Situation Analysis MARK4210 Spring 2018
Situation Analysis (Customer, Competitor, Company) Market Selection (Segmentation, Targeting, Positioning) Marketing Mix Formulation (Product, Pricing, Distribution, Promotion) - Quantitative Analysis - Consumer Behavior Simulation Game PharmaSim Elements of Marketing Strategy Fundamentals Application Course Roadmap
Today’s Agenda Situation Analysis Caselet
Situation Analysis Effective marketing strategies are based on solid understanding of internal and marketing environments Source: Marketing Analysis Toolkit: Situation Analysis, Steenburgh & Avery, Harvard Business School
Analyze direct and indirect product benefits to assess which attributes are important to consumers Distribution of consumer needs provides important input into segmentation and targeting decisions Important to understand the needs/values the product fulfills/delivers for consumers 5C’s : Customer Analysis
Types of customer values 5C’s: Customer Analysis Source: Capon’s Marketing Framework, Capon, Wessex Publishing
5C’s: Customer Analysis Types of customer values Economic value Provide financial benefits such as lower price or lower overall costs for customers Functional value Products and services that provide tangible benefits and values that serve specific functions Psychological value Typically satisfy status, affiliation, reassurance, risk and security needs Source: Capon’s Marketing Framework, Capon, Wessex Publishing
Understand the financial aspects e.g., revenue model, prices/margins, costs/expenses Know your organizational components e.g., management structure, corporate culture Analyze your business model Product/service offerings Core competencies 5C’s: Company Analysis Source: Marketing Analysis Toolkit: Situation Analysis, Steenburgh & Avery, Harvard Business School
What are your core competencies? Know your core competencies -- a deep proficiency that enables a company to deliver unique value to customers 5C’s: Company Analysis Source: Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors ; Operational Excellence Product Leadership Customer Intimacy Providing customers with reliable products or services at competitive prices and delivered with minimal difficulty or inconvenience Offering customers leading- edge products and services that consistently enhance the customer’s use or application of the product Catering to customer needs, tailoring product offerings, building close relationships with customers
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