Strategic Marketing Management

Guidelines for st investgicalal merchandise Project Elements 1. environmental offline (SWOT) 2. Identifying clients 3. foe/ rate presentation epitome 4. merchandising immingle The 4 Ps 5. Financial Analysis and Budget 6. executing and date Plan 1. bash Your Marketplace Strengths, Weaknesses, Opportunities, and Threats (SWOT) Trends and changes Market synopsis sectionalisation Prioritizing show marketplaces 1. hunch who you atomic number 18 change to (market analysis, segmentation, prioritizing targets) 2. Know what is important to targeted guests ( node analysis) 3. disembowel sure enough you atomic number 18 distinctively different from your tilt in aras of importance to targeted segments ( combative analysis, reapportionment of resources if necessary, positioning, market intelligence) 4. digest circumspection of e very(prenominal)one on delivering what the guest wants (management of muckle, monitor and control). 5. unending monitoring of change s in the market (market intelligence, market analysis, internal feedback system) The nearly total market innovation is treating routineers like you be truly raise in them.That means do sure you are meeting postulate that customers dig as important. concourse needs is the heartland of every marketing program. A reusable tool in assessing the marketplace is SWOT. Assessing the opportunities and threats and how the stock can trespass on them or quash them using the truehearteds strengths weaknesses 2. Who be Your clients? Customer/Consumer Trends Customers Just-in-time inventory cable to business (B2B) Manufacturing mentality Industrialization of agriculture Consumers Households with less people Active, on-the-go breedingstyles business concern over the health aspect of food, with a thirst for ripe savour Less time for meal preparedness Know What Is Important to Your Customer Get inside the mind of your customers occur out wherefore they would d ebase from you. . . or why they would not rightfully visit their needs designed listening Customer analysis resolve their problems 3. Competitor/Value Creation Analysis Make sure you are distinctively different from your competition in areas of importance to your customers rivalrous analysis re apportionment of resources if necessary situation The Value ChainThe Value Chain, or judge plate, does is breakdown the functions of a comp all into its activities to provide a expressive style to assess the internal capacities of the business. The foster mountain range categorizes the generic wine shelter-adding activities of an organization. The primary activities complicate inbound logistics, trading operations ( harvest-tideion), outward logistics, marketing and sales (demand), and serves (maintenance). The oppose activities admit administrative root word management, human resource management, engineering (R&D), and procurement. The cost and value drivers are determine for to to separately one one value activity.The value chain mannikin quickly do its way to the forefront of management judgment as a right analysis tool for strategical planning. 4. find out the market Mix The dress of controllable variables that will accomplish the marketing objectives crop schema describe (distribution) dodging Promotion (communication) system determine scheme harvest-home schema Portfolio of Products Flavors, colors, variants, blends, genres etc Fits your strengths and weaknesses Provides acceptable risk/return switch off Meets needs of a particular customer segment choice no(prenominal) 1 versus none 2 Service Timely custom operations Pre-sorting of grain or livestock quality Volume bigger and half-size quantities Guaranteed volumes (contract) Example McDonalds Product Package Food tumultuous service Fun for the kids categorisation Non-smoking Consistent harvest-home Place/ distribution system Loca tion legal transfer to multiple points Promotion scheme advertizing Creating TVC, communicate copy, Print ads, open-air(prenominal)/hoardings ad, Posters, brochures and other advertisements on the products Creating a logotype individual(prenominal) Selling vocalizing your customers how you create value Having lunch with the bodily customer/vendor everyday Relations Being a good dwell Being intricate in the community Open put up years Price Strategy Price is the cost the customer essential lose in send to obtain the product. It holds list scathe discounts allowances salary ut virtually credit footing set Methods Value-Based price sterilize price ground on buyers perception of value ( instead than on the sellers costs) Cost-Based Pricing Add a standard markup to the cost of the product Competition-Based Pricing Set price found on following competitors prices 5. Financial Analysis and Budgeting enter the demand given up the pricing and p romotion dodge. deposit expenses associated with toil and marketing. Determine anticipated specie tends. Will strategy cash in flow? When? What are the critical assumptions of the pecuniary analysis and what are the impacts of changes in those assumptions? 6. murder and book Focus attention of everyone on delivering what the customer wants caution of people observe and control steady-going luckStrategic Marketing ManagementStrategic Marketing Management Sample Exam promontorys headland 1 a. Is the PLC (Product life cycle) opinion useful in developing Marketing strategies? Describe why or why not? What are the limitations of the PLC concept? A strategy is a fundamental pattern of present and plotted objectives, resource deployments, and interactions of an composition with markets, competitors and other environmental factors. b. What are the rewards available to Google with their Google maps (as a Pioneer mansion) in the Internet search engine market?What are t he advantages available to any of the follower firms in the market? c. Under what conditions to lead up and follower strategies each have the greatest probpower of long-term succeeder? nous 2 a. Explain the term sustainable agonistic advantage b. Discuss volt (5) differentiation and five (5) overall cost leaders strategies a firm can pursuer to create sustainable competitive advantages c. What are quadruple (4) different types of businesses based on their intended rate of product-market victimization as proposed by Miles and Snow? d.You are the marketing charabanc for a generic products subdivision of a major pharmaceutical manufacturer. Your division is a low-cost defender that prolongs its position in the generic dose market by holding down its costs and selling generic products to distributors and pharmacies at very low prices. What are the implications of this business strategy for each of the 4Ps in the strategic marketing programme you would develop for your divisio n? Question 3 a. What is market predilection? What are the advantages and drawbacks of being market orientated for a firm like Qantas Airways? language 1 Market orientation is implementing a to a great extent customer- digested approach to marketing. This involves companies that make what they can sell as irrelevant to selling what they can make. Market oriented companies have a broad product line and base their pricing on sensed benefits provided as opposed to production and distribution costs as Product oriented firms do. Their query is focused on identifying new opportunities and applying new technology to satisfy customer needs as opposed to product returns and cost press cutting solutions like product oriented firms.Such companies name packaging for customer convenience and use it as a promotional tool rather than to merely protect the product or burn costs have-to doe with and they emphasise their promotion on product benefits and ability to satisfy customer needs or solve problems (as opposed to product features, quality and price). Advantages include b. Discuss the factors that mediate a marketings strategic spot within an organisation Lecture 1 Competitive factors affect a firms market orientation Influence of different development stages across industries and globose markets Strategic Inertia . Outline the major levels of strategy in most large, multi-product organisations Lecture 1 1. Corporate Strategy Decisions some the organisations scope and resource deployments across its divisions or businesses 2. Business-level strategy How a business unit competes within its industry 3. Marketing strategy (Functional) Effective allocation and coordination of marketing resources and activities d. List the five components of a well-developed strategy. Lecture 1 1. domain (breadth of the strategic domain) 2. Goals and Objectives (What is to be accomplished) 3.Resource deployments (Allocation of limited resources) 4. assignment of sustainable comp etitive advantage (How the organisation will compete) 5. Synergy (Whole greater than the sum of parts) Question 5 Apple computers iPods holds a commanding handle of the rapidly growing global market for digital music players. To maintain its lead as the market continues to grow, what strategic marketing objectives should Apple focus on and why? Which specific marketing actions would you barrack for accomplishing Apples objectives?Be specific with regard to each of the 4Ps in the firms marketing programme. Question 6. While we have seen that a business may have a number of other strategic options, the stodgy wisdom suggests that a declining business should either be divested or harvested for maximum cash flow. Under what kinds of market and competitive conditions do each of these two conventional strategies make good sense? What kinds of marketing actions are typically gnarled in successfully implementing a harvesting strategy?Strategic Marketing ManagementStrategic Marketing M anagement Sample Exam Questions Question 1 a. Is the PLC (Product life cycle) concept useful in developing Marketing strategies? Describe why or why not? What are the limitations of the PLC concept? A strategy is a fundamental pattern of present and planned objectives, resource deployments, and interactions of an organisation with markets, competitors and other environmental factors. b. What are the advantages available to Google with their Google maps (as a Pioneer firm) in the Internet search engine market?What are the advantages available to any of the follower firms in the market? c. Under what conditions to pioneer and follower strategies each have the greatest probability of long-term success? Question 2 a. Explain the term sustainable competitive advantage b. Discuss five (5) differentiation and five (5) overall cost leadership strategies a firm can pursuer to create sustainable competitive advantages c. What are four (4) different types of businesses based on their intended rate of product-market development as proposed by Miles and Snow? d.You are the marketing manager for a generic products division of a major pharmaceutical manufacturer. Your division is a low-cost defender that maintains its position in the generic drug market by holding down its costs and selling generic products to distributors and pharmacies at very low prices. What are the implications of this business strategy for each of the 4Ps in the strategic marketing programme you would develop for your division? Question 3 a. What is market orientation? What are the advantages and drawbacks of being market oriented for a firm like Qantas Airways?Lecture 1 Market orientation is implementing a more customer-focused approach to marketing. This involves companies that make what they can sell as opposed to selling what they can make. Market oriented companies have a broad product line and base their pricing on perceived benefits provided as opposed to production and distribution costs as Pro duct oriented firms do. Their research is focused on identifying new opportunities and applying new technology to satisfy customer needs as opposed to product improvement and cost cutting solutions like product oriented firms.Such companies design packaging for customer convenience and use it as a promotional tool rather than to merely protect the product or reduce costs involved and they emphasise their promotion on product benefits and ability to satisfy customer needs or solve problems (as opposed to product features, quality and price). Advantages include b. Discuss the factors that mediate a marketings strategic role within an organisation Lecture 1 Competitive factors affect a firms market orientation Influence of different development stages across industries and global markets Strategic Inertia . Outline the major levels of strategy in most large, multi-product organisations Lecture 1 1. Corporate Strategy Decisions about the organisations scope and resource deployments acro ss its divisions or businesses 2. Business-level strategy How a business unit competes within its industry 3. Marketing strategy (Functional) Effective allocation and coordination of marketing resources and activities d. List the five components of a well-developed strategy. Lecture 1 1. Scope (breadth of the strategic domain) 2. Goals and Objectives (What is to be accomplished) 3.Resource deployments (Allocation of limited resources) 4. Identification of sustainable competitive advantage (How the organisation will compete) 5. Synergy (Whole greater than the sum of parts) Question 5 Apple computers iPods holds a commanding share of the rapidly growing global market for digital music players. To maintain its lead as the market continues to grow, what strategic marketing objectives should Apple focus on and why? Which specific marketing actions would you recommend for accomplishing Apples objectives?Be specific with regard to each of the 4Ps in the firms marketing programme. Question 6. While we have seen that a business may have a number of other strategic options, the conventional wisdom suggests that a declining business should either be divested or harvested for maximum cash flow. Under what kinds of market and competitive conditions do each of these two conventional strategies make good sense? What kinds of marketing actions are typically involved in successfully implementing a harvesting strategy?Strategic Marketing ManagementGuidelines for Strategic Marketing Project Elements 1. Environmental Analysis (SWOT) 2. Identifying Customers 3. Competitor/Value Creation Analysis 4. Marketing Mix The 4 Ps 5. Financial Analysis and Budget 6. Implementation and Control Plan 1. Know Your Marketplace Strengths, Weaknesses, Opportunities, and Threats (SWOT) Trends and changes Market analysis Segmentation Prioritizing target markets 1. Know who you are selling to (market analysis, segmentation, prioritizing targets) 2. Know what is important to targeted customers (c ustomer analysis) 3.Make sure you are distinctively different from your competition in areas of importance to targeted segments (competitive analysis, reallocation of resources if necessary, positioning, market intelligence) 4. Focus attention of everyone on delivering what the customer wants (management of people, monitoring and control). 5. Constant monitoring of changes in the market (market intelligence, market analysis, internal feedback system) The most fundamental marketing concept is treating customers like you are truly interested in them.That means making sure you are meeting needs that customers perceive as important. Meeting needs is the heartland of every marketing program. A useful tool in assessing the marketplace is SWOT. Assessing the opportunities and threats and how the business can capitalize on them or avoid them using the firms strengths weaknesses 2. Who Are Your Customers? Customer/Consumer Trends Customers Just-in-time inventory Business to business (B2B) Manufacturing mentality Industrialization of agriculture Consumers Households with fewer people Active, on-the-go lifestyles Concern over the health aspect of food, with a desire for good taste Less time for meal prep Know What Is Important to Your Customer Get inside the mind of your customers Find out why they would buy from you. . . or why they would not Truly understand their needs Intentional listening Customer analysis Solve their problems 3. Competitor/Value Creation Analysis Make sure you are distinctively different from your competition in areas of importance to your customers Competitive analysis Reallocation of resources if necessary Positioning The Value ChainThe Value Chain, or value plate, does is breakdown the functions of a company into its activities to provide a way to assess the internal capacities of the business. The value chain categorizes the generic value-adding activities of an organization. The primary activities include inbound logistics, ope rations (production), outbound logistics, marketing and sales (demand), and services (maintenance). The support activities include administrative infrastructure management, human resource management, technology (R&D), and procurement. The costs and value drivers are identified for each value activity.The value chain framework quickly made its way to the forefront of management thought as a powerful analysis tool for strategic planning. 4. Determining the Marketing Mix The set of controllable variables that will accomplish the marketing objectives Product strategy Place (distribution) strategy Promotion (communication) strategy Pricing strategy Product Strategy Portfolio of Products Flavors, colors, variants, blends, genres etc Fits your strengths and weaknesses Provides acceptable risk/return trade off Meets needs of a particular customer segment Quality No. 1 versus No. 2 Service Timely custom operations Pre-sorting of grain or livestock quality Volume Large and sm all quantities Guaranteed volumes (contract) Example McDonalds Product Package Food Fast service Fun for the kids Variety Non-smoking Consistent product Place/Distribution Strategy Location Delivery to multiple points Promotion Strategy Advertising Creating TVC, Radio copy, Print ads, outdoor/hoardings ad, Posters, brochures and other advertisements on the products Creating a logo Personal Selling Telling your customers how you create value Having lunch with the corporate customer/vendor Public Relations Being a good neighbor Being involved in the community Open house days Price Strategy Price is the cost the customer must bear in order to obtain the product. It includes list price discounts allowances payment period credit terms Pricing Methods Value-Based Pricing Set price based on buyers perception of value (rather than on the sellers costs) Cost-Based Pricing Add a standard markup to the cost of the product Competition-Based Pricing Set price based on following competitors prices 5. Financial Analysis and Budgeting Estimate the demand given the pricing and promotion strategy. Determine expenses associated with production and marketing. Determine anticipated cash flows. Will strategy cash flow? When? What are the critical assumptions of the financial analysis and what are the impacts of changes in those assumptions? 6. Implementation and Control Focus attention of everyone on delivering what the customer wants Management of people Monitoring and control Good luckStrategic Marketing ManagementGuidelines for Strategic Marketing Project Elements 1. Environmental Analysis (SWOT) 2. Identifying Customers 3. Competitor/Value Creation Analysis 4. Marketing Mix The 4 Ps 5. Financial Analysis and Budget 6. Implementation and Control Plan 1. Know Your Marketplace Strengths, Weaknesses, Opportunities, and Threats (SWOT) Trends and changes Market analysis Segmentation Prioritizing target markets 1. Know who you are selling to (m arket analysis, segmentation, prioritizing targets) 2. Know what is important to targeted customers (customer analysis) 3.Make sure you are distinctively different from your competition in areas of importance to targeted segments (competitive analysis, reallocation of resources if necessary, positioning, market intelligence) 4. Focus attention of everyone on delivering what the customer wants (management of people, monitoring and control). 5. Constant monitoring of changes in the market (market intelligence, market analysis, internal feedback system) The most fundamental marketing concept is treating customers like you are truly interested in them.That means making sure you are meeting needs that customers perceive as important. Meeting needs is the heartland of every marketing program. A useful tool in assessing the marketplace is SWOT. Assessing the opportunities and threats and how the business can capitalize on them or avoid them using the firms strengths weaknesses 2. Who Are Y our Customers? Customer/Consumer Trends Customers Just-in-time inventory Business to business (B2B) Manufacturing mentality Industrialization of agriculture Consumers Households with fewer people Active, on-the-go lifestyles Concern over the health aspect of food, with a desire for good taste Less time for meal prep Know What Is Important to Your Customer Get inside the mind of your customers Find out why they would buy from you. . . or why they would not Truly understand their needs Intentional listening Customer analysis Solve their problems 3. Competitor/Value Creation Analysis Make sure you are distinctively different from your competition in areas of importance to your customers Competitive analysis Reallocation of resources if necessary Positioning The Value ChainThe Value Chain, or value plate, does is breakdown the functions of a company into its activities to provide a way to assess the internal capacities of the business. The value chain categorizes the gen eric value-adding activities of an organization. The primary activities include inbound logistics, operations (production), outbound logistics, marketing and sales (demand), and services (maintenance). The support activities include administrative infrastructure management, human resource management, technology (R&D), and procurement. The costs and value drivers are identified for each value activity.The value chain framework quickly made its way to the forefront of management thought as a powerful analysis tool for strategic planning. 4. Determining the Marketing Mix The set of controllable variables that will accomplish the marketing objectives Product strategy Place (distribution) strategy Promotion (communication) strategy Pricing strategy Product Strategy Portfolio of Products Flavors, colors, variants, blends, genres etc Fits your strengths and weaknesses Provides acceptable risk/return trade off Meets needs of a particular customer segment Quality No. 1 versus No. 2 Service Timely custom operations Pre-sorting of grain or livestock quality Volume Large and small quantities Guaranteed volumes (contract) Example McDonalds Product Package Food Fast service Fun for the kids Variety Non-smoking Consistent product Place/Distribution Strategy Location Delivery to multiple points Promotion Strategy Advertising Creating TVC, Radio copy, Print ads, outdoor/hoardings ad, Posters, brochures and other advertisements on the products Creating a logo Personal Selling Telling your customers how you create value Having lunch with the corporate customer/vendor Public Relations Being a good neighbor Being involved in the community Open house days Price Strategy Price is the cost the customer must bear in order to obtain the product. It includes list price discounts allowances payment period credit terms Pricing Methods Value-Based Pricing Set price based on buyers perception of value (rather than on the sellers costs) Cost-Based P ricing Add a standard markup to the cost of the product Competition-Based Pricing Set price based on following competitors prices 5. Financial Analysis and Budgeting Estimate the demand given the pricing and promotion strategy. Determine expenses associated with production and marketing. Determine anticipated cash flows. Will strategy cash flow? When? What are the critical assumptions of the financial analysis and what are the impacts of changes in those assumptions? 6. Implementation and Control Focus attention of everyone on delivering what the customer wants Management of people Monitoring and control Good luck