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Chapter 2 Objectives Explain strategic planning Describe business portfolios and growth strategies Detail marketing’s role in strategic planning Describe elements of customer-driven marketing strategy List the marketing management functions Marketing Process Understan ding the market place and customer needs and wants Research customer and the market place Managing marketing information and customer data Design a customerdriven marketing strategy Select customer to serve: market segmentation and targeting Decide on value proposition: differentiation and positioning Construct marketing program that deliver superior value Build profitable relationshi p and create customer delight Product and service design: building a strong brand Customer relationship management: build strong relationship with chosen customers Create satisfied loyal customer Partner relationship management : build a strong relationship with marketing partners Increase share of market and share of customer Price Create real value Distribution manage demand and supply chain Promotion Communicating the value Capture value from the customers to create profits Capture customer life time value Company Wide Strategy 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 Strategic planning sets the stage for the rest of the planning of the firm. Defining the company mission Setting company objectives and goals Designing the business portfolio Planning marketing and other functional strategy Market Oriented-Mission A mission statement asks.. What is our business? Who is the customer? What do consumers value? What should our business be? A mission statement should be: serve as a guide for what the organization wants to accomplish. be “market-oriented” rather than “product-oriented”. (Example: eBay’s mission statement isn’t simply to hold online trading. Instead, it connect individual buyers to sellers in “the world’s online marketplace” be neither too narrow, nor too broad. fit with the market environment. be motivating. A mission statement is: “ A statement of the organization purpose – what it want to accomplish in a larger environment.” Setting Company Objectives and Goals The company’s mission needs to be turned into detailed supporting objectives for each level of management. The mission leads to a hierarchy of objectives, including business objectives and marketing objectives. Marketing strategies and programs must be developed to support these objectives. Setting Company Objectives and Goals Designing The Business Portfolio The business portfolio is: The collection of businesses and products that make up the company. Business portfolio planning involves two steps: 1. Analyzing the current business portfolio & Determine what role each SBU will play in the future 2. designing strategies for growth and downsizing. Designing The Business Portfolio Step 1: A. Analyze the current business portfolio ○ Identify strategic business units (SBUs) ○ Assess each SBU: The BCG growth-share matrix classifies SBUs into one of four categories using the: - Market growth rate - SBU’s relative market share within the market. Designing The Business Portfolio BCG Growth – Share Matrix High Market Growth Low Market Growth Stars Question Marks Cash Cows Dogs High Relative Market Share Low Relative Market Share Designing The Business Portfolio B. Determine the future role of each SBU and choose the appropriate resource allocation strategy: Build ○ Increase market share ○ Works well for question marks Hold ○ Preserve market share ○ Good for cash cow Harvest ○ Increases short-term cash flow ○ Good for weak cash cows, question marks and dogs Divest ○ Sell or liquidate ○ Good for dogs and question marks SBUs change positions over time Designing The Business Portfolio Step 2: Designing strategies for growth and downsizing. Developing strategies for growth by identifying, evaluating, and selecting promising new market opportunities. ○ Product/market expansion grid Developing strategies for downsizing the business portfolio. “ Reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy” Designing The Business Portfolio Product/Market Expansion Grid Existing Markets New Markets Existing Products New Products Market Penetration Product Development A strategy for company growth by increasing sales of current products to current market segment without changing the product A strategy for company growth by offering modified or new product to current market segments Market Development Diversification A strategy for company growth by identifying and developing new market segments for current company product A strategy for company growth through starting up or acquiring businesses outside the company’s current products and markets Marketing’s Role in Strategic Planning Marketing plays a key role in the strategic planning process. Provide a guiding philosophy (the marketing concept) Identify attractive opportunities Design effective strategies for reaching unit’s objectives. Build strong value chains Form superior value delivery networks Marketing Strategy and The Marketing Mix Marketing Intermediary Profitable customer relationship Competitors - Market Segmentation - Target Marketing - Market Positioning 4 Ps - Product - Price - Promotion - Place - Marketing Analysis - Marketing Planning - Marketing Implementation - Marketing Control suppliers Public Marketing Strategy Strategy 1. 2. 3. Market segmentation Target marketing Market positioning The segmentation process divides the total market into market segments. Market segment is a groups of consumers who respond in similar ways to marketing efforts. Customers grouped by: Geographic Demographic Psychographic Behavioral Marketing Strategy Strategy 1. 2. 3. Market segmentation Target marketing Market positioning valuation of each segment’s attractiveness Selection of segments with greatest long-term profitability A company can choose one or several segments to target Marketing Strategy Strategy 1. 2. 3. Market segmentation Target marketing Market positioning The place the product occupies in the consumer’s mind Products are positioned relative to competing products Marketers look for clear, distinctive and desirable place in positioning Marketing Mix The marketing mix includes controllable and tactical marketing tools knows as the 4P’s The 4P’s include Product Price Promotion place Marketing Mix Price Product Varity Quality Design Features Brand name Service Packaging Promotion Advertising Personal selling Sales promotion Public relation List price Discount Allowances Payment period Credit terms Target customer Intended positioning Place Channels Coverage Assortment Location Transportation logistics Inventory Marketing Mix The marketing mix from buyer’s viewpoint Four Ps Four Cs Product Customer solution Price Customer cost Place Convenience Promotion Communication Managing The Marketing Effort Managing the marketing process require four marketing management function Analysis Planning Develop a strategic plane Implementation Control Carry out the plans Measure result Evaluate Result Develop Marketing Plane Take corrective actions Market Analysis Strength Internal Internal capabilities that may help a company reach its objectives Opportunities External External Factors that the company may be able to exploit to its advantage Positive Weaknesses Internal limitation that may interfere with the company’s ability to achieve its objectives Threats Current and emerging external factors that may challenge the company’s performance Negative Managing the Marketing Effort Marketing Functions Finding • • • • opportunities Avoiding threats Understanding strengths Analyzing weaknesses Analysis Planning Implementation Control Managing the Marketing Effort Marketing Functions • • • • Analysis Planning Implementation Control Marketing plans include: ○ Executive summary ○ Analysis of current situation ○ Objectives ○ Targets and positioning ○ Marketing mix ○ Budget ○ Controls Managing the Marketing Effort Marketing Functions • • • • Analysis Planning Implementation Control Plans are turned into action with dayto-day activities Good implementation is a challenge Managing the Marketing Effort Marketing Functions Evaluation of the • • • • results of marketing strategies Checks for differences between goals and performance Analysis Planning Implementation Control