Durable realistic creative unique distinctive motivating Mission to market

Durable realistic creative unique distinctive

This preview shows page 5 - 10 out of 32 pages.

Durable, realistic, creative, unique, distinctive, motivating Mission to market Nature of planning Mission Statement Market Defintion - products - customer groups - Customer functions Employee Motivation - actions they should take Corporate image - product association - customer orientation - credibility - social responsibility
Image of page 5
Markets and Metrics Objectives - An end to be achieved - Objectives should be designed to address issues/ challenges identified and take your firm forward into the future - An objective/ goal is a Desired Effect - Must be SMART – specific, measurable, attainable, realistic, timely Marketing Objectives - Corporate performance objectives need to be translated into marketing performance objectives (brand or segment) regarding: sales, market share and profitability - This is what brand marketing manager will do Strategic Business Unit (SBU) Corporate Marketing or Functional
Image of page 6
Image of page 7
Market (business) definition and scope Business definition (SBU and product level) - The starting point for strategy development - The way a business is defined determines: (i) The nature of the markets the firm competes in (ii) The products and substitutes (new and existing) that service or may service the market (iii) The nature of competition (iv) The capabilities needed to successfully compete in the industry - These decisions affect choices like where to compete and how to compete Market definition - Groups of people with the same needs (backed by buying power) - Markets can be divided into segments - Organisations can have many markets Market size and growth - Includes all sales in all segments (yours and your competitor’s) - Volume and value (market size) - Profitability and variability - Seasonal and other trends - Market growth: note the diffusion of innovations and PLC (product life cycle) Market analysis Seasonal and other trends Product life cycle
Image of page 8
Market to Segments to Targets Market Segmentation - The process of partitioning a market into segments or groups of potential customers who are similar in designated ways and are likely to exhibit similar behaviour (in relation to the marketing mix) - Similarity within groups is greater than between groups Market Segment - Group expected to respond in a similar way to an offer (or an element of the marketing mix) Target segment - The segment that the company choose to serve efficiently and profitability Week 3 – Customer Analysis ( Alsem Chapter 5, 4.2, 4.3 and 4.5) Profiling the various segments in the market using the 6 Ws (customer analysis) allows us to then analyse the appropriateness of our current marketing mix (internal analysis) which then allows us to adjust / develop our marketing mix (strategies and tactics) Customer Analysis vs Segmentation Goals of Customer analysis Information is for Required Data Type of Research Segmentation and choosing a target market Who, what, where, when, why Quantitative Positioning and Strengths and Weakness Value hierarchy and customer satisfaction: why and why not?
Image of page 9
Image of page 10

You've reached the end of your free preview.

Want to read all 32 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture