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2 Strategic Planning for Competitive Advantage

2 Strategic Planning for Competitive Advantage. Professor Close. Objectives. Introduce to students the components of: Marketing concept via strategic planning Marketing management Marketing mix. Marketing Concept.

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2 Strategic Planning for Competitive Advantage

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  1. 2Strategic Planning for Competitive Advantage Professor Close

  2. Objectives • Introduce to students the components of: • Marketing concept via strategic planning • Marketing management • Marketing mix

  3. Marketing Concept • Marketing concept is defined as the total effort to satisfy customers and achieve a profit (where customer is right comes from). • Philosophy: • Production orient: sell what we can produce. Marketing orient: offer customers what they want.

  4. Adoption • Consumer products (GE & Pr. & Gamble) • The magic eraser Pr. & Gamble Brands

  5. Customer View (1) • Customer value: benefits vs cost (Mercedes, Gambling, others?) • Low price not necessarily good $3900 Yugo??

  6. Customer View (2) • Value is relative to competition (airline tickets and what else?) • Customer service is before and after sales (example?)

  7. Marketing Management • What is it?? • Continuously planning • Implementing • Controlling marketing activities

  8. Implementation Evaluation Product Place PromotionPrice Met objectives? • Audits • comprehensive • systematic • independent • periodic Implementation, Evaluation, and Control

  9. Implementing & Controlling • Marketing plan: • Marketing strategy + time related details • Includes mix + target market • Resources (new business failures) • Results expected (Wow! Chips) • Control: versus expected results

  10. Planning • Must look to the future • Match resources to opportunities (competencies) • Develop a marketing strategy • Consider the competition

  11. Continualattention Creativity Management commitment Effective Strategic Planning Techniques for Effective Strategic Planning

  12. Business Mission Statement Objectives Situation or SWOT Analysis Marketing Strategy Target Market Strategy Marketing Mix Product Distribution Promotion Price ImplementationEvaluationControl Marketing PlanElements

  13. Marketing Strategy • Target Market: those you want to serve • Not everyone should be targeted (mass mkt) • Search for similar markets (may be big) • Give an example of a particular market’s target market and how effective is their marketing strategy.

  14. Cost Types of Competitive Advantage Product/Service Differentiation Niche Strategies Competitive AdvantageIs there ever no competition?

  15. What are Ford’s competitive advantages?

  16. Patents Skills and Assets Copyrights Locations Equipment Technology Customer Service Promotion Tips to Obtain Sustainable Competitive Advantage

  17. MarketPenetration Increase market share among existing customers Market Development Attract new customers to existing products Product Development Create new products for present markets Diversification Introduce new products into new markets Strategic Alternatives

  18. Identify strategic alternatives Market development = customers Market penetration = share Product development = products new products + new markets Diversification = In other words…

  19. Marketing Mix Strategies • Marketing Mix: how you serve them • 4Ps of Marketing: • Synergy • What do each of these 4Ps mean to you?

  20. Portfolio Matrix • Star (tablet PC) • Cash cow (laptops) • Problem child (phone/PDA) • Dog (mainframe)

  21. Summary • Marketing concept • Marketing management: planning, implementing, and controlling • Four Ps (marketing mix strategies) • Difference between marketing strategy and marketing plan • Competitive advantages • Strategy alternatives

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