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Marketing Concepts Marketing Strategy. MKTG 3110-004 Spring 2014 Mrs. Tamara L. Cohen. Class #3. KEY TERMS. Profit Strategy Culture Core Competency U nique S elling P oint ( U nique S elling P roposition/ USP ) Market Segment Target Market Marketing Dashboard. KEY CONCEPTS.

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marketing concepts marketing strategy

Marketing ConceptsMarketing Strategy

MKTG 3110-004

Spring 2014

Mrs. Tamara L. Cohen

Class #3

key terms
  • Profit
  • Strategy
  • Culture
  • Core Competency
  • Unique Selling Point (Unique Selling Proposition/USP)
  • Market Segment
  • Target Market
  • Marketing Dashboard
key concepts
  • Strategic planning
  • Strategic Business Unit (SBU)
  • Core values
  • Mission statement
  • Marketing metric
  • Market growth strategies

Strategic marketing process:

  • Planning
    • SWOT analysis
    • market segmentation
  • Implementing
    • marketing strategy
  • Evaluating

BCG’s growth-share matrix


= organization’s long-term course of action designed to deliver value to customer while achieving organization's goals

These goals should include PROFIT (in for-profit businesses) or some other METRIC (in non-profits).

strategy in organizations
Strategy in Organizations

The board of directors oversees the 3 levels of strategy in organizations: corporate, business unit, and functional

strategy in organizations example nestl
Strategy in Organizations EXAMPLE: Nestlé

Board of Directors

Corporate level mission

SBU level 7 worldwide SBUs (global product groups)

Functional level marketing/finance/production/etc departments

how strategy happens
How Strategy Happens

Visionary organizations:(1) establish a foundation;

(2) set a direction; and

(3) create strategies to successfully develop and market

their offerings


mission statements
Mission Statements

Star Trek EnterpriseWhy is a mission statement important?

more mission statements
more Mission Statements

Medtronic’s “Rising fig.” MuralWhat does it signify to stakeholders?

“At Medtronic, we're committed to Innovating for Life by pushing the boundaries of medical technology and changing the way the world treats chronic disease.”


Earl Bakken



What business are we really in?

Do we have a viable business model?



  • Customer satisfaction/ serve the public good
  • Employee welfare
  • Social responsibility
  • Efficiency
  • Profit
  • Sales
  • Market share
  • Quality

Goals should be S.M.A.R.T.

  • Specific
  • Measurable
  • Attainable (Achievable)
  • Relevant
  • Time-based

Strategy Variations

Variation by OFFERING:

  • Product
  • Service
  • Idea

Variation by LEVEL:

  • Corporate
  • SBU
  • Function


Car dashboard shows in one quick glance all essential information about status of key indicators, e.g. fuel gauge, temperature

Marketing dashboard shows in one quick glance all essential information about status of key indicators, e.g. top customers, revenue, sales trends, prices.

Marketing metrics on dashboard are linked to marketing objectives, which come from the marketing plan.


Hard to Measure:

Metrics for Non-Profits

“Every nonprofit organization should measure its progress in fulfilling its mission, its success in mobilizing its resources, and its staff's effectiveness on the job.” *

  • Define mission narrowly; success will be easier to measure.
  • Research effectiveness of programs.
  • Develop ‘microlevel’ goals, and extrapolate results.
strategic marketing process
Strategic Marketing Process

3 vital phases of strategic marketing:

  • PLANNING - How do we allocate our resources to get where we want to go?
  • IMPLEMENTATION - How do we convert our plans to actions?
  • EVALUATION - How do our results compare with our plans and do deviations require new plans?

Strategic Planning

  • Where are we now?
    • Core competencies
        • competitive advantage?
        • Unique Selling Point (USP)?
    • Customer identification
        • managing expectations, e.g. quality
    • Competitors
        • in different shapes and forms

Lands’ End


Strategic Planning

  • Where do we want to go?
    • Business portfolio analysis
        • quantify performance of SBUs on growth share matrix
    • Diversification analysis
        • Search for new opportunities among current & new products, current & new markets

Strategic Planning



Question Marks

Cash Cows


Market Growth Rate

Relative Market Share




  • Where do we want to go?
  • Business Portfolio Analysis

BCG business portfolio analysis for

Kodak’s consumer SBUs

for 2003 (solid circle) and 2010 (hollow circle)

Kodak digitalpicture frame

Kodak digitalphoto printer

Kodak digitalcamera

Kodak film sales: US,Canada, & W. Europe


Strategic Marketing Process:PLANNING phase

Step 1: Situation Analysis (SWOT)

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

Strategic Marketing Process:PLANNING phase

Step 2: Market-Product Focus & Goal-Setting

  • Market segmentation
  • Set marketing & product goals
  • Select target markets
    • Points of difference
    • Position product

Strategic Marketing Process:PLANNING phase

Step 3: Marketing Program

  • Product
  • Price
  • Promotion
  • Place (distribution)

4 P’s

in class exercise
in-class exercise

(Details in class)

next class marketing environment preparation read ch 3 p 63 facebook pp 65 fig 3 2
Next class: Marketing Environment

Preparation: Read Ch. 3:p.63 Facebook

pp.65 fig.3-2