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UNO MKT4300_Chapter 2
Transcript of UNO MKT4300_Chapter 2
Strategies and Plans
Why do we need a marketing plan?
What are we trying to do as Marketers?
Deliver value profitably!
Great Marketing Companies:
Select target markets where they enjoy a competitive advantage
Are customer- and market-minded
Have good relationships among all departments
Offer incentives to reward appropriate behaviors
Continuously build and track customer satisfaction and loyalty
Manage a value delivery system in partnership with strong suppliers and distributors
Are skilled at building their brand name(s) and image
Are flexible in meeting customers' changing needs
The value chain is a tool for identifying ways to create more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver, and support its product.
What is the Value Chain?
Human Resource Management
Five Core Business Processes
New Offering Realization
Customer Relationship Management
A source of competitive advantage
Applications in a wide variety of markets
Difficult to imitate
(Re)define the business concept
(Re)shaping the business scope
(Re)positioning the company’s brand identity
Maximizing Core Competencies
Holistic marketing sees itself as integrating the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and co-prosperity among key stakeholders.
What is Holistic Marketing?
How can we deliver the new offerings efficiently?
How can we create new value offerings efficiently?
What value opportunities are available?
Questions to Address in
The Strategic Planning, Implementation,
and Control Processes
A marketing plan is the central
instrument for directing and
coordinating the marketing effort.
It operates at a strategic and
Target marketing decisions
Analysis of marketing opportunities
Define the corporate mission
Establish strategic business units (SBUs)
Assign resources to each SBU
Assess growth opportunities
Corporate Headquarters’ Planning Activities
Focus on a limited number of goals
Stress major policies and values
Define major competitive spheres
Take a long-term view
Short, memorable, meaningful
Good Mission Statements
is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.
vision is to be earth’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.
mission is to give people the power to share and make the world more open and connected.
mission is to organize the world‘s information and make it universally accessible and useful.
Write a Personal Mission Statement and add that to your USP bio you sent to me after our first class meeting. Due next class.
Key Competitive Dimensions
It is a single business or collection of related businesses
It has its own set of competitors
It has a leader responsible for strategic planning and profitability
Characteristics of SBUs
Could be defined in terms of:
Possible Growth Opportunities
Corporate culture is the
shared experiences, stories, beliefs,
and norms that
characterize an organization.
What is Corporate Culture?
The Business Unit Strategic
Converging industry trends make a hybrid product or service attractive.
A buying process can be made more convenient or efficient.
A company may be able to meet a need for more information or advice.
A company can customize a product or service.
A company can introduce a new capability.
A company may be able to deliver a product or service faster.
A company may be able to offer a product at a much lower price.
Can the benefits involved in the opportunity be articulated convincingly to a defined target market?
Can the target market be located and reached with cost-effective media and trade channels?
Does the company possess or have access to the critical capabilities and resources needed to deliver the customer benefits?
Market Opportunity Analysis (MOA)
Can the company deliver the benefits better than any actual or potential competitors?
Will the financial rate of return meet or exceed the company’s required threshold for investment?
Unit’s objectives must be hierarchical
Objectives should be quantitative
Goals should be realistic
Objectives must be consistent
Goal Formulation and Management by Objectives (MBO)
A strategy is just a game plan for
achieving a specified goal.
What is a strategy?
Porter's Generic Competitive Strategies
Overall Cost Leadership
Table of contents
Marketing Plan Contents
Is the plan simple?
Is the plan specific?
Is the plan realistic?
Is the plan complete?
Evaluating a Marketing Plan
Marketing Plan Performance
Measuring Marketing Performance
Assignment for Next Time:
Take the biography you created for me after our first class meeting. Add a personal Mission Statement to it, and re-submit it to me at the beginning of class next time.
I will post the mission statements you write without the names and we will evaluate them.
More often than not, the successful organizations are the ones who clearly define their strategy (vision, mission, goals, guiding principles, and strategic filters for evaluating new opportunities) then execute near-flawlessly against that chosen path.
Mike Figliuolo, founder and managing director of thoughtLEADERS, writing at the ThoughtLeaders blog
They should be time-bound!
A written document that establishes a firm's marketing goals and the strategies it will employ to reach those goals