* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Marketer
Food marketing wikipedia , lookup
Market penetration wikipedia , lookup
Marketing communications wikipedia , lookup
Neuromarketing wikipedia , lookup
Ambush marketing wikipedia , lookup
Marketing research wikipedia , lookup
Sports marketing wikipedia , lookup
Digital marketing wikipedia , lookup
Multi-level marketing wikipedia , lookup
Product planning wikipedia , lookup
Youth marketing wikipedia , lookup
Viral marketing wikipedia , lookup
Target audience wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Marketing channel wikipedia , lookup
Direct marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Sensory branding wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Target market wikipedia , lookup
Advertising campaign wikipedia , lookup
Street marketing wikipedia , lookup
Multicultural marketing wikipedia , lookup
Marketing plan wikipedia , lookup
Green marketing wikipedia , lookup
Chapter 2 Marketing Strategy: Partnering to Build Customer Relationships Concept Connections Define strategic planning and its four steps. Discuss how to design business portfolios and growth strategies. Explain how to build profitable customer relationships. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it. List the marketing management functions, including the elements of a marketing plan. Jian Hong SHAO USTB Formal Planning? Many companies operate without formal plans, yet these plans can provide many benefits: Encouraging management to think ahead systematically. Forcing managers to clarify objectives and policies. Better coordination of company efforts. Clearer performance standards for control. Helping the company to anticipate and respond quickly to environmental changes and sudden developments. Jian Hong SHAO USTB Strategic Planning Strategic Planning is the Process of Developing and Maintaining a Strategic Fit Between the Organization’s Goals and Capabilities and Its Changing Marketing Opportunities. Jian Hong SHAO USTB Steps in Strategic Planning Corporate Level Business unit, product, and market level Setting Company Objectives and Goals Planning, marketing, and other functional Strategies Defining the Company Mission Designing the Business Portfolio Jian Hong SHAO USTB 1 Defining the Company Mission Jian Hong SHAO USTB Mission Statement “To provide a global trading platform where practically anyone can trade practically anything —you can get it at eBay”. “It connects individual buyers and sellers in the world’s online marketplace.” Jian Hong SHAO USTB Defining the Company’s Business and Mission A Mission Statement is a Statement of the Organization’s Purpose. Market Oriented Realistic Specific Characteristics of a Good Mission Statement: Fit Market Environment Distinctive Competencies Motivating Jian Hong SHAO USTB 2. Setting Company Objectives and Goals Jian Hong SHAO USTB Setting Company Objectives and Goals Mission Statement Marketing Objective # 1 Marketing Strategy Marketing Strategy Marketing Objective # 2 Marketing Strategy Marketing Objective # 3 Marketing Strategy Marketing Strategy Jian Hong SHAO USTB Steps in Strategic Planning Corporate Level Business unit, product, and market level Setting Company Objectives and Goals Planning, marketing, and other functional Strategies Defining the Company Mission Designing the Business Portfolio Jian Hong SHAO USTB 3. Designing the Business Portfolio Jian Hong SHAO USTB Designing the Business Portfolio The business portfolio is the collection of businesses and products that make up the company. The company must do Portfolio Analysis : analyze its current business portfolio or Strategic Business Units (SBU’s) decide which SBU’s should receive more, less, or no investment develop growth strategies for adding new products or businesses to the portfolio Jian Hong SHAO USTB Analyzing Current SBU’s: -- Boston Consulting Group Approach Relative Market Share Low High Market Growth Rate High Low Stars Question Marks • High growth & share • High growth, low share • Profit potential • May need heavy investment to grow Cash Cows • Low growth, high share • Established, successful SBU’s • Produce cash ? • Build into Stars or phase out • Require cash to hold market share Dogs • Low growth & share • Low profit potential Jian Hong SHAO USTB Analyzing Current SBU’s: -- GE’s Strategic BusinessPlanning Grid Business Strength Industry Attractiveness Strong High Medium Average Weak C A B D Low Jian Hong SHAO USTB Problems With Matrix Approaches Can be Difficult, Time-Consuming, & Costly to Implement Difficult to Define SBU’s & Measure Market Share/ Growth Focus on Current Businesses, But Not future Planning Can Place too Much Emphasis on Growth Can Lead to Unwise Expansion or Diversification Jian Hong SHAO USTB Developing Growth Strategies Product/ Market Expansion Grid Existing Products New Products Existing Markets Market Penetration Product Development New Markets Market Development Diversification Jian Hong SHAO USTB Developing Growth Strategies -Downsizing Downsizing : The reduction of the business portfolio. Reasons ? The market environment might change The company may have grown too fast or entered areas where it lacks experience Product life cycle Jian Hong SHAO USTB Partnering To Build Customer Relationship With Other Company Departments -Value chain is a series of departments that carry out valuecreating activities to design, produce, market, deliver, and support a firm’s products. Jian Hong SHAO USTB With Others in the Marketing System Suppliers (Marketer) Marketing Intermediaries End User Market Environment Environment Competitors Company Jian Hong SHAO USTB Marketing Strategy DemographicEconomic Environment TechnologicalNatural Environment Marketing Intermediaries Product Suppliers Place Target Consumers Price Publics Promotion PoliticalLegal Environment Competitors SocialCultural Environment Jian Hong SHAO USTB Customer Centered Marketing Strategy Market Segmentation: Determining distinct groups of buyers (segments) with different needs, characteristics, or behavior. Jian Hong SHAO USTB Customer Centered Marketing Strategy Target Marketing: Involves evaluating each market segment’s attractiveness and selecting one or more segments to enter. Jian Hong SHAO USTB Customer Centered Marketing Strategy Market Positioning: arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Jian Hong SHAO USTB Marketing Strategy DemographicEconomic Environment TechnologicalNatural Environment Marketing Intermediaries Product Suppliers Place Target Consumers Price Publics Promotion PoliticalLegal Environment Competitors SocialCultural Environment Jian Hong SHAO USTB Developing the Marketing Mix Jian Hong SHAO USTB Price Pricing Strategy Importance of: knowing the market elasticity keeping an eye on rivals Influence factors Jian Hong SHAO USTB Product Jian Hong SHAO USTB Promotion Strategies to make the consumer aware of the existence of a product or service NOT just advertising Jian Hong SHAO USTB Place The means by which products and services get from producer to consumer and where they can be accessed by the consumer. Jian Hong SHAO USTB Managing the Marketing Effort Marketing Analysis of Company’s Situation Marketing Planning Marketing Implementation Develop Strategic Plans Carry Out The Plans Develop Marketing Plans Control Measure Results Evaluate Results Take Corrective Action Jian Hong SHAO USTB Marketing Analysis Analysis is the complete analysis of the company’s situation. SWOT -Internal -External Jian Hong SHAO USTB Marketing Plan Executive Summary Current Marketing Situation Threats and Opportunity Analysis Objectives and Issues Marketing Strategy Action Programs Budgets Controls Jian Hong SHAO USTB Marketing Implementation Marketing Strategy Organizational Structure Action Programs Decision and Reward Human Resources Climate and Culture Implementation Marketing Performance Jian Hong SHAO USTB Marketing Department Organization Functional Combination Plan Market Management Ways to Carry Out Marketing Activities Geographic Product Management Jian Hong SHAO USTB Marketing Control Process The process of evaluating the results of marketing strategies and taking corrective action to ensure that marketing objectives are attained Set Goals Measure Performance Evaluate Performance Take Corrective Action Jian Hong SHAO USTB Review of Concept Connections Define strategic planning and its four steps. Discuss how to design business portfolios and growth strategies. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it. List the marketing management functions, including the elements of a marketing plan. Jian Hong SHAO USTB