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.
Mrs. Tamara L. Cohen
Strategic marketing process:
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).
The board of directors oversees the 3 levels of strategy in organizations: corporate, business unit, and functional
Board of Directors
Corporate level mission
SBU level 7 worldwide SBUs (global product groups)
Functional level marketing/finance/production/etc departments
Visionary organizations:(1) establish a foundation;
(2) set a direction; and
(3) create strategies to successfully develop and market
Star Trek EnterpriseWhy is a mission statement important?
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.”
What business are we really in?
Do we have a viable business model?
Variation by OFFERING:
Variation by LEVEL:
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.
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.” *
3 vital phases of strategic marketing:
Market Growth Rate
Relative Market Share
Kodak’s consumer SBUs
for 2003 (solid circle) and 2010 (hollow circle)
Kodak digitalpicture frame
Kodak digitalphoto printer
Kodak film sales: US,Canada, & W. Europe
Step 1: Situation Analysis (SWOT)
Step 2: Market-Product Focus & Goal-Setting
Step 3: Marketing Program
(Details in class)
Preparation: Read Ch. 3:p.63 Facebook