Marketing Chapter 2 - Marketing Chapter 2 Developing Marketing Strategies and Plans Phases of Value Creation and Delivery 1 Choosing the value homework

Marketing Chapter 2 - Marketing Chapter 2 Developing...

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Marketing Chapter 2 – Developing Marketing Strategies and Plans Phases of Value Creation and Delivery : 1) Choosing the value – “homework” marketing staff must do before product realization – segmentation, targeting, positioning 2) Providing the value – determine specific product features, price, distribution 3) Communicating the value – communication tools – announce & promote product – sales promotion, advertising *these 3 – cost involve value chain - tool for identifying - create more customer value because - firm is synthesis of primary & support activities - performed to design, produce, market, deliver, and support its product Primary activities – sequence of – bring material into the business, convert them to final product, ship out, marketing, service them. Support activities – procurement, technology development, HR, general management – handled in specialized dept Core Business Processes 1. Market-sensing process – gathering market intelligence, disseminating within firm, act on information 2. New-offering realization process – R&D, launch new offerings quick & within budget 3. Customer acquisition process – define target market, find new customer 4. Customer relationship management process – build deeper understanding, relationship, offering to individual customer 5. Fulfillment management process – receiving & approve order, ship goods on time, collect payment Characteristics of Core Competencies 1. A source of competitive advantage 2. Applications in a wide variety of markets 3. Difficult to imitate *refer to – areas of special technical & production expertise Maximizing Core Competencies 1. (Re)define the business concept – big idea 2. (Re)shaping the business scope – the lines of business 3. (Re)positioning the company’s brand identity – how customer should see the company Distinctive capabilities – 1. market sensing – weak signals from periphery of business – lead to opportunities / threats 2. customer linking - 3. channel bonding – Competitive advantage – derived from – how well the firm – fit core competencies & distinctive capabilities into – interlocking activity systems – competitors unable to copy their activity systems Holistic marketing - sees itself as - integrating the value exploration, value creation, and value delivery activities- purpose : building long-term, mutually satisfying relationships AND co-prosperity among key stakeholders. Questions to Address in Holistic Marketing :
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