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Unformatted text preview: Page 1 2012, W. D. Perreault Busi 406 Spring 2012 Introduction to the Marketing Strategy Planning Process Kenan-Flagler Business School Professor William Perreault Review of Some Key Points from the Previous Class Marketing bridges the gap between producers and consumers. Marketing is important to you and to all consumers (economic growth and quality of life) consumers (economic growth and quality of life). Satisfying customers and creating value is critical for marketing success. The power of marketing to satisfy needs can be greatbut success (and profit) is not guaranteed, or easy Marketing-oriented Companies Adopt the Marketing Concept Customer Satisfaction Total Company Effort The Profit Marketing Concept Why doing whats typical isnt good enough Death-wish marketing Best-practices marketing 68% Average MARKETING PERFORMANCE: FAIR EXCEPTIONAL TOTAL FAILURE Marketing Program POOR GOOD How to Avoid Death-Wish Marketing We need an approach that doesnt just come up with marketing mix, but an optimal blending of the four Ps to satisfy a particular group of customers. Our focus throughout this whole course will be on just such an approach--a marketing strategy planning process that focuses on best practices and leads to a logical narrowing down from a broad set of opportunities to the specific strategy (and strategies) that the firm will implement. We briefly introduced it in the video and in class during the first two days, but from here on will build the details class by class, reading by reading, case by case, idea by idea. Marketing Strategy Planning Process Marketing Strategy Planning Process Customers Customers Needs and other Needs and other Segmenting Segmenting Dimensions Dimensions Company Company S. S. W. W. Target Product Product Price Price Targeting & Targeting & Segmentation Segmentation Narrowing Narrowing down down to focused strategy to focused strategy with quantitative and qualitative with quantitative and qualitative screening criteria screening criteria Mission, Objectives, Mission, Objectives, & Resources & Resources Competitors Competitors Current & Current & Prospective Prospective O. O. T. T. wdp Market Place Place Promotion Promotion External Market Environment External Market Environment Technology Political & Legal Social & Cultural Economic Positioning & Positioning & Differentiation Differentiation Page 2 2012, W. D. Perreault Achieving the Basic Objectives Seems Easy, But Isnt Firms that adopt the marketing concept have a better chance of (routinely) meeting the objectives Even the best firms backslide into a production orientation But, in todays highly competitive markets it is often difficult to keep up with changing needs beat aggressive competitors to the punch find the right focus -- one that matches the firms objectives and resources to market opportunities....
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This note was uploaded on 01/17/2012 for the course BUSI 406 taught by Professor Perreault during the Spring '11 term at UNC.
- Spring '11