chapter 02 mkt120 strategies and plan

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LEARNING OBJECTIVES

DEVELOPING MARKETING STRATEGIES AND A MARKETING PLAN

How does a firm set up a marketing plan?

How are SWOT analyses used to analyze the marketing situation?

How does a firm choose what group(s) of people to pursue with its marketing efforts?

How does the implementation of the marketing mix increase customer value?

How can firms grow their businesses?

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Dunkin’ Donuts versus Starbucks

Dunkin’ Donuts Commercial

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Sustainable Competitive Advantage

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Customer Excellence

Virgin Atlantic Website

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Operational Excellence

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Product Excellence

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Locational Excellence

How does Rachael Ray as a spokesperson tie into locational excellence?

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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.

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The Marketing Plan

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Three Phases of a Strategic Plan

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Step One: Defining the Mission and/or Vision

MADD mission statement:MADD strives to stop drunk driving, support the victims of this violent crime and prevent underage drinking.

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MADD Promotion

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Step Two: Conduct a Situation Analysis Using SWOT

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Step Three: Identifying and Evaluating Opportunities Using STP

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Disney: Segmentation, Targeting, Positioning

Families w/younger kids

Magic Kingdom

Adults, families w/older kids

Epcot

Singles and Couples

Pleasure Island

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Power of the Internet

Building Brand evangelists online

Real Beauty campaign

Dove evolution viral video

Dove “Real Beauty” Commercial

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Step Four: Implement Marketing Mix and Allocate Resources

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Price and Value Capture

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Place and Value Delivery

The product must be readily accessible

Why is this retailer growing?

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Promotion and Value Communication

Television Radio Magazines Sales force New Media

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Step Five: Evaluate Performance and Make Adjustments

P&G Website

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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?

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Growth Strategies

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Market Penetration

Existing marketing mix

Existing customers

In what way is a sale a Market penetration strategy?

Cartier Website

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Market Development Strategy

What can a company do to continue to grow in a difficult retail environment?

What can a company do to continue to grow in a difficult retail environment?

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Product Development

Disney Fairy Tale Weddings

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Diversification

FedEx acquires Kinko’s

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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?

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Scenario Planning

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Check Yourself

1. Identify the steps of the scenario planning process

2. How is scenario planning used in a firm?

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Glossary

Customer excellence is achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service.

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Glossary

A diversification strategy introduces a new product or service to a market segment that currently is not served.

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Glossary

Locational excellence occurs by having a good physical location and Internet presence.

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Glossary

A market development strategy employs the existing marketing offering to reach new market segments, whether domestic or international.

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Glossary

A market penetration strategy employs the existing marketing mix and focuses the firm’s efforts on existing customers.

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Glossary

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.

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Glossary

A mission statement is a broad description of a firm’s objectives and the scope of activities it plans to undertake.

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Glossary

Operational excellence is achieved through efficient operations and excellent supply chain and human resource management.

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Glossary

A product development strategy offers a new product or service to a firm’s current target market.

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Glossary

Product excellence occurs by having products with high perceived value and effective branding and positioning.

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Glossary

Scenario planning integrates information obtained as part of the situation and opportunity analysis steps of the marketing plan to better understand the potential performance outcomes associated with different marketing mix applications.

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Glossary

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.

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Glossary

STP stands for segmentation, targeting, and positioning, and is used to identify and evaluate opportunities for increasing sales and profits.

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Glossary

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.

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