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Principles of Marketing
Lecture-7
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Summary of Lecture-6
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Strategic Planning and Marketing Process
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Corporate Level Business unit, product, and market level Planning,
marketing, and other functional Strategies Defining the Company Mission Setting Company Objectives and Goals Designing the Business Portfolio
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Corporate Marketing Plan
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Strategy Formulation Mission Goals External analysis Internal analysis
Strategic choice Mission = statement of org’s reasons for being customers served needs satisfied value received by customers technology used Goals = what org hopes to achieve in the medium- to long-term future how mission will be operationalized External analysis = examining org’s operating environment to identify strategic opportunities and threats Internal analysis = attempts to identify org’s strengths and weaknesses Strategic choice = org’s strategy ways org will attempt to fulfill its mission achieve its long-term goals
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Today’s Topics
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Portfolio Analysis Marketing Process
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Portfolio Analysis: A tool by which management evaluates the various business making up the company
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The Boston Consulting Group’s Growth-Share Matrix
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? ? ? ? 4 1 3 5 2 8 6 7 Market growth rate Relative market share Stars
20%- 18%- 16%- 14%- 12%- 10%- 8%- 6%- 4%- 2%- Stars Question marks 4 ? ? 1 3 ? ? 5 2 Market growth rate Dogs Cash cow 8 6 7 10x x 2x 1.5x 1x .5x .4x .3x .2x .1x Relative market share 2
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Product/Market Expansion Grid
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Current products New products Current markets New markets
penetration strategy Product- development strategy Current markets Market- development strategy (Diversification strategy) New markets 5
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Product/ Market Expansion Grid
Market Penetration: Making more sales to current customers without changing its products. How? Add new stores in current market areas, improve advertising, adjust prices, service or store design.
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Market Development: develop new markets for its current products.
How? Identify new demographic or geographic markets.
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Product Development: Offering modified or new products to current markets. How? New styles, flavors, colors, or modified products.
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Diversification: New products for new markets.
How? Start up or buy new businesses.
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Strategic Planning, Implementation, and Control Process
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Planning Implementation Control Corporate Measuring planning
Division Business Product Organizing Implementing Measuring results Diagnosing Taking corrective action 1
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Marketing Strategy Planning Process
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Customers Company Competitors
Needs and other Segmenting Dimensions Company Mission, Objectives, & Resources Competitors Current & Prospective
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Customers Company Competitors
Needs and other Segmenting Dimensions S. W. O. T. Company Mission, Objectives, & Resources Competitors Current & Prospective External Market Environment
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External Market Environment
Customers Needs and other Segmenting Dimensions Targeting & Segmentation S. W. O. T. Company Mission, Objectives, & Resources Positioning & Differentiation Competitors Current & Prospective External Market Environment
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External Market Environment
Narrowing down to focused strategy with quantitative and qualitative screening criteria Customers Needs and other Segmenting Dimensions Targeting & Segmentation S. W. O. T. Company Mission, Objectives, & Resources Positioning & Differentiation Competitors Current & Prospective External Market Environment
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Marketing Process
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Analyzing marketing opportunities
Selecting target markets Developing the marketing Mix Managing the marketing effort
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Enough for today. . .
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Summary
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? ? ? ? 4 1 3 5 2 8 6 7 Market growth rate Relative market share Stars
20%- 18%- 16%- 14%- 12%- 10%- 8%- 6%- 4%- 2%- Stars Question marks 4 ? ? 1 3 ? ? 5 2 Market growth rate Dogs Cash cow 8 6 7 10x x 2x 1.5x 1x .5x .4x .3x .2x .1x Relative market share 2
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Product/Market Expansion Grid
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Current products New products Current markets New markets
penetration strategy Product- development strategy Current markets Market- development strategy (Diversification strategy) New markets 5
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Marketing Process
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Next….
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Analyzing marketing opportunities
Selecting target markets Developing the marketing Mix Managing the marketing effort
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Principles of Marketing
Lecture-7
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