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Chapter 2 Developing Marketing Strategies and Plans

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Developing Marketing Strategies and Plans
Value Delivery Process
What is the Value Chain?
Core Business Processes
Core Competencies
What is Holistic Marketing?
Levels of a Marketing Plan
Corporate Headquarters Planning Activities

Published in: Education
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Chapter 2 Developing Marketing Strategies and Plans

  1. 1. Developing Marketing Strategies and Plans Prepared By, Mr. Nishant Agrawal
  2. 2. Value Delivery Process Value creation and delivery sequence into following phases: 1. Assessing market opportunity and customer value which involve environment scanning and developing insights about customer needs and want 2. Choosing the value includes critical decisions to STP which essence / core strategic marketing. 3. Designing value relates to decision involving product strategy, new offering and pricing 4. Delivering value focuses on distribution and access issues. 5. Communicating value through integrated marketing communication , choosing among the various choice in mass and personalized media.
  3. 3. What is the Value Chain? The value chain is a tool for identifying was to create more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver, and support its product. Primary Activities 1. Inbound logistics 2. Outbound Logistics 3. Operations (converting material into final products) 4. Marketing includes sales 5. Service Support Activities: 1. Procurement 2. Technology Development 3. HRM 4. Firm infrastructure
  4. 4. Core Business Processes Market-sensing process New-offering realization process Customer acquisition process Customer relationship management process Fulfillment management process
  5. 5. Core Competencies Many textile , chemical and computer firm do not manufacturer their own product because offshore manufacturers are more competent. They focus on product design and development and marketing their core competencies. Characteristics of Core Competencies 1. A source of competitive advantage and make significant contribution to perceived customer benefits. 2. Applications in a wide variety of markets 3. Difficult for competitors to imitate / copy
  6. 6. What is Holistic Marketing?  Holistic marketing sees itself as integrating the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships  Holistic marketer succeed by managing a superior value chain that deliver high level of product quality, service and speed.  They achieve profitable growth by expanding customer value, building customer loyalty.
  7. 7. What is a Marketing Plan? A Marketing plan is the central instrument for directing and coordinating the marketing effort.  It operates at a Strategic and Tactical level.
  8. 8. Levels of a Marketing Plan Strategic Target marketing decisions Value proposition Analysis of marketing opportunities Tactical Product features Promotion Pricing Sales channels Service
  9. 9. Corporate Headquarters Planning Activities All corporate HQ undertake four planning activities: 1. Define the corporate mission 2. Establish strategic business units (SBUs) 3. Assign resources to each SBU 4. Assess growth opportunities
  10. 10. Define the Corporate Mission Good mission statement have 5 characteristics: 1. Focus on a limited number of goals 2. Stress major policies and values 3. Define major competitive spheres 4. Take a long-term view 5. Short, memorable and meaningful
  11. 11. Rubbermaid Commercial Products, Inc. “Our vision is to be the Global Market Share Leader in each of the markets we serve. We will earn this leadership position by providing to our distributor and end-user customers innovative, high-quality, cost- effective and environmentally responsible products. We will add value to these products by providing legendary customer service through our Uncompromising Commitment to Customer Satisfaction.”
  12. 12. Motorola “The purpose of Motorola is to honorably serve the needs of the community by providing products and services of superior quality at a fair price to our customers; to do this so as to earn an adequate profit which is required for the total enterprise to grow; and by doing so, provide the opportunity for our employees and shareholders to achieve their personal objectives.”
  13. 13. eBay “We help people trade anything on earth. We will continue to enhance the online trading experiences of all—collectors, dealers, small businesses, unique item seekers, bargain hunters, opportunity sellers, and browsers.”
  14. 14. Table 2.3 Product Orientation vs. Market Orientation Company Product Market Missouri-Pacific Railroad We run a railroad We are a people- and-goods mover Xerox We make copying equipment We improve office productivity Standard Oil We sell gasoline We supply energy Columbia Pictures We make movies We entertain people
  15. 15. (SBUs) Characteristics of SBUs SBU is a profit centre which focuses on product offering and market segment. It is a single business or collection of related businesses that can be planned separately from rest of the company It has its own set of competitors It has a leader responsible for strategic planning and profitability , who controls most of the factors affecting profit.
  16. 16. Assign Resources to each SBU Once it has defined SBU management must decide how to allocate corporate resource to each. Several portfolio planning models provides ways to make investment decisions. BCG’s growth share matrix use relative market share and annual rate of market growth as criteria to make investment decision.
  17. 17. Assess / Review Growth Opportunities It includes planning new business and terminating older business. If there is a gap between future desired sales and projected sales, corporate management will need to develop or acquire new business How can it fill strategic planning gap ?  Identify opportunities for growth within current business (Intensive opportunities)  Identify opportunities to build business related to current business (Integrative opportunities)  Identify opportunities to add attractive unrelated business (diversification opportunities)
  18. 18. What is Corporate Culture? Strategic planning happen within context of organization. A company’s organization consists of its structures , policy and corporate culture.  Corporate culture is the “shared experiences, stories, beliefs, and norms that characterize an organization” Whereas manager can change structure and policies but the company’s culture is very hard to change.
  19. 19. Business Unit Strategic Planning Each business unit needs to specific mission within the broader company mission. SWOT Analysis Strengths Weaknesses Opportunities Threats
  20. 20. Market Opportunity Analysis (MOA) Can the benefits involved in the opportunity be articulated / spoken convincingly / credibly to a defined target market? Can the target market be located and reached with cost-effective media and trade channels? Does the company possess or have access to the critical capabilities and resources needed to deliver the customer benefits?
  21. 21. Market Opportunity Analysis (MOA) (cont.) Can the company deliver the benefits better than any actual or potential competitors? Will the financial rate of return meet or exceed the company’s required threshold for investment?
  22. 22. Goal Formulation and Manages for Objective Once SWOT analysis performed ,it can proceed to goal formulation, developing specific goals for planning period.  For Manages for Objective system to work , unit’s objective must meet four criteria : 1. They must be arranged hierarchically from most least to important 2. Objectives should be quantitative ( Increase ROI) 3. Goals should be realistic 4. Objectives must be consistent
  23. 23. Porter’s Generic Strategies  Overall cost leadership  Firm work to achieve lowest production and distribution cost so they win market share. This is achieved by having the lowest prices in the target market segment,  first dimension is achieving a high asset utilization.  second dimension is achieving low direct & indirect operating costs  The third dimension is control over the value chain  Disadvantage of lower customer loyalty, as price-sensitive customers will switch once a lower-priced substitute is available
  24. 24.  Differentiation  The business concentrate on achieving superior performance in an important customer benefit area value by large part of market. The firm seeking quality leadership. Ex. Make Product with best component  A differentiation strategy is appropriate where the target customer segment is not price-sensitive, the market is competitive or saturated.  Differentiation strategy is not suitable for small companies. It is more appropriate for big companies.  These could include patents or unique technical expertise
  25. 25.  Focus  The business focuses on one or more narrow market segment, get to know , differentiation within target market.  In adopting a narrow focus, the company ideally focuses on a few target markets  The firm typically looks to gain a competitive advantage through product innovation
  26. 26. Categories of Marketing Alliances Product or service alliance Ex. Citibank credit card + Jet Airways Promotional alliance Ex. Macdonal’s + Pepsi Logistics alliances Pricing collaborations Ex. Hotel + rental Car
  27. 27. Marketing Plan Contents Page No: 54  Executive summary  Table of contents  Situation analysis  Marketing strategy  Financial projections  Implementation controls
  28. 28. Assignments 1. Explain the basic philosophies of marketing. 2. Discuss the four corporate strategic planning activities with a suitable example 3. Create a marketing plan for a product/ service of your choice. 4. Explain the steps of marketing plan 5. Explain the nature and scope of marketing management 6. What is marketing management? Explain different marketable entities with suitable examples. 7. What is Managing Holistic Marketing Organization? Explain in detail

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