*3 often leads to totally new prod Market opportunities example: 1) Converging industry trends / introduce hybrid prod that are new to the market (smartphone) 2) Make buying process more convenient (online) 3) Meet the need for more information / advice (Find lowest air fare) 4) Customize prod (Panasonic bicycle) 5) Introduce new capability (iPAD –email, game, watch movies, read book) 6) Deliver prod faster (fast design, manufacturing, delivery) 7) Offer prod at much lower price Market Opportunity Analysis (MOA) : evaluate opportunities 1.Can the benefits involved in the opportunity be articulated convincingly to a defined target market? 2.Can the target market be located and reached with cost-effective media and trade channels? 3.Does the company possess or have access to the critical capabilities and resources needed to deliver the customer benefits? 4.Can the company deliver the benefits better than any actual or potential competitors? 5.Will the financial rate of return meet or exceed the company’s required threshold for investment?
1) Marketing activities 2) Finance activities 3) Organization activities 4) Manufacturing activities After SWOT done => Goal formulation – development of specific goals for planning period Goals – specific objective –with magnitude & time Goal Formulation and Manage By Objective : for MBO system to work, the units objective must meet 4 criteria : 1. Unit’s objectives must be hierarchical – from most to least important 2. Objectives should be quantitative - measureable 3. Goals should be realistic – with analysis of business O & T as basis, not pluck from air 4. Objectives must be consistent Strategy => game plan for achieving the goals, creation of a unique & valuable position involving a different set of activities- perform diff activities / in diff ways from rivals 1) Marketing strategy 2) Technology strategy 3) Sourcing strategy Porter’s Generic Strategies : starting point for strategic thinking 1. Overall cost leadership – lowest prod, distribution cost, price lower than competitor, win large market share *need engineering, purchasing, manufacturing, distribution skill. Need less marketing skill *other firms can imitate& compete – red ocean 2. Differentiation – superior performance, quality leadership, make prod with the best component 3. Focus – serving niche market, narrow market segments, know these segments intimately, pursues either cost leadership / differentiation among the target segment Strategic group => firms pursue the same strategy directed to the same target market Strategic Alliances take the form of Marketing Alliances : 4 major categories 1. Product or service alliance – 1 company licenses another to produce its prod / 2 companies jointly market their complementary prod or a new prod 2.
- Spring '14
- Marketing, Notes, Summary, Kotler, Easy Study Guide