Advantage of new opportunities through internal

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advantage of new opportunities: - through internal product development capabilities -by starting or buying a business Pros and cons of diversification advantage: -helps avoid over reliance on a small number of products or markets Disadvantage: -dilutes available resources -opens the organization to competitive attacks on multiple fronts Setting marketing plan objectives -keys to effective objectives Specific , time defined, and measurable Realistic , but challenging Consistent with the mission and overall goals Consistent with internal environmental analysis Appropriate in light of opportunities and threats Three types of objectives in marketing plans 1. Marketing objectives: targets for managing certain marketing relationships and activities 2. Financial objectives: targets for managing certain financial results 3. Societal objectives: targets for achieving particular results in social responsibility
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Marketing objectives -market-oriented Unit sales Market share -customer relationship- oriented Customer acquisition Customer retention Increasing customer loyalty Increasing customer satisfaction -other Channel relationships Product development Order fulfillment Financial objectives -may give way to achieve a coveted marketing objective -financial objectives generally include: Sales revenue Product sales revenue Channel sales revenue Profitability Return on investment Breakeven Societal objectives: answering to stakeholders -various stakeholders include: Customers Suppliers Employees Civic leaders Others Examples: key issues include: “greener” products Reducing waste Charitable donations Involvement in community projects Sustainable sourcing Issue awareness Cause related marketing -also known as “purpose marketing” -links the marketing of a brand, good or service to a charitable cause or to some larger societal purpose -although charitable, there is an explicit marketing connection Planning marketing support -two aspects of marketing support: 1. customer service 2. internal marketing: marketing to managers and employees inside the company Customer service: At different points in the buying process: Before the sale At the moment or point of sale After the sale Internal marketing support: -focuses on the entire organization: - Upward: -gives senior management a feel for what the market wants and how marketing is meeting customer needs -helps ensure proper staffing levels across functions to carry out the marketing plan - Across: -keeps employees focused on customers -keeps employees informed and involved in marketing -improves employee performance and satisfaction -some tools for internal marketing include: - Newsletters, videos, web pages, training, meetings Shaping the marketing mix -consider the firm’s key priorities -all tactics and programs developed: -must be consistent with and in support of the mission, direction, goals and objectives Chapter 9: developing marketing communications and influence strategy Customer influence strategies -strategies for engaging customers through marketing communications and influencing how they think, feel, and act toward a brand or offering
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