Lecture Principles of Marketing - Chapter 2: Company and Marketing strategy

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In this chapter: Explain companywide strategic planning and its four steps, discuss how to design business portfolios and growth strategies, discuss how to design business portfolios and growth strategies, describe the elements of a customer-driven marketing strategy and mix and the forces that influence it, list the marketing management functions, including the elements of a marketing plan.

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Nội dung Text: Lecture Principles of Marketing - Chapter 2: Company and Marketing strategy

Chapter Two Company and Marketing Strategy: Partnering to Build Customer Relationships
Roadmap: Previewing the Concepts 1. Explain companywide strategic planning and its four steps. 2. Discuss how to design business portfolios and growth strategies. 3. Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value. 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it. 5. List the marketing management functions, including the elements of a marketing plan. Copyright 2007, Prentice Hall, Inc. 2-2
Case Study NIKE – Strategy: Then & Now Early Days Late 1990s - Present  Characterized by “seat of  Changes in consumer the pants” management. shoe preference, declining  Innovative sneaker tread product innovation, and drove early success. negative PR plague Nike.  Technological product  Anti-establishment image superiority, big-name no longer works: brand endorsements and “Just backlash occurs. Do It” ads revolutionized  Strategic planning is sport marketing. embraced and Nike  1980s – 1990s: Nike focuses on innovation and leverages brand strength exploring new market into new product areas. opportunities.  Nike has global success.
Strategic Planning  The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
Steps in Strategic Planning 1. Defining the company mission. 2. Setting company objectives and goals. 3. Designing the business portfolio. 4. Planning marketing and other functional strategies.
The Mission Statement  A statement of the organization’s purpose. – What it wants to accomplish in the larger environment.  Should be market oriented and defined in terms of customer needs.
The Mission Statement  Questions the mission statement should answer include: – What is our business? – Who is our customer? – What do consumers value? – What should our business be?
The Mission Statement:  Should be realistic.  Should be specific.  Should fit the market environment.  Should be based on distinctive competencies.  Should be motivating.
Designing the Business Portfolio  The business portfolio is the collection of businesses and products that make up the company.  The company must: – analyze its current business portfolio or Strategic Business Units (SBUs), – decide which SBUs should receive more, less, or no investment, – develop growth strategies for growth or downsizing.
Portfolio Analysis  An evaluation of the products and business making up the company.  Resources are directed to more profitable businesses and weaker ones are phased down or dropped.
Strategic Business Unit (SBU)  A unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses.  Can be a company division, a product line within a division, or sometimes a single product or brand.
BCG Growth-Share Matrix  Stars – High share of low growth market. – Build into cash cow via investment.  Cash Cows – High share of low growth market. – Maintain or harvest for cash to build STARS.  Question Marks – Low share of high growth market. – Build into STAR via investment if warranted, or reallocate financing and let slip into DOG status.  Dogs – Low share of low growth market. Maintain or divest.
Problems with Matrix Approaches  Can be difficult, time consuming, and costly to implement.  Difficult to define SBUs and measure market share and growth rate.  Focus is on current businesses; gives little help with future planning.  Can place too much emphasis on growth.  Can lead to poorly planned diversification.
Product/Market Expansion Grid  Market Penetration – Existing markets, existing products  Market Development – New markets, existing products  Product Development – Existing markets, new products  Diversification – New products, new markets
Planning Marketing  Marketing plays a key role in strategic planning: – Provides a guiding philosophy. • The Marketing Concept – Provides inputs to strategic planners. – Designs strategies to reach objectives.
Value Delivery Network  Components include: – Company’s value chain • Each department is a link – Distributors – Suppliers – Customers  Improved performance in delivery value to customers is the goal.
Market Segmentation  The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products of marketing programs.  A market segment consists of consumers who respond in a similar way to a given set of marketing efforts.
Target Marketing  Involves evaluating each market segment’s attractiveness and selecting one or more segments to enter.  Target segments that can sustain profitability.
Market Positioning  Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.  Begins with differentiating the company’s marketing offer so it gives consumers more value.
The Marketing Mix  The set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market. – Product – Price – Place (distribution) – Promotion