Foundations of Strategic Marketing Mgmt
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Foundations of Strategic Marketing Mgmt

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Foundations of Strategic Marketing Mgmt Foundations of Strategic Marketing Mgmt Presentation Transcript

  • Foundations of Strategic Marketing Management
  • “ Marketing” Defined
    • AMA Definition
    • The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that will satisfy individual and organizational objectives.
  • Needs, Wants, & Demands
    • Needs
      • involve a state of felt deprivation of some basic satisfaction.
    • Wants
      • are desires for specific satisfiers of needs.
    • Demands
      • are wants for specific products that are backed by an ability, willingness, & authorization to buy.
  • Product
    • Anything offered for sale that that satisfies a need or want.
    • Can consist of goods, services, and/or ideas.
  • Exchanges
    • Exchange means obtaining a desired product by offering something desirable in return.
  • Conditions Necessary for Exchanges to Occur
    • At least 2 parties.
    • Each has something valued by the other.
    • Each is capable of communication & delivery.
    • Each is free to accept or reject offer.
    • Each feels it is desirable/appropriate to deal with the other party.
  • Markets
    • A market consists of
    • all the potential customers
    • sharing a particular need or want,
    • who might be willing, able & authorized
    • to engage in exchanges.
  • Company Orientations Toward the Marketplace
    • Production Concept
    • Product Concept
    • Sales (or Selling) Concept
    • Marketing Concept
    • Societal Marketing Concept
  • Customers’ Viewpoint: What Does Marketing Provide?
    • Utilities
    • Possession Utility
    • Minimum risk and shopping time.
    • Place Utility
    • Convenient Locations
    • Time Utility
    • Product is available when the customer needs it.
  • Strategic Marketing Management Processes
    • Defining the organization’s business, mission, and goals
    • Identifying & framing organizational growth opportunities
    • Formulating product-market strategies
    • Budgeting marketing, financial, & production resources
    • Developing reformulation & recovery strategies
  • Strategy
    • A fundamental pattern of
      • present and planned
      • objectives, resource deployments, and interactions of an organization with
      • markets, competitors, and other environmental factors.
  • Business Definition, Mission & Goals
    • Business Definition
      • Essentially, determining what business an organization is in
      • MUST be defined from a customer or market perspective
    • Business Mission
      • Defines scope of operations and reflects management’s vision of what the organization seeks to do.
    • Business Goals
      • Desired levels of performance over specified time periods
      • Should be problem- or future-oriented.
  • Identifying & Framing Growth Opportunities
    • 3 Basic Questions:
    • What might we do?
      • Environmental opportunities
    • What do we do best?
      • Distinctive/core competencies
    • What must we do?
      • Basic requirements to compete successfully
  • The SWOT Analysis INTERNAL Strengths Weaknesses EXTERNAL Opportunities Threats
  • Hierarchy of Strategies
    • Corporate Strategy
    • Definition of the firm’s mission
    • Business-Level Strategy
    • Competencies & Number of Mkts
    • Marketing (functional) Strategy
    • Target Markets & Mktg Mix
  • Types of Corporate Strategy
    • Growth for Current Markets
    • Growth for New Markets
    • Consolidation Strategies
  • Growth Strategies
    • Current Markets
    • Market Penetration
    • Product Development
    • Vertical Integration
    • New Markets
    • Market Development
    • Market Expansion
    • Diversification
    • Strategic Alliances
  • Consolidation Strategies
    • Retrenchment
    • Pruning
    • Divestment
  • The Marketing Mix
    • Product Strategy
      • Kind of good, service, or idea
    • Communication Strategy
      • Promoting the product
    • Channel Strategy
      • Distributing the product
    • Price Strategy
      • Determining amount buyer will/should pay for the product