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Essentials Of Marketing Chapter 2 Marketing Strategy Planning

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Essentials of MarketingChapter 2Marketing StrategyPlanningMcGraw-Hill/IrwinCopyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

At the end of this presentation, you shouldbe able to:1. Understand what a marketing manager does.2. Know what marketing strategy planning is—and why itis the focus of this book.3. Understand target marketing.4. Be familiar with the four Ps in a marketing mix.5. Know the difference between a marketing strategy, amarketing plan, and a marketing program.2–2

At the end of this presentation, you shouldbe able to:6. Be familiar with the text’s framework for marketingstrategy planning—and why it involves a process ofnarrowing down from broad opportunities to the mostattractive marketing strategy.7. Know four broad types of marketing opportunities thathelp in identifying new strategies.8. Understand why strategies for opportunities ininternational markets should be considered.9. Understand the important new terms.2–3

The Management Job in Marketing(Exhibit 2-1)MarketingPlanningControl Marketing Plan(s)and lement MarketingPlan(s) and Program2–4

What is a Marketing Strategy? (Exhibit 2-2)TheThemarketingmixmarketing mixTARGETMARKET2–5

Selecting a Marketing-Oriented Strategy IsTarget Marketing (Exhibit 2-3)Themarketing mixProduction-oriented manager seeseveryone as basically similar andpractices “mass marketing”Marketing-oriented manager seeseveryone as different andpractices “target marketing”2–6

AnApplicationof TargetMarketing2–7

Developing Marketing Mixes for TargetMarkets (Exhibit 2-4)Themarketing mixTARGETMARKET2–8

The ProductElement oftheMarketingMixCourtesy of Clear Blue Inc.2–9

The Place Element of the Marketing Mix(Exhibit 2-6)Manufacturer or producerGeicoSaraLeeNestle erRetailerConsumer2–10

The Promotion Element of the MarketingMixPersonalSellingMassSellingTelling andSellingthe CustomerSalesPromotion2–11

The Price Element of the Marketing MixPricingObjectivesCompetitionGeographicPricing TermsPriceFlexibilityPriceSettingPriceChanges Overthe Life CycleDiscountsandAllowances2–12

All Four Ps Contribute to the WholeProductPlacePromotionSelectionof TargetMarketPriceUnderstanding the Target Market Leads to Good Strategies!2–13

Checking Your KnowledgeGeneral Motors is considering increasing the length ofits bumper-to-bumper warranty on new vehicles from 3years to 5 years. The marketing mix variable beingconsidered here is:A. product.B. personnel.C. place.D. promotion.E. price.2–14

Checking Your KnowledgeA television network is trying to generate interestin a new television show in advance of itspremiere. The network sends out press releasesand makes the star of the new show available forguest appearances on TV and radio talk shows. Themarketing mix variable involved here is:A. product.B. personnel.C. place.D. promotion.E. price.2–15

Elements of a Firm’s Marketing Program(Figure 2-8)TargetMarket MarketingMix MarketingStrategy TimeRelatedDetails MarketingPlan OtherMarketingPlans A Firm’sMarketingProgram2–16

Checking Your KnowledgeAn entrepreneurial teenager decides to start a new dogwalking business aimed at dog owners who have toleave their pets at home alone during regular workinghours. The teenager develops a thorough descriptionof the people in her target market and their needs.She then comes up with a general outline of theservices she will offer, some price ranges, thegeographic area she will serve, and some low- costpromotion ideas. What has she developed so far?A.B.C.D.E.A marketing programA marketing planA SWOT analysisA marketing strategyDifferentiation and segmentation2–17

Checking Your KnowledgeA large consumer products company markets severaldifferent lines of products, with many individualproducts in each line. Each product has its ownmarketing plan. The company president wants tobring together all of the different marketing plans intoa single integrated document that can become part ofthe company’s strategic plan. It appears that thecompany president plans to create a(n):A.B.C.D.E.marketing super-plan.marketing program.marketing strategy.operational plan.mass-marketing approach.2–18

Customer EquityProfits dependon customerequityMarketingProgramshould benefitfirmIdentifyopportunitiesto enhancecustomerequityFocus shouldbe on longterm profits2–19

The Importance of Marketing StrategyPlanningRevising Marketing Strategies to AddressEvolving Customer NeedsModel Tproduced usingan assemblyline1960s: LaunchedMustang, a sportycar2004: LaunchedEscape, the firsthybrid SUVMid-1920s:Model Alaunched in morethan 20 differentstylesFord andMicrosoft hascooperated todevelop theSYNC2–20

Attractive OpportunitiesBreakthroughOpportunitiesAvoid Hit-orMiss MarketingCompetitiveAdvantage2–21

The Importance of Good Research2–22

Marketing Strategy Planning ProcessHighlights Opportunities (Exhibit 2-9)2–23

Marketing Strategy Planning2–24

Interactive Exercise: Marketing StrategyPresent productsNew –25

Checking Your KnowledgeA large metropolitan university has an establishedsummer- school program that offers a wide variety ofclasses to its current students. To expandenrollment, the school started promoting its summerschool to students who live in the area and are homefor the summer, even though they attend otheruniversities during the regular school year. This effortis an example of:A. market penetration.B. market development.C. product development.D. diversification.E. a breakthrough opportunity.2–26

MarketPenetration2–27

Checking Your KnowledgeAn electronics superstore sends a special couponto its current customers offering them a specialdiscount for purchases made during an upcomingweek that occurs during a traditionally slow salesperiod. This is an example of:A. market penetration.B. market development.C. product development.D. diversification.E. a breakthrough opportunity.2–28

ProductDevelopmentCourtesy of McNeil Consumer Healthcare.2–29

Product Development2–30

International Opportunities Should CompetitiveAdvantageEarly Start2–31

Global Competitive Advantage2–32

You should now be able to:1. Understand what a marketing manager does.2. Know what marketing strategy planning is—and why itis the focus of this book.3. Understand target marketing.4. Be familiar with the four Ps in a marketing mix.5. Know the difference between a marketing strategy, amarketing plan, and a marketing program.2–33

You should now be able to:6. Be familiar with the text’s framework for marketingstrategy planning—and why it involves a process ofnarrowing down from broad opportunities to the mostattractive marketing strategy.7. Know four broad types of marketing opportunities thathelp in identifying new strategies.8. Understand why strategies for opportunities ininternational markets should be considered.9. Understand the important new terms.2–34

Key Terms Marketing managementprocess Strategic (management)planning Customer service Mass selling Advertising Marketing strategy Publicity Target market Sales promotion Marketing mix Marketing plan Target marketing Implementation Mass marketing Operational decisions Channel of distribution Marketing program Personal selling Customer equity2–35

Key Terms Breakthrough opportunities Competitive advantage Differentiation S.W.O.T. analysis Market penetration Market development Product development Diversification2–36

1. Understand what a marketing manager does. 2. Know what marketing strategy planning is—and why it is the focus of this book. 3. Understand target marketing. 4. Be familiar with the four Ps in a marketing mix. 5. Know the difference between a marketing strategy, a marketing plan, and a marketing program. 2–2