Text of DEVELOPING SUCCESSFUL MARKETING AND CORPORATE STRATEGIES C HAPTER
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DEVELOPING SUCCESSFUL MARKETING AND CORPORATE STRATEGIES C HAPTER
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DEFINITION OF ORGANIZATIONS Profit Business Firm Organizations as defined by profit Nonprofit Organization Both commonly referred to as the Firm the Company the Corporation the Organization
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ORGANIZATIONS LEVELS OF STRATEGY Corporate Level- create value for stockholders Functional Level execute plan on daily basis Business Unit Level- plan direction for each SBU Department -specialized functions of daily operation
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Mission -statement of the organizations purpose for existing, often identifying its customers, markets, products, technology, and values. Goals or Objectives Goals or Objectives Quality Profit Sales Market Share Market Share Customer Satisfaction Employee Welfare Social Responsibility FOCUS OF THE STRATEGY
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SETTING STRATEGIC DIRECTIONS Competencies-identify what you do best A Look Around: Where Are We Now? Identify your Customers Competitive Advantage-your unique strength Competitors-identify the biggest threats
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SETTING STRATEGIC DIRECTIONS Growth Strategies: Where Do We Want to Go? Business Portfolio Analysis (BCG Matrix) Relative Market Share-horizontal axis Market Growth Rate-vertical axis Cash Cows (LH) Stars (HH) Dogs (LL) Question Marks or Problem Children (HL)
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Boston Consulting Group portfolio analysis for Kodak sbus in 2003 Kodak self- service kiosk Kodak film sales: US, Canada, & W. Europe Kodak digital photo printer Kodak digital camera
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SETTING STRATEGIC DIRECTIONS Growth Strategies: How Do We Get There? Market-Product Analysis Market Penetration- same product; same market Market Development- same product; new market Product Development-new product; same market Diversification - new product; new market
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Four market-product strategies: alternative ways to expand sales revenues for Ben & Jerrys
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THE STRATEGIC MARKETING PROCESS How do we allocate our resources to get where we want to go? How do we convert our plans to actions? How do our results compare with our plans, and do deviations require new plans? Marketing Plan Marketing Plan
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Step 1: SWOT Analysis THE STRATEGIC MARKETING PROCESS -The Planning Phase GOOD NOW Maintain & build GOOD FUTURE Prioritize & optimize BAD NOW Remedy or stop BAD FUTURE Intercept and counter
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Ben & Jerrys: SWOT analysis
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Step 2: Market-Product Focus and Goal Setting Market Segmentation Market Segmentation Set Marketing and Product Goals Select Target Markets Find Points of DifferenceFind Points of Difference Position the Product Which Product-Which Customers
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Step 3: Marketing Program Product Strategy Price Strategy Promotion Strategy Place (Distribution) Strategy Marketing Program Strategy
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Elements of the marketing mix that comprise a cohesive marketing program
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Obtaining Resources Designing the Marketing Organization -delegating who does what Developing Schedules-Linear or Gantt THE STRATEGIC MARKETING PROCESS- The Implementation Phase
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Tasks to complete a term project
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Gantt chart for scheduling the term project
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Comparing Results With Plans to Identify Deviations Acting on Deviations Filling the Planning Gap Marketings Job THE STRATEGIC MARKETING PROCESS- The Control Phase
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Evaluation & control of Kodaks marketing program
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Profit Profit is the reward to a business firm for the risk it undertakes in offering a product for sale. It is also the money left over after a firms total expenses are subtracted from its total sales.
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Mission is a statement of the organizations scope, often identifying its customers, markets, products, technology, and values. Mission
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Goals or objectives convert the mission into targeted levels of performance to be achieved, often by a specific time. Goals or Objectives
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Market share is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. Market Share
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A marketing plan is a road map for the marketing activities of an organization for a specified future period of time. It allocates the 4Ps of a firm to reach the target market. Marketing Plan
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SWOT analysis is an acronym describing an organizations appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. SWOT Analysis
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Market segmentation involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. Market Segmentation
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Points of difference are those characteristics of a product that make it superior to competitive substitutes. Points of Difference
