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What’s Happening in Marketing?

What’s Happening in Marketing?. Canadian Olympic Committee launches large-scale Sochi Campaign (Marketing Magazine, Dec 31, 2013) Gamification in loyalty (Marketing Magazine, Jan 13, 2014) “Lululemon stumbles into 2014”, M. Strauss, Globe and Mail , Jan 13, 2014.

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What’s Happening in Marketing?

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  1. What’s Happening in Marketing? Canadian Olympic Committee launches large-scale Sochi Campaign (Marketing Magazine, Dec 31, 2013) Gamification in loyalty (Marketing Magazine, Jan 13, 2014) “Lululemon stumbles into 2014”, M. Strauss, Globe and Mail, Jan 13, 2014

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  3. Company and Marketing Strategy Partnering to Build Customer Relationships Chapter 2

  4. A continuous process Marketing Management • The process of planning, executing, and controlling marketing activities to attain marketing goals and objectives effectively and efficiently. Analysis Planning Develop strategic plans Develop marketing plans Implementation Carry out the plans Control Measure results Evaluate results Take corrective action

  5. What is a marketing strategy? • A plan identifying what marketing goals and objectives will be pursued and how they will be achieved in the time available.

  6. Steps in Strategic Planning Many companies operate without formal plans Strategic planning is a good idea because doing so: • Forces systematic thinking about future direction • Allows anticipation and quick response to changing market conditions • Forces management to clarify objectives and policies • Creates better co-ordination

  7. Planning Marketing • Marketing plays a key role in strategic planning: • Provides a guiding philosophy • The marketing concept • Provides input to strategic planners • Identifies opportunities • Designs strategies to reach objectives

  8. Mission Statement Defined • Nike’s mission is “to bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are an athlete.)” • A mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment • Good mission statements define: • what the company does, • whom it serves, • the value it provides and • how it accomplishes what it intends to do

  9. Designing the Business Portfolio • Business Portfolio: • The collection of businesses and products that make up the company • The company must: • Analyze its current portfolio and decide which strategic business units (SBUs) should receive more, less, or no investment • Shape the future portfolio by developing strategies for growth and downsizing

  10. Industry Technology Customer need Target Market Strategic business units (SBU) • Operates as a “company within a company” • A SBU is organized around some common element such as…. SBU

  11. Portfolio Analysis with the BCG Growth-Share Matrix BCG Growth Share Matrix uses market growth rate and relative market share to classify SBUs into four groups Problems with this approach?

  12. Product/Market Expansion Grid The product/market expansion grid can identify growth opportunities:

  13. The six stages of the Strategic marketing Process Planning stages • Identifying and evaluating opportunities • Analyzing market segments and selecting target markets • Planning a market position and developing a marketing mix strategy • Preparing a formal marketing plan 5. Executing the plan 6. Controlling efforts and evaluating the results

  14. Market segmentation Dividing a market into distinct groups with distinct needs, characteristics, or behaviour who might require separate products or marketing mixes Market segment A group of consumers who respond in a similar way to a given set of marketing efforts Can be segmented along different dimensions: Demographic variables Geographic location Behavioural variables Psychographic variables Market Segmentation

  15. Market targeting The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter The largest segment may not be the most profitable Market positioning Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers Positioning happens Positioning is influenced by promotion Market Targeting & Positioning

  16. The Marketing Mix 4 Cs: Buyer’s View • Customer Solution • Customer Cost • Convenience • Communication The 4 Ps of the marketing mix:

  17. Marketing Control Process • Marketing control involves four steps: • Set specific marketing goals • Measure performance in the marketplace • Evaluate performance • Take corrective action to close the gaps between goals and performance

  18. Return on Marketing Investment • Return on marketing investment is assessed using one or more methods: • Standard marketing performance measures (marketing dashboards): • Brand awareness, sales, market share • Customer-centered measures: • Customer acquisition, customer retention, customer lifetime value, customer equity

  19. Marketing by the Numbers

  20. Marketing Ethics • www.apaydayloan.ca • http://www.easyfinancial.com/

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