Marketing Management Process (Cont’d) Marketing managers plan and implement a sequence of activities that help the firm achieve its goals.

Marketing Management (cont’d.) Marketing Plans –Objectives –Problems and Opportunities –Strategies –Tactics (who, what, when)

Marketing Management (cont’d.) Marketing Strategies –target market –Marketing Mix Product strategy Price strategy Promotion strategy Place strategy

Marketing Management cont’d. Market segmentation Niches within segments Positioning within segments Copy strategies

Marketing Management cont’d Controllable marketing mix variables Uncontrollable variables –Physical - Competitive –Economic - International –Social –Ethics and legal

Marketing Management (cont’d) Marketing Concept –Walmart –Other Examples

Marketing Management (cont’d) Successful marketing strategies –Assets –Skills

Marketing Management (cont’d) Searching for SCAs Sustainable competitive advantages

Marketing Management (cont’d) Reputation for quality Customer service/product support Name recognition/high profile Retain good management and engineering staff Low cost production Financial resources

Marketing Management (cont’d) Customer orientation/feedback/market research Product-line breadth Technical superiority Installed base of satisfied customers Segmentation/focus

Marketing Management (cont’d) Cost strategies: Goodyear and Whirlpool Differentiation by Value: –Michelin –Maytag

Marketing Management (cont’d) Strategic emphasis helps firm orient themselves to key external factors such as consumers and competition.

Marketing Management (cont’d) Product Life Cycles –Introduction –Growth –Maturity –Decline

Marketing Management (cont’d) Balancing the Product Portfolio Boston Consulting Group Matrix