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DEVELOPING MARKETING STRATEGIES AND A MARKETING PLAN

DEVELOPING MARKETING STRATEGIES AND A MARKETING PLAN. How does a firm set up a marketing plan? How are SWOT analyses used to analyze the marketing situation? How does a firm choose what group(s) of people to pursue with its marketing efforts?

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DEVELOPING MARKETING STRATEGIES AND A MARKETING PLAN

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  1. DEVELOPING MARKETING STRATEGIES AND A MARKETING PLAN • How does a firm set up a marketing plan? • How are SWOT analyses used to analyze the marketing situation? • How does a firm choose what group(s) of people to pursue with its marketing efforts? • How does the implementation of the marketing mix increase customer value? • How can firms grow their businesses?

  2. Dunkin’ Donuts versus Starbucks Dunkin’ Donuts Commercial

  3. Sustainable Competitive Advantage

  4. Customer Excellence Virgin Atlantic Website

  5. Operational Excellence

  6. Product Excellence

  7. Locational Excellence • How does Rachael Ray as a spokesperson tie into locational excellence?

  8. Check Yourself What are the various components of a marketing strategy? List the four macro strategies that can help a firm develop a sustainable competitive advantage.

  9. The Marketing Plan

  10. Three Phases of a Strategic Plan

  11. Step One: Defining the Mission and/or Vision MADD mission statement: MADD strives to stop drunk driving, support the victims of this violent crime and prevent underage drinking.

  12. MADD Promotion

  13. Step Two: Conduct a Situation Analysis Using SWOT

  14. Step Three: Identifying and Evaluating Opportunities Using STP

  15. Disney: Segmentation, Targeting, Positioning Magic Kingdom Pleasure Island Epcot Families w/younger kids Singles and Couples Adults, families w/older kids

  16. Power of the Internet • Building Brand evangelists online • Real Beauty campaign • Dove evolution viral video Dove “Real Beauty” Commercial

  17. Step Four: Implement Marketing Mix and Allocate Resources

  18. Price and Value Capture

  19. Place and Value Delivery • The product must be readily accessible • Why is this retailer growing?

  20. Promotion and Value Communication • Television • Radio • Magazines • Sales force • New Media

  21. Step Five: Evaluate Performance and Make Adjustments P&GWebsite

  22. Check Yourself What are the five steps in creating a marketing plan? What tool helps a marketer conduct a situation analysis? What is STP?

  23. Growth Strategies

  24. Market Penetration • Existing marketing mix • Existing customers • In what way is a sale a Market penetration strategy? Cartier Website

  25. Market Development Strategy What can a company do to continue to grow in a difficult retail environment?

  26. Product Development Disney Fairy Tale Weddings

  27. Diversification FedEx acquires Kinko’s

  28. Check Yourself What are the four growth strategies? What type of strategy is growing the business from existing customers? Which strategy is the riskiest?

  29. Scenario Planning

  30. Check Yourself Identify the steps of the scenario planning process How is scenario planning used in a firm?

  31. Customer excellence is achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service. Glossary Return to slide

  32. A diversification strategy introduces a new product or service to a market segment that currently is not served. Glossary Return to slide

  33. Locational excellence occurs by having a good physical location and Internet presence. Glossary Return to slide

  34. A market development strategy employs the existing marketing offering to reach new market segments, whether domestic or international. Glossary Return to slide

  35. A market penetration strategy employs the existing marketing mix and focuses the firm’s efforts on existing customers. Glossary Return to slide

  36. A marketing plan is a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P’s, action programs, and projected or pro-forma income (and other financial) statements. Glossary Return to slide

  37. A mission statement is a broad description of a firm’s objectives and the scope of activities it plans to undertake. Glossary Return to slide

  38. Operational excellence is achieved through efficient operations and excellent supply chain and human resource management. Glossary Return to slide

  39. A product development strategy offers a new product or service to a firm’s current target market. Glossary Return to slide

  40. Product excellence occurs by having products with high perceived value and effective branding and positioning. Glossary Return to slide

  41. Scenario planning integrates information obtained as part of the situation and opportunity analysis steps of the marketing plan to better understand the potential performance outcomes associated with different marketing mix applications. Glossary Return to slide

  42. A situation analysis uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats. Glossary Return to slide

  43. STP stands for segmentation, targeting, and positioning, and is used to identify and evaluate opportunities for increasing sales and profits. Glossary Return to slide

  44. A sustainable competitive advantage is an advantage over the competition that is not easily copied, and thus can be maintained over a long period of time. Glossary Return to slide

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