Bmgt 411 chapter_2


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bmgt 411 marketing management fall 2014 chris lovett

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Bmgt 411 chapter_2

  1. 1. BMGT 411: Chapter 2 Developing Marketing Strategies and Plans
  2. 2. BMGT 411: Chapter 2 ✤ Characteristics of a Great Marketing Company: ✤ Selects superior target markets in which it enjoys advantages ✤ All employees are customer focused ✤ Good working relationship across departments ✤ Incentives designed to lead to the right behaviors (Long Term Loyalty) ✤ Continuously build and tracks customer loyalty
  3. 3. Marketing Leadership: Standing Apart from the Competition and Connecting with Customers
  4. 4. Marketing Leadership: Standing Apart from the Competition and Connecting with Customers
  5. 5. Your Great Marketing Companies • Who are they? • What do they excel in marketing leadership matrix? • Where are they on par with competitors on the index?
  6. 6. Marketing in an Omni-Channel Environment Need Recognition Identify Products Needs can be impulse needs or created needs! ! Customers enter the market ! • A customer’s phone breaks! ! Marketers can create this need through brand marketing! • Launch of a new phone! ! Marketers focus on creating trigger events - to create this! ! ! ! ! Get Info About Products Evaluate Products Evoked= all brand and products come to mind ! Consideration= the ones you consider to buy ! Omni-Channel Marketing Becoming crucial at this stage Purchase Product Use Product Post Purchase Evaluation If Perceived Value > Price a customer is more likely to purchase ! Internal and External Price References Used Customer Experience key in this stage. ! Satisfaction= ! Perceived Performance - Expectations ! Satisfaction = Repeat Purchases
  7. 7. BGMT 411: Chapter 2 ✤ Creating Customer Value ✤ Value Exploration: How a company identifies new value opportunities ✤ Ex. Netflix Streaming Video ✤ Value Creation: How a company efficiently creates more promising new value offering ✤ Ford Sync System ✤ Value Delivery: How a company uses it’s capabilities and infrastructure to deliver new offerings more efficiently
  8. 8. BGMT 411: Chapter 2 ✤ Marketing Plan: The central instrument for directing and coordinating the marketing effort, operating at both strategic and tactical levels ✤ Strategic Marketing Plan: Often developed during annual plan, includes research, position, and strategies for growth - PowerPoint ✤ Tactical Marketing Plan: Outlines specific marketing tactics and timing
  9. 9. Tactical Marketing Plan Example
  10. 10. BMGT 411: Chapter 2 ✤ Contents of a Strategic Marketing Plan (Note for Project) ✤ Executive Summary ✤ Situational Analysis - Including SWOT, Sales Trends, Internal Data, what is going on today ✤ Marketing Strategy - Mission, Marketing Objective, Financial Objectives ✤ Financial Projections ✤ Tactical Plan Overview ✤ Measurement
  11. 11. Strategic Business Units
  12. 12. BMGT 411: Chapter 2 ✤ Marketing Plan Development: Large Organizations ✤ Begins at the Company Level - Profit drivers identified and Focus Strategic Business Units Identified ✤ Marketing Plans Allocated by SBU ✤ SBU Distributes Funds by Brand ✤ Each Brand Develops Marketing Plans to Meet Brand, SBU, and Company Goals
  13. 13. Assessing Growth Opportunitie$
  14. 14. BMGT 411: Chapter 2 ✤ SWOT Analysis: The overall evaluation of a companies strength’s, weaknesses, opportunities, and threats ✤ Internal ✤ Strengths: What is your key strength’s? What should you focus on? ✤ Weaknesses: What are some area’s that could improve? Could you make customers believe these are strengths? ✤ External ✤ Opportunities: Changes in the economy, population growth, competitor closing ✤ Threats: Changes in the environment that may risk your products growth
  15. 15. BMGT 411: Chapter 2 ✤ Michael Korrs ✤ Whole Foods ✤ Apple ✤ Ford ✤ Target ✤ Chipotle ✤ Coors Light ✤ Point Park University
  16. 16. BMGT 411: Chapter 2 ✤ How to measure marketing plan performance: 1. Sales Analysis: STS Sales, YOY Sales, YTD Sales 2. Market Share Analysis: Increases in share vs key competition based on Nielsen data or other 3rd party data 3. Marketing Expense to Sales Analysis: Often used in declining brands to maintain sales with a lower marketing expense 4. Financial Analysis: Profit Margin, ROMI or Return on Marketing Investment
  17. 17. BMGT 411: Chapter 2 What do you think will be the key metrics to measure success for the AltheteTrax Project?