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Published on January 8, 2009

Author: aSGuest9625

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MARKETING 673 : MARKETING 673 Spring Semester, 1999 Module 1 OUTLINE : OUTLINE Marketing Strategy: An Overview Developing Marketing Strategy Competitive Advantage STRATEGY : STRATEGY What is “strategy”? ...the fundamental means or scheme for reaching objectives. MARKETING STRATEGY : MARKETING STRATEGY What is “marketing strategy”? ...the selection of target markets and the creation and maintenance of an appropriate marketing mix. DEVELOPING A MARKETING STRATEGY : DEVELOPING A MARKETING STRATEGY SWOT Analysis Mission Statement / Goals and Objectives Marketing Strategy SWOT : SWOT Strengths Weaknesses Opportunities Threats Also called a “Situational Analysis” STRENGTHS AND WEAKNESSES : STRENGTHS AND WEAKNESSES Strengths and Weaknesses focus on the internal (corporate) environment Strengths: Competitive advantages that a company can exert in the marketplace (Text, pg. 154) Weaknesses: Constraints that hinder movements in certain directions (Text, pg. 154) STRENGTHS AND WEAKNESSES : STRENGTHS AND WEAKNESSES Sample Attributes to be Examined: Organizational Structure Managerial Expertise Training Programs Cash Flow Distribution Networks See Exhibit 7.1 (page 156) OPPORTUNITIES AND THREATS : OPPORTUNITIES AND THREATS Opportunities and Threats are derived from an analysis of the environment external to the firm Competitive Environment Macro Environment COMPETITIVE ENVIRONMENT : COMPETITIVE ENVIRONMENT The competitive environment consists of an analysis of major competitors, their plans, products, and suppliers as well as an analysis of the industry structure. COMPETITIVE ENVIRONMENT--Major Competitors : COMPETITIVE ENVIRONMENT--Major Competitors Competitor’s Objectives Competitor’s Strategy Competitor’s Success to Date Competitor’s Strengths/Weaknesses Competitor’s Future Behavior COMPETITIVE ENVIRONMENT--Industry Structure : COMPETITIVE ENVIRONMENT--Industry Structure Industry structure concerns a review of the dynamics within a particular industry. MACRO ENVIRONMENT : MACRO ENVIRONMENT The macro environment concerns all other factors over which the marketer has no or little control Physical Political/Legal Technological Sociocultural Demographic/Economic PHYSICAL ENVIRONMENT : PHYSICAL ENVIRONMENT Special conditions can create opportunities Depletion/degradation of resources also creates opportunity POLITICAL/LEGAL ENVIRONMENT : POLITICAL/LEGAL ENVIRONMENT Includes all factors controlled by public authorities Vary from country to country Most important question is POLITICAL STABILITY when marketing abroad POLITICAL/LEGAL ENVIRONMENT : POLITICAL/LEGAL ENVIRONMENT Political risk to foreign firms Confiscation Domestication Import Restrictions Taxes Price Controls POLITICAL/LEGAL ENVIRONMENT : POLITICAL/LEGAL ENVIRONMENT Governments encourage foreign investment through: tax concessions relaxation of tariffs streamlining policies and procedures government deregulation TECHNOLOGICAL ENVIRONMENT : TECHNOLOGICAL ENVIRONMENT Impact on: New product development Existing industries Other marketing operations such as communications, distribution, and marketing research SOCIOCULTURAL ENVIRONMENT : SOCIOCULTURAL ENVIRONMENT ...represents the values, attitudes, and general behavior of individuals in a given society slow to change Changes in individual values and shifts in family structure have impacted US markets DEMOGRAPHIC/ECONOMIC ENVIRONMENT : DEMOGRAPHIC/ECONOMIC ENVIRONMENT In uncertain times, variables most likely to impact marketing strategies are: population demographics rate of economic growth interest rates and currency exchange rates TODAY’S MARKETING ENVIRONMENT : TODAY’S MARKETING ENVIRONMENT TODAY’S MARKETING ENVIRONMENT : TODAY’S MARKETING ENVIRONMENT Mass markets to market segments Changing demographics Internationalization of marketing Expanding role of government Increasing pace of change Focus on the environment Focus on the customer The internet!! DEVELOPING A MARKETING STRATEGY : DEVELOPING A MARKETING STRATEGY SWOT Analysis Mission Statement / Goals and Objectives Marketing Strategy MISSION STATEMENT : MISSION STATEMENT Mission Statement (Text, Page 177) “The conception of the organization’s raison d’être, or what it should work toward, in light of long range opportunity” FROM THE INTERNET : FROM THE INTERNET Mission Statements = Profits <http://www.smartbiz.com/sbs/arts/ hph4.htm> GOALS AND OBJECTIVES : GOALS AND OBJECTIVES Goals: long-range purpose that is not necessarily quantified or limited to a time period Objectives: flow from goals, they are measurable and deemed to be attainable at some future date through planned actions SLU’s MISSION, GOALS AND OBJECTIVES : SLU’s MISSION, GOALS AND OBJECTIVES Mission: http://www.selu.edu/Administration/ Inst-Research/Planning/vision.htm Goals and Objectives: http://www.selu.edu/Administration/ Inst-Research/Planning/goals.htm DEVELOPING A MARKETING STRATEGY : DEVELOPING A MARKETING STRATEGY SWOT Analysis Mission Statement / Goals and Objectives Marketing Strategy THE MARKETING PLAN : THE MARKETING PLAN Your marketing strategy!! …a written document containing the guidelines for the business unit’s marketing programs and allocations over the planning period. THE MARKETING PLAN : THE MARKETING PLAN ACTIVITIES: It outlines tasks and timing of activities PEOPLE: It informs participants of their role and function RESOURCES: It specifies how resources are to be allocated A MARKETING PLAN WILL... : A MARKETING PLAN WILL... act as a road map help in the prediction of problems, opportunities, and threats assist in helping to obtain resources for implementation stimulate thinking and better use of resources TYPES OF MARKETING PLANS : TYPES OF MARKETING PLANS New Product Plans Annual Marketing Plans (for existing products) THE MARKETING PLAN : THE MARKETING PLAN Title Page and Table of Contents Executive Summary Situational Analysis Target Market(s) Goals/Objectives Marketing Strategy Implementation and Control Summary/Conclusion Appendices The key to a successful strategy….. : The key to a successful strategy….. COMPETITIVE ADVANTAGE COMPETITIVE ADVANTAGE : COMPETITIVE ADVANTAGE “Superior or favorable difference from competitors along some dimension important to the market” (Zikmund & d’Amico, 1997) ...a firm has a marketing mix that the target market sees as better than a competitor’s mix Without competitive advantage(s), you do not succeed! CHARACTERISTICS : CHARACTERISTICS They must be real They must be important to the client They must be specific They must be promotable ELEMENTS OF COMPETITIVE ADVANTAGE : ELEMENTS OF COMPETITIVE ADVANTAGE SOURCES OF ADVANTAGE : SOURCES OF ADVANTAGE Skills people, operational capabilities Resources strong distribution networks, marketing power Controls feedback mechanisms POSITIONAL ADVANTAGES : POSITIONAL ADVANTAGES Positioning: “placing a brand in that part of the market where it will receive a favorable reception compared to competing products” (Text, page 345) Low Cost Superior Customer Value PERFORMANCE OUTCOMES : PERFORMANCE OUTCOMES Satisfaction Loyalty Market Share Profitability ASSESSING COMPETITIVE ADVANTAGE : ASSESSING COMPETITIVE ADVANTAGE Portfolio Analysis BCG Matrix GE / Industry Attractiveness-Business Position Matrix PORTFOLIO ANALYSIS : PORTFOLIO ANALYSIS It combines the assessment of business position and market attractiveness. It enables managers to classify and review current and prospective SBU’s THE BCG MATRIX : THE BCG MATRIX Growth Market Share BCG MATRIX : BCG MATRIX Growth is used because it is an approximation of the PLC Market Share is the ratio of the firm’s market share to the market share of its largest competitor BCG MATRIX : BCG MATRIX Stars Hi Growth/Hi Market Share Cash Cows Lo Growth/Hi Market Share Dogs Lo Growth/Lo Market Share Question Marks / Problem Children Hi Growth/Lo Market Share STRATEGIC IMPLICATIONS : STRATEGIC IMPLICATIONS Divest dogs or pursue a “focus” segmentation policy Use cash from cash cows to fund other operations Manage stars to maintain market share Try to move “Question Marks” to “Stars” INDUSTRY ATTRACTIVENESS MATRIX : INDUSTRY ATTRACTIVENESS MATRIX Market Attractiveness Business Position STRATEGIC IMPLICATIONS : STRATEGIC IMPLICATIONS Invest / Grow Selective Investment Harvest / Divest FROM YOUR TEXT... : FROM YOUR TEXT... Chapter One (Pages 1-18) Chapter Two (Pages 21-40) Chapter Six (Pages 123-151) Chapter Ten (Pages 238-258)

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