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Ch 2
 

Ch 2

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  • Where should our main focus in marketing be? To meet changing conditions in their industries, companies need to look ahead and develop long-term strategies. Strategic planning-developing a strategy to meet competition and ensure long-term survival and growth marketing plays an important role in this process, providing information and other inputs to help in the preparation of the organization’s strategic plan and has the ability to connect to customers It sets the stage for the rest of the planning in the firm Mission statement – gives the company direction Objectives and Goals – gives it means and methods for accomplishing its mission Business portfolio – allows management to use all facets of the organization No matter how well the strategic planning process has been designed & implemented, success depends on how well each department performs its customer-value-adding activities & how well these departments work together to serve the customer.
  • Disney is an excellent example of commitment to the concept of building relationships with customers. Found ways to grow profitably despite a rapidly changing market Found unique ways to connect with their market (employees are one of their secrets to the co’s success. All companies must look ahead and develop long-term strategies to meet the changing conditions in their industries. Each company must find the game plan that makes the most sense given its specific situation, opportunities, objectives, and resources The hard task of selecting an overall company strategy for long-run survival and growth is called strategic planning
  • Strategic planning (def) – developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. Sets the stage for the rest of the planning in the firm. There are 4 steps: Defining a clear company mission Setting supporting company objectives Designing a sound business portfolio Planning and coordinating marketing and other functional strategies
  • Here’s a chart diagramming those 4 steps – go over it in depth
  • Big Blue – arrogant – the biggest – no one messed with this bohemuth…look what they did with Bill Gates…talk about arrogant… The new customer-solutions focus has greatly promoted the role of services relative to hardware and software in the IBM mix. The company now offers an expanded set of IT consulting, total systems management, strategic outsourcing, and e-business services. It helps customers with everything from assessing, planning, designing, implementing, and running their IT systems to bringing them up to speed on e-commerce.
  • Looking into the future…your target of where you wish to be … Any hunters here? When sighting in a rifle, what do you do? What are you looking at? Where are you aiming? What do you classify as ‘success’? Without a target to place your sights on, you will aimlessly be shooting, hoping to hit the ‘bulls-eye’!
  • Go over slide first…then hit the below points… A clear mission statement acts as an invisible hand that guides people in the organization. Market definitions of a business are better than product or technological definitions. Products and technologies can become outdated, but basic market needs may last forever. A market-oriented mission statement defines the business in terms of satisfying basic customer needs
  • The mission statement must avoid being too narrow or too broad. They must be: Realistic Specific Fit the market environment (base the mission on distinct competencies of the organization) Motivating Visionary companies often set a purpose beyond making money
  • Let’s look at analyzing the current business portfolio: Step 1…i.d. the key businesses…SBUs are small business units are the units of a company that have separate mission and objectives & can be planned independently from other company businesses) Step 2…Assess the attractiveness of each SBU & decide on how much support each deserves…here, the purpose of strategic planning is to find ways in which the company can best use its strengths to take advantage of attractive opportunities in the environment The best-known portfolio planning method is the BCG (Boston Consulting Group Matrix) By using this method, a company classifies all its SBUs according to the growth-share matrix…
  • The vertical axis, market growth rate, provides a measure of market attractiveness The horizontal axis, relative market share, serves as a measure of company strength in the market Using the matrix, 4 types of SBUs can be identified: Stars – high-growth, high-share businesses or products (need heavy investment to finance their rapid growth potential) Cash Cows – low-growth, high-share businesses or products…usually established, successful, needing less investment to hold share Question Marks – low-share business units in high-growth markets, usually requiring a lot of cash to hold their share Dogs – low-growth, low-share businesses and products that generate enough cash to maintain them, but do not have much future
  • Once it has classified its SBUs, a company must determine what role each will play in the future. The four strategies that can be pursued are: Company can invest more in the business unit in order to build its share Company can invest enough just to hold at the current level Company can harvest the SBU Company can divest the SBU As time passes, SBUs change their positions in the growth-share matrix. Each has its own life cycle The BCG and other formal methods revolutionized strategic planning. Such approaches have limitations: They can be difficult They can be time consuming The can be costly to implement Mgmt. May find it difficult to define SBUs and measure market share & growth The approaches focus on classifying current businesses but provide little advice for future planning
  • In spite of the drawbacks, most firms are still committed to strategic planning Companies need growth if they are going to compete more effectively, satisfy their stakeholders, and attract top talent Companies should always be looking to the future Product/Market Expansion Grid… Market penetration – making more sales to present customers without changing products in any way (ex…adding more stores) Market Development – strategy for co. growth by identifying and developing new markets for current company products (ex..demographic & geographical markets) Product Development – a strategy for co. growth by offering modified or new products to current markets Diversification – strategy for co. growth by starting up or acquiring businesses outside the co’s current products and markets
  • Business must not only develop strategies for growing their business portfolios, but also strategies for downsizing them When a firm finds products or businesses that no longer fit its overall strategy, it must carefully prune, harvest, or divest them. Look at managing a business like gardening…if you want a lush, beautiful garden, you must plan to constantly water, fertilize, weed, prune, harvest, cultivate, arrate, fertilize your plants, or fungus/insects will devastate your crop. The same happens in a business…you must pay attention to detail… Explain Midas scenario of multiple shops and the difficulty in managing…hiring, training, nurturing, growing, harvesting, pruning…etc.
  • Marketing plays a key role in the company’s strategic planning in several ways: Marketing provides a guiding philosophy – the marketing concept – that suggests that company strategy should revolve around building profitable relationships with important consumer groups Marketing provides inputs to strategic planners by helping to identify attractive market opportunities and by assessing the firm’s potential to take advantage of them Within individual business unit, marketing designs strategies for reaching the unit’s objectives Customer value and satisfaction are important ingredients in the marketer’s formula for success: Marketers must practice CRM – customer relationship management – by developing the relationship between the company and the customer Marketers must practice PRM – partner relationship management – working closely with partners in other company departments and outside the company to jointly bring greater value to customers Companies work to develop an effective value chain and a competitively superior value-delivery network
  • Each company department can be thought of as a link in the company’s value chain. That is, each department carries out value-creating activities. A co’s value chain is only as strong as its weakest link Each dept. must perform well Success depends on how well each dept. performs its work of adding value for customers and on how well the activities of different depts. Are coordinated The co. must not only examine its own value chain, but must look into the value chains of its suppliers, distributors, and its customers More co’s are partnering today with other members of the supply chain to improve the performance of the customer ‘value delivery network’ Honda is often cited as an example of a firm that uses and has an excellent customer value delivery network Competition is no longer between individual competitors. It is between the networks created by these competitors.
  • To succeed in today’s competitive marketplace, companies must be customer centered and win customers from competitors, and keep them by delivering greater value. Sound marketing requires careful, deliberate analysis of consumers Companies can’t satisfy all consumers in a given market, so they must divide up the total market (called market segmentation ), choose the best segments ( target marketing ), and design strategies for profitably serving chosen segments better than the competition ( market positioning ) Market segmentation – process of dividing into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products of marketing mixes Every market has segments, but not all ways of segmenting a market are useful Market segments consist of consumers who respond in similar ways to a given set of marketing efforts Smart companies focus their efforts on meeting the distinct needs of one or more market segments
  • Target marketing – is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter. a co. should target segments in which it can generate the greatest customer value and sustain it over time a co. may decide to serve only one or a few special segments or it might decide to offer a complete range of products to serve all market segments Market positioning – is arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. a co. 1 st needs to identify possible competitive advantages upon which to build the position To gain competitive advantage, the co. must offer greater competitive advantage to the target segment. Effective positioning begins with actually differentiating the co’s marketing offer so that it gives sonsumers more value than they are offerred by the competition The co’s entire marketing position should support the chosen positioning strategy.
  • Marketing strategies must be geared to the needs of consumers and also to the strategies of competitors. Designing competitive marketing strategies begins with thorough competitor analysis. The company should ask: Who are our competitors? What are their objectives & strategies? What are their strengths & weaknesses? How will they react to the different competitive strategies we might use? The competitive marketing strategy a company adopts depends on its industry position: Market-leaders are known leaders in the industry Market-challengers are runner-up companies that aggressively attack competitors to get more market share Market-followers seek stable market shares and profits by following coompetitors’ product offers, prices & marketing programs Market-nichers specialize in serving market niches that major competitors overlook or ignore. They avoid direct confrontation.
  • After deciding your competitive marketing strategy, the company is ready to begin planning the details of the marketing mix…a set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market…commonly referred to as the 4 P’s: Product – goods & services combination the company offers to the target market Price – the amount of money customers have to pay to obtain the product Place – the company activities that make the product available to target consumers Promotion – activities that communicate the merits of the product and persuade the target consumers to buy it. An effective marketing program blends all of the marketing mix elements into a coordinated program designed to achieve the co’s marketing objectives by delivering value to consumers Potential problem…The 4 P’s takes a ‘sellers’ view of the market, not the ‘buyer’s’ view, better known as the 4 c’s: Product=Customer solution Price = Customer Cost Place = Convenience Promotion = Communication
  • Trap-Ease is targeting housewives & implies that housewives are reluctant to set and bait traditional springloaded traps. Are there any disease control concerns here? Is that fact important? Any food handling business will attract mice/rats. Restaurants, wholesalers & warehouses, that can’t use pest controls near food. There are a # of markets that could be targeted…disease control issue raises important concerns. What about research labs where mice are used as testing agents…they could get loose. Benefit…recapture without hurting mouse and replenish the inventory. What about exterminators…they would be able to use in their work as well as sell to the end consumer. 3, Positioned from the point of view of the customer as meeting safety and cleanliness needs and for use by the homeowner who has these concerns. Alternative positioning for the product focuses on its ability to control disease. Capture would reduce possibility of disease, however this positioning would change the entire marketing strategy. It should be noted that the positioning of the product should take into account the entire marketing mix so that the product is positioned correctly in the mind of the customer.
  • Here, they’re asking for the 4-P’s…or 4 C’s (solution, cost, convenience, communication) Product- goods and services combo offered to the target mkt. Price-$ customers have to pay for product Place-how available is the product to the customer Promotion-activities that state the merits of the product & persuade target customer to buy it
  • The spring-loaded trap is competition. It’s pricing means that many low-income families who probably have more mice problems, Trap Ease is too expensive. Better income consumers who are not excited about catching and disposing of a live mouse might just use exterminators to take care of their pest problems. Trap ease finds itself with competition above and below it relative to price. This competition significantly reduces the target market. By lowering price…Trap ease becomes more price competitive However, any attempt to alter the marketing mix should flow from the target market, not the other way around. It would be possible to select the industrial/institutional target market. This would become food manufacturers, wholesalers, and others who store foods and are subject to rat infestation. What about restaurants? Marketing mix…develop larger sizes of the trap Pricing mix…no information given to determine the correct price…but the firm may elect to deal directly with the larger exterminating companies or food wholesale chains, finding itself in negotiating the price situations with large clients. Its important Trap Ease understand and know its costs in order to obtain and make a just profit. Place … continue to sell to limited # of consumers due to the lack of any real sales force. Possible distributors could be used to move their product….the new strategy would imply a trade promotion strategy…appearing at trade shows for food wholesalers,etc.

Ch 2 Ch 2 Presentation Transcript

  • Co. & Marketing Strategy: Partnering to Build Customer Relationships
    • Main Focus
    • Marketing Mix (Disney)
    • Strategic Planning
    • Mission Statements
    • Company Objectives & Goals
    • Business Portfolio
  • Where Should the Focus Be?
    • Customer Relationships
      • Disney Theme Parks
        • Cleanliness
        • Friendliness of Staff…regardless of job title
        • Rules and Regulations
        • Customer is always right
        • Disney World & its self-policing policies
      • Walt Disney Mission…"To make people happy"
        • No cynicism
        • Nurturing and promulgation of "wholesome American values"
        • Creativity, dreams and imagination
        • Fanatical attention to consistency and detail
        • Preservation and control of the Disney "magic"
  • Strategic Planning
    • What is it?
      • Developing & maintaining a strategic fit between organization’s goals and capabilities & it’s changing marketing opportunities
      • It sets the stage for the rest of the firm’s planning
        • Defines the purpose & the mission
        • The mission then produces ‘detailed supporting objectives that guide the whole company’
  • The Strategic Marketing Process
    • At the Corporate Level…
    • First…define the mission
    • Second…Set obj. & goals
    • Third…Business Portfolio
    • At Business Unit, product & market level:
    • Plan marketing
    • All other functional strategies
  • Example
    • IBM - if you'd asked top managers at IBM 10 years ago ‘what business are you in?’, they might well have answered, "We sell computer hardware and software." … a heavily product-focused IBM lost sight of its customers' needs
        • They’ve been transformed … beginning in 1993 - Lou Gerstner, CEO…brought a renewed focus on ‘customer’, who were demanding solutions to increasingly more difficult problems
        • Today, if you ask almost any IBM manager to define the business, they would tell you that, "We deliver solutions to customers' information technology problems."
  • Vision Statements
    • Vision…pushes the association toward some future goal or achievement (Drohan, 1999)…it describes the future
      • Together, the Vision and Mission statements provide direction for the business by focusing their attention on doing things ‘day-to-day’ to accomplish your mission, while taking steps to pursue your vision of the future – your long-term business intent (Skelton-Star, Inc.)
      • Without a vision statement, firms lose their focus on direction and flounder or fail
  • Defining a Market-Oriented Mission
    • What is our business?
    • Who is the customer?
    • What do customers value?
    • What should our business be?
    • The first step in the strategic planning process is defining the company mission.
  • The Mission Statement
      • Mission …a mission statement guides current, critical, strategic decision making…it’s a statement of the organization’s purpose --- what it wants to accomplish in the larger environment(here are some examples not in your text):
      • “… an enduring statement of purpose for an organization that identifies the scope of its operations in product and market terms, and reflects its values and priorities," (Abrahams, 1995)
      • "A good mission statement captures an organization’s unique and enduring reason for being, and energizes stakeholders to pursue common goals. It also enables a focused allocation of organizational resources because it compels a firm to address some tough questions: What is our business? Why do we exist? What are we trying to accomplish?" (Bart, 1998).
      • "Corporate mission statements...are the operational, ethical, and financial guiding lights of companies. They are not simply mottoes or slogans; they articulate the goals, dreams, behavior, culture, and strategies of companies," (Stone, 1996).
      • a mission statement is designed to say exactly what the organization anticipates it will achieve.
      • A mission statement gives everyone the opportunity to know what the organization is about and what it is not about ("Thinking Ahead," 1998)
  • Mission Statements (Cont’d)
    • A well-developed mission statement offers several potential benefits
      • Direction -what the organization does and what it wants to be successful in
      • Focus -concentrates on the company’s strengths and competitive advantages and tells people how to obtain them
      • Policy -a guideline of what a company finds acceptable and unacceptable and states organizational values
      • Meaning -shows what a company strives to achieve and why they wish to do so
      • Challenge -setting up of goals and measurements of achievement for employees
      • Passion -makes everyone involved with the organization show feelings of enthusiasm, pride, and commitment ("Thinking Ahead,"1998).
    • Just remember…a mission is only as good as the employee’s knowledge of it…if the mission is unclear, so become the rest of your benefits listed above and the business normally will flounder or fail…
      • Budweiser Wagon
      • Outrigger Canoe
  • What is Important to a Mission Statement?
    • Basic Elements:
      • Target audience – important (Abrahams, 1995).
        • to whom the mission statement will be directed to
        • what groups are to be considered (employees, stockholders, customers, the community)
      • Length of the mission statement - "All that’s necessary is that the mission be long enough to reach the target audience," (Abrahams, 1995)
      • Tone - use appropriate language that is directed to the target audience and reflects the makeup of the organization (Abrahams, 1995)
        • “… Should be written to encourage commitment and to energize all employees toward fulfilling the mission" (Stone, 1996).
  • Basic Elements of a Mission Statement (cont’d)
        • Endurance - "Mission statements should serve to guide and inspire the organization for many years," (Stone, 1996)
        • Remain current - When the competitive environment changes the mission should be revised (Stone, 1996)
        • consist of an element of uniqueness - It should portray the individuality of the company (Stone, 1996)
      • Research shows that there is a strong correlation between performance and well-developed mission statements
      • Effective mission statements can be a great asset to an organization
  • Examples of Mission Statements
    • Powerful sample mission statements
      • PEPSI - "Beat Coke"
      • HONDA - "We will crush, squash, and slaughter Yamaha"
      • NIKE - "Crush Reebok"
    • Older sample mission statements that are quite grandiose in scale
      • Wal-Mart (1990) "Become a $125 billion company by the year 2000"
      • Sony (1950's) "Become the company most known for changing the worldwide poor-quality image of Japanese products"
      • Boeing (1950) "Become the dominant player in commercial aircraft and bring the world into the jet age"
      • Ford Motor Company (early 1900's) "Ford will democratize the automobile"
    • One-line sample mission statements
      • Wal-Mart - "To give ordinary folk the chance to buy the same thing as rich people."
      • Mary Kay Cosmetics "To give unlimited opportunity to women."
      • 3M "To solve unsolved problems innovatively"
  • Turning the Mission into Objectives & Goals
    • The company’s mission needs to be turned into detailed supporting objectives for each level of management
      • Each manager should have objectives and be responsible for reaching them
      • This mission leads to a hierarchy of objectives, including Business & Marketing objectives
      • Marketing strategies must be developed to support these marketing objectives
      • (example…Monsanto…for foreign expansion…)
        • increase its products’ availability and promotion
          • more salespeople and more advertising
        • cut prices and target large farms abroad
  • Turning the Mission into Objectives & Goals
    • The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses making up the company
      • identify the key businesses making up the company (SBU…Strategic Business Unit)
      • assess the attractiveness of its various SBUs and decide how much support each deserves
      • The purpose of strategic planning is to find ways in which the company can best use its strengths to take advantage of attractive opportunities in the environment
        • Evaluation by:
          • attractiveness of the SBU’s market or industry
          • strength of the SBU’s position in that market or industry
  • Designing a Business Portfolio
    • The 3 rd step in the strategic planning process is designing the business portfolio (def.= a collection of businesses & products that make up the company)
      • The best portfolio is the one that best fits the company’s strengths and weaknesses to opportunities in the environment
    • To design a portfolio, a business must:
      • Analyze its current portfolio and decide which business should receive more, less, or no investment
      • Shape the future portfolio by developing strategies for growth and downsizing
    • The major activity in strategic planning is business portfolio analysis
      • Step 1 – identify the key businesses (SBU’s = strategic business
      • Step 2 – Assess attractiveness of its various SBUs and decide how much support each deserves
    • BCG Matrix
    Analyzing the Current Business Portfolio
  • BCG Growth Share Matrix (Approach to Strategic Planning)
    • Stars – high growth, high-share businesses or products
      • Heavily financed (loans; stocks; bonds)
    • Cash Cows – low-growth, high-share businesses or products
      • Established and successful SBUs
      • Less investment to hold market share…thereby producing lots of cash
    • Question Marks- low-share business units
    • In high-growth markets
      • Need lots of cash to hold share of
      • Market
      • Managerial decisions need to be
      • Made on whether to drop or build up
    • Dogs – low-growth, low-share businesses
    • And products
      • May be self sustaining cash sources
      • Not good bet on large cash sources
    Beware of the problems involved with formal matrix methods
  • Strategies for Growth & Downsizing
    • Marketing’s main objective = achieving profitable growth for the company
      • It must identify, evaluate, & select market opportunities
      • It must set strategies for capturing these opportunities
    Product/Market Expansion Grid - Identifies growth opportunities, such as:
    • Market penetration – increasing sales to current customers without changing products
    • Market Development – developing new markets for current products
    • Product Development – new or modified products to current markets
    • Diversification – expand beyond current
    • Products or business units
    Downsizing – reverse growth strategies
  • Strategies for Growth & Downsizing
    • Product/market expansion grid – another tool for portfolio planning that identifies company growth opportunities thru:
      • Market Penetration
      • Market Development
      • Product Development
      • Diversification
  • Strategies for Growth & Downsizing
    • Develop downsizing strategies too!
    • Experts agree…both small and large companies benefit from strategic planning
      • Put out less fires by planning
      • Long-term growth will be more difficult without long-term planning
      • Strategic planning can help small business managers to anticipate difficult situations and prevent or handle them.
  • Customer Relationship Mgmt & Partner Relationship Mgmt (CRM/PRM)
    • CRM – develops the relationship between the company & the customer
    PRM – develops the relationship between the company & it’s suppliers & partners ( supply chain ) so that customer centricity becomes the total focus ***Both focus on creating value for the customer and builds a ‘value chain’ … amongst and within the company’s departments & partners for the customer…known as the ‘value-delivery network ’
  • Partnering with Others in the Company & in the Marketing System
    • Value Chain
      • Internal
      • External
    • Supply Chain
  • Marketing Process
    • The process of
      • (1) analyzing marketing opportunities
      • (2) selecting target markets
      • (3) developing the marketing mix
      • (4) managing the marketing effort
        • (goal is to build strong and profitable relationships with customers)
    Customer is centric (key…see fig 2.4 p 51)
      • Segment the market – consists of consumers who respond in a similar way to a given set of marketing efforts
      • Target Market – evaluation of each segment’s attractiveness and selecting one or more segments to enter
      • Market Positioning – where a product occupies a clear, distinctive, & desirable place relative to competing products in the minds of targeted customers
  • Marketing Process
    • The process of
      • (1) analyzing marketing opportunities
      • (2) selecting target markets
      • (3) developing the marketing mix
      • (4) managing the marketing effort
        • (goal is to build strong and profitable relationships with customers)
    Customer is centric (key…see fig 2.4 p 51)
      • Segment the market – consists of consumers who respond in a similar way to a given set of marketing efforts
      • Target Market – evaluation of each segment’s attractiveness and selecting one or more segments to enter
      • Market Positioning – where a product occupies a clear, distinctive, & desirable place relative to competing products in the minds of targeted customers
  • Marketing Strategies for Competitive Advantage
    • Must be geared to the needs of consumers & the strategies of competitors
    • Designing competitive strategies:
      • Who are our competitors?
      • What are their objectives and strategies?
      • What are their strengths & weaknesses?
      • How will they react to our different strategies?
    • Industry Positioning
      • Market-leaders
      • Market-challengers
      • Market-followers
      • Market-nichers
  • 4 P’s of Marketing Mix
  • Trap Ease Case
    • Questions for discussion
    • Martha and the Trap-Ease America investors feel they face a once-in-a-lifetime opportunity. What information do they need to evaluate this opportunity? How do you think the group would write its mission statement? How would you write it?
    • Has Martha identified the best target market for Trap-Ease? What other market segments might the firm target?
    • How had the company positioned the Trap-Ease relative to the chosen target market? Could it position the product in other ways?
    • Describe the current marketing mix for Trap-Ease. Do you see any problems with this mix?
    • Who is Trap-Ease America’s competition?
    • How would you change Trap-Ease’s marketing strategy? What kinds of control procedures would you establish for this strategy?
  • Trap Ease Case Discussion
    • Martha and the Trap-Ease America investors feel they face a once-in-a-lifetime opportunity. What information do they need to evaluate this opportunity? How do you think the group would write its mission statement? How would you write it?
    • Analyze the Markets & Environments to find attractive opportunities & avoid environmental threats (macro-environment: demographics, economic, natural, technological, political, cultural; task environment: market size, growth, geographic distribution, profits, defining major markets, customer buying decisions, product rating by customer value/service/quality/efficiency)
    • Analyze company strengths & weaknesses (SWOT)
    • Analyze current and possible marketing actions to determine which opportunities it can best pursue
    How do you think the group would write its mission statement? How would you write it?
  • Trap Ease Case Discussion
    • 2. Has Martha identified the best target market for Trap-Ease? What other market segments might the firm target?
    3. How had the company positioned the Trap-Ease relative to the chosen target market? Could it position the product in other ways?
  • Trap Ease Case Discussion
    • 4. Describe the current marketing mix for Trap-Ease. Do you see any problems with this mix?
  • Trap Ease Case Discussion
    • 5. Who is Trap-Ease America’s competition?
    6. How would you change Trap-Ease’s marketing strategy? What kinds of control procedures would you establish for this strategy?