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Fundamentals of Marketing LESSON 1: Marketing Strategies Lesson Objectives Students will be able to: 1. Explain company-wide strategic planning and its four steps 2. Discuss how to design business portfolios and develop strategies for growth and downsizing 3. Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence them 5. List the marketing management functions, including the elements of a marketing plan Case Study Disney –What are its challenges? • Began as animated films 75 years ago • Theme parks: four major North American resorts • Walt Disney world: world’s #1 tourist destination • Key success factors: – Sparkling cleanliness – Friendliness of employees – Mission: make people happy; dream come true – Outstanding customer service 2-3 • Now a diversified, media and entertainment conglomerate Disney has grown via diversification. Is it too large? • Originally known for films, animation, theme parks. Will consumers/investors accept new businesses? • Satisfying the customer is everyone’s job. Is this culture changing? • What can it do during travel and economic downturns? Lesson Objective 1 Companywide Strategic Planning: Defining Marketing’s Role • Strategic Planning Defined –The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities 2-4 Defining a Market-Oriented Mission • Mission statement – A statement of an organization’s purpose; what it wants to accomplish in the larger environment; needs to be specific, realistic, and motivating; today’s statements are market-oriented 2-5 Defining a Market-Oriented Mission • A mission statement asks.. – What is our business? – Who is the customer? – What do consumers value? – What should our business be? 2-6 • A mission statement should be: – An “invisible hand” – Neither too narrow nor too broad – Fitting of market environment – Based on distinctive competencies – Motivating Discussion Questions Mission Statements • Under what circumstances would you suggest a company change its mission? • What challenges might it encounter as it implements a change in its mission? 2-7 Setting Company Objectives and Goals • The mission is turned into detailed business and marketing objectives • Marketing strategies and programs must develop to support marketing objectives 2-8 Lesson Objective 2 Designing The Business Portfolio • • A business portfolio is the collection of businesses and products that make up the company Business portfolio planning involves two steps: 1. Analyzing its current business portfolio 2. Shaping the future portfolio by developing strategies for growth and down sizing 2-9 Designing The Business Portfolio • Analyzing the Current Business Portfolio – Portfolio analysis is a strategic planning tool to identify/evaluate businesses that make up the firm and make resource allocation decisions • Strategic business unit (SBU): – Unit with separate mission and objectives – Planned independently from other company businesses – Used as the building block of portfolio analysis 2-10 The Business Portfolio BCG Matrix • Build • Harvest • Hold • Divest – Increase market share – Works well for question marks – Preserve market share – Good for cash cow 2-11 – Increases short-term cash flow – Good for weak cash cows, question marks and dogs – Sell or liquidate – Good for dogs and question marks Designing The Business Portfolio • Developing Strategies for growth and Downsizing – Marketing must identify, evaluate, and select market opportunities and lay down strategies for capturing them – Product Market Expansion Grid • A portfolio-planning tool for identifying company growth opportunities 2-12 Marketing’s Role in Strategic Planning Planning Marketing: Partnering to Build Customer Relationships • Provide a guiding philosophy • Identify attractive opportunities • Design effective strategies • Build Customer and Partner Relationship management – Form strong value chains – Form superior value delivery networks 2-13 Planning Marketing: Partnering to Build Customer Relationships • Partnering with Other Company Departments – Coordination of the value-creating activities performed by each department within the company • Partnering with Others in the Marketing System – The objective is to improve the performance of the customer value-delivery network. 2-14 Lesson Objective 4 Marketing Strategy and the Marketing Mix • Marketing Strategy – The marketing logic by which the business unit hopes to achieve its marketing objectives • Marketing Mix – The company designs a mix made up of factors under its control • The company engages in marketing analysis, planning, implementation, and control 2-15 Customer-Centered Marketing Strategy 1. Market Segmentation 2. Target marketing 3. Market Positioning 2-16 • Dividing a market into groups with distinct needs who might require (respond to) different marketing mixes • Market segment is a group of consumers who respond in similar ways to marketing efforts • Bases for segmentation Customer-Centered Marketing Strategy 1. Market Segmentation 2. Target marketing 3. Market Positioning 2-17 • Evaluating the attractiveness of each market segment • Selection of segments with greatest long-term profitability • Deciding which segment(s) to enter • A company can choose one or several segments to target Customer-Centered Marketing Strategy 1. Market Segmentation 2. Target marketing 3. Market Positioning 2-18 • The place the product occupies in the consumer’s mind • Products are positioned relative to competing products • Marketers look for clear, distinctive and desirable places in positioning • Differentiation by offering and delivering greater value Developing the Marketing Mix – The marketing mix includes controllable and tactical marketing tools knows as the 4P’s – The 4P’s include • • • • 2-19 Product Place Promotion Price