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MBA 517 Fall 99 The Summary Session Go forth and prosper! - David Perry

MBA 517 Fall 99 The Summary Session Go forth and prosper! - David Perry. Your Host: David Perry December 9, 1999. Agenda: 3 Things. Summary of the Course PharmaSim Performance Review & Awards Teacher Evaluation. Summary: Key Elements. Foundation: for understanding marketing Balance:

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MBA 517 Fall 99 The Summary Session Go forth and prosper! - David Perry

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  1. MBA 517 Fall 99The Summary SessionGo forth and prosper!- David Perry Your Host: David Perry December 9, 1999

  2. Agenda: 3 Things • Summary of the Course • PharmaSim Performance Review & Awards • Teacher Evaluation

  3. Summary: Key Elements • Foundation: for understanding marketing • Balance: • Theory/Real World • Left Brain/Right Brain • Individual/Team • Tools: • Kotler text • Cases (and current marketing events) • PharmaSim

  4. Marketing Mgmt: 11 Thoughts • It’s the customer stupid (industry of the individual) • Marketing is becoming more vital to everyone • Intuition + Analytics (right brain/left brain) • The 4Ps make sense..so remember them • Marketing Plan = Objectives > Strategies > Tactics • Have a plan but be ready to roll with the punches • Always have a POV and a rationale to support it • Brothers and sisters you need to evangelize! • It takes more than 1 to tango (partnerships, outsource) • Internet has HUGE impact on marketing • 2 KEY things in future: 1) Relationship; 2) Integrated

  5. Marketing Basics • 3 stages: Entrepreneurial; Formulated, Intre.. • Mix : 4 Ps – Product, Price, Place, Promo • Orgs & Mktg Concepts: Production, selling • Customer Sat: Attract/retain, measure, deliver • Relationship + Integration: Keys for future • Strategic Planning: BCG Matrix, GE model, SWOT • Marketing Plan: OBJ > STRAT > TATICS

  6. BCG Matrix Stars Question ??? 20% Office WebTV Market Growth Rate Cash Cow Dogs Ancient Lands Project 0% 10X 1X 0.1X Relative Market Share

  7. Marketing Research/Behavior • Marketing research process: define > present • Primary vs. secondary data • Forecasting and demand measurement • Market vs. Company • Current vs. Future • Buying behavior & stages of process: • problem recognition > post purchase

  8. Forecasting & Demand Measurement • Market Demand vs. Company Demand • Current Demand • Market Potential • Industry Sales & Market Shares • Future Demand (forecasting) • Surveys of buyer intent • Salesforce opinions • Experts • Past sales • Test market

  9. Case: Goodyear Aquatread • Areas of Focus: • Tire industry & Goodyear’s position/role • Consumer Behavior • Market Segmentation • Distribution Channels • New Product Introduction • Product features

  10. POSITIONS Dominant (Intel) Strong (Sony TV) Favorable (Levi Straus) Tenable (NEC/Packard Bell; Alamo) Weak (Mon.Ward) Nonviable (Renault in US market) REACTIONS Laid-back Lotus 1-2-3 vs. Excel on Windows platform Selective Gatorade (vs. PowerAde) Tiger HP LaserJet; Gerber Stochastic Gardenburger Competition

  11. Segmentation > Targeting > Differentiation

  12. Positioning Creation of an offering’s perceived image in a customer’s mind • Al Ries & Jack Trout: • Not what you do to offering, what you do to mind of customer • 4 strategies: • Strengthen current position (Wolverine boots) • Grab an unoccupied position (DiGiorno Pizza; Callaway) • Deposition or reposition the competition (MasterCard) • Exclusive club (Chrysler and the Big Three) • 4 errors = under > over > confused > doubtful • Unique Selling Proposition (USP)

  13. Positioning Statement • Develop an effective one • Know it like the back of your hand • ….and stick to it (long term play)! • Key elements: • Simple • Relevant • Credible • Fresh • OFFERING is for TARGET who need BENEFIT • Can translate to tagline (Avis – we try harder)

  14. Product Life Cycle Maturity Growth Decline Units Sold Intro Time

  15. Marketing Strategies • Introduction • Rapid skimming (Philips HDTV) • Slow skimming (Crestron touch screens) • Rapid penetration (AOL) • Slow penetration (Larger size Snickers) • Growth (examples from Ford and Volvo) • Quality, features, styling (Ford Explorer Eddie Bauer) • New Models/Flankers (Ford Expedition; Excursion) • New market segments (Volvo XC wagon) • Lower price (Volvo S40 @ $22,000 base) • Decline – Restage vs. abandon (Carmex; Converse)

  16. Ben Keylin: Empty Space • The Promotions Triad Partners Empty Space Money $$$$

  17. Case: Microsoft Works • Areas of focus: • Positioning • Product design: international/globalization • Segmentation: by country, by customer, etc. • Microsoft culture

  18. Direct exporting Licensing Joint ventures Direct invest- ment Five Models of EntryInto Foreign Markets Indirect Exporting Amount of commitment, risk, control, and profit potential

  19. Global MarketingHighly matrixed; highly strung Worldwide Headquarters Business Unit A Business Unit B Business Unit C Global Mktg Team Asia Subsidiaries EMEA Subsidiaries Americas Subsidiaries Regional HQ Regional HQ Regional HQ

  20. Convenience Products Shopping Products Unsought Products Specialty Products Products: Classification • Buy frequently & immediately • Low priced • Many purchase locations • Includes: • Staple goods • Impulse goods • Emergency goods • Buy less frequently • Gather product information • Fewer purchase locations • Compare for: • Suitability & Quality • Price & Style • Special purchase efforts • Unique characteristics • Brand identification • Few purchase locations • New innovations • Products consumers don’t want to think about. • Require much advertising & • personal selling

  21. Product Mix - all the product lines offered Consistency Product Mix Width - number of different product lines Length - total number of items within the lines Depth - number of versions of each product

  22. Quality Economy Standard Good Superior Marriott Marquis (Top executives) High Marriott (Middle managers) Above average Price Average Courtyard (Salespeople) Fairfield Inn (Vacationers) Low Two-Way Product-Line Stretch: Marriott Hotels

  23. Product Category Line Extension Brand Extension Existing New Existing Multibrands BrandName New Brand Strategies New Brands

  24. Price High MediumLow Premium Value High Value Super Value High Overcharging Medium Value Good-Value Product Quality Med Rip-Off False Economy Economy Low Price - Quality Strategies

  25. Low Price No possible profit at this price High Price No possible demand at this price The Three C’s Modelfor Price Setting Costs Competitors’ prices and prices of substitutes Customers’ assessment of unique product features

  26. Promotional Pricing • Loss-leader pricing • Special-event pricing • Cash rebates • Low-interest financing • Longer payment terms • Warranties & service contracts • Psychological discounting

  27. Case: Zenith HDTV • Role of marketing research in formulating strategy for the introduction of an innovation • To buy or not to buy research • Types of market research: • Scenario Analysis (assessing mkt potential) • Conjoint Analysis • Forecasting demand • Aspect ration study (testing prototypes)

  28. Any Paid Form of Nonpersonal Presentation by an Identified Sponsor. Short-term Incentives to Encourage Trial or Purchase. Sales Promotion Protect and/or Promote Company’s Image/products. Public Relations Personal Presentations. Direct Communications With Individuals to Obtain an Immediate Response. Direct Marketing Advertising Integrated Marketing: Marketing Communications Mix Personal Selling

  29. Step 1. Identifying the Target Audience Step 2. Determining the Communication Objectives Buyer Readiness Stages Effective Communications Awareness Knowledge Liking Preference Conviction Purchase

  30. Interme- diaries End users Marketing activities Marketing activities Demand Marketing activities Interme- diaries End users Demand Demand Push vs. Pull Strategy Producer Push Strategy Producer Pull Strategy

  31. Advertising Objectives Informative Advertising Build Primary Demand • Specific Communication Task • Accomplished with a Specific Target Audience • During a Specific Period of Time Persuasive Advertising Build Selective Demand Reminder Advertising Keeps Consumers Thinking About a Product. Comparison Advertising Compares One Brand to Another

  32. Marketing: PR • Objectives • Build Awareness (it’s coming!) • Build Credibility (thought leadership) • Stimulate sales force, channel (“buzz”) • PR strategy • Proactive • Reactive

  33. Electronic Presence Corporate Website Marketing Website Advertising Online Place Ads in Special Sections of Online Services Place Ads in Certain Internet Newsgroups Buy Online Ads That Pop Up While Consumers are Surfing Participating in Forums, Newsgroups & Web Communities Forums: Discussion Groups on Commercial Online Services Newsgroups: Internet Version of Forums Web Communities: Sites Where Members Exchange Views Online Online Marketing Channels Using E-Mail and Webcasting Customers Send Questions, Suggestions & Complaints Via E-Mail Webcasting: Automatic Downloading of Information to PC’s

  34. USA Today Online • Focus on 4 components • Consumer – who, change, brand • Advertisers – web vs. direct mail; pricing • Company – core competencies • Competition – who; advantages • Watch the numbers closely • Think about new way of setting advertising fees • Prescription for Gannett: • Stay the course • Exploit the web

  35. Post Mortem/Learnings • Kotler text is good base – use it! • Guest speakers provide different view • 3 cases vs 4 – more depth and discussion • Integrate lectures & PharmaSim more • Needed a creative “original/current” project

  36. Parting Thoughts • Pass the ball not the buck • Maybe she’s/he’s right • Greatest darkness comes just before the dawn • Open a few doors for someone else • Go or at least think global • Criticism – take it offline • Hire & cultivate great people (admins are key here) • Grow your left and right brain • Get a life ( a balanced one) • The brand called YOU (www.brandyou.com)

  37. PharmaSim Results

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