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  1. 1. Developing Marketing Strategies and Plans Marketing Management, 13th ed 2
  2. 2. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-2 Chapter Questions • How does marketing affect customer value? • How is strategic planning carried out at different levels of the organization? • What does a marketing plan include?
  3. 3. Value delivery process The value delivery process involves choosing (or identifying), providing (or delivering), and communicating superior value. The value chain is a tool for identifying key activities that create value and costs in a specific business. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-3
  4. 4. The Value Delivery Process The traditional view of marketing is that the firm makes something and then sells it. A) Will not work in economies where people face abundant choice. B) New belief: marketing begins with the planning process. C) Value creation and delivery consists of three parts: 1) Choosing the value (segment the market, define target market, develop “offering”). 2) Providing the value (product features, prices, and distribution channels). 3) Communicating the value (sales force, advertising, and promotional tools). Each of these “values” involves a cost component to the company. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-4
  5. 5. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-5 Three V’s Approach to Marketing • Define the value segment • Define the value proposition • Define the value network
  6. 6. Three V’s Approach to Marketing The four Ps are an essential part of marketing, but it's not enough to differentiate products based on the four Ps. Product, price, place and promotion can easily be copied by competition. By focusing on the three Vs, a company can sustain differentiation. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-6
  7. 7. Three V’s Approach to Marketing "Valued customer" is a way to segment and target customers based on perceived value. "Value proposition" is how to competitively differentiate products and services to customers. "Value network" is how you deliver the value proposition to the target customer. It's a cross-functional orientation often referred to as the "value chain." For example, at Starbucks, it's everything they do from the beginning of the value network, such as who they buy their beans from to providing a cup of coffee in the store. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-7
  8. 8. Value Segment An innovative system of market segmentation that goes beyond demographics and psychographics to explore the values, mindsets and attitudes that motivate consumer behavior. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-8
  9. 9. Value Proposition A value proposition refers to the value a company promises to deliver to customers . Value proposition should describe; how the product or service solves/improves problems, what benefits customers can expect, and why customers should buy from you over your competitors. A truly great value proposition is a statement that paints a clear picture of what your brand has to offer for prospects. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-9
  10. 10. Value Network A value network is a set of connections between organizations and/or individuals interacting with each other to benefit the entire group. A value network allows members to buy and sell products as well as share information. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-10
  11. 11. What is the Value Chain? A value chain is a business model that describes the full range of activities needed to create a product or service. For companies that produce goods, a value chain comprises the steps that involve bringing a product from conception to distribution, and everything in between—such as procuring raw materials, manufacturing functions, and marketing activities. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-11
  12. 12. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-12 What is the Value Chain? The value chain is a tool for identifying ways to create more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver, and support its product.
  13. 13. The Value Chain Michael Porter’s Value Chain identifies nine strategically relevant activities that create value and costs (five primary and four support activities). Primary activities: 1) Inbound logistics (material procurement). 2) Operations (turn into final product). 3) Outbound logistics (shipping and warehousing). 4) Marketing (marketing and sales). 5) Servicing (service after the sale). Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-13
  14. 14. The Value Chain Support activities: 1) Procurement. 2) Technology development. 3) Human resource management. 4) Firm infrastructure. The firm’s task is to examine its costs and performance in each value-creating activity and to look for ways to improve performance. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-14
  15. 15. Primary Activities and Support Activities Primary activities are directly concerned with the creation or delivery of a product or service. They can be grouped into five main areas: inbound logistics, operations, outbound logistics, marketing and sales, and service. Each of these primary activities is linked to support activities which help to improve their effectiveness or efficiency. There are four main areas of support activities: procurement, technology development (including R&D), human resource manag Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-15
  16. 16. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-16 Core Business Processes • Market-sensing process • New-offering realization process • Customer acquisition process • Customer relationship management process • Fulfillment management process
  17. 17. Market-sensing Process Market sensing research would seek to understand why consumers choose these brands over conventional brands. Understanding what the customer really wants is key for any business to succeed Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-17
  18. 18. New offering realization process New offering realization is a process of developing new core goods and services, increasing of market offer and finally bringing product to the market. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-18
  19. 19. The customer acquisition process Customer acquisition is the process of bringing new customers to a particular brand, product or service. Example: Apple is constantly re-inventing their products, not only retaining the customers they already have, but reaching out to potential new customers, with better technological specs. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-19
  20. 20. Customer relationship management process CRM stands for Customer Relationship Management. It's a technology used to manage interactions with customers. A CRM system helps organizations build customer relationships and streamline processes so they can increase sales, improve customer service, and increase profitability. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-20
  21. 21. Fulfillment management process The fulfillment process is what happens in a company when an order for a product is received -the "fulfillment" of the order. The process includes logical warehousing of products, receiving the order, "picking" (finding) the items ordered in the warehouse, "packing" (packaging) those items, "shipping" it to the right address, and notifying the customer that their order is on the way. Order fulfillment is the process of receiving goods, then processing and delivering orders to customers. The process starts with a customer placing an order and ends once they receive it. However, if the buyer wants to return a product, order fulfillment manages the return transaction as well. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-21
  22. 22. Core Business Processes Strong companies develop superior capabilities in these core business processes. Strong companies also reengineer the workflows and build cross- functional teams responsible for each process. Many companies have partnered with suppliers and distributors to create a superior value-delivered network. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-22
  23. 23. Value-delivery network (supply chain) To be successful today, a firm must look for competitive advantages beyond its own operations—to its suppliers and distributors to create a superior value- delivery network (supply chain). Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-23
  24. 24. Core Competencies Companies need resources (labor, materials, energy, etc.) 1) Key is to own or nurture the resources and competencies that make up the essence of the business—outsource if competency is cheaper and available. 2) Competitive advantage accrues to companies that possess distinctive capabilities (excellence in broader business processes). 3) Competitive advantage derives from how well the company fits its core competencies and distinctive capabilities into tightly interlocking “activity systems.” Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-24
  25. 25. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-25 Characteristics of Core Competencies • A source of competitive advantage • Applications in a wide variety of markets • Difficult to imitate
  26. 26. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-26 Table 2.1 Becoming a Vigilant Organization • Can we learn from the past? • How should the present be evaluated? • What do we envision for the future?
  27. 27. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-27 What is Holistic Marketing? Holistic marketing sees itself as integrating the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and coprosperity among key stakeholders.
  28. 28. A Holistic Marketing Orientation and Customer Value A holistic marketing orientation can provide help in capturing customer value Holistic marketing addresses three key management questions: 1) Value exploration—identify new value opportunities. 2) Value creation—create more promising new value offerings. 3) Value delivery—deliver the new value offerings more efficiently. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-28
  29. 29. Value Exploration A) Customer’s cognitive space (reflects existing and latent needs and includes participation, stability, freedom, and change). B) Company’s competence space (broad versus focused scope of business and depth physical versus knowledge-based capabilities). C) The collaborator resource space (horizontal and vertical partnerships). Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-29
  30. 30. Value Creation Marketer’s need to: 1) Identify new customer benefits from the customer’s view. 2) Utilize core competencies. 3) Select and manage business partners from its collaborative networks. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-30
  31. 31. Value Delivery—What Companies Must Become? Often requires an investment in infrastructure and capabilities. Proficient at customer relationship management. 1) Who the customers are, and respond to different customer opportunities. Internal resource management. 1) Integrate major business processes within a single family of software modules. Business partnership management. 1) Allow the company to handle complex relationships with its trading partners. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-31
  32. 32. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-32 What is a Marketing Plan? A marketing plan is the central instrument for directing and coordinating the marketing effort. It operates at a strategic and tactical level.
  33. 33. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-33 Levels of a Marketing Plan • Strategic • Target marketing decisions • Value proposition • Analysis of marketing opportunities • Tactical • Product features • Promotion • Merchandising • Pricing • Sales channels • Service
  34. 34. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-34 Corporate Headquarters’ Planning Activities • Define the corporate mission • Establish strategic business units (SBUs) • Assign resources to each SBU • Assess growth opportunities
  35. 35. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-35 Good Mission Statements • Focus on a limited number of goals • Stress major policies and values • Define major competitive spheres • Take a long-term view • Short, memorable, meaningful
  36. 36. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-36 Major Competitive Spheres • Industry • Products • Competence • Market segment • Vertical channels • Geographic
  37. 37. Major Competitive Spheres Good Mission Statements define the major competitive spheres within which the company will operate. Some companies operate in only one industry; some only in a set of related industries; some only in industrial goods, consumer goods, or services; and some in any industry. Example: Industry: Caterpillar focuses on the industrial market Products: Firms define the range of products they will supply. Competence: The firm identifies the range of core competencies it will master and leverage. Market segment: The type of market or customers a company will serve Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-37
  38. 38. Mission Statement A mission statement is used by a company to explain, in simple and concise terms, its purpose(s) for being. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-38
  39. 39. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-39 Rubbermaid Commercial Products, Inc. “Our vision is to be the Global Market Share Leader in each of the markets we serve. We will earn this leadership position by providing to our distributor and end-user customers innovative, high-quality, cost- effective and environmentally responsible products. We will add value to these products by providing legendary customer service through our Uncompromising Commitment to Customer Satisfaction.”
  40. 40. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-40 Motorola “The purpose of Motorola is to honorably serve the needs of the community by providing products and services of superior quality at a fair price to our customers; to do this so as to earn an adequate profit which is required for the total enterprise to grow; and by doing so, provide the opportunity for our employees and shareholders to achieve their personal objectives.”
  41. 41. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-41 eBay “We help people trade anything on earth. We will continue to enhance the online trading experiences of all—collectors, dealers, small businesses, unique item seekers, bargain hunters, opportunity sellers, and browsers.”
  42. 42. Product Orientation vs. Market Orientation A market orientated company is one that organizes its activities, products and services around the wants and needs of its customers. A product-orientated firm has its primary focus on its product and on the skills, knowledge and systems that support that product. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-42
  43. 43. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-43 Table 2.3 Product Orientation vs. Market Orientation Company Product Market Missouri-Pacific Railroad We run a railroad We are a people- and-goods mover Xerox We make copying equipment We improve office productivity Standard Oil We sell gasoline We supply energy Columbia Pictures We make movies We entertain people
  44. 44. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-44 Dimensions that Define a Business • Customer groups • Customer needs • Technology
  45. 45. Strategic Business Unit A strategic business unit, known as SBU, is a fully- functional unit of a business that has its own vision and direction. Typically, a strategic business unit operates as a separate unit, but it is also an important part of the company. Example: The best example of SBU are companies like Proctor and Gamble etc. These companies have different product categories under one roof. For example, LG as a company makes consumer durables. It makes refrigerators, washing machines, air-conditioners as well as televisions. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-45
  46. 46. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-46 Characteristics of SBUs • It is a single business or collection of related businesses • It has its own set of competitors • It has a leader responsible for strategic planning and profitability
  47. 47. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-47 Ansoff’s Product-Market Expansion Grid • Market penetration strategy • Market development strategy • Product development strategy • Diversification strategy
  48. 48. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-48 What is Corporate Culture? Corporate culture is the shared experiences, stories, beliefs, and norms that characterize an organization.
  49. 49. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-49 Tactics for Managing Change • Avoid the innovation title for the team • Use the buddy system • Set the metrics in advance • Aim for quick hits first • Get data to back up your gut
  50. 50. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-50 SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats
  51. 51. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-51 SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats
  52. 52. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-52 Market Opportunity Analysis (MOA) • Can the benefits involved in the opportunity be articulated convincingly to a defined target market? • Can the target market be located and reached with cost-effective media and trade channels? • Does the company possess or have access to the critical capabilities and resources needed to deliver the customer benefits?
  53. 53. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-53 Market Opportunity Analysis (MOA) (cont.) • Can the company deliver the benefits better than any actual or potential competitors? • Will the financial rate of return meet or exceed the company’s required threshold for investment?
  54. 54. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-54 Goal Formulation and MBO • Unit’s objectives must be hierarchical • Objectives should be quantitative • Goals should be realistic • Objectives must be consistent
  55. 55. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-55 Porter’s Generic Strategies • Overall cost leadership • Differentiation • Focus
  56. 56. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-56 Categories of Marketing Alliances • Product or service alliance • Promotional alliance • Logistics alliances • Pricing collaborations
  57. 57. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-57 Marketing Plan Contents  Executive summary  Table of contents  Situation analysis  Marketing strategy  Financial projections  Implementation controls
  58. 58. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 2-58 Evaluating a Marketing Plan  Is the plan simple?  Is the plan specific?  Is the plan realistic?  Is the plan complete?

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