Marketing Strategy And Plan

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Chapter 2Marketing strategy andplan

Today Define a marketing strategy. Describe the elements of a marketing plan. Analyze a marketing situation using SWOT analyses. Describe how a firm chooses which consumer group(s) topursue with its marketing efforts. Outline the implementation of the marketing mix as ameans to increase customer value. Evaluate marketing performance. Describe how firms grow their business.2

Marketing strategyWhat is a Marketing Strategy?1. Identifies a firm’s target markets2. Identifies a related marketing mix (4 Ps)3. Identifies bases on which to build asustainable competitive advantage3

Marketing strategyWhat is a Marketing Strategy?1. Identifies a firm’s target markets2. Identifies a related marketing mix (4 Ps)3. Identifies bases on which to build asustainable competitive advantageCan you name some firmsthat have a good competitiveadvantage?4

Competitive AdvantageAdvantage over the competition thatcannot be easily nalytics5

Customer ExcellenceValue-based strategies to:1. Retain customers2. Provide outstanding customer service6

Operational ExcellenceAchieved through:1. Efficient operations2. Excellent supply chain Reduce costs Have the right stockGOAL: Provide what customerswant, when they want, and at theright price7

Product ExcellenceCreate products with high perceived value8

Product ExcellenceCreate products with high perceived value9

Location Excellence“The three most important things inretailing are location, location, location.” Located on campus Target students Located in malls Target families10

Data AnalyticsUse data to:Predict consumers needsPersonalized targetingImprove the company product/service11

Marketing PlanStep 1: Businessmission &objectivesPlanningPhaseStep 2: SituationanalysisSWOTStep 3: Identify tingstrategyImplementationPhaseStep 4: Implement marketing mixProductControlPhasePricePlacePromotionStep 5: Evaluateperformanceusing marketing metrics12

Step 1: Define the Mission Nike's mission statement is "To bringinspiration and innovation to everyathlete* in the world."* "If you have a body, you are an athlete.”-- Bill Bowerman13

Step 2: SWOT AnalysisConduct a Situation Analysis Using SWOTExample: When McDonald’s entered the specialty coffee market:14

Step 3: STPSegmentation15

Step 3: STPTargeting16

Step 3: STPTargeting17

Step 3: STPPositioning18

Step 4: Implement 4PsApple MacBookProductValue CreationPriceValue CapturePlaceValue DeliveryPromotionValueCommunicationThrough extensive marketing research, Apple knows what you look for in a laptop, howmuch you are willing to pay for the features you want, where you will shop, etc.19

Step 5: Evaluate Performance Using marketing metrics, e.g.,– Market share à % of market accounted by aspecific company– Market growth rate (of the market in which theproduct competes)20

Growth Strategies(Sales, promotions, ads)Highest Risk!!21

Growth Strategy22

Growth Strategy23

Define a marketing strategy. Describe the elements of a marketing plan. Analyze a marketing situation using SWOT analyses. 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. Evaluate marketing .