Lecture 3 Customer Based Strategic Marketing february 8, 10, 15, 17

Lecture 3 Customer Based Strategic Marketing february 8, 10, 15, 17

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Unformatted text preview: Strategic Marketing February 8, 10, 15, and 17 Takeaways: How does the marketing philosophy contribute to Strategic Management at the (broad) corporate and the narrow (product-market) level? (a) Define the organization mission and identify growth opportunities (b) Analyze Business and Product Performance (Portfolio and Value Analysis) (c) Match the product to the customers needs (Segmentation, Targeting, and Positioning) Strategy: Who are we What do we want to be Where are we now How to we get there Starts with defining the organizations mission (Who are we and what do we want to be) From a marketing perspective, the Corporate Mission Statement (Vision/Mission/Values) should (a) Tell us Who our customers are (b) Explain What customer needs our company is trying to meet (c) Explain How our Company will satisfy those needs better than the competition (d) Fit the current social/political/market environment Examples of corporate vision / values: Cleveland Clinic: Every life deserves world class care Sara Lee: Our vision is to simply delight you, every day Mary Kay: To give unlimited opportunity to women Revlon: In the factory Revlon manufactures cosmetics, but in the store we sell hope Walt Disney: To make people happy Windows: Life Without Walls The key in these mission/vision /value statements is to move away from products to underlying needs: Amazon.com: From - We sell books, videos, CDs. toys, electronics, etc. - to - We make the Internet buying experience fast, easy, and enjoyable. Home Depot: From - We sell tools and home repair and improvement items to - We provide advice and solutions that transform ordinary homeowners in to Mr. and Mrs. Fixits. (b) Identifying Market Opportunities (part of the SWOT analysis) (Where are we and where do we go from here) Mr. Clean Takes Car-Wash Gig Procter & Gamble Expands Into Franchising in Its Pursuit of New Areas for Growth Cincinnati-based P&G wants to put its brands to work selling services as a way of boosting U.S. revenue and increasing awareness around Tide and its other products. See related video: http://www.cnbc.com/id/15840232? video=1695838613&play=1 ( Courtesy: Katie Chum, Spring 2011 ) Rural India Snaps Up Mobile Phones Demand Among Poor Farmers Keeps an Industry Growing as Other Sectors of the Economy Are Jolted Amazon Raises an E-Book Specter Product / Market Opportunities Examples: o Repackaging Crystal Lite in colorful plastic bottles o Introduce a new spreadable cream cheese called Philly For Toast o TCBY introducing its popular selling frozen dessert in USA in China o Victorias Secret introducing a new line of elegant makeup o Clinic putting an oil reducing ingredient in their shampoo for their women customers in India o McDonalds introducing the Maharaja burger in India (c) Analyzing Product (Strategic Business Unit, SBU) Performance: How are we doing - (a) Portfolio analyses (b) Value analysis Portfolio Analysis: Broader (at the Strategic Business Unit SBU level):...
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This note was uploaded on 07/18/2011 for the course MKTG 311 taught by Professor Chatterji during the Spring '08 term at Binghamton University.

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Lecture 3 Customer Based Strategic Marketing february 8, 10, 15, 17

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