CSM 381 Notes Test 1.pdf - CSM 381 Notes Test 1 Module 1...

This preview shows page 1 - 3 out of 16 pages.

CSM 381 Notes: Test 1 Module 1: Strategic Planning Objectives Discussthe marketing concept and be able to contrast that concept with other business orientations Examinethe various types of marketing and be able to recognize examples of those types of marketing Discussthe four components involved in the strategic planning process: mission, objectives, strategies and portfolio plan Explainthe marketing planning process and recognize how it is an integral part of the strategic planning process Handout Existing Products New Products Present Markets Market penetration strategy examples: 1. Auto manufacturers using rebates to get prospective buyers to purchase now rather than later. 2 Airlines using discounts to encourage more air travel 3. Food retailers and producers giving coupons and rebates to encourage additional purchases. 4. Campbell Soup advertising soup as a total meal, not just for lunch anymore. 5 Florida Orange Growers promoting orange juice as a breakfast drink 6. Ben Gay advertising their product for use before jogging or a hot shower as a muscle ache preventative as well as a curative. Product development strategy examples: 1. Insurance companies broadening coverage to include home, life, auto, and fire insurances to better serve total household needs. 2. Public utilities selling insulation to ratepayers to conserve energy consumption. 3. Food producers using cents off coupons to influence present customers to try new products. 4. Nike moving from shoes into total sports outfits to serve complete needs of fitness and sports enthusiasts 5. U.S. Post Office offering Express Mail as guaranteed overnight delivery service. New Markets Market development strategy examples: 1. Johnson & Johnson baby lotion marketed as a skin lotion, bath oil, and makeup remover. 2. Arm & Hammer baking soda marketed as a carpet deodorizer and refrigerator refresher. 3. Vaseline promoted as a protector of shoes and leather. 4. Knox Gelatin promoting its unflavored gelatin as a houseplant fertilizer. 5. Federal Express offering overnight letters in the consumer market. Diversification strategy examples: 1. Philip Morris moving from cigarettes into beer, gum, deodorants, razor blades. 2. BIC producing plastic disposable razors and cigarette lighters in addition to ballpoint pens. 3. IBM developing computers for home use. 4. Mattel increasing product line from toys to home video games 5. Vidal Sassoon adding a skin-care product line to its hair-care line.
Lecture Notes What is Marketing? o“The process of planning and executing conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals” – The American Marketing Association oDiscovering needs and wants oTranslating into product/service Product, price, place, promotion oConverting demand to sales/profit The Marketing Concept oBusiness Operations: Product Sales Customer/Marketing oAn organization should seek to make a profit by serving the needs of customers

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture