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2-1© 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
C H A P T E R
Developing Marketing Strategies and a Marketing Plan
2
McGraw-Hill/Irwin Copyright © 2014 by the McGraw-Hill Companies, Inc. All rights reserved.
2-2© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
L E A R N I N G O B J E C T I V E S
Define a marketing strategy.
Describe the elements of a marketing plan.
Analyze a marketing situation using SWOT analysis.
Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts.
Outline the implementation of the marketing mix as a means to increase customer value.
Summarize portfolio analysis and its use to evaluate marketing performance.
Describe how firms grow their business.
Developing Marketing Strategies and a Marketing Plan
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2-3© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Sustainable Competitive Advantage
Customer value
Customer excellence
Operational excellence
Product excellence
Locational excellence
2-4© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
CHECK YOURSELF
1. What are the various components of a marketing strategy?
2. List the four macro strategies that can help a firm develop a sustainable competitive advantage.
2-5© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
The Marketing Plan
PlanningPhase
ImplementationPhase
ControlPhase
Step 1: Businessmission & objectives
Step 2: Situation analysisSWOT
Step 5: Evaluate performanceusing marketing metrics
Step 3: Identify opportunities
Segmentation Targeting Positioning
Step 4: Implement marketing mix
Product Price Place Promotion
Marketingstrategy
2-6© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Three Phases of a Strategic Plan
Planning Implementing Controlling
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2-7© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Step 1: Define the Business Mission
MADD mission statement:MADD strives to stop drunk driving, support the victims of this violent crime and prevent underage drinking.
2-8© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Step 2: Conduct a Situation Analysis
StrengthsStrong brandStrong celebrity endorsersInnovative products
StrengthsStrong brandPortfolio of brandsStrong global presence
WeaknessOverreliance on footwear
WeaknessManagement of numerous brands
OpportunityEmerging countriesOther fashion segments
OpportunityEmerging countries
ThreatsCheaper importsImitation productsRetail becoming price competitive
ThreatsCheaper importsImitation productsRecessionary forces
2-9© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Step 3: Identifying and Evaluating Opportunities Using STP
Segmentation
Targeting
Positioning
Courtesy The Hertz Corporation
2-10© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Step 4: Implement Marketing Mix and Allocate Resources
Product Value Creation
Price Value Capture
Place Value Delivery
Promotion Value
Communication
Courtesy Bel Brands USA
2-11© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Product and Value Creation
Successful products and services are those that customers perceive as valuable enough to buy.
Courtesy Amazon.com
2-12© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Price and Value Capture
Price must allow for customers to perceive good value for the product they receive.
Purestock/SuperStock
2-13© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Place and Value Delivery
The product must be readily accessible
Why is this retailer growing?
Courtesy Sephora USA, Inc..
2-14© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Promotion and Value Communication
Television Radio Magazines Sales force New Media©Lars A Niki
McGraw-Hill Companies, Inc./Gary He, photographer
The McGraw-Hill Companies, Inc./John Flournoy, photographer
Courtesy Pizza Hut.
2-15© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Step 5: Evaluate Performance and Make Adjustments
P&G Website
HIGH Relative market share LOW
HIGH
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LOW
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2-16© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
CHECK YOURSELF
1. What are the five steps in creating a marketing plan?
2. What tool helps a marketer conduct a situation analysis?
3. What is STP?
4. What do the four quadrants of the portfolio analysis represent?
2-17© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Growth Strategies
Current New
PRODUCTS AND SERVICESC
urre
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ew
MA
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ET
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Market Penetration
Diversification
Product Development
Market Development
2-18© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
CHECK YOURSELF
1. What are the four growth strategies?
2. What type of strategy is growing the business from existing customers?
3. Which strategy is the riskiest?
2-19© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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Customer excellence is achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service.
Glossary
2-20© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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A diversification strategy introduces a new product or service to a market segment that currently is not served.
Glossary
2-21© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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Locational excellence occurs by having a good physical location and Internet presence.
Glossary
2-22© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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A market development strategy employs the existing marketing offering to reach new market segments, whether domestic or international.
Glossary
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A market penetration strategy employs the existing marketing mix and focuses the firm’s efforts on existing customers.
Glossary
2-24© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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A marketing plan is a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P’s, action programs, and projected or pro-forma income (and other financial) statements.
Glossary
2-25© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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A mission statement is a broad description of a firm’s objectives and the scope of activities it plans to undertake.
Glossary
2-26© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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Operational excellence is achieved through efficient operations and excellent supply chain and human resource management.
Glossary
2-27© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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A product development strategy offers a new product or service to a firm’s current target market.
Glossary
2-28© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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Product excellence occurs by having products with high perceived value and effective branding and positioning.
Glossary
2-29© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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A situation analysis uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.
Glossary
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STP stands for segmentation, targeting, and positioning, and is used to identify and evaluate opportunities for increasing sales and profits.
Glossary
2-31© 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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A sustainable competitive advantage is an advantage over the competition that is not easily copied, and thus can be maintained over a long period of time.
Glossary
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