Marketing Strategy

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Transcript of Marketing Strategy

  • 1. Strategic Planning:Developing and Implementinga Marketing Plan

2. Objectives

  • Understand the importance of strategic marketing.Know the outline for a marketing plan.
  • Define an appropriate business mission statement.
  • Describe criteria for good marketing objectives.
  • Explain components of a situation analysis.
  • Identify strategic alternates and describe tools to select them.

3. The Nature of Strategic Planning Plus LONG RUN PROFITABILITY AND GROWTH RESOURCES & OBJECTIVES EVOLVING MARKET OPPORUNITIES 4. What is a Marketing Plan?

  • Marketing planninginvolves designing activities relating to marketing objectives and the changing marketing environment.
    • For example: product lines, prices, communication
  • Why?

Planning: Process of anticipating future events anddetermining strategies Basis for comparison of actual and expected performance Clearly stated activities to work toward common goals Aware of threats and opportunities Marketing Plan 5. Marketing Plan Elements Marketing Strategy Product Promotion Distribution Price Marketing Mix Objectives Business Mission Statement Situation or SWOT Analysis Target Market Strategy Implementation Evaluation Control 6. Marketing Plan Elements Marketing Strategy Product Promotion Distribution Price Marketing Mix Objectives Business Mission Statement Situation or SWOT Analysis Target Market Strategy Implementation Evaluation Control 7. Define the Business Mission

  • Answers the question:
    • What business are we in and where are we going? Example:PepsiCos Business Mission
  • Focuses on the market(s) rather than the good or service
    • Marketing myopia if focus is on specific goods/service
      • Examples? Frito-Lay is in the snack-food business
    • No clear foundation if focus is too broad
      • Examples?Amazon?
  • Strategic Business Units may also have a mission statement characteristics of a SBU

Back 8. PepsiCos Mission Statement To be the world's premier consumer products company focused on convenient foods and beverages. We seek to produce healthy financial rewards to investors as we provide opportunities for growth and enrichment to our employees, our business partners and the communities in which we operate. And in everything we do, we strive for honesty, fairness and integrity . http:ww.pepsico.com Back 9. Strategic Business Units

    • 1. A distinct mission and specific target market
    • 2. Control over their resources
    • 3. Their own competitors
    • 4. Plans independent of other businesses

Back Characteristics 10. Marketing Plan Objectives

  • Realistic

Back Measurable For a Defined Periodof Time Consistent withOrganizational Objectives Marketing Objectives Must Be: Our objective is to increase market share by 40% and to obtain customer satisfaction ratings of at least 90% in 2005 . 11. Situation Analysis Things the company does well. Things the company does not do well. Conditions in the external environment that favor strengths. Conditions in the external environment that do not relate to existing strengths or favor areas of current weakness. S W O T Internal External 12. Opportunities: Strategic Windows

  • Limited period when the fit between key requirements of a market and competencies of the firm are optimum

Strengths Opportunities 13. Discovering Strategic Alternatives (Windows) Present Product New Product NewMarket Market Penetration Market Development Product Development Diversification Present Market StrategicOpportunityMatrix 14. Discovering Strategic Alternatives (Windows) Market Penetration Increase market share among existing customers Market Development Attract new customers to existing products Product Development Create new products for present markets Diversification Introduce new products into new markets 15. Selecting a Strategic Alternative

  • BCG Portfolio Matrix

More More

  • GE Market AttractivenessMatrix

Common Tools Common Goals Market Share Profitability Goals 16. BCG Portfolio Matrix Back MARKET GROWTH RATE MARKET SHARE DOMINANCE HIGHLOW LOWHIGH ? $ 17. BCG Portfolio Matrix Back MARKET SHARE DOMINANCE HIGHLOW MARKET GROWTH RATE LOWHIGH High growth Market leaders Require cash Low growth High market share High cash flow Low growth Low market share Minimal cash flow High growth Low market share Need cash Poor profit margins $ 18. Four Basic Strategies for Resource Allocation Back Build Hold Harvest Divest Provide financial resources if SBU (Problem Child) has potential to be a Star. Preserve market share if SBU is a successfulCash Cow.Use cash flow for other SBUs. Increase short-term cash return.Appropriate for all SBUs except Stars.Get rid of SBUs with low shares in low-growth markets. 19. Market Attractiveness / Company Strength Matrix BUSINESS POSITON STRONG MARKET ATTRACTIVENESS LOW MEDIUM HIGH MEDIUM WEAK Low Attractiveness Medium Attractiveness High Attractiveness Back 20. Differential Advantage

  • Unique aspects of an organization that causetarget market to patronize firm
  • ASustainable Competitive Advantagecannot becopied by the competition.

Back to TheMarketingProcess 21. Differential or Competitive Advantage

  • A set of unique features of a company & its products that are perceived by the target market as significant and superior to the competition
    • Two basic sources are:
      • Superior skills
      • Superior resources
  • ASustainable Competitive Advantagecannot becopied by the competition.

Back to TheMarketingProcess 22. Marketing Strategy

  • involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.

23. Marketing Strategy

  • Target Market Strategy
    • Identify the market segments that are of interest to the firm
    • Analyze market based on attractiveness of market segments
    • Select one or more target markets
  • The Marketing Mix
    • Product Strategies
    • Distribution (Place) Strategies
    • Promotion Strategies
    • Pricing Strategies