MKTG
armstrong02_basic

armstrong02_basic - CompanyandMarketing...

Info icon This preview shows page 1. Sign up to view the full content.

This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Company and Marketing Strategy: Partnering to Build Customer Relationships Chapter 2 Road Map: Previewing the Concepts • Explain companywide strategic planning and its four steps. • Discuss how to design business portfolios and growth strategies. • Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value. 2-2 Road Map: Previewing the Concepts • Describe the elements of a customer­ driven marketing strategy and mix, and the forces that influence it. • List the marketing management functions, including the elements of a marketing plan. 2-3 Strategic Planning • The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. 2-4 Steps in Strategic Planning 1. Defining the company mission 2. Setting company objectives and goals 3. Designing the business portfolio 4. Planning marketing and other functional strategies 2-5 The Mission Statement • A statement of the organization’s purpose What it wants to accomplish in the larger environment • Should be market oriented and defined in terms of customer needs. 2-6 Mission Statement Should: • Be realistic • Be specific • Fit the market environment • Be based on distinctive competencies • Be motivating 2-7 Designing the Business Portfolio • The business portfolio is the collection of businesses and products that make up the company. • The company must: analyze its current business portfolio or Strategic Business Units (SBUs), decide which SBUs should receive more, less, or no investment, develop growth strategies for growth or downsizing. 2-8 Portfolio Analysis • An evaluation of the products and business making up the company. • Resources are directed to more profitable businesses and weaker ones are phased down or dropped. 2-9 Strategic Business Unit (SBU) • A unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses. • Can be a company division, a product line within a division, or sometimes a single product or brand. 2 - 10 BCG Growth­Share Matrix • Stars • Cash Cows • Question Marks • Dogs 2 - 11 Problems with Matrix Approaches • Can be difficult, time consuming, and costly to implement • Difficult to define SBUs and measure market share and growth • Focus on current business, not future planning • Can place too much emphasis on growth • Can lead to poorly planned diversification 2 - 12 Product/Market Expansion Grid • Market Penetration • Product Development • Market Development • Diversification 2 - 13 Marketing’s Role in Strategic Planning • Provide a guiding philosophy • Provide inputs to strategic planners • Design strategies to reach objectives 2 - 14 Value Delivery Network • Company’s value chain • Distributors • Suppliers • Customers 2 - 15 Market Segmentation • The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products of marketing programs. • A market segment consists of consumers who respond in a similar way to a given set of marketing efforts. 2 - 16 Target Marketing • Involves evaluating each market segment’s attractiveness and selecting one or more segments to enter. • Target segments that can sustain profitability. 2 - 17 Market Positioning • Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. • Begins with differentiating the company’s marketing offer so it gives consumers more value. 2 - 18 The Marketing Mix • The set of • Consists of the 4 Ps controllable, 1. Product tactical marketing 2. Price tools that the firm 3. Place blends to 4. Promotion produce the response it wants in the target market. 2 - 19 The 4 P’s & the 4 C’s of the Marketing Mix • 4 P’s ­ Seller’s View • 4 C’s ­ Buyer’s View Product Price Place Promotion Customer Solution Customer Cost Convenience Communication 2 - 20 Sections of Product/Brand Plan 1. Executive summary 2. Current marketing situation 3. Analysis of threats and opportunities 4. Objectives for the brand 5. Marketing strategy 6. Action programs 7. Marketing budget 8. Controls 2 - 21 Marketing Department Organization • Functional Organization • Geographic Organization • Product Management Organization • Market or Customer Organization • Combination 2 - 22 Marketing Control Process • Set Goals • Measure Performance • Evaluate Performance • Take Corrective Action 2 - 23 ...
View Full Document

  • Fall '08
  • JohnE.Robbins
  • Marketing, SBUs, Strategic business unit, Product Development • Market Development • Diversification, Product Management Organization • Market or Customer Organization • Combination, Customer Solution Customer Cost Convenience Communication

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern