03 Strategy

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Information about 03 Strategy

Published on January 7, 2009

Author: aSGuest9500

Source: authorstream.com

Marketing Strategy : Marketing Strategy Hierarchy of goals and objectives Porter’s Economic Theory of Profits Barriers to Entry Competition Substitutes Customers Suppliers Marketing Strategy : Marketing Strategy Generic Marketing Strategies Cost Leadership Lower costs of production and distribution Differentiation Unique product or brand Focus Focus on customer needs in a few segments Marketing Strategy : Marketing Strategy What business are you in? Statement of marketing strategy Mission statement Indicates product, market scope Shows growth factor Shows differential advantage Shows management orientation Marketing Strategy : Marketing Strategy Product Mix Strategies Market penetration versus market skimming Quality High Medium Low Price High Medium Low Premium Goods Penetra- tion Super Bargain Over- Pricing Average Quality Bargain Hit and Run Shoddy Goods Cheap Goods Marketing Strategy : Marketing Strategy Product Market Growth Strategies Market Penetration (increase usage) Product Development (new uses) Market Development (new users) Diversification (new users, new uses) Markets Products Old Old New New Marketing Strategy : Marketing Strategy Boston Consulting Group Strategy: Relative Market Share Market Growth Rate Problems with BCG Approach Difficult to estimate relative market share in rapidly growing markets Marketing Strategy : Marketing Strategy BCG Matrix: Stars Some cash use Future cash cow Cash Cows Generate cash for ?, Stars Dogs Low or no cash use When to divest ? High cash use ? Is to build or not Relative Market Share 10x 1..5x .1x (log scale) Market Growth Rate 22% 10% 0% Marketing Strategy : Marketing Strategy Market Leader Strategies Increase Size of Total Market Product-Market Growth Strategies Protect Market Share Fortification Assortment of brands, sizes Innovation Best defense is a good offense Counteroffensive Marketing Strategy : Marketing Strategy Market Leader Strategies (cont.) Increase Market Share BCG Antitrust constraints Market Share Marketing Effort ($) 100% Marketing Strategy : Marketing Strategy Market Challenger Strategies Frontal Attack Out-innovate leader Tough to do, easier to defend Flanking/Bypass Attack Attack where leader is not looking Find a new market segment Price Discount Strategy Buyers are sensitive to price Works if leader does not cut price Marketing Strategy : Marketing Strategy Market Challenger Strategies (cont.) Cheaper Goods Strategy Lower quality but much lower price Vulnerable to still cheaper goods Prestige Goods Strategy Increase both quality and price Marketing Strategy : Marketing Strategy Market Follower Strategies Conscious Parallelism Similar products, prices Avoid unprofitable segments Market Niche Specialize in a very small group of customers Concentrated segmentation strategy…… Marketing Strategy : Marketing Strategy Attacker (smaller) Defender (bigger) Position Defense Preemptive Defense Counteroffensive Contraction Defense Flanking Defense Mobile Defense Flank Attack Frontal Attack Encirclement Bypass Guerilla Attack eMarketing : eMarketing Is eMarketing anything new? …or just an adaptation of existing strategy? Addressability – ability to identify customer prior to purchase Marketers could always do this. So why is web different? Is it more efficient…? …only if you do not delete your cookies…? …or they keep extensive files on you… eMarketing : eMarketing Interactivity – customers can express their needs and wants directly to the firm Marketers could always do this too. So what is new? …another efficiency argument…? Memory – ability to access individual customer profiles and purchase histories This is probably valid. Information existed before but was hard to access eMarketing : eMarketing Control – customer’s ability to control flow and sequence of information Pull versus push medium…web versus television. Who control’s the flow? Definitely an eMarketing characteristic, but a two-edged sword. Why? Customers control the flow…… Accessibility – ability to obtain information….. “Retrieving info from the Internet is like trying to drink from a fire hose.” You could always do this, web may be easier for some users. eMarketing : eMarketing Digitilization – can the product or benefits be represented digitally? Does the media match the product’s attributes? …a problem for all media…? So, does eMarketing exist? Maybe, or maybe it is just another information flow/distribution system to use in designing a marketing strategy to meet customer needs…(and maximize profits). Marketing Strategy : Marketing Strategy Bear Theory Differential versus Absolute Advantage

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