POM2b_2K10
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Transcript of POM2b_2K10
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Lecture 2bWeek 2b
BBA 2K10 (A)
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Class Today Marketings role in strategic planning and how
marketing works with its partners to create and delivercustomer value
Elements of a customer-driven marketing strategy andmix, and the forces that influence it
Marketing management functions, including theelements of a marketing plan, and the importance ofmeasuring return on marketing investment
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Planning Marketing: Partnering toBuild Customer Relationships
Par tner Relationshi p M anagement
Partner relationship management refers to
the process of working closely withpartners in other company departments toform an effective value chain that servesthe customer, as well as partnering
effectively with other companies in themarketing system to form a competitivelysuperior value-delivery network
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Planning Marketing: Partneringto Build Customer Relationships
Value chain is a series ofdepartments that carryout value-creatingactivities to design,
produce, market,deliver, and support afirms products
Par tner ing with Other Company Depar tments
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Planning Marketing: Partnering to Build
Customer Relationships
Value delivery network is
made up of the company,suppliers, distributors,and ultimately customerswho partner with each
other to improveperformance of the entiresystem
Par tner ing with Others in the M arketing System
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Marketing Strategy and the MarketingMix
M arketing Strategy
Marketing strategy is the marketing logic bywhich the business unit hopes to achieveits marketing objectives
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Marketing Strategy and theMarketing Mix
Customer -Centered M arketing Str ategy
Market segmentation is the division of amarket into distinct groups of buyers whohave distinct needs, characteristics, orbehavior and who might require separateproducts or marketing mixes
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Marketing Strategy and the Marketing
Mix
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Marketing Strategy and theMarketing Mix
Customer -Centered M arketing Str ategy
Market segment is a group of consumerswho respond in a similar way to a given
set of marketing efforts
Target marketing is the process of evaluating
each market segments attractiveness andselecting one or more segments to enter
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Marketing Strategy and the Marketing
Mix
Market positioning is thearranging for a product tooccupy a clear, distinctive,and desirable placerelative to competingproducts in the minds ofthe target consumer
BMW ultimate driving machine Mater Card Priceless experience
Customer -Centered M arketing Str ategy
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Marketing Strategy and the MarketingMix
Developing the M arketing M ix
Marketing mix is the set of controllable
tactical marketing tools p roduct, p rice,p lace, and p romotion that the firmblends to produce the response it wantsin the target market
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Marketing Strategy and the Marketing
Mix
The four Ps P roduct
P rice
P lace
P romotion
Developing the M arketing M ix
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Marketing Strategy and the MarketingMix
Developing the M arketing M ixThe F our Ps
Product is the goods and services incombination that the company offers to thetarget market
Price is the amount of money customers haveto pay to obtain the product
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Marketing Strategy and the MarketingMix
Developing the M arketing M ixThe F our Ps
Place is the company activities that make theproduct available to target customers
Promotion is the activities that communicatethe merits of the product and persuadetarget customers to buy it
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Marketing Strategy and the MarketingMix
Developing the M arketing M ix
The 4 Ps versus The 4 Cs
Product CustomersolutionPrice Customer cost
Place ConveniencePromotion Communication
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Managing the Marketing Effort
Managing the marketing effort requires: AnalyzingPlanningImplementingControlling
The M arketing Eff or t
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Managing the Marketing Effort
The M arketing Eff or t
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Managing the Marketing Effort
M arketing Analysis
Analysis is the complete analysis of the
companys situation in a SWOT analysisthat evaluates the companys: S trengthsWeaknessesOpportunitiesThreats
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Managing the Marketing Effort
M arketing Analysis
S trengths include internal capabilities,resources, and positive situational factorsthat may help to serve companycustomers and achieve companyobjectives
Weaknesses include internal limitations andnegative situational factors that mayinterfere with company performance
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Managing the Marketing Effort
M arketing Analysis
Opportunities are favorable factors or trendsin the external environment that thecompany may be able to exploit to itsadvantage
Threats are unfavorable factors or trends thatmay present challenges to performance
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Managing the Marketing Effort
SWOT Analysis
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Managing the Marketing Effort
M arket Planni ng
Planning is the development of strategic andmarketing plans to achieve companyobjectives
Marketing strategy consists of the specificstrategies for target markets, positioning,the marketing mix, and marketingexpenditure levels
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Managing the Marketing Effort
Sections of a marketing
plan include:Executive summaryCurrent marketing situationThreats and opportunitiesObjective and issues
Action programsBudgetsControls
M arket Planning
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Managing the Marketing Effort
M arketing I mplementation
Implementing is the process that turns marketingplans into marketing actions to accomplishstrategic marketing objectives
Successful implementation depends on how well thecompany blends its people, organizational
structure, decision and reward system, andcompany culture into a cohesive action plan thatsupports its strategies
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Managing the Marketing Effort
M arketing Depar tment Organization
Functional organization
Geographic organizationProduct organizationMarket or customer management
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Managing the Marketing Effort
M arketing Department Organi zation
Functional organization: This is the mostcommon form of marketing organizationwith different marketing functions headedby a functional specialistSales managerMarket research managerCustomer service managerNew product manager
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Managing the Marketing Effort
M arketing Department Organi zation
Geographic organizations: Useful for companies thatsell across the country or internationally. Managersare responsible for developing strategies and plansfor a specific region.
Product management: Useful for companies withdifferent products or brands. Managers areresponsible for developing strategies and plans fora specific product or brand.
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Managing the Marketing Effort
M arketing Depar tment Organi zation
Market or customer managementorganization: Useful for companies withone product line sold to many differentmarkets and customers. Managers areresponsible for developing strategies andplans for their specific markets orcustomers.
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Managing the Marketing Effort
M arketing Department Organi zation
Customer management involves a customerfocus and not a product focus for managingcustomer profitability and customer equity
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Managing the Marketing Effort
M arketing Control
Controlling is the measurement andevaluation of results and the taking ofcorrective action as neededOperating control
Strategic control
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Managing the Marketing Effort
M arketing Control
Operating control involves checking ongoing
performance against an annual plan andtaking corrective action as needed
Strategic control involves looking at whether
the companys basic strategies are wellmatched to its opportunities
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Managing the Marketing Effort
M arketing Control
Marketing audit is a comprehensive,systematic, independent, and periodicexamination of a companys environment,objectives, strategies, and activities todetermine problem areas andopportunities
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Measuring and Managing Return on
Marketing Investment
Return on M arketing I nvestment (ROI )
Return on marketinginvestment (ROI) is the netreturn from a marketinginvestment divided by thecosts of the marketinginvestment. Marketing ROIprovides a measurement ofthe profits generated byinvestments in marketingactivities.
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Measuring and Managing Return on
Marketing Investment
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Measuring and Managing Return on
Marketing Investment
Customer-centered measures Customer acquisition
Customer retentionCustomer lifetime value
Standard measures Brand awareness
SalesMarket share