CIM Level 6 Diploma in Professional Marketing

Transcription

1 CIM Level 6 Diploma in Professional Marketing Mastering Metrics (2201) April 2019 Assignment The assignment comprises THREE compulsory tasks Task 1 is worth 30 marks Task 2 is worth 40 marks Task 3 is worth 30 marks Total marks available 100 Candidate guidance: Answer all tasks The available marks are shown alongside each part of the task Read all tasks carefully before attempting them Assignments can only be accepted for marking with a valid assessment booking The Chartered Institute of Marketing 2018 VERSION Page 1 of 9

2 Scenario: Comparing metrics in different market contexts for defining strategy Your organisation, along with many others, is exploring the opportunities for growth through diversification into alternative market sectors so that it can secure its own sustainability. The development of business strategy can be supported by using a range of metrics to provide relevant and robust data for analysis. The Senior Management Team (SMT) are interested in the suitability of the metrics you use in your current plan to help measure progress and success in a new market, and what alternative sets of metrics might be included. In your role as a Marketing Manager, you have been asked by the SMT, of your own organisation or an organisation of your choice, to produce a report on the role of marketing metrics in informing business strategy. They have also asked you to select an alternative market sector to your existing one, and to use this selected sector to demonstrate knowledge and understanding of a range of marketing metrics for organisations that are in TWO contrasting sectors. Guidance notes: This assignment consists of THREE separate tasks that are linked together to form a set of solutions to enable an organisation to inform its business strategy development in TWO market sectors. FIVE marks will be awarded for an organisation overview in Task 1, which will form part of the report required for the first task, using the guidance given. This assignment can be applied to all organisations, sizes and sectors and a creative approach should be taken to the concept and theoretical principles explored. It is good practice to acknowledge all sources/methodologies/applications using the Harvard referencing system. Good Practice Guidelines for Assignment Production The maximum word count is intended to assist candidates in producing a professional document of an appropriate length that can be used in the workplace. The submission should be written in a professional tone (unless otherwise instructed) and should only contain relevant material that directly contributes towards answering the task. This assignment has been developed so that it can be applied to all organisations, sizes and sectors. Where candidates feel applying the assessment to their organisation needs a creative approach to be taken to the concept and theoretical principles explored, this is acceptable following discussion with their tutor. The approach taken should be outlined within the organisation overview. VERSION Page 2 of 9

3 TASK 1 REPORT Assessment criteria covered in Task 1: AC1.1, AC1.2, AC1.3, AC1.4, AC1.5, AC2.1, AC2.3 Please refer to the module specification for assessment criteria details. In your role as a Marketing Manager, you have been asked by the SMT of your chosen organisation to produce a report on the role of marketing metrics in informing business strategy in TWO contrasting market sectors. Required: (a) Provide a background to your chosen organisation that gives an overview of the customer base and the level of maturity in its ability to utilise metrics across a range of scenarios. (b) Assess the current organisational requirements for marketing metrics used to inform business strategy in your chosen organisation. (5 marks) (c) Appraise the potential challenges of using the metrics identified in Task 1 (b) within your chosen alternative market sector. (15 marks) (Total 30 marks) (Organisation overview maximum page count one side of A4 paper) (Tasks 1 (b) to 1 (c) maximum word count 1,250 words) VERSION Page 3 of 9

4 TASK 1 REPORT Maximum page count: Task 1 (a) one side of A4 paper Maximum word count: Tasks 1 (b) to 1 (c) 1,250 words ORGANISATION OVERVIEW GUIDELINES The organisation overview is intended to provide context on the chosen organisation and must not exceed one side of A4 paper. The following headings should be used as guidance: Organisation name Organisation information To include type of organisation, size of organisation, range of products and services and main competitors Guidance notes: Specific background Provide a background to your chosen organisation that gives an overview of the customer base and the level of maturity in its ability to choose alternative sets of metrics for different scenarios Task 1 (b): Candidates should consider a range of factors that may influence how the current set of marketing metrics have been chosen. This may include considering the various types of marketing metrics and the need to align with business objectives, strategies and outcomes. Candidates should also consider whether there are any potential gaps between some metrics and business outcomes. Candidates could include consideration of the current working practices and processes within the chosen organisation, whether the reporting of metrics is supported, and whether it has the resources to record the required information and data, for example, a customer relationship management (CRM) system. Candidates may also want to consider the impact of stakeholder influence on what metrics are used and how these have been implemented; for example, who the most influential stakeholders are, and their role in helping to determine key performance indicators (KPIs) and therefore the metrics required to measure them. Candidates may refer to models such as McKinsey's 7S framework or other relevant stakeholder models. Task 1 (c): Candidates should start by selecting an alternative market sector. Continued VERSION Page 4 of 9

5 Task 1 continued This could be, for example, business-to-business (B2B), business-toconsumer (B2C), services, voluntary, not-for-profit, a fast-moving consumer goods organisation (FMCG) market, or an online-only market as opposed to an offline channel. A brief overview of this sector and the main differences from the current sector is required, to introduce this part of the task. The current marketing metrics should then be evaluated in terms of their robustness, reliability and validity in relation to the new market sector. Candidates are expected to clearly appraise any identified challenges in using the current set of existing metrics for informing business strategy for a new market sector. It is expected that candidates will demonstrate knowledge of a range of marketing metrics, together with their strengths and weaknesses, within both sectors. The appraisal may also include consideration of different sources of data, such as strategic, predictive, operational data, etc. Candidates will also evaluate the potential problems that the organisation may encounter, such as the dangers of measuring the wrong factors, or the impact that different types of data may have upon each other. If the chosen organisation is, for example, an FMCG and only operates in one market sector, it would be important to include an evaluation of what issues may arise should it decide in the future to operate in an additional market sector. VERSION Page 5 of 9

6 TASK 2 BRIEFING PAPER Assessment criteria covered in Task 2: AC3.1, AC3.2, AC3.3, AC4.1, AC4.3 Please refer to the module specification for assessment criteria details. You have been asked to prepare a briefing paper for the SMT that considers measurement techniques and the data these provide for an alternative market sector. Required: (a) Assess THREE measurement techniques that could be used to source data to inform marketing strategy for the alternative market sector for your chosen organisation. (b) Evaluate what relevant data could be used from these sources to measure organisational performance against marketing strategy. (c) Create a prototype dashboard to demonstrate organisational performance against marketing strategy for the alternative market sector. (15 marks) (15 marks) (Total 40 marks) (Tasks 2 (a) to 2 (c) maximum word count 2,000 words) VERSION Page 6 of 9

7 TASK 2 BRIEFING PAPER Maximum word count: 2,000 words Task 2 (a): Candidates should consider a range of measurement techniques and select and assess the THREE that are most relevant to the alternative market sector. These could include, for example, strategic metrics, operational metrics, outcome-based metrics, or predictive measures such as horizon scanning or scenario planning. Guidance notes: Task 2 (b): In this task candidates could consider tactical data such as timing for campaigns, awareness metrics and action-based metrics. There should be an evaluation of not only financial data but also performance-related data, to identify if there are any gaps between strategy and performance for the alternative market sector. Task 2 (c): Candidates should present their data in a visual prototype marketing dashboard. These should not be just isolated charts and pictures but should relate to the THREE measurement techniques identified in Task 2 (a). The prototype dashboard should include a range of information and metrics that demonstrate how performance can be measured against the marketing strategy for the alternative market sector. For example, this could be segmentation data, sales or financial data. VERSION Page 7 of 9

8 TASK 3 REPORT Assessment criteria covered in Task 3: AC5.2, AC5.3, AC6.1, AC6.2, AC6.3 Please refer to the module specification for assessment criteria details. You have been asked to prepare a report for the SMT that considers how dashboards can be used to provide information to support strategic marketing decision-making. The report will also consider sentiment analysis and how it can be used in an alternative market sector. Required: (a) Assess what relevant automated techniques could be used within your prototype dashboard for monitoring the marketing metrics. (b) Describe how the data in the prototype dashboard can be used to improve strategic marketing decision-making. (c) Recommend ways in which sentiment analysis can be used to support strategic marketing decision-making in TWO different market sectors. (Total 30 marks) (Tasks 3 (a) to 3 (c) maximum word count 1,500 words) VERSION Page 8 of 9

9 TASK 3 REPORT Maximum word count: 1,500 words Task 3 (a): Candidates should consider what automated techniques would be required for the metrics in the prototype dashboard. These could include, for example, techniques for monitoring, setting levels for the trigger points, creating planned reactions to data gathered and attribution modelling. Guidance notes: Task 3 (b): Candidates should consider the benefits and limitations of the metrics selected for the prototype dashboard, in terms of improving strategic marketing decision-making in the organisation. They also may wish to consider the limitations of small data sets, if applicable, or the issues of merging small and large data sets. Where relevant, some dashboards may contain examples of real-time data, and so candidates may wish to consider the advantages and disadvantages of using this type of data. Task 3 (c): Candidates should start by defining sentiment analysis, and then go on to recommend ways in which it can be used to support strategic marketing decision-making. It is expected within the recommendations that there will be examples of how sentiment analysis can be used to support strategic marketing decision-making for TWO different market sectors. VERSION Page 9 of 9