A Knowledge Transfer Partnership collaboration between the Milford Docks Company Limited and Cardiff University developed a strategic marketing plan, increasing annual sales turnover by £200,000.
- Annual sales turnover as a result of the KTP has increased by £200,000.
- There has been an increase in profits before tax of £168,000.
- In the three years following the completion of the KTP, annual profit before tax is expected to rise by £100,000.
- This favourable situation has meant that instead of taking the rise in revenue as a full increase of profits, the company can further step up its planned maintenance. The next stage of the strategic plan for the Division is to increase rentable properties, which would not have been considered prior to the KTP project.
"The KTP Associate's contribution to the success of this project is really appreciated. The project has far exceeded our expectations." (Andrew Brown, Director, The Milford Docks Company Ltd)
About the research
Milford Haven is the third largest port in the UK and the biggest in Wales, handling over 29 per cent of Britain's seaborne trade in oil and gas. Milford Docks Company Ltd is one of the businesses owned and operated by Milford Haven Port Authority, providing services such as port management, ship repairs, marine contracting and onshore leisure activities.
Milford Docks recognised that to support its overall aims it needed to develop and implement a strategic marketing and planning system. To achieve this aim the company entered into a Knowledge Transfer Partnership (KTP) with Cardiff University, funded by the ESRC and the Technology Strategy Board.
The original aim was to market all the operations of the Milford Docks including the entire commercial portfolio, but the scope was changed to concentrate on marketing the new 'Quayside Estates'. The KTP developed and implemented a strategic marketing plan and a brand image for the Estates Division.
The success of the project has brought a significant increase in revenue. The estates function now has a separate identity and is no longer viewed as a secondary part of the company's operational activity. Members of the new Estates Division have gained a greater understanding of the customer base, and of the procedures required to manage an increasing portfolio for the estates.