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Chapter 2 Marketing Strategy Planning For use only with Perreault/Cannon/ McCarthy texts, © 2009 McGraw-Hill Companies, Inc. McGraw-Hill/Irwin www.mhhe.com/fourps The Management Job in Marketing Marketing Planning Control Marketing Plan(s) and Program Whole-Company Strategic Management Planning Implement Marketing Plan(s) and Program What is a Marketing Strategy? (Exhibit 2-2) The marketing mix C Selecting a Marketing-Oriented Strategy Is Target Marketing (Exhibit 2-3) Production-oriented manager sees everyone as basically similar and practices “mass marketing” Marketing-oriented manager sees everyone as different and practices “target marketing” Developing Marketing Mixes for Target Markets (Exhibit 2-4) Product Place C Price Promotion The Place Element of the Marketing Mix (Exhibit 2-6) Examples of Channels of Distribution Geico Sara Lee Nestle´ Wholesaler Wholesaler Toyota Wholesaler Retailer Retailer Consumer Retailer The Promotion Element of the Marketing Mix Personal Selling Advertising Telling and Selling the Customer Sales Promotion Publicity The Price Element of the Marketing Mix Price of Other Products In the Line Competition and Substitutes Price Sensitivity Cost and Demand Pricing Objectives Price Setting Legal Environment Price Flexibility Price Changes Over the Life Cycle Discounts and Allowances Geographic Pricing Terms All Four Ps Contribute to the Whole Product Place Promotion Selection of Target Market Price Understanding the Target Market Leads to Good Strategies! Checking Your Knowledge General Motors is considering increasing the length of its bumper-to-bumper warranty on new vehicles from 3 years to 5 years. The marketing mix variable being considered here is: A. B. C. D. E. product. personnel. place. promotion. price. Checking Your Knowledge A television network is trying to generate interest in a new television show in advance of its premiere. The network sends out press releases and makes the star of the new show available for guest appearances on TV and radio talk shows. The marketing mix variable involved here is: A. B. C. D. E. product. personnel. place. promotion. price. Elements of a Firm’s Marketing Program (Figure 2-8) Target Market + Marketing Mix = Marketing Strategy + TimeRelated Details = Marketing Plan + Other Marketing Plans = A Firm’s Marketing Program Customer Equity Profits depend on customer equity Owners expect financials returns Marketing Program should benefit firm All parts of program work as a whole Profit growth comes from customers The Importance of Marketing Strategy Planning Strategy Decisions Usually Determine Success and Failure • Timex had captured a large market share • Low price, dependability, good ads, unconventional channels • Stiff competition arose • New product refinements Creative Strategy Planning Needed for Survival Death-wish marketing Best-practices marketing (Below average) 68% (Average Marketing Program) (Well below average) 2% Failure (Above average) 14% Poor Fair (Well above average) 14% Good 2% Exceptional What Are Attractive Opportunities? Breakthrough Opportunities Avoid Hit-or-Miss Marketing Competitive Advantage Marketing Strategy Planning Process Highlights Opportunities (Exhibit 2-10) Interactive Exercise: Marketing Strategy Present products New products Present markets Market penetration Product development New markets Market development Diversification © 2009 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin Product Development International Opportunities Should Be Considered Smaller World Better Trends? Competitive Advantage Early Start Global Competitive Advantage You should now be able to: 1. Understand what a marketing manager does. 2. Know what marketing strategy planning is— and why it will be the focus of the book. 3. Understand target marketing. 4. Be familiar with the four Ps in a marketing mix. 5. Know the difference between a marketing strategy, a marketing plan, and a marketing program. 6. Understand what customer equity is and why marketing strategy planners seek to increase it. You should now be able to: 7. Be familiar with the text’s framework for marketing strategy planning—and why it involves a process of narrowing down from broad opportunities to the most attractive marketing strategy. 8. Know four broad types of marketing opportunities that help in identifying new strategies. 9. Understand why strategies for opportunities in international markets should be considered. Key Terms • • • • • • • • Marketing management process Strategic (management) planning Marketing strategy Target market Marketing mix Target marketing Mass marketing Channel of distribution • Personal selling • Customer service • Mass selling • Advertising • Publicity • Sales promotion • Marketing plan • Implementation • Operational decisions • Marketing program • Customer equity Key Terms • • • • • • • • Breakthrough opportunities Competitive advantage Differentiation S.W.O.T. analysis Market penetration Market development Product development Diversification