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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
KEY TERMS
  • Profit
  • Strategy
  • Culture
  • Core Competency
  • Unique Selling Point (Unique Selling Proposition/USP)
  • Market Segment
  • Target Market
  • Marketing Dashboard
key concepts
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

strategy
Strategy

= 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

marketing

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.”

Founder,

Earl Bakken

slide10

Vision?

What business are we really in?

Do we have a viable business model?

slide11

Goals(Objectives)

  • Customer satisfaction/ serve the public good
  • Employee welfare
  • Social responsibility
  • Efficiency
  • Profit
  • Sales
  • Market share
  • Quality
slide12

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

  • Specific
  • Measurable
  • Attainable (Achievable)
  • Relevant
  • Time-based
slide13

Strategy Variations

Variation by OFFERING:

  • Product
  • Service
  • Idea

Variation by LEVEL:

  • Corporate
  • SBU
  • Function
slide14

Dashboards

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.

slide16

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?
slide18

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

slide19

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
slide20

Strategic Planning

High

Stars

Question Marks

Cash Cows

Dogs

Market Growth Rate

Relative Market Share

Low

High

Low

  • Where do we want to go?
  • Business Portfolio Analysis
slide21

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

slide22

Strategic Marketing Process:PLANNING phase

Step 1: Situation Analysis (SWOT)

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
slide23

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
slide24

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