Download Morrison Chapter 8 Objectives

Chapter 8
Marketing Strategy: Strategies,
Positioning, and Marketing Objectives
Where Would We Like to Be?
CHAPTER OBJECTIVES REVIEW
1. Identify the six components in developing a
marketing strategy and plan.
a.
b.
c.
d.
e.
f.
Market segmentation analysis
Marketing strategy formulation
Positioning approach
Marketing objectives
Marketing mix (8 Ps)
Marketing plan
2. Define the terms marketing strategy, positioning, and marketing objective.
Marketing strategy. The combination of target
markets and marketing mixes.
Positioning. The development of a service and
marketing mix to occupy a specific place in the
minds of customers within target markets, also
known as having distinctive service features.
Marketing objective. A measurable goal that a
hospitality and travel organization attempts to
achieve for a target market within a specific
time period, typically one to two years.
3. Explain the concept of segmented marketing
strategies and describe the alternative marketing strategies by target market focus.
Segmented strategies, also known as differentiated marketing strategies, are approaches that
recognize differences among target markets by
using individualized marketing mixes.
There are four alternative strategies available
by market focus. Three of these are segmented
marketing strategies: (1) single target market,
(2) concentrated, and (3) full coverage. The
fourth is an undifferentiated marketing
strategy in which segment differences are recognized but ignored in marketing.
4. Describe the alternative strategies by product
life cycle (PLC) stage.
The effectiveness of different marketing
approaches varies with the product life-cycle
stage. Marketing strategies need to be adapted
to meet the new challenges of each stage.
Stage 1: Introduction stage strategies
a. Rapid-skimming strategy. High price with
high promotion
b. Slow-skimming strategy. High price with
low promotion
c. Rapid-penetration strategy. Low price with
high promotion
d. Slow-penetration strategy. Low price with
low promotion
Stage 2: Growth stage strategies
a. Improve service quality and add new
service features and elements
b. Pursue new target markets
c. Use new channels of distribution
d. Lower prices to attract more pricesensitive customers
e. Shift advertising emphasis from building
awareness to creating desire and action
Stage 3: Maturity stage strategies
a. Market-modification strategy. Pursue competitors’ customers, add new target markets, or try to convert nonusers to users
b. Product-modification strategy. Rejuvenate
services or products to appear new
c. Marketing-mix modification strategy. Change
the marketing mix
d. Brand extension strategy. Add a different
type of product line to existing offerings
Stage 4: Decline stage strategies
a. Reduce costs and milk the company
b. Sell out
5. Describe the alternative strategies by industry sector position.
Market leader strategies
a. Expand the size of the total market
b. Protect market share
c. Expand market share
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Market challenger strategies
a. Frontal challenge on market leader
b. Flank
c. Encirclement
d. Bypass
e. Guerrilla
Market follower strategies
a. Stay away from direct or indirect attacks
on market leaders
b. Try to copy all or some of what the market
leader does
Market nicher strategies
a. Avoid direct confrontations with larger
organizations
b. Find a niche market and specialize in that
market
6. Explain the concepts of relationship marketing and strategic alliances.
Relationship marketing is a marketing concept
that emphasizes the importance of building
long-term relationships with individual customers and with other organizations in the
distribution chain.
Strategic alliances are a form of relationship
marketing; they are special long-term relationships formed between two or more hospitality
and travel organizations, or between a hospitality and travel organization and one or more
other types of organizations.
7. Identify the reasons that have made positioning essential in today’s business climate.
a. Human perceptual processes
b. Intensified competition
c. Volume of commercial messages
8. List and describe the steps required for effective positioning (the five Ds).
a.
b.
c.
d.
e.
Documenting
Deciding
Differentiating
Designing
Delivering
9. List and describe the six different approaches
to positioning.
a. Positioning on specific product features
b. Positioning on benefits, problem solution,
or needs
c. Positioning for specific usage occasions
d. Positioning for user category
e. Positioning against another product
f. Positioning by product class dissociation
10. Explain the benefits of having marketing
objectives and list the four requirements for
good marketing objectives.
a.
Giving marketing managers a way to
measure progress toward their goals and
make timely adjustments to their programs
b. Providing a yardstick for management to
measure the success of marketing programs
c. Representing a benchmark for judging the
potential return on alternative marketingmix activities
d. Providing a frame of reference for all those
directly involved in marketing
e. Giving broad directions for the scope and
types of marketing activities required in a
specific period
The four requirements for good marketing
objectives is that they be:
a. Target-market specific
b. Results-oriented
c. Quantitative
d. Time-specific
© 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible Website, in whole or in part.