Global marketing
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GLOBAL MARKETING. Marketing Strategy. Benefits of Strategy. Coordinates activities among functional areas of organization Defines resource allocation Leads to a superior market position. Components of Strategy. Statement of objectives. Establish general direction of strategy.

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GLOBAL MARKETING

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Global marketing

GLOBAL MARKETING

Marketing Strategy


Benefits of strategy

Benefits of Strategy

  • Coordinates activities among functional areas of organization

  • Defines resource allocation

  • Leads to a superior market position


Components of strategy

Components of Strategy

Statement of objectives

Establish general

direction of strategy

Selection of strategic alternative(s)

Selection of customer targets

Choice of competitor targets

Positioning

Statement of core strategy

Description of supporting marketing mix

Implement

strategy

Description of supporting functional programs


Marketing goals

Marketing Goals

  • Desired general accomplishments stated in vague terms.

  • Indicate the direction the firm is attempting to move and the set of priorities it will use in evaluating alternatives and making decisions.


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  • Should be attainable and realistic.

  • Should be internally consistent.

  • Should be comprehensive and help to clarify the roles of all parties in the organization.

  • Should involve some degree of uncertainty.


Examples of goals

Examples of Goals

  • To have the largest, best-trained sales force in the industry.

  • Having the best recognized and most effective advertising campaign in the industry.


Marketing objectives

Marketing Objectives

  • Provide specific and quantitative benchmarks that can be used to gauge progress toward the achievement of the marketing goals for which they are developed.

  • Should be attainable with a reasonable degree of effort.


Global marketing

  • Should specify the time frame for their completion.

  • Usually related to sales revenues, market share, profitability, or cash flow


Examples of objectives

Examples of Objectives

  • The marketing department will be responsible for having 40% of customers listing this financial institution as their primary financial institution within one year.

  • The sales department will increase sales 18% during the next 2 years.


Strategic alternatives growth

Strategic Alternatives: Growth

  • Market development strategies

    • Attract non-users

    • Enter new markets


Attracting non users

Attracting non-users

  • Increase willingness to buy

    • Demonstrate benefits of product form

    • Develop new product forms with desired benefits

  • Increasing ability to buy

    • Offer lower prices or credit

    • Provide greater availability


Enter new markets

Enter new markets

  • Broaden distribution

    • Move into new geographic markets

    • Add channels of distribution

  • Product-line extension

    • Vertical product line extension

    • Horizontal product line extension

  • Expansion through acquisition or diversification


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  • Market penetration strategies

    • Increase purchase rate of existing customers

    • Attract competitors’ customers


Increasing purchase rate

Increasing purchase rate

  • Broaden usage

    • Provide examples of additional uses of product

  • Increase consumption levels

    • Lower prices, special-volume packaging

    • Improve buyers’ perceptions of product benefits

  • Increase rate of replacement

    • Improve benefits, e.g., convenience, lower operating costs, that encourage early replacement


Attracting competitors customers

Attracting competitors’ customers

  • Head-to-head competition

    • Superior marketing effort

      • Quality, selection, availability, brand name recognition

    • Price-cost leadership

      • Offer comparable quality at lower price


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  • Differentiation

    • adding a set of meaningful and valued differences to distinguish the firm’s offering from competitors’ offerings

    • Criteria:

      • important•preemptive

      • distinctive• affordable

      • superior• profitable


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Differentiation Variables


Strategic alternatives profitability

Strategic Alternatives: Profitability

  • Maintain satisfaction

    • Consistent, high quality

    • Effective customer complaint system

  • Build strong customer relationships

    • Encourage repeat business through formal relationships

    • Target best customers

  • Develop complementary products

    • Increase dependence on firm


Global marketing

  • Decrease costs/increase efficiencies

  • Increase price

  • Decrease product offerings/emphasize selling of most profitable products


Strategic alternatives cash flow

Strategic Alternatives: Cash Flow

  • Harvest market position

    • Systematically raise prices and reduce marketing expenses to capitalize on ST performance opportunities

  • Divest market position

    • Sell firm

    • Close down operation and sell assets


Implications of product life cycle on marketing strategy

Implications of Product Life Cycle on Marketing Strategy


Introduction stage

Introduction Stage

  • Objective: Create awareness and product trial

    Product—offer a basic product

    Price—charge cost-plus

    Distribution—selective

    Communications—target advertising to early adopters and dealers to increase awareness; heavy sales promotion to stimulate trial


Growth stage

Growth Stage

  • Objective: Maximize market share

    Product—product extensions, warranties

    Price—decrease prices to penetrate

    Distribution—intensive

    Communications—target advertising to mass market to increase awareness; reduce sales promotions


Maturity stage

Maturity Stage

  • Objective: Maximize profit while defending market share

    Product—diversify products and brands

    Price—match or best competitors’ prices

    Distribution—more intensive

    Communications—use advertising to stress brand differences and benefits; increase sales promotions to encourage brand switching


Decline stage

Decline Stage

  • Objective: Reduce expenditure and milk the brand

    Product—phase out weak models

    Price—cut price

    Distribution—selective; phase out unprofitable outlets

    Communications—reduce and target hard-core loyals; reduce sales promotions to minimal levels


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