F10 MKTG 3104Student 02. Strategy Part 1 ppt

F10 MKTG 3104Student 02. Strategy Part 1 ppt - MKTG 3104...

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MKTG 3104 ORGANIZATIONAL STRATEGY
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Strategy Objectives Understand what strategy is, how it’s developed, and its role at different levels of an organization Define the components of a marketing mix (4Ps) Examine two strategy classification systems (growth, sources of comparative advantage) Explain two strategic analysis tools and how to use them effectively (SWOT, Portfolio analysis) But first……
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Critical Terminology Segmentation Dividing customers into groups (segments) so that those within a segment have similar needs and respond similarly to a marketing strategy. 1. (racers, commuters, adult recreational, children) – Bike Market ALWAYS MULTIPLE WAYS TO SEGMENT 2. (high end, mid-price, budget) Targeting Directing marketing effort toward a market or segment PRODUCTS, PRICES, COMMUNICATION, DISTRIBUTION
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Critical Strategic Concepts Positioning (a product, service, or idea) Shaping customers’ perceptions of the product Shampoos: Suave (value), Pantene Pro-V (healthy hair) Points of Difference characteristics that make a product superior to competitive substitutes Volvo => safety Staples =>easy Zappos.com=>free returns
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WHAT IS STRATEGY? An organization’s long term course of action designed to deliver a unique customer experience while achieving its goals Contrast the strategies. Taco Bell Chipotle Low price Quality? Fresh ingredients Fast service Price? Visible food prep Heavy advertisingPromotion? Free samples and word of mouth
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DEVELOPING STRATEGY CREATE THE ORGANIZATIONAL FOUNDATION SET THE ORGANIZATIONAL DIRECTION ORGANIZATIONAL STRATEGIES
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DEVELOPING STRATEGY CREATE THE ORGANIZATIONAL FOUNDATION Mission Core values Organizational culture Why do we exist and what do we stand for?
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DEVELOPING STRATEGY CREATE THE ORGANIZATIONAL FOUNDATION Mission Core values Organizational culture MISSION A statement of the organization’s function in society Bristol-Myers Squibb To discover, develop and deliver innovative medicines that help patients prevail over
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MISSION STATEMENTS Why is a mission statement important? Explicitly defines organizational purpose
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F10 MKTG 3104Student 02. Strategy Part 1 ppt - MKTG 3104...

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