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Marketing: An Introduction Strategic Planning and the Marketing Process •Chapter Two •Lecture Slides –Express Version •Course •Professor •Date Marketing: An Introduction Looking Ahead • After studying this chapter, you should be able to: • Explain company-wide strategic planning and its four steps • Discuss how to design business portfolios and develop growth strategies • Explain functional planning strategies and assess marketing’s role in strategic planning • Describe the marketing process and the forces that influence it • List the marketing management functions, including the elements of a marketing plan 2-2 ©Copyright 2004, Pearson Education Canada Inc. Marketing: An Introduction Strategic Planning • Strategic planning: the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. – – – – Defining a clear company mission, Setting supporting objectives, Designing a sound business portfolio, and Coordinating functional strategies • Mission statement: a statement of the organization’s purpose-what it wants to accomplish in the larger environment. – Have been product-oriented – Should be market oriented 2-3 ©Copyright 2004, Pearson Education Canada Inc. Marketing: An Introduction The Business Portfolio • Business portfolio: the collection of businesses and products that make up the company • Portfolio analysis: a tool by which management identifies and evaluates the various businesses making up the company • Strategic business unit: a unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses • BCG Growth-share matrix: a portfolio-planning method that evaluates a company’s strategic business units in terms of their market growth rate and relative market share 2-4 ©Copyright 2004, Pearson Education Canada Inc. Marketing: An Introduction The BCG Growth-Share Matrix 2-5 ©Copyright 2004, Pearson Education Canada Inc. Figure 2.2 Marketing: An Introduction The Product-Market Expansion Grid • A portfolio-planning tool for identifying company growth opportunities through market penetration, market development product development, or diversification 2-6 Existing Products New Products Existing Markets Market Penetration Product Development New Markets Market Development Diversification ©Copyright 2004, Pearson Education Canada Inc. Figure 2-3 Marketing: An Introduction The Value Chain • Value chain: the series of departments which carry out value-creating activities to design, produce, market, deliver, and support a firm’s products • Value delivery network: the network made up of the company, suppliers, distributors, and ultimately, customers who “partner” with each other to improve the performance of the entire system. 2-7 ©Copyright 2004, Pearson Education Canada Inc. Marketing: An Introduction The Marketing Process • The marketing process consists of – analyzing marketing opportunities – selecting target markets – developing the marketing mix – managing the marketing effort. 2-8 ©Copyright 2004, Pearson Education Canada Inc. Figure 2-4 Marketing: An Introduction Segmentation, Targeting, & Positioning • Market segmentation: dividing a market into distinct groups with distinct needs, characteristics, or behaviour who might require separate products or marketing mixes • Market segment: a group of consumers who respond in a similar way to a given set of marketing efforts • Market targeting: the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter • Market positioning: arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers 2-9 ©Copyright 2004, Pearson Education Canada Inc. Marketing: An Introduction The Marketing Mix • Marketing mix: the set of controllable tactical marketing tools-product, price, place, and promotion- that the firm blends to produce the response it wants in the target market Product Variety Design Features Brand name Packaging Services Promotion Advertising Personal Selling Sales Promotion Public relations 2-10 Price Target customers Intended positioning ©Copyright 2004, Pearson Education Canada Inc. List price Discounts Allowances Payment period Credit terms Place Channels Coverage Assortments Locations Inventory Logistics Figure 2-5 Marketing: An Introduction The 4 P’s & Connectedness 2-11 Product Customer Solution Price Customer Cost Place Convenience Promotion Communication ©Copyright 2004, Pearson Education Canada Inc. Figure 2-3 Marketing: An Introduction Managing the Marketing Effort • Marketing strategy: the marketing logic by which the business unit hopes to achieve its marketing objectives. Analysis Planning Develop strategic plans Implementation Control Carry out the plans Measure results Evaluate results Develop marketing plans 2-12 Take corrective action ©Copyright 2004, Pearson Education Canada Inc. Figure 2-6 Marketing: An Introduction A Marketing Plan • • • • • • • • 2-13 Executive summary Current marketing situation Threat and opportunity analysis Objectives and issues Marketing strategy Action program Budgets Controls ©Copyright 2004, Pearson Education Canada Inc. Table 2-2 Marketing: An Introduction Implementation & Organization • Marketing implementation: the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives. • Ways to organize a marketing department: – – – – – 2-14 Functional Geographic Product management Market/Customer management Some combination of the above ©Copyright 2004, Pearson Education Canada Inc. Marketing: An Introduction Marketing Control • Marketing control: the process of – – – – Setting goals Measuring performance Evaluating performance Taking corrective action • Marketing audit: a comprehensive, systematic, independent, and periodic examination of a company’s environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company’s marketing performance 2-15 ©Copyright 2004, Pearson Education Canada Inc. Marketing: An Introduction Looking Back • Company-wide strategic planning • Business portfolios and growth strategies • Functional planning strategies • The marketing process • Marketing management functions • A marketing plan 2-16 ©Copyright 2004, Pearson Education Canada Inc.