BMGT457 Notes

BMGT457 Notes - BMGT457 – Marketing Policies and...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: BMGT457 – Marketing Policies and Strategies Dr. Roland Rust Office: VMH 3451 Office Phone: 301-405-4300 Office Hours: Tu/Th: 3:30-4:30 Section: 0301 Tuesday, February 01, 2011 – Chapter 1 • Strategy: Objectives, resource deployments, and interactions with markets and competitors • A Good Strategy… o Says what the company will be o Says what the company will NOT be o Too many strategies try to do all things for all people • A Good Strategy : Rolls-Royce – Low production volume, prestigious clientele • A Bad Strategy : US Government – Cut Taxes, and increase spending • Hierarchy of Strategies – Three Major Levels o Corporate: Company as a whole o Business-Level: Business unit within the firm o Marketing: Marketing part of the business level strategy o Example: Corporate of (General Motors) Business-Level (Chevrolet, more green) Marketing (Chevrolet’s marketing for the Volt) • Market-Oriented Management o Follows a business philosophy commonly called marketing concept o Marketing Concept: Holds that planning and coordination of all company activities around the primary goal of satisfying customer need is the most effective means to attain and sustain a competitive advantage and achieve company objectives over time. o Marketing-oriented company will typically pay more attention to the marketing concept Consistent focus by personnel in all departments and at all levels. • Guidelines for Market-Oriented Management o Create customer focus throughout the business o Listen to the customer o Target customers precisely o Make customer equity the guiding star Value of the customer base = the customer lifetime value added up from all the customers of the firm o Let the customer define quality o Measure and manage customer expectations o Build customer relationships and loyalty o Define the business as a service business o Adjust to changes the market’s wants and needs • Differences between Production-Oriented (PO) and Market-Oriented (MO) Organizations o Product Offering PO: Company sells what it can make MO: Company makes what it can sell o Product Line PO: Narrow MO: Broad o Pricing PO: Based on production and distribution costs MO: Based on perceived benefits provided o Research PO: Focus on product improvement and cost cutting in the production process MO: Focus on identifying new opportunities and applying new technology to satisfy customer needs • Trends affecting the strategic role of marketing o Globalization o Increased importance of service o Information technology o Relationships across functions and firms • Marketing Plan: Written document detailing the current situation with respect to customers, competitors, and the external environment • Contents of a Marketing Plan o Executive Summary o Current situation and trends o Performance review o Analysis of opportunities and threats o Goals and objectives o Marketing strategy o Actions plans (specific tactics) o Project profit-and-loss statement...
View Full Document

This note was uploaded on 09/07/2011 for the course BMGT 457 taught by Professor Staff during the Spring '08 term at Maryland.

Page1 / 54

BMGT457 Notes - BMGT457 – Marketing Policies and...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online