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Developing marketing strategies and plans(ch 2)

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Developing marketing strategies and plans(ch 2)

  1. 1. Marketing Management Task  Developing Marketing Management Strategies  Connecting With Customers  Building Strong Brands  Shaping the Market offerings  Delivering Value  Communicating Value  Creating Long Term Growth
  2. 2. Developing Marketing Strategies and Plans
  3. 3. Objectives 1. How does marketing affect customer value? 2. How is strategic planning carried out at different levels of the organization? 3. What does a marketing plan include?
  4. 4. Value Perceived Benefits Tangible +Intangible Cost Quality, Service and Price
  5. 5. Value creation and delivery process STP
  6. 6. The Value Chain •The market Sensing Process •New offering Realization Process •Customer Acquisition process •The fulfillment Management Process
  7. 7. Core Competencies Own and nurture the resources and competencies that make up the essence of Business. Core Competency refers to areas of special technical and production expertise, whereas distinctive capability describes excellence in broader business processes. Market-driven organizations generally excel in three distinctive capabilities: market sensing, customer linking and channel bonding.  Source of Competitive Advantage  Application in wide variety of Markets  Difficult for Competitors to imitate Examples 1. Addidas 2. Software industry in Pakistan and India 3. VIP Marketing
  8. 8. Role of Strategic Planning  Manage Company’s Business as investment Portfolio.  Asses Company Strength 1. Market Growth rate 2. Company Position 3. Fit In the Market  Establishing a Strategy 4 Levels (Resource allocation) Corporate Level (Business to Start or Eliminate) Division Level Business Unit Level Product Level (Marketing Plan)
  9. 9. Corporate and division level Strategic Planning  Defining the corporate mission  Establishing strategic business units  Assigning resources to each Strategic Business Unit  Assessing growth opportunities Mission “What is our business” Employee, Managers and Customers  Limited Goals  Major Policies  Major Competitive Sphere  Long Term View  Short, Memorable, Meaningful
  10. 10. Establishing SBU  Single Business or group of Business that can be planned separately.  Own Set of Competitors  Manager: responsible for strategic planning and profit performance. Product Vs Industry Vs Market Target Market Vs Strategic Marketing Three Dimensions Customer Groups Customer Need Technology Assigning Resources With or Without SBU *Potential Growth Opportunity
  11. 11. Assessing Growth Present Sales Vs Desired Sales 1. Intensive (P/G Matrix) 2. Integrative (Backward, Forward, Horizontal Integration) 3. Diversification (Concentric, Horizontal and Conglomerate)  Innovation in marketing is critical. Senior management should identify and encourage fresh ideas from a youth perspective, from people new to the field and organization, to gain an understanding and a new approach to marketing.
  12. 12. Product Growth Matrix Market Penetration Product Development Market Development Diversificatio n
  13. 13. Market Penetration 1. Markets are not saturated 2. Usage rate can be increased 3. Correlations between sales and marketing expenditures is high 4. Economies of scale provide major competitive advantage Market Development 1. New channels are available 2. New untapped market exists 3. Excess production capacity 4. Excess capital and human resource Product Development 1. Successful products at maturity stage 2. Organization competes in high growth industry 3. Company has strong R&D Diversification 1. Value chain is common among different businesses
  14. 14. Business Unit Strategic Planning
  15. 15. SWOT Opportunity: area of buyer need or interest that a company can profitably satisfy. 1. Short of Supplies 2. Supply something in superior way (Ask Customers) 3. Totally New Product Threat: an external event that can effect the marketing objectives/goals Strength Vs Weakness
  16. 16. Goal Formulation: Developing specific goals for a short term is known as Goal Formulation. They are specific with respect to magnitude and time. Goals must be consistent and realistic and could be a mix of various objectives. SMART  Strategy Formulation: Strategy is a game plan for achieving the goals. It consists of a Marketing Strategy, Technology Strategy and a Sourcing Strategy. 1. Overall Cost Leadership 2. Differentiation 3. Focus a) Product or service alliance b) Promotional alliance c) Logistics alliance d) Pricing Collaboration
  17. 17. Product Planning  The marketing plan is the central instrument for directing and coordinating the marketing effort. The marketing plan operates at two levels: strategic and tactical. Components Of Marketing Plan: 1. Executive summary 2. Situation Analysis 3. Marketing Opportunity and Issues 4. Objectives 5. Marketing strategy 6. Target Market 7. Positioning 8. Marketing Mix 9. Review and Control 10. Marketing Organization 11. Contingency Plan

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