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Marketing

Marketing. Chapter 2 Developing Marketing Strategies. Dhruv Grewal Michael Levy. Disney Goes Digital. Global positioning satellites Smart sensors Wireless technology Mobile devices Pal Mickey. © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin.

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Marketing

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  1. Marketing Chapter 2 Developing Marketing Strategies Dhruv Grewal Michael Levy

  2. Disney Goes Digital • Global positioning satellites • Smart sensors • Wireless technology • Mobile devices • Pal Mickey © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  3. The Strategic Marketing Planning Process Steps in developing the strategic marketing plan © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  4. Three Phases of a Strategic Plan Planning Controlling Implementing © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  5. Step One: Defining the Mission and/or Vision 1. 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. © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  6. MADD Promotion

  7. Sustainable Competitive Advantage Discussion question What do you think are the keys to McDonald’s sustainable advantage? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  8. Test YourKnowledge What is sustainable competitive advantage? A) A broad description of the firms objectives and scope of it’s activities. B) Tool used to evaluate marketing performance. C) Something the firm can consistently do better than it’s competitors. D) Written document that discusses competitor strengths and weaknesses, and the firms advantages over them.

  9. Sustainable Competitive Advantage What can a firm to do compete against a well-established market leader? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  10. Competing against a well-established market leader. Produce high-quality, low cost, easy to use products that incorporate high technology for the individual.  We are proving that high technology does not have to be intimidating for noncomputer experts. Challenge Answer Results 54% increase in sales, over 2 million computers sold. 50,000 MacIntosh computers sold in the first 100 days after launch. Case in Point: Apple Computers © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  11. Step Two: Conduct a Situation Analysis Using SWOT 2. Situation Analysis © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  12. Step Three: Identifying and Evaluating Opportunities Using STP Segmentation Targeting Positioning © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  13. Disney: Segmentation, Targeting, Positioning Magic Kingdom Pleasure Island Epcot Adults, families w/older kids Singles and Couples Families w/younger kids © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  14. Test YourKnowledge Which of the following refers to a group that responds similarly to a firm’s marketing efforts? A) Segmentation B) Following the leader C) Targeting D) Positioning

  15. Step Four: Implement Marketing Mix and Allocate Resources 4. Implementing Marketing Mix and Resources © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  16. Product and Value Creation Discussion question How does satellite radio deliver value?

  17. Price and Value Capture Customer perception of value. Price is only a part of value. © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  18. Pricing Strategies • Cost-Based Pricing • Competitor-Based Pricing • Value-Based Pricing © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  19. Implementing Pricing Strategies The Internet has had a dramatic impact on pricing strategies. © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  20. Place and Value Delivery • Must be readily accessible • Examples: • Staples integrated Internet • Vodaphone’s new “Quickphone” vending machines © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  21. Test YourKnowledge One of the keys in place and value delivery is to provide the consumer _______________. A) a wide product selection B) more than one channel of distribution C) a variety of media communication methods D) accessible management personnel to handle complaints

  22. Promotion and Value Communication • Television • Radio • Magazines • Sales force • New Media © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  23. Allocating Resources © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  24. Step Five: Evaluate Performance and Make Adjustments 5. Evaluate Performance © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  25. Strategic Planning is Not Sequential X X X X © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  26. Topic Two: Growth Strategies © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  27. Test YourKnowledge Which of the following is NOT considered a marketing growth strategy? A) Market penetration B) Diversification C) Product development D) Sequential planning

  28. Market Penetration • Existing marketing mix • Existing customers Discussion question In what way is a sale a market penetration strategy? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  29. Market Development Strategy What can a company do to continue to grow in a difficult retail environment? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  30. To continue to grow in a difficult retail environment. Continue an aggressive global expansion strategy combined with an expanding multi-channel strategy. Challenge Answer Results 4,400 US outlets, 1,700 non US in 29 countries including: Philippines, Indonesia, South Korea, and Thailandas well as in the EU. Revenue worldwide of $3.6 Billion Case in Point: Dunkin Donuts © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  31. Current target market New product or service Product Development A good example is the Healthy Choice line. What examples of product development can you identify? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  32. Ethical Dilemma 2.1:Microsoft’s Marketing Penetration and Product Development Strategies When is a firm too big and too powerful? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  33. New market segment New product or service Related • Existing vendors • Same distribution system • Same management information system • Same advertising venue Unrelated – no common elements with the present business Diversification © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  34. Test YourKnowledge A diversification strategy introduces a new product or service to a market segment that _______________. A) is currently not served B) includes many ethnicities C) already exists D) does not traditionally respond to mixed media

  35. Entrepreneurial Marketing 2.1: FedEX Kinkos • New service/new market • Current service/current market • New service/current market • Current service/new market

  36. Topic Three: Macro Strategies © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  37. Customer Excellence Retaining loyalty with excellent customer service. © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  38. Operational Excellence • Efficient operations • Excellent supply chain management © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  39. Product Excellence Achieving effective branding and positioning Discussion question How are these two firms positioned in the market place? © 2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin

  40. Adding Value 2.1: Customer Service at Virgin Atlantic • Focused on service • Three tiers of service • Even the lowest offers increased service

  41. Chapter 2 Glossary • Competitor-based pricing: When a firm prices below, at, or above its competitors’ offerings. • Cost-based pricing: When a firm determines the costs of producing or providing its product and then adds a fixed amount above that total to arrive at the selling price. • Market penetration strategy: Employs the existing marketing mix and focuses the firm’s efforts on existing customers. • Market segmentation: The process of dividing the market into groups of customers with different needs, wants, or characteristics—who therefore might appreciate products or services geared especially for them. • Mission statement: a broad description of a firm’s objectives and the scope of activities it plans to undertake. • Positioning: When the firm decides which segments to pursue, it must determine how it wants to be positioned within those segments so that target customers have a clear, distinctive, desirable understanding of the product in comparison with competing products. • Sustainable competitive advantage: Something the firm can persistently do better than its competitors. • Targeting: After a firm has identified the various market segments it might pursue, it evaluates each segment’s attractiveness and decides which to pursue. • Value-based pricing: When the firm first determines the perceived value of the product from the customer’s point of view and then prices accordingly.

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