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CHAPTER 2 DEVELOPING MARKETING STRATEGIES AND A MARKETING PLAN 2-1 Developing Marketing Strategies and a Marketing Plan LEARNING OBJECTIVES LO1 Define a marketing strategy. LO2 Describe the elements of a marketing plan. LO3 Analyze a marketing situation using SWOT analysis. LO4 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. LO5 LO6 LO7 Outline the implementation of the marketing mix as a means to increase customer value. Summarize portfolio analysis and its use to evaluate marketing performance. Describe how firms grow their business. 2-2 Sustainable Competitive Advantage Customer excellence Locational excellence Customer value Operational excellence Product excellence 2-3 CHECK YOURSELF 1. List the four macro strategies that can help a firm develop a sustainable competitive advantage. 2-4 The Marketing Plan Step 1: Business mission & objectives Planning Phase Step 2: Situation analysis SWOT Step 3: Identify opportunities Segmentation Targeting Positioning Implementation Phase Marketing strategy Step 4: Implement marketing mix Product Control Phase Price Place Promotion Step 5: Evaluate performance using marketing metrics 2-5 Planning Getty Images/Digital Vision Comstock Images/Almay Ryan McVay/Getty Images Three Phases of a Strategic Plan Implementing Controlling 2-6 Step 1: Define the Business Mission MADD mission statement: MADD strives to stop drunk driving, support the victims of this violent crime and prevent underage drinking. 2-7 Step 2: Conduct a Situation Analysis Nike adidas Environment Evaluation Positive Negative Internal Strengths Strong brand Strong celebrity endorsers Innovative products Weakness Overreliance on footwear External Opportunity Emerging countries Other fashion segments Threats Cheaper imports Imitation products Retail becoming price competitive Internal Strengths Strong brand Portfolio of brands Strong global presence Weakness Management of numerous brands External Opportunity Emerging countries Threats Cheaper imports Imitation products Recessionary forces 2-8 Step 3: Identifying and Evaluating Opportunities Using STP Segmentation Targeting Positioning Courtesy The Hertz Corporation 2-9 Step 4: Implement Marketing Mix and Allocate Resources Product Value Creation Price Value Capture Place Value Delivery Promotion Value Communication Courtesy Bel Brands USA 2-10 Product and Value Creation Successful products and services are those that customers perceive as valuable enough to buy. Courtesy Amazon.com 2-11 Price and Value Capture Price must allow for customers to perceive good value for the product they receive. Purestock/SuperStock 2-12 Place and Value Delivery The product must be readily accessible Why is this retailer growing? Courtesy Sephora USA, Inc.. 2-13 Promotion and Value Communication ©Lars A Niki McGraw-Hill Companies, Inc./ Gary He, photographer Television Radio Magazines Sales force New Media Courtesy Pizza Hut. The McGraw-Hill Companies, Inc./ John Flournoy, photographer 2-14 Step 5: Evaluate Performance and Make Adjustments (BCG Matrix) HIGH HIGH Relative market share Stars LOW Question Marks Market growth rate A* A B C LOW Cash Cows Dogs P&G Website 2-15 CHECK YOURSELF 1. What are the five steps in creating a marketing plan? 2. What tool helps a marketer conduct a situation analysis? 3. What is STP? 4. What do the four quadrants of the portfolio analysis represent? 5. What are the two dimensions/ scales of BCG Matrix? 2-16 Ansoff’s Growth Strategies Current New Current Market Penetration Product Development New MARKETS PRODUCTS AND SERVICES Market Development Diversification 2-17 CHECK YOURSELF 1. What are the four growth strategies of Ansoff’s Matrix? 2. What type of strategy is growing the business from existing customers? 3. Which strategy is the riskiest? 2-18