​ Evaluation,​ and Control
VII .​
Marketing Implementation,​ Evaluation,​ and Control
How can a​ country (region,​ state,​ city,​ municipality,​ or​ other polity) judge the​ efficacy of​ its attempts to​ brand or​ re-brand itself and,​ consequently,​ to​ attract customers (investors,​ tourism operators,​ bankers,​ traders,​ and so on)?
Marketing is​ not a​ controlled process in​ an​ insulated lab .​
It is​ prone to​ mishaps,​ last minute changes,​ conceptual shifts,​ political upheavals,​ the​ volatility of​ markets,​ and,​ in​ short,​ to​ the​ vagaries of​ human nature and natural disasters .​
Some marketing efforts are known to​ have backfired .​
Others have yielded lukewarm results .​
Marketing requires constant fine tuning and adjustments to​ reflect and respond to​ the​ kaleidoscopic environment of​ our times.
But maximum benefits (under the​ circumstances) are guaranteed if​ the​ client (the country,​ for instance) implements a​ rigorous Marketing Implementation,​ Evaluation,​ and Control (MIEV) plan.
The first task is​ to​ set realistic quantitative and qualitative interim and final targets for the​ marketing program - and then to​ constantly measure its actual performance and compare it​ to​ the​ hoped for outcomes .​
Even nation branding and place marketing require detailed projections of​ expenditures vs .​
income (budget and pr-forma financial statements) for monitoring purposes.
The five modules of​ MIEV are:
1 .​
Annual plan control
This document includes all the​ government's managerial objectives and (numerical) goals .​
It is​ actually a​ breakdown of​ the​ aforementioned pro-forma financial statements into monthly and quarterly figures of​ sales (in terms of​ foreign direct investment,​ income from tourism,​ trade figures,​ etc.) and profitability .​
It comprises at​ least five performance gauging tools:
I .​
Sales analysis (comparing sales targets to​ actual sales and accounting for discrepancies).
II .​
Market-share analysis (comparing the​ country's sales with those of​ its competitors) .​
The country should also compare its own sales to​ the​ total sales in​ the​ global market and to​ sales within its market segment (neighboring countries,​ countries which share its political ambience,​ same-size countries,​ etc.) .​
III .​
Expense-to-sales analysis demonstrates the​ range of​ costs - both explicit and hidden (implicit) - of​ achieving the​ country's sales goals .​
IV .​
Financial analysis calculates various performance ratios such as​ profits to​ sales (profit margin),​ sales to​ assets (asset turnover),​ profits to​ assets (return on​ assets),​ assets to​ worth (financial leverage),​ and,​ finally,​ profits to​ worth (return on​ net worth of​ infrastructure) .​
V .​
Customer satisfaction is​ the​ ultimate indicator of​ tracking goal achievement .​
The country should actively seek,​ facilitate,​ and encourage feedback,​ both positive and negative by creating friendly and ubiquitous complaint and suggestion systems .​
Frequent satisfaction and customer loyalty surveys should form an​ integral part of​ any marketing drive.

Regrettably,​ most acceptable systems of​ national accounts sorely lack the​ ability to​ cope with place marketing and nation branding campaigns .​
Intangibles such as​ enhanced reputation or​ investor satisfaction are excluded .​
There is​ no clear definition as​ to​ what constitute the​ assets of​ a​ country,​ its sales,​ or​ its profits.
2 .​
Profitability control
There is​ no point in​ squandering scarce resources on​ marketing efforts that guarantee nothing except name recognition .​
Sales,​ profits,​ and expenditures should count prominently in​ any evaluation (and re-evaluation) of​ on-going campaigns .​
The country needs to​ get rid of​ prejudices,​ biases,​ and misconceptions and clearly identify what products and consumer groups yield the​ most profits (have the​ highest relative earnings-capacity) .​
Money,​ time,​ and manpower should be allocated to​ cater to​ the​ needs and desires of​ these top-earners .​
3 .​
Efficiency control

The global picture is​ important .​
An overview of​ the​ marketing and sales efforts and their relative success (or failure) is​ crucial .​
But a​ micro-level analysis is​ indispensable .​
What is​ the​ sales force doing,​ where,​ and how well? What are the​ localized reactions to​ the​ advertising,​ sales promotion,​ and distribution drives? Are there appreciable differences between the​ reactions of​ various market niches and consumer types?
4 .​
Strategic control

The complement of​ efficiency control is​ strategic control .​
It weighs the​ overall and long-term marketing plan in​ view of​ the​ country's basic data: its organization,​ institutions,​ strengths,​ weaknesses,​ and market opportunities .​
It is​ recommended to​ compare the​ country's self-assessment (marketing-effectiveness rating review) with an​ analysis prepared by an​ objective third party .​
The marketing-effectiveness rating review incorporates privileged information such as​ input and feedback from the​ country's customers (investors,​ tourist operators,​ traders,​ bankers,​ etc.),​ internal reports regarding the​ adequacy and efficiency of​ the​ country's marketing information,​ operations,​ strengths,​ strategies,​ and integration (of various marketing,​ branding,​ and sales tactics).

5 .​
Marketing audit

The marketing audit is,​ in​ some respects,​ the​ raw material for the​ strategic control .​
Its role is​ to​ periodically make sure that the​ marketing plan emphasizes the​ country's strengths in​ ways that are compatible with shifting market sentiments,​ current events,​ fashions,​ preferences,​ needs,​ and priorities of​ relevant market players .​
This helps to​ identify marketing opportunities and new or​ potential markets.
The Encyclopedia Britannica (2018 edition) describes the​ marketing audit thus:
.. .​
(I)t covers all aspects of​ the​ marketing climate (unlike a​ functional audit,​ which analyzes one marketing activity),​ looking at​ both macro-environment factors (demographic,​ economic,​ ecological,​ technological,​ political,​ and cultural) and micro- or​ task-environment factors (markets,​ customers,​ competitors,​ distributors,​ dealers,​ suppliers,​ facilitators,​ and publics) .​
The audit includes analyses of​ the​ company's marketing strategy,​ marketing organization,​ marketing systems,​ and marketing productivity .​
It must be systematic in​ order to​ provide concrete conclusions based on​ these analyses .​
To ensure objectivity,​ a​ marketing audit is​ best done by a​ person,​ department,​ or​ organization that is​ independent of​ the​ company or​ marketing program .​
Marketing audits should be done not only when the​ value of​ a​ company's current marketing plan is​ in​ question; they must be done periodically in​ order to​ isolate and solve problems before they arise.

Nation Branding And Place Marketing Vii Marketing Implementation
Evaluation And Control

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