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Marketing 2Marketing 2
Strategic PlanningStrategic Planning
2.12.1
Strategic planning for competitive Strategic planning for competitive advantageadvantage
Planning marketing activitiesPlanning marketing activities
Changing role of marketingChanging role of marketing
Strategic Planning-2
Strategic PlanningStrategic Planning
The managerial process of creating and The managerial process of creating and maintaining fit between the organization’s maintaining fit between the organization’s objectives and resources and the evolving objectives and resources and the evolving market opportunities. (or threats)market opportunities. (or threats)
Strategy vs. TacticsStrategy vs. Tactics
StrategyStrategy Long termLong term Big pictureBig picture Designed to achieve Designed to achieve
organizational goalsorganizational goals
TacticsTactics Short termShort term DetailsDetails Designed to achieve Designed to achieve
strategystrategy
Elements of the Marketing PlanElements of the Marketing PlanMust haveMust have Definition of Mission and ObjectivesDefinition of Mission and Objectives Situational AnalysisSituational Analysis Identify Target Market (segment)Identify Target Market (segment) Positioning using Marketing MixPositioning using Marketing Mix
Should haveShould have BudgetBudget TimetableTimetable Research neededResearch needed
2.22.2
Marketing Plan IMarketing Plan I
Company missionCompany mission Raison d’etreRaison d’etre Establishes boundaries for decisions, Establishes boundaries for decisions,
objectives, and strategies.objectives, and strategies. Focus on markets rather than goods or Focus on markets rather than goods or
services; customer needs vs. technology. services; customer needs vs. technology. (myopia)(myopia)
Don’t be too broad. Say something useful. Don’t be too broad. Say something useful. (Scott Adams)(Scott Adams)
2.22.2
Marketing Plan IIMarketing Plan II
Company goals and objectives Company goals and objectives
Business portfolio and strategic business unitsBusiness portfolio and strategic business units
Must be realistic, measurable, and time specific.Must be realistic, measurable, and time specific.
Must be consistent with organizational priorities.Must be consistent with organizational priorities.
2.32.3
Meaningful Goals & Objectives Meaningful Goals & Objectives Are...Are...
SupportiveSupportive of the Organization’s of the Organization’s MissionMission
ChallengingChallenging but Attainable but Attainable
MeasurableMeasurable
TimeTime sensitive sensitive
Marketing Plan IIIMarketing Plan III
Situation Analysis/SWOTSituation Analysis/SWOT
StrengthsStrengths WeaknessesWeaknesses OpportunitiesOpportunities ThreatsThreats
Strengths and Weaknesses are INTERNALStrengths and Weaknesses are INTERNAL
Opportunities and Threats are EXTERNALOpportunities and Threats are EXTERNAL
2.72.7
SWOT AnalysisSWOT Analysis
OPPORTUNITIES
THREATS
STRENGTHS WEAKNESSESStrategy
External
External
InternalInternal
Marketing Plan IVMarketing Plan IV
Identify Target Market SegmentIdentify Target Market Segment
PositioningPositioning
Marketing MixMarketing Mix ProductProduct PlacePlace PricePrice PromotionPromotion
2.42.4
The The Internal Internal Marketing StrategyMarketing Strategy
Total Quality ManagementTotal Quality Management
Organizational Structure & Re-Organizational Structure & Re-engineeringengineering
Teamwork and Employee Teamwork and Employee EmpowermentEmpowerment
2.52.5
The The ExternalExternal Marketing Strategy Marketing Strategy
Product Development and DifferentiationProduct Development and Differentiation
Valuation and PricingValuation and Pricing
Channel and Value-Chain ManagementChannel and Value-Chain Management
Integrated Marketing CommunicationIntegrated Marketing Communication
2.62.6
Marketing in business Marketing in business organizationsorganizations
Develop marketing plansDevelop marketing plans PortfolioPortfolio
SBUSBU Product marketing planProduct marketing plan
Identify market opportunitiesIdentify market opportunities Strategic windowsStrategic windows
Factors that make markets attractiveFactors that make markets attractive
Environmental scanning Environmental scanning
Environmental ScanningEnvironmental Scanning
The collection and interpretation of The collection and interpretation of information about forces, events, and information about forces, events, and relationship in the external environment relationship in the external environment that may affect the future of the that may affect the future of the organization or the implementation of the organization or the implementation of the marketing plan.marketing plan.
Marketing Plan VMarketing Plan V
ImplementationImplementation Monitor and ControlMonitor and Control Adjust as necessary to reach objectivesAdjust as necessary to reach objectives Planning is everything. The plan is Planning is everything. The plan is
nothing. nothing. Dwight D. EisenhowerDwight D. Eisenhower
2.82.8
Competitive AdvantageCompetitive Advantage
Unique features of the company or product Unique features of the company or product that are significant and superior to the that are significant and superior to the competitioncompetition
Sources of Competitive Advantage Sources of Competitive Advantage Better than competitorsBetter than competitors
Sustaining Competitive AdvantageSustaining Competitive Advantage Cannot be copied, substituted for, or Cannot be copied, substituted for, or
surpassed by competition. surpassed by competition.
Resource Advantage TheoryResource Advantage Theory
Relative Resource-Produced Value
Lower Parity Superior
Lower Indeterminate Position
CompetitiveAdvantage
CompetitiveAdvantage(Nirvana)
Relative Resource Cost
Parity CompetitiveDisadvantage
ParityPosition
CompetitiveAdvantage
Higher CompetitiveDisadvantage(The Pits)
CompetitiveDisadvantage
Indeterminate Position
Resource Advantage Theory (Hunt and Morgan 1996)
Competitive Position Matrix
Porter’s Typology of StrategyPorter’s Typology of Strategy
Low CostLow Cost
DifferentiationDifferentiation
NicheNiche
Middle-of-the-RoadMiddle-of-the-Road=
2.92.9
Cost competitive advantagesCost competitive advantagesLow cost competitionLow cost competition Can offer lower prices while maintaining same Can offer lower prices while maintaining same
profit margins, orprofit margins, or Can make higher profits, with same or slightly Can make higher profits, with same or slightly
lower prices.lower prices.
Sources of Cost Competitive AdvantageSources of Cost Competitive Advantage ExperienceExperience EfficiencyEfficiency Simpler market offeringsSimpler market offerings Government subsidiesGovernment subsidies Product designProduct design ReengineeringReengineering Product innovationProduct innovation LogisticsLogistics
2.102.10
Product/service differentiationProduct/service differentiation
Offer something unique and valuableOffer something unique and valuable Brand NamesBrand Names Dealer NetworkDealer Network Product ReliabilityProduct Reliability ImageImage ServiceService
2.102.10
Niche Competitive AdvantageNiche Competitive Advantage
Target and effectively serve a small segmentTarget and effectively serve a small segment ExpertiseExpertise Full service in marketFull service in market Significant share of nicheSignificant share of niche Too small to be noticed/attractiveToo small to be noticed/attractive
2.122.12
Selecting MarketingSelecting Marketing AlternativesAlternatives
CORPORATE AND SBU LEVELCORPORATE AND SBU LEVEL BCG Portfolio AnalysisBCG Portfolio Analysis
StarStar
Question mark/Problem childQuestion mark/Problem child
DogDog
Cash cows Cash cows
Allocation of ResourcesAllocation of Resources
2.132.13
BCGGrowth-share matrix
High Low
High
Low
Market growth rate
?Star Question Mark
CashCow
Dog
Relative market share
Growth StrategiesGrowth Strategies
Market PenetrationMarket Penetration Existing Products/Existing CustomersExisting Products/Existing Customers
Market DevelopmentMarket Development Existing Products/New CustomersExisting Products/New Customers
Product DevelopmentProduct Development New Products/Existing MarketsNew Products/Existing Markets
DiversificationDiversification New Products/New MarketsNew Products/New Markets
2.142.14
Marketing StrategyMarketing Strategy
Target Market StrategyTarget Market Strategy Market Opportunity AnalysisMarket Opportunity Analysis
Size and potential of market segmentsSize and potential of market segments One Marketing Mix to All Market SegmentsOne Marketing Mix to All Market Segments One Marketing Mix to One Market SegmentOne Marketing Mix to One Market Segment Different Marketing Mixes to Multiple Market SegmentsDifferent Marketing Mixes to Multiple Market Segments
Marketing Mix StrategyMarketing Mix StrategyMust work togetherMust work together
Complementary and SynergisticComplementary and Synergistic
Details to follow in Chapters 9-18Details to follow in Chapters 9-18
2.152.15
Following Up PlanningFollowing Up Planning
ImplementationImplementation Tactics and all the details.Tactics and all the details.
Evaluation and ControlEvaluation and Control Audit and AdjustAudit and Adjust
Marketing AuditMarketing Audit ComprehensiveComprehensive SystematicSystematic IndependentIndependent PeriodicPeriodic
2.162.16
Customer Centered Company Strategic Planning
Customer value
Customer satisfaction
Employee creativity and commitment
2.172.17
Changing Role of MarketingChanging Role of Marketing
MARKETING MUST:MARKETING MUST: Assess market attractivenessAssess market attractiveness
Promote customer orientationPromote customer orientation
Determine the firm’s distinctive Determine the firm’s distinctive competencecompetence
At corporate levelAt corporate level
At SBU levelAt SBU level
2.182.18
Basics of Relationship Marketing
Relationships are based on open communication.
Relationships are built on reliability. Relationships are strengthened when the
parties stay in contact. Relationships depend on trust, honesty,
and ethical behavior. Partners in relationships show they care.