MEDA301 Making Opportunity

Exercise: Plan Your Apprenticeship

Career plan is to work into the position of the Chief Marketing Officer/Performance Officer (CMO)(CPO) at a creative multinational and to establish a self-sustaining brand. The CMO is the corporate director responsible for all marketing operations. The core value of the CMO is to produce Integrated Marketing Communications (IMC) ensuring that communication across the organisation represents the same value (Larry, P. Rosenbaum – Elliot, R. 2012).

To create a self-sustaining brand, an individual must establish an unmet market need and fulfil that need. This is noted as entrepreneurship, in which an individual undertakes a commercial operation, controlling means of production (financial, human and material) to exploit an opportunity. However entrepreneurship doesn’t necessarily reflect individual risk and reward, with intrapreneurship as the process of acting in an entrepreneur fashion without leaving the organisation.

According to Linton M. (2009) the CMO is one of the least secure positions throughout an organisation with the average stay of 28 months in 2008 and in 2009 only one third hold the position for over three years. Linton, M. argues that this is the result of a ‘marketers dilemma’ in that marketers focus on short term goals, failing to innovate and lost to competition. However if they focus on long term innovation, they fail to meet short term goals thus losing turnover.

While department structurers vary between organisations, due to disruptive technologies structures are changing. Traditional structure noted below:

Marketing St

Source

Future structures:

Future

Source

According to Seek (2017) skills and qualifications for CMO’s include, but not limited to:

  • Understanding of Finance, Informational Technology and Risk and Compliance.
  • Identification of data to improve performance across all departments.
  • Creating organisational culture centred around performance improvement that increases internal engagement.
  • Over 10 years experience in senior experience, member of Australian Institute of Company Directors and at least a Master’s degree.  

Currently I have six months to graduate, planning on pursuing a Master’s degree within the next five years and have six months experience as a Co-founder and Partner in a small business in which a large part of my role has been focused on branding and strategy. In order to transition to CMO, the likely path is to start in either PR or Brand Management at a medium-large scale organisation. However, personally I am not one to plan too much but rather ride the wave of whatever comes at me, and build and learn from those mistakes.  

Exercise: Identify Potential Mentors

Mentorship could be noted as the GM at work, potential employers who I have had contact with and teachers who have showed a greater degree of interest in personal development.

I have been employed casually in marketing, and as an intern for an international organisation as a production assistant. In the final year of University, I decided that rather than having to prove myself to an organisation to foster my experience as an Intern, I would create that experience myself through investing capital into a brand and building it from scratch. Ultimately this led to increasing running three events, increasing consumer foot traffic by 400 per cent and challenging the status quo of current events throughout the region.

Exercise: Preparing

Planning for marketing success requires the understanding that marketing has moved away from being a creative industry due to its extensive arm of psychology, social science, economics and neuroscience thus increasingly labelled as science. Therefore appropriate marketing planning is relevant to understanding not only the theory, but that marketing is the communication between the brand and the customer (Davids, M. Newcomb, K. 2006).


This begins with the marketing plan, according to Percy, K. Rosenbuam-Elliot, R. (2012) after an organisation notes profit objectives, the marketing plan illustrates how the communication will help the organisation meet the noted criteria. Steps required for successful promotion include:

  • Target Audience Action
  • Communication Effects
  • Processing
  • Exposure

However planning for overall marketing is more complex, with Percy, K. Rosenbuam-Elliot, R. (2012) stating that if one step is incorrect, all steps fail. In order to maximise the utility of planning, we have a ‘five-step strategic planning process.’

  1. Select TA (Target audience)
  2. Understand TA Decision Making
  3. Determine Best Positioning
  4. Develop Communication Strategy
  5. Set Media Strategy

This provides a broad understanding of a marketing plan, however further deconstruction of the plan is required, for example production description, market assessment, source of business and competitive evaluation.

References:

Davids, M. Newcombs, K. (2006) Planning for Marketing Success: Turning the Wheel by creating a Task-Oriented Executable Marketing Plan, viewed 23.03.17 <https://issuu.com/creativforce/docs/pages_from_200607>

Linton, M (2009) Why Do Chief Marketing Officers Have A Short Shelf-Life, Forbes, viewed 22.03.17  <https://www.forbes.com/2009/05/15/cmo-turnover-dilemma-cmo-network-dilemma.htm>

Percy, L. Rosenbaum-Elliot, R. (2012) Strategic Advertising Management, Oxford University Press, viewed 22.03.17

Pinchot, G. 1984. Who is the Intrapreneur? In: Intrapreneuring: Why You Don’t Have to Leave the Corporation to Become an Entrepreneur. New York: Harper & Row viewed 22.03.17

Further Research Resources

McDonald, M. (2007) Malcom McDonald on Marketing Planning: Understanding Marketing Plans and Strategy, Kogan Page Publishers, viewed 24.03.17 <https://books.google.com.au/books?hl=en&lr=&id=IvhoVd_auoUC&oi=fnd&pg=PP2&dq=planning+for+marketing&ots=fPt7OhO9_Q&sig=I_2KGiNgEIlxigj3KSlwfLuoizY#v=onepage&q=planning%20for%20marketing&f=false&gt;

 

 

 

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