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Marketing Industriale e

Direzione d’ImpresaLezione 22– Marketing Plan 4

Ing. Marco Greco

[email protected]

Tel.0776.299.3641

mailto:[email protected]

Analyse the information

• Descriptive statistics: synthesizes data about the

sample into indexes and figures

• Inferential statistics: hypothesis tests to estimate

characteristics of the population with a certain confidence

Frosinone, 17/11/2014


In a sample of n elements we measure the values of the variable xi

Mean 𝑥 = 𝑖=1𝑛 𝑥𝑖

𝑛

Sample variance 𝑠2 = 𝑖=1𝑛 (𝑥𝑖− 𝑥)2

𝑛−1

Population variance 𝜎2 = 𝑖=1𝑛 (𝑋−𝜇)2

𝑛Other central tendency measures: Median and Modal value (max frequency)

Other variability measure: variation coefficient 𝜎

𝜇 it allows to

evaluate the value dispersion regardless the measurement unit



Chi-squared test

1. Classify data according to their frequency

2. Choose a distribution that might describe the phenomenon characteristics

3. Calculate the expected value of the frequencies of data, as if they were actually distributed as hypothesized in 2.

4. Compare the observed frequencies with the expected ones by means of the following

equation: 𝜒(𝑔.𝑑.𝑙.)2 = 𝑖=1

𝑛 𝑓𝑖𝑜𝑠𝑠−𝑓𝑖

𝑎𝑡𝑡 2

𝑓𝑖𝑎𝑡𝑡

with𝑓𝑖𝑜𝑠𝑠 i-th observed frequency; 𝑓𝑖

𝑎𝑡𝑡 i-th expected frequency; d.o.f number of groups (n) - 1

If χ2 is less than the one in the χ2 table for a specific confidence level (e.g. .05) the phenomenon is distributed as expected (with an error equal to the confidence level)


Chi-squared test

• A survey on the topic «what is your favourite pasta» returned the results in table on a sample of 244 respondents

• The marketing experts suggested that the distribution among the four groups should be uniform (each group is expected to have a frequency of 244/4 = 61) and the variations should be casual

• Is marketing experts hypothesis reasonable?

• The value is much higher than that in the χ2 table for a confidence level 0,001 The distribution is not uniform, with an error chance lower than 0,1%

Pasta type

Tortiglioni

Penne

Fusilli

Spaghetti

Observed fr.

Total



Parametric and non-parametric tests

Parametric tests can be used when:

– Samples are independent: the observations in one sample not related with those in another (e.g. comparison of group treatment A and the second group treatment B)

– Homoscedasticity: homogeneity of the variances of the errors in the two samples

– Normality of the error distribution

– … specific conditions for specific tests

Non parametric tests can be used with much fewer conditions


Student t -test

Each family eats 25 chocolate bars per year. The chocolate producer increased the prices, and the top management wants to know whether the increase reduced the demand of chocolate. A sample of 7 families returned the following results: 22, 25, 21, 23, 24, 25, 21. Did the increase in prices reduced the sales?

For α=0,05 and 6 d.o.f. the value in the t-table is 1,943

The obtained value is higher, than H0 can be rejected

n

s

xt n

0)1,2/(


Relation between variables

Pearson correlation (no cause-effect

relation)

Dispersion

diagram

Linear Regression (specific relation cause X –> effect Y)

a: intercept

b: expected change in y for a one-unit change in X

ε: error

Correlation and regression may also be non-parametric, regression may assume several formsand consider many independent variable


Present the findings

• Show the most relevant information

• Use infografics

(http://neomam.com/interactive/13reasons/)


http://neomam.com/interactive/13reasons

1.3 Porter analisys


1.4 Ansoff matrix

Encourage current customers to

buy more, attracting competitors’

customers, or convincing

nonusers to start buying products

Find or develop new markets for its current products, ore new distribution channels

Develop new products for its current markets

Develop new products for new markets

Existing

products

New products

Existing

markets

1. Market

penetration

3. Product

development

New Markets 2. Market

Development

4.

Diversification


2. Opportunity and issue analysis

• Major opportunities and threats,

strengths and weaknesses, and

issues facing the product line or

brand.

Tools

• 2.1 SWOT analisys

• 2.2 Marketing information systems


2.1 SWOT analysis

• Monitoring:

– Macro environment forces (demographic, economic, natural, technological, political, legal, social, cultural)

– Micro environment actors (customers, competitors, suppliers, retailers, intermediaries)


2.1 SWOT analysis

Opportunities:

• Area of buyers’ needs in which the company can perform profitably. Opportunities can be classified according to their attractiveness and their success probability.

– Provide a product for which offer is much smaller than demand

– Provide a new or improved product• «answer to a problem» M# consumers’ needs

• «ideal product» M# consumers’ perception of the ideal product

• «usage chain» M# how the consumer’s use the product

– Develop a novel product


2.1 SWOT analysis

Opportunities:

• Hybrid solutions (e.g. camera in the mobile phone)

• Improve the purchase process (e.g. paying parking tickets via smartphone)

• Customizability (e.g. optionals in the car)

• New functionalities (e.g. icloud)

• Improved time-to-market (e.g. next day delivery)

• Lower price for the same product (e.g. generic drug)


2.1 SWOT analysis

Useful questions about opportunities:

– Can the benefits of the opportunity be formulated and communicated in a compelling way to the target market?

– Can the target markets be reached by means of sustainable media and distribution intermediaries?

– Does the company own the resources and the capabilities to provide benefits to the customers?

– Can the company provide benefits to the customers better than the competitors (or than potential competitors)?

– Will the return on investment be reasonable?


2.1 SWOT analysis

Threats: a challenge posed by an unfavorable external trend or development that would lead to deterioration in sales or profit

Opportunity

matrix

Threat

matrix

2.1 SWOT analysis

Ideal business: high opportunities, low threats

Speculative business: high opportunities and threats

Mature business: low opportunities, low threats

Difficult business: low opportunities, high risks


2.1 SWOT analysis

Strengths and weaknesses

Resources, competencies, human resources:

– What we have and what we miss

– Where can we find of what we miss

Should the company limit itself to those opportunities in

which it possesses the required strengths or consider better

opportunities to acquire or develop certain strengths?


Fast growth

Low risks

3. Marketing and financial goals

Goals Consistent

Realistic

Quantitatively Stated

Hierarchically Arranged

Deep penetration of existing mkt

Development of new mkts

Profit goals

Non-profit goals

4. Marketing strategy

Porter’s strategies

Overall cost leadership: lowest production and distribution costs lower price than competitors

Differentiation: superior performance in an important customer benefit area

customers are willing to pay more for the extra value they receive

Focus: Specific regional mkt, product line or buyers cluster, knowing them intimately, pursuing either cost leadership or differentiation within the target segment

Dacia

Sandero,

cheapest car

in the Italian

mkt (y2013)

Audi A6,

best luxury

large car (http://usnews.rankin

gsandreviews.com/)

Tata: focus on

Indian mkt,

cost

leadershipFrosinone, 17/11/2014


• Strategic alliances: the company tries to become market

leader by means of alliances with other global or local

companies



• Product/service alliances: licensing or conjoint production



• Promotional alliances



• Logistic alliances



• Price alliances


5. Action programs

• Detailed marketing programs

• Consider including stakeholders in the decision process to

collect more points of view.


6. Projected profit-and-loss statement

• Activity based cost: will the marketing plan be

sustainable in the short and mid terms?

• Expected balance-sheets in the next year according to

your forecasts, if the marketing plan will be implemented

• Financial analysis: leverage, return on earnings, return

on assets


7. Controls

Choose indexes to monitor:

• the brand performance (market share, power of market)

• the company’s financial performance (return on

investment, turnover)

• the effectiveness of the marketing actions implemented

(customer satisfaction, retention)

Can we justify the marketing investments?


7 Controls

Marketing parameters

External Internal

Market share Path towards goals

Relative price w.r.t. competitors Resources

Complaints Recruitment rates

Customer satisfaction Change propensity

Availability of the products Tolerance to failure

Number of customers Human resources satisfaction

Customers loyalty Human resources competencies

Perceived quality of the product/company


7 Controls

Customer-performance scorecard (or, similarly, stakeholder-performance scorecard)

• Year after year measures:– % of new customers

– % of lost customers

– % of regained customers

– % of very dissatisfied customers, dissatisfied customers…

– % of customers that would recommend the product

– % of customers that would buy again the product

– % of customers that know the brand

– Perception of the product quality w.r.t. the main competitor


7 Controls

• Sale analysis: measuring and evaluating actual sales in relation to goals, also on micro-level (e.g. specific products, territories…)

• Market share analysis:– Overall market share: the company’s sales expressed as a

percentage of total market sales

– Served market share: the company’s sales expressed as a percentage of total sales to its served market (buyers who are able and willing to buy the product)

– Relative market share: the company’s sales expressed as a percentage of total sales to its largest competitor


7 Controls

• Beware!

– The external forces do not have the same influence on different enterprises (Eg. PM vs BAT in Costa Rica)

– The results of a company should not be compared with all of its competitors, but with the closest ones

– If a new company enters the market, the market shares may physiologically decrease

– A reduction of the market share may be the output of a well-aware strategy

– The market shares may accidentally fluctuate


Philip Morris vs BAT (Besanko et al., 2009)

• Market share in Costa Rica (‘90s)– PM=30% (middle and high price categories),

– BAT=70% (low price category)

• Industrial profit margins>50% (thanks to economic growth)

• Health concerns about cancer erosion of PM’s market share

• PM: 40% price reductionSaturday morning, January 16th

BAT: Saturday afternoon decides for a 50% price reduction (Π=0)


References

• Anderson, D.R., Sweeney, D.J., & Williams T.A. (2008). Statistics for Business and Economics, Tenth Edition. Thomson Southwestern

• Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2009). Economics of strategy. John Wiley & Sons.

• Griffin, R. W. (2013). Fundamentals of management. Cengage Learning.

• Kotler, P. (2000). Marketing management millennium edition. Prentice Hall.

• Kotler, P., & Keller, K. L. (2013). Marketing management. Prentice Hall.


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