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Company-wide strategic planning: Defining marketing's role Designing the business portfolio (SBUs) planning marketing: Partnering to Build Customer Relationships marketing strategy and the Marketing Mix (4Ps) managing marketing effort Measuring and managing return on marketing investment. Strategic Planning involves developing an overall company strategy for long-run survival and growth.
Company-wide strategic planning: Defining marketing's role Designing the business portfolio (SBUs) planning marketing: Partnering to Build Customer Relationships marketing strategy and the Marketing Mix (4Ps) managing marketing effort Measuring and managing return on marketing investment. Strategic Planning involves developing an overall company strategy for long-run survival and growth.
Company-wide strategic planning: Defining marketing's role Designing the business portfolio (SBUs) planning marketing: Partnering to Build Customer Relationships marketing strategy and the Marketing Mix (4Ps) managing marketing effort Measuring and managing return on marketing investment. Strategic Planning involves developing an overall company strategy for long-run survival and growth.
Partnering to Build Customer Relationships 2014 Fall Group Formation 5-6 students in each group (total 12 groups) Group case study Case will be distributed on October 6 The deadline is October 20 Objective Outline Company-wide strategic planning: Defining marketings role Designing the business portfolio (SBUs) Planning marketing: Partnering to build customer relationships Marketing strategy and the Marketing Mix (4Ps) Managing marketing effort Measuring and managing return on marketing investment McDonalds: A Customer-Focused Plan to Win Strategy In the mid-1990s Customers were looking for fresher and better-tasting food Customers wanted more contemporary atmospheres McDonalds: A Customer-Focused Plan to Win Strategy FAILED FAILED FAILED Social activists & nutritionists blamed the fat- and sugar-laden menu McDonalds: A Customer-Focused Plan to Win Strategy Plan to Win Refocused the company on its customers Five basics: People, Products, Place, Price, and Promotion Clean, simple, more-modern interiors and amenities Stayed open longer to serve late-night dinners More variety and healthier options Strategic Planning The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. Strategic Planning involves developing an overall company strategy for long-run survival and growth.
This process involves: 1) Defining the Company Mission: Statement of an organizations purpose; should be market oriented. 2) Setting Company Objectives: Supporting goals and objectives to guide the entire company. 3) Designing the Business Portfolio: Collection of businesses and products that make up the company. 4) Planning Marketing Strategies: Detailed planning for each department designed to accomplish strategic objectives. Strategic Planning Process Define Business Goal Defining the Company Mission Setting Company Objectives Designing the Business Portfolio Planning Marketing Strategies Strategic Planning Process Defining a Mission Characteristics of a good mission statement Market- oriented Realistic Specific Fit market environment Distinctive competencies Motivating 3 essential components
1. Key market (customers) who is your target client/customer? (generalize if needed) 2. Contribution (products/services) what product or service do you provide to that client? 3. Distinction (competences) what makes your product or service unique, so that the client would choose you?
Mission Statements Group project Mission Statements Market-oriented mission: Food with great integrity
Highlights its commitment to good food made from natural, local, and sustainably raised ingredients. fast food restaurants with Mexican food Good or Bad Mission Statement? Mission Statement
Our goal for Citigroup is to be the most respected global financial services company. Like any other public company, we're obligated to deliver profits and growth to our shareholders. Of equal importance is to deliver those profits and generate growth responsibly. 1. Key market? Target customers? 2. Contribution? Main products/services? 3. Distinction? Unique selling points? shareholders financial services doing business responsibly --> quite broad Citigroup Good or Bad Mission Statement? Mission Statement
FedEx will produce superior financial returns for shareowners by providing high value-added supply chain, transportation, business and related information services through focused operating companies. Customer requirements will be met in the highest quality manner appropriate to each market segment servedSafety will be the first consideration in all operations. Corporate activities will be conducted to the highest ethical and professional standards. 1. Key market? Target customers? 2. Contribution? Main products/services? 3. Distinction? Unique selling points? shareowners high-valued supply chain safety FedEx Good or Bad Mission Statement? Mission Statement
The mission of The Walt Disney Company is to be one of the world's leading producers and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world. 1. Key market? Target customers? 2. Contribution? Main products/services? 3. Distinction? Unique selling points? Entertainment creative,innovative entertainment experiences Walt Disney Company Mission Statement
To Bring Inspiration and innovation to every athlete in the world. Good or Bad Mission Statement? Defining the Company Mission Setting Company Objectives Designing the Business Portfolio Planning Marketing Strategies Strategic Planning Process Strategic Planning Process Companies often define themselves in terms of products: They are in the auto business or the clothing business. Market definitions of a business, however, describe the business as a customer satisfying process. Viewing businesses in terms of customer needs can suggest additional growth opportunities. Product Orientation vs. Market Orientation Facebook
Product-oriented objective We are an online social network.
Market-oriented objective We connect people around the world and help them share important moments in their lives. address the benedicts instead of products and services itself "We connect people around the world and help them share important moments in their lives." Product Orientation vs. Market Orientation Xerox
Product-oriented objective We make copying equipment.
Market-oriented objective We improve office productivity. "We improve office productivity" Product Orientation vs. Market Orientation NASA
Product-oriented objective We explore outer space.
Market-oriented objective We reach for new heights and reveal the unknown so that what we do and learn will benefit all humankind. "We reach for new heights and reveal the unknown so that what we do and learn will benefit all mankind." Product Orientation vs. Market Orientation Columbia Pictures
Product-oriented objective We make movies.
Market-oriented objective We entertain people. "We entertain people." Product Orientation vs. Market Orientation Ritz-Carlton Hotels & Resorts
Product-oriented objective We rent rooms.
Market-oriented objective We create the Ritz-Carlton experience a memorable stay that far exceeds guests already high expectations. "We create the Ritz-Carlton experience - a memorable stay that far exceeds guest's already high expectations." Defining the Company Mission Setting Company Objectives Designing the Business Portfolio Planning Marketing Strategies Strategic Planning Process 4Ps Designing the Business Portfolio The best portfolio is the one that best fits the companys strengths and weaknesses to the opportunities in the environment.
The company must: analyze its current business portfolio or Strategic Business Units (SBUs) decide which SBUs should receive more, less, or no investment develop growth strategies for adding new products or businesses to the portfolio * strategic business unit (SBU) is a profit center which focuses on product offering and market segment. Large companies normally manage quite different businesses, each requiring its own strategy. At one time, General Electric classified its businesses into 49 strategic business units (SBUs). Wiki definition --> a division An SBU must
1. have its own mission, distinct from the missions of other SBU 2. have definable groups of competitors 3. prepare its own integrative plans, fairly distinct from those of other SBU 4. manage its resources in key areas 5. have a proper size neither too large nor too small Strategic Business Units (SBU) Strategic Business Units (SBU) An SBU can be
1. A company division 2. A product line within a division 3. A single product or brand Examples of Strategic Business Units (SBU) Kate Spade is a SBU under the Liz Claiborne corporate umbrella. Examples of Strategic Business Units (SBU) Procter & Gamble products (P&G)
Three categories: 1. Beauty 2. Household Care 3. Health & Well-Being
More than 250 brands, including 23 brands which have more than a billion dollars in net annual sales Without showing P&G (not being shown in package) Analyzing Current SBUs: Boston Consulting Group Approach Growth-share matrix A portfolio-planning method that evaluates a companys SBUs in terms of market growth rate and relative market share. Analyzing Current SBUs: Boston Consulting Group Approach high Low high Low Analyzing Current SBUs: Boston Consulting Group Approach Stars. High-growth, high-share business or products. Need heavy investments to finance their rapid growth Cash Cow. Low-growth, high-share business and products. Successful SBUs and need less investment to hold their market share. Question Marks. High-growth, low-share business or products. Need a lot of cash to hold their share. Dogs. Low-growth, low-share business and products. May generate enough cash to maintain but not so promising. extract money to other branches Analyzing Current SBUs: Boston Consulting Group Approach Under the classic BCG portfolio planning approach, the company invests funds from mature, successful products and business (cash cows) to support promising products and businesses in faster- growing markets (stars and question markets), hoping to turn them into future cash cows. cash cows stars and questions cash cows Product/ Market Expansion Grid Product/Market Expansion Grid A portfolio-planning tool for identifying company growth opportunities. Growth-share matrix Evaluating the current businesses. Product/Market Expansion Grid Finding future business opportunities Product/ Market Expansion Grid **Popular question: define and give an example Product/ Market Expansion Grid Market Penetration: increase sales to present customers with current products. How? Cut prices, increase advertising, get products into more stores.
Market Development: develop new markets with current products. How? Identify new demographic or geographic markets.
Product Development: offering modified or new products to current customers. How? New styles, flavors, colors, or modified products.
Diversification: new products for new markets. How? Start up or buy new businesses. Product/ Market Expansion Grid Examples Going for the China market with sesame-chocolate cubes is Diversification Diversification Product/ Market Expansion Grid Examples Keeping launching new collections to its customers is Product development Development Product Product/ Market Expansion Grid Examples Original usage of baking soda is for baking. It causes expansion of the batter and forms the characteristic texture and grain in pancakes, cakes, and quick breads. Appealing to different usages is Market development Market Development Product/ Market Expansion Grid Examples Appealing to existing customers is Market penetration If you love your children, Three times a day. Market Penetration Product/ Market Expansion Grid Examples Korea, 2001 Milk consumption reduced by 3.7 % but production increased by 8.4%. Seoul Milk needed to do something about it. Market penetration was no longer enough Korea, 2002 Seoul Milk sold 10,000,000 packs (200ml) a day What happened? Product/ Market Expansion Grid Examples Product/ Market Expansion Grid Examples Product/ Market Expansion Grid Examples Korea, 2002 Seoul Milk sold 10,000,000 packs (200ml) a day Product/ Market Expansion Grid Examples http://www.youtube.com/watch?v=VGABv2RsmCQ Product/ Market Expansion Grid Examples Milk Mania series Market development Market Development from children to adult Diversification Product/ Market Expansion Grid Examples Nothing is going right for me since I met you!! Go away!! I met her in my twenties. You go away. Please go away Fill me up.. Love is always thirsty. When 2% is lacking. http://www.youtube.com/watch?v=YxxOpRbpwL8 Product development Defining the Company Mission Setting Company Objectives Designing the Business Portfolio Planning Marketing Strategies Strategic Planning Process Marketings Role in Strategic Planning Process of Selecting Target Consumers (STP) Market Segmentation: determining distinct groups of buyers (segments) with different needs. Market Targeting: evaluating and selecting which target segments to enter. Market Positioning: developing products distinctive and desirable place in the minds of target segments compared to competing products. Marketings Role in Strategic Planning Segmentation http://www.bayesia.com/en/applications/marketing.php Marketings Role in Strategic Planning Segmentation Marketings Role in Strategic Planning Targeting CVS Caremark's target market is women since they make up 80 percent of the pharmacy chains customers. The Oreo cookie is a popular cookie in the U.S., known for its two discs of chocolate with a white cream filling. However, Kraft has formulated a different version of the Oreo to target consumers in China. The Chinese version consists of four layers of long, thin biscuits coated in chocolate. Pepsi-Cola Company used target market analysis to broaden the audience for Mountain Dew. Experts in target marketing developed an ad campaign targeting urban youth that featured hip-hop music artist Busta Rhymes in a variety of extreme- sports antics and role-playing characterizations. The campaign was a hit, and sales increased in inner-city markets. Marketings Role in Strategic Planning Positioning Because youre worth it http://www.youtube.com/watch?v= KiuAPc88pY4 http://www.youtube.com/watch?v =BbBqBoS9Wpc Marketings Role in Strategic Planning Positioning How is your brand perceived? Marketings Role in Strategic Planning Positioning MDS (Multidimensional Scaling )
What are images of actors? What are their relative positions in peoples mind? MDS (Multidimensional Scaling) Allows researcher to determine perceived relative image of a set of objects (brands, products, endorsers etc.) Multidimensional Scaling How similar are?
vs. vs. vs. ___ ___ ___ Perceptual Map MDS: SPSS Outputs Example) MDS for car perceptions BMW 328i Ford Explorer Infinity J30 Grand Cherokee Lexus ES300 Mercedes C280 Saab 9000 Chrysler Town & Country Porsche Boxster Volvo V90 Each respondent ranked the list of 45 possible pairs -2 -1 0 1 Dimension 1 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 D i m e n s i o n
2 bmw ford infinty jeep lexus chrysler mercedes saab porsche volvo Euclidean distance model MDS: SPSS Outputs Example) MDS for car perceptions closer the icon is, more direct competitor Marketing Mix- The Four Ps 4 Ps Goods-and-service combination that a company offers to a target market Amount of money that consumers have to pay to obtain the product Activities that persuade target customers to buy the product Company activities that make the product available Product Pricing Promotion Place size,color 4 Ps and 4Cs There is another concern that 4Ps take the sellers view of the market, not the buyers view. From the buyers viewpoint, in this age of customer value and relationships, the four Ps might be better described as the four Cs. 4Ps Product Price Place Promotion 4Cs Customer solution Customer cost Convenience Communication
juz focus on products / services nt customers Managing the Marketing Effort SWOT analysis. An overall evaluation of the companys strengths, weaknesses, opportunities, and threats Internal External Positive Negative threats Marketing Implementation The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives Marketing Implementation Marketing Implementation Marketing Control The process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that objectives are achieved. Marketing Control Set Marketing Goals Measure Performance Evaluate Performance Take Corrective Action Marketing Audit A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and to recommend a plan of action to improve the company's marketing performance. Return on marketing (or marketing ROI) The net return from a marketing investment divided by the costs of the marketing investment.
Rich Text Editodplr File MARKETING STRATEGIES OF DAWLANCE AND LG
A Comparative Study.
By ANNIE IDREES MEMON (MITM)
Department of Management Sciences
Isra University Hyderabad.
June 10 - 16, 2002
The study is based on the comparison of marketing strategies applied in LG. and Dawlance. In this study, the main focus to see the effectiveness of the marketing strategies applied by both the companies — Dawlance and LG, for selling their products particularly Refrigerators.
Just to understand the marketing strategies in general and refrigeration market in particular, one should know that what marketing strategies ought to be? Who are the main players in the market? What kind of other products do they produce? How do they promote and supply their products? What type of competition is going on in the market? And finally what are the marketing strategies being applied by both the companies? These are the questions to be addressed, but the main theme is the marketing strategies of