Marketing Point of View
- 1. Developing Marketing Strategies and Marketing Plans Za’Nya Broadnax MRK 2100
- 2. Marketing Strategy Marketing strategies identifies: ● A firm’s target market ● A related marketing mix (4 P’s) ● The bases on which the firm plans to build a sustainable competitive advantage.
- 3. What is a Sustainable Competitive Advantage? ● An advantage over the competition that is not easily copied and can be maintained over a long period of time ● It acts as a wall the firm has built around its position in a market ● The wall makes it hard for outside competitors to contact customers inside otherwise known as the marketers. ● Establishing this advantage is key to long-term financial performance.
- 4. Four Macro Strategies Customer Excellence - Focuses on retaining loyal customers and excellent customer service. Operational Excellence - Achieved through efficient operations and excellent supply chain and human resource management Product Excellence - Having products with high perceived value and effective branding and positioning. Locational Excellence - Having a good physical location and Internet presence
- 5. What is a Marketing Plan? ● 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) financial statements. ● Three major phases of marketing plan include 1. Planning 2. Implementation 3. Control
- 6. Three Phases of the Marketing Plan 1. Planning - Requires that managers define the firm’s mission and vision, and assess the firm’s current situation. - Answers these questions: What business are we in now, and what do we intend to be in the future? 1. Implementation - The firm specifies how it plans to implement its mission and vision. - Answers these questions: To which customer groups does it wish to direct its marketing efforts, and how does it use its marketing mix to provide good value? 1. Control - The firm must evaluate its performance using appropriate metrics to determine (1)what worked, (2)what didn’t, and (3)how performance can be improved in the future.
- 7. Marketing Plan Steps Marketing plan entails five steps. ● Planning Phase 1. Define business mission statement and objectives 2. Conduct a situation analysis (SWOT) ● Implementation Phase 1. Identify and evaluate opportunities (STP) 2. Implement marketing mix (4 P’s) ● Control Phase 1. Evaluate performance using marketing metrics
- 8. SWOT Analysis ● Strengths - Analyzing what the firm is good at ● Weaknesses - Where the firm could improve? ● Opportunities - Where in the marketplace the firm might excel? ● Threats - What is happening in the marketplace that could harm the firm?
- 9. STP Process ● Segmentation - The firm first divides the marketplace into subgroups or segments ● Targeting - Determine which of the segments the firm should pursue or target ● Positioning - Deciding how the firm should position its products and services to best meet the needs of those chosen targets.
- 10. Marketing Mix ● Consist of the 4 P’s 1. Product - Firms attempt to develop products and services that customers perceive as valuable enough to buy 1. Price - Firm offer products and services at prices their target markets will view as indicating good value 1. Promotion - Informs customers and helps them form a positive image about the firm and its products and services 1. Place - The firm must be able to make the product or service readily accessible when & where the customer wants it.
- 11. What is a Portfolio Analysis? ● A management tool used to evaluate the firm’s various products and businesses & allocate resources according to which products are expected to be the most profitable for the firm in the future.
- 12. Four Basic Growth Strategies 1. Market penetration - directs the firm’s efforts toward existing customers 2. Market development - the firm uses its current marketing mix to appeal to new market segments 3. Product development - offering a new product or service to the firm’s current target market. 4. Diversification - a firm introduces a new product or service to a new customer segment. Four Basic Growth Strategies