marketing planning and strategy notes · marketing planning and strategy notes lecture 1: marketing...
TRANSCRIPT
MarketingPlanningandStrategyNotes
Lecture1:MarketinginToday’sEconomy
IntroductionCommoditization-Consequenceofmatureindustrieswhereslowinginnovation,extensiveproductassortment,excesssupply,andfrugalconsumersforcemarginstothefloor
Allorganizationsrequireeffectiveplanningandasoundmarketingstrategytoachievetheirgoalsandobjectives
Today’seconomyischaracterizedbyrapidtechnologicalchange,economic/financialanxiety,andincreasingconsumerskepticism
ChallengesandOpportunitiesofMarketinginToday’s
• Powershifttocustomers• Massiveincreaseinproductselection• Audienceandmediafragmentation• Changingvaluepropositions• Shiftindemandpatterns• Privacy,security,andethicalconcerns• Unclearlegaljurisdiction
BasicMarketingConceptsMarket-Groupofindividualsorinstitutionswithsimilarneedsthatcanbemetbyaspecificproduct
Marketspace-ElectronicmarketplacesunboundbytimeorspaceMetamarket-ClusterofcloselyrelatedgoodsandservicesthatcentrearoundaspecificconsumptionactivityMetamediary-Providesasingleaccesspointwherebuyerscanlocateandcontactmanydifferentsellersinthemetamarket
Exchange-Processofobtainingsomethingofvaluebyofferingsomethinginreturn
Conditionsofexchange• Theremustbeatleasttwopartiesfortheexchange• Eachpartyshouldhavesomethingthattheotherpartyvalues• Eachpartymustbecapableofcommunicationanddelivery• Eachpartymustbefreetoacceptorrejectexchange• Eachpartymustbelieveitisdesirabletoexchangewiththeotherparty
Product-Somethingacquiredthroughanexchangetosatisfyaneedorwant
Examples:• Goods• Services• Ideas• Information• Digitalproducts
• People• Places• Experiences• Realorfinancialproperty• Organizations
Utility-Abilityofaproducttosatisfyacustomer’sneedorwant
FormUtilityProductcontainsdistinguishingattributes
TimeUtilityProductisavailablewhencustomerwantsit
MarketingActivitiesandDecisionsStrategicplanning
StrategyFirm’sgameplanforsuccess
TacticalplanningFocusingonspecificmarketsormarketsegmentsandthemarketingprogramsthatmeettheirneedsMarketingplanOutliningthemarketingprogram
Researchandanalysis
InternalanalysisAnalysingthefirm’scurrentandfutureperformanceandsustainabilitystrategies
CompetitiveintelligenceAnalysingcompetingbusinesses
EnvironmentalscanningAnalysingtheexternalenvironment
SituationanalysisCollectingandinterpretinginternal,competitive,andenvironmentalinformation
Developingcompetitiveadvantage-Advantageafirmhasovercompetitors
ServesasanedgetoservecustomerneedsandmaintainrelationshipswithimportantstakeholdersHelpssetastrategicfocustotheentiremarketingprogram
Marketingstrategydecisions
MarketsegmentationandtargetmarketingMarketingprogramdecisions• Creatingalinkbetweenproduct
benefitsandcustomerneeds• Pricingdecisions• Distributionandsupplychain
management• Integratedmarketing
communication(IMC)orpromotion
Brandingandpositioning• Productpositioning-Establishinga
mentalimageoftheproductinthemindsoftargetbuyers
PlaceUtilityProductisavailablewherecustomerswantit
PossessionUtilityDealswitheasytransferofownershiportitle
PsychologicalUtilityProductprovidespositiveexperientialattributesthatcustomersfindsatisfying
Socialresponsibilityandethics
Socialresponsibility• Firm'sobligationtomaximizepositiveimpactonsocietywhile
minimizingnegativeimpact
Marketingethics• Principlesandstandardsthatdefineacceptableconductinmarketing
activitiesImplementationandcontrol
Marketingimplementation-Processofexecutingthemarketingplan• Shouldbecontrolledtoensurethatthestrategystaysoncourse
Developingandmaintainingcustomerrelationships
Involvesshiftingfromtransactionalmarketingtorelationshipmarketing
ChallengesofMarketingStrategy• Constantchange• People-drivennatureofmarketing• Lackofrulesforchoosingmarketingactivities• Societalevolutionofmarketingandbusinesspractices• Increasingcustomerexpectations• Decliningcustomersatisfactionandbrandloyalty• Increasingpricesensitivity• Changeincustomerattitudestowardbusinessandmarketingactivities• Competitioninmaturemarkets• Increaseinexpansionintoforeignmarkets• Aggressivecost-cuttingmeasures
Lecture2:StrategicMarketingPlanning
Marketingplanningvs.Marketingstrategy
KeyaspectsofmarketingplanningSituationanalysisIn-depthanalysisoffirm’sinternalandexternalenvironmentsMarketingplanWrittendocumentprovidingtheblueprintofafirm’smarketingactivities.
• Explainshowtheorganizationwillachieveitsgoalsandobjectives. • Servesasaroadmapforimplementingmarketingstrategies• Informsemployeesabouttheirrolesandfunctions• Providesspecificsregardingallocationofresourcesandmarketing
activitiesAddress3fundamentalquestions
• Howisourbusinessdoing?• Whatshouldthebusinessbedoing/Whereshouldwego?• Howdowegetthere?
WhatMarketingPlanningDoes
• Vigilantmarketlearningo Sensitivetoearlymarketsignalsforchangeo E.g.cloudcomputing,onlineshopping,shared-economy
• Alignorganizationtothemarketo Strategycongruentwithmarketchanges&internalresources
• Assignresponsibilityandgaugeprogresstowardsgoals
Businessplanningvs.Marketingplanning
MarketingStrategyDecisionson
• Competeinwhichmarket• Whattoproduce• Whomyoutarget• Howtodifferentiate• 4Ps
MarketingPlanning• Situationanalysis(External&internal)• Strategyformulation• Strategyimplementation• Evaluation&Control
BottomupVSTopdownapproachtoStrategicBusinessUnit(SBU)
planning