Strategic Marketing Overview
- 1. Strategic Marketing A BriefOverview Ken Thomas Robbins, Inc.
- 2. Marketing to theUninformed
- 3. The Ultimate Goalof Marketing “Sell more stuff, to more people, more often, for more money.” Sergio Zyman
- 4. Strategic Marketing Defined The management function within a company that seeks to generate a profit by organizing the firm’s resources and activities to determine and satisfy the needs and desires of the customer, delivering better value than competitors It is a company-leading, defining and direction-setting function Source: “Strategic Market Planning, Hamper and Baugh 1996
- 5. Strategic Marketing isthe Management function that: Emphasizes profits, not just sales Identifies target markets & delivers better value to the market than competitors Combines target markets and mix to formulate marketing strategy Strives to create sustainable differentiation
- 6. Strategic Marketing Leads the strategic planning process & oversees execution Leads & manages the new product/service development process from ideation thru commercial launch Identifies/exploits intellectual property, technical & commercial advantages Identifies/exploits trends Identifies/addresses manufacturing/operational gaps Gathers/disseminates/exploits market research and competitive intelligence
- 7. Strategic Marketing ISNOT: Marketing Communications Sales support/service HOWEVER Marketing Communications, Sales Support and Customer Service initiatives are vitally important elements of the overall strategic marketing mix, especially when executed in a manner that creates competitive differentiation
- 8. Marketing Encompasses: Product Price Position Promotion Process Profit
- 9. Understanding Marketing “Upstream Marketing” “Downstream Marketing” “Field Marketing” (strategic) (tactical) (customer & sales support) Product/Price/Promotion/Place Core business Resource allocation Brand & customer equity Information, analysis & planning Channel redesign New product development Product pricing & marketing Advertising & communications Sales support & services Source: Linda Gorchels, Director, Executive Marketing Programs, UW-Madison School of Business
- 10. Management Scorecard forCreating Value Performance Adaptability Opportunity Gap + Gap + Gap Restructuring Reconfiguration Revitalization Quality Portfolio Choices Profitable Growth Costs Product Mix New Business Development Cycle Time Logistics Channels New Market Development Head Count Price-Performance Strategic Direction Productivity Administrative Systems New Business Model Resource Leverage Value Creation Forces Shaping Competitiveness Performance Gap “Best in Class” Adaptability Gap Anticipating & Managing Basic Industry Transformation Opportunity Gap Capacity to create New Business J. Taylor - 1998
- 11. Growth Strategies (one of many ways to slice it) Growth Current Offerings New Offerings Current New Current New Market Targets Market Targets Market Targets Market Targets Market Market Product/Service Diversification & Penetration Development Development Vertical Integration Segment Segment Market Segment Segment Market Penetration Enlargement Repositioning Factoring Extension Expansion Strong Core Competencies Weak Low Risk High Low Reward High M. D. Johnson - 1998
- 12. Key Questions tounderstand our Value Proposition & Company Brand How do we help our customers’ be more successful in the market than their competitors? How do we help our customers’ clients be more successful? How do we drive their behavior with our message? What compelling story do we have that clients will internalize and see as a key competitive advantage? What do we deliver that our clients can’t live without?