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Chapter 02 MKT120 Strategies and Plan

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Chapter 02 MKT120 Strategies and Plan

  1. 1. © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin
  2. 2. DEVELOPING MARKETING STRATEGIES AND A MARKETING PLAN LEARNING OBJECTIVES How does a firm set up a marketing plan? How are SWOT analyses used to analyze the marketing situation? How does a firm choose what group(s) of people to pursue with its marketing efforts? How does the implementation of the marketing mix increase customer value? How can firms grow their businesses? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-2
  3. 3. Dunkin’ Donuts versus Starbucks Dunkin’ Donuts Commercial © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-3
  4. 4. Sustainable Competitive Advantage © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-4
  5. 5. Customer Excellence Virgin Atlantic Website© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-5
  6. 6. Operational Excellence© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-6
  7. 7. Product Excellence© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-7
  8. 8. Locational Excellence How does Rachael Ray as a spokesperson tie into locational excellence? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-8
  9. 9. Check Yourself 1. What are the various components of a marketing strategy? 2. List the four macro strategies that can help a firm develop a sustainable competitive advantage.© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-9
  10. 10. The Marketing Plan© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-10
  11. 11. Three Phases of a Strategic Plan© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-11
  12. 12. Step One: Defining the Mission and/or VisionMADD mission statement:MADD strives to stop drunk driving, support thevictims of this violent crime and prevent underagedrinking. © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-12
  13. 13. MADD Promotion© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-13
  14. 14. Step Two: Conduct a Situation Analysis Using SWOT© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-14
  15. 15. Step Three: Identifying andEvaluating Opportunities Using STP © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-15
  16. 16. Disney: Segmentation, Targeting, PositioningMagic Kingdom Pleasure Island EpcotFamilies w/younger kids Singles and Couples Adults, families w/older kids © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-16
  17. 17. Power of the Internet Building Brand evangelists online Real Beauty campaign Dove evolution viral video Dove “Real Beauty” Commercial © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-17
  18. 18. Step Four: Implement Marketing Mix and Allocate Resources © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-18
  19. 19. Price and Value Capture© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-19
  20. 20. Place and Value Delivery  The product must be readily accessible  Why is this retailer growing?© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-20
  21. 21. Promotion and Value Communication  Television  Radio  Magazines  Sales force  New Media© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-21
  22. 22. Step Five: Evaluate Performance and Make Adjustments P&G Website © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-22
  23. 23. Check Yourself 1. What are the five steps in creating a marketing plan? 2. What tool helps a marketer conduct a situation analysis? 3. What is STP?© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-23
  24. 24. Growth Strategies© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-24
  25. 25. Market Penetration Existing marketing mix Existing customers In what way is a sale a Market penetration strategy? Cartier Website © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-25
  26. 26. Market Development StrategyWhat can a company do to continue to grow in a difficult retail environment? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-26
  27. 27. Product Development Disney Fairy Tale Weddings© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-27
  28. 28. Diversification FedEx acquires Kinko’s© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-28
  29. 29. Check Yourself 1. What are the four growth strategies? 2. What type of strategy is growing the business from existing customers? 3. Which strategy is the riskiest?© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-29
  30. 30. Scenario Planning© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-30
  31. 31. Check Yourself 1. Identify the steps of the scenario planning process 2. How is scenario planning used in a firm?© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-31
  32. 32. GlossaryCustomer excellence is achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-32
  33. 33. GlossaryA diversification strategy introduces a new product or service to a market segment that currently is not served. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-33
  34. 34. GlossaryLocational excellence occurs by having a good physical location and Internet presence. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-34
  35. 35. GlossaryA market development strategy employs the existing marketing offering to reach new market segments, whether domestic or international. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-35
  36. 36. GlossaryA market penetration strategy employs the existing marketing mix and focuses the firm’s efforts on existing customers. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-36
  37. 37. GlossaryA marketing plan is a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P’s, action programs, and projected or pro- forma income (and other financial) statements. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-37
  38. 38. GlossaryA mission statement is a broad description of a firm’s objectives and the scope of activities it plans to undertake. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-38
  39. 39. GlossaryOperational excellence is achieved through efficient operations and excellent supply chain and human resource management. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-39
  40. 40. GlossaryA product development strategy offers a new product or service to a firm’s current target market. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-40
  41. 41. GlossaryProduct excellence occurs by having products with high perceived value and effective branding and positioning. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-41
  42. 42. GlossaryScenario planning integrates information obtained as part of the situation and opportunity analysis steps of the marketing plan to better understand the potential performance outcomes associated with different marketing mix applications. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-42
  43. 43. GlossaryA situation analysis uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-43
  44. 44. GlossarySTP stands for segmentation, targeting, and positioning, and is used to identify and evaluate opportunities for increasing sales and profits. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-44
  45. 45. GlossaryA sustainable competitive advantage is an advantage over the competition that is not easily copied, and thus can be maintained over a long period of time. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 2-45

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