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Transcript
Marketing Management Strategy and Strategic Thinking Paul Dishman, Ph.D. Department of Business Management Marriott School of Management Brigham Young University Lecture 4 Marketing Management Learning Objectives • Primer on Marketing Strategy • Introduction to Target Marketing and Segmentation • Examples and lessons from a variety of industries and businesses Paul Dishman, Ph.D. Marketing Management Possible Marketing Paths R&D invents product MR uncover unmet need in market Product produced To whom do we sell this product? Market tests conducted Product benefits articulated Who do we tell about this product? What do we need to tell them? Paul Dishman, Ph.D. Marketing Management To Whom Do We Want to Speak? • Who should receive our message? • What message do they want? need? • How should the message best be delivered? Paul Dishman, Ph.D. Marketing Management Who is our Target Audience? • Mass Market or Targeted Market? • To what group of people do we want to aim this product? Aim our messages? • What common characteristics do they possess? Paul Dishman, Ph.D. Marketing Management Mass Marketing vs. Target Marketing Mass Marketing “one product for all customers” ? Target Marketing “a product for a specified sub-group with common needs” Custom Marketing “each product unique for each person” Paul Dishman, Ph.D. Marketing Management Stakeholders vs. Audiences Stakeholders • Shareholders • Employees • Customers • Suppliers • Community Audiences • All stakeholders • Identified Market Segments • Media • others Stakeholders Audiences Paul Dishman, Ph.D. Marketing Management Introduction to Product-Markets • What is a Product-Market? – “a market defined by a common application of a product class” – baby-food market – home internet computer market – couture fashion market Paul Dishman, Ph.D. Marketing Management Product-Markets • Are “living” entities • Constantly changing and evolving • Managers must monitor changes and predict trends through intelligence efforts • Markets can be: • • • • • alive dead dormant bifurcating mutating Paul Dishman, Ph.D. Marketing Management Product-Markets 1985: Desktop Personal Computer Market by Usage Areas Home Business Education Science Paul Dishman, Ph.D. Marketing Management Product-Markets 1987: Desktop Personal Computer Market by Usage Areas Home Business Education Science Paul Dishman, Ph.D. Marketing Management Product-Markets 1987: Desktop Personal Computer Market by Usage Areas Home Business Portability Education Science Paul Dishman, Ph.D. Marketing Management Product-Markets 1997: Personal Computer Market by Product-Market Desktop PC’s Mini Laptops Laptop PC’s Network Server PC’s Special Purpose PC’s Personal Digital Assistants Paul Dishman, Ph.D. Marketing Management Product-Markets 1997: Personal Computer Market by Product-Market by Usage Education Home Scientific Business Desktop Laptop Mini-laptop PDA Server Special Purpose Paul Dishman, Ph.D. Marketing Management Product-Market Expansion • Three ways to grow – Expand with expanding market – Expand by taking market share away from competitors – Create new markets Paul Dishman, Ph.D. Marketing Management Product-Market Expansion Product Existing Market Existing Penetration New Product Development Market Market Development Diversification New Paul Dishman, Ph.D. Marketing Management Apply the Marketing Mix • • • • Product Price Place Promotion Customer needs and wants Cost to customer Convenience Communication • POSITION Customer concept vis-a-vís competitors Paul Dishman, Ph.D. Marketing Management Positioning Price BMW Volvo Rodeo Sentra Astro van Escort Quality Paul Dishman, Ph.D. Marketing Management Positioning Price Luxury Cars ? Popular Priced Cars Quality Concept: Competitive Space Paul Dishman, Ph.D. Marketing Management Summary • • • • Intro to Marketing Strategy Intro to Target Marketing (and Segmentation) Product Market Expansion Strategies Application of Marketing Mix for Positioning Paul Dishman, Ph.D. Marketing Management For Next Class • Introduction to Situational Analysis • SWOT • Analysis Grid Tools Paul Dishman, Ph.D.
