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MBA Marketing Seminar [Dr. Carter; MKTG.600]

MBA Marketing Seminar [Dr. Carter; MKTG.600]. COMBINED SET OF 1 st PHASE “MARKETING PLANNING” TEXT CONCEPT SLIDES. Chapter 1: Introduction to Marketing Planning. The Marketing Plan Handbook 3rd ed. Marian Burk Wood. 1-1. Marketing Planning Defined.

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MBA Marketing Seminar [Dr. Carter; MKTG.600]

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  1. MBA Marketing Seminar [Dr. Carter; MKTG.600] COMBINED SET OF 1st PHASE “MARKETING PLANNING” TEXT CONCEPT SLIDES

  2. Chapter 1: Introduction to Marketing Planning The Marketing Plan Handbook 3rd ed. Marian Burk Wood 1-1

  3. Marketing Planning Defined Marketing Planning is a systematic, structured process. It includes: • Researching and analyzing the current situation. • Developing and documenting the firm’s objectives, strategies and programs, • Implementing, evaluating and controlling marketing activities. 1-2

  4. Contents of The Marketing Plan • Executive Summary • Current Situation • Objectives and Issues • Target Market, Customer Analysis and Positioning • Marketing Strategy • Marketing Programs • Financial Plans • Implementation and Controls 1-3

  5. The Marketing Planning Process 1-4

  6. Step 1: Research and Analyze the Current Situation The marketer performs both: • External analysis, and • Internal analysis 1-5

  7. External Analysis External analysis involves the understanding of trends that may impact marketing strategy: • Demographic • Economic • Technological • Political-Legal • Ecological • Social-Cultural 1-6

  8. Internal Analysis Marketers also assess the firm’s capabilities and the strategies of competitors in order to: • Build on strengths • Exploit competitors’ weaknesses 1-7

  9. Other Analyses Other areas that are analyzed for their impact on marketing strategy include: • Customers • Suppliers • Distributors • Partners, and • Other Stakeholders 1-8

  10. Step 2: Understand Markets and Customers • Can be consumers or businesses • A comprehensive understanding of the customer is desired: • Buying habits, needs, wants, attitudes and behaviors. • Who?, What?, Where?, When?, Why?, How? • Are buying patterns changing? Why? 1-9

  11. Step 3: Segmentation, Targeting and Positioning • The purpose of segmentation: To group customers with similar needs, wants, behavior or attitudes. • Targeting: The selection of specific segments for marketing. Can be to one segment, multiple segments, or the entire market. • Positioning: Using marketing to create a competitively distinctive place (position) for the brand or product in the mind of the targeted customers. 1-10

  12. Step 4: Plan Direction, Objectives, and Marketing Support • Goals: Long-term performance targets. • Objectives: Shorter-term targets that support the achievement of goals. • Sustainable Marketing: • Balancing long-term goals with short-term objectives and budget realities. • Balancing goals and objectives with an eye toward being responsible to the larger society. 1-11

  13. Six Approaches to Growth Based upon permutations of markets and products. CURRENT MODIFIED INNOVATED Product Development Market Penetration EXISTING EXPANDED (Geographic) ENTIRELY NEW Market Development Diversification 1-12

  14. Step 5: Develop Marketing Strategies and Programs • Utilizing the tools of the “marketing mix”. • Consistent with the firm’s overall direction, goals and strategies. • Includes the development of strategic alliances. 1-13

  15. Alliance Provides Value 1-14

  16. Primary Marketing Tools The primary tools for marketing, referred to as the “Marketing Mix” are: • Product • Price • Promotion, and • Channels 1-15

  17. The Marketing Mix 1-16

  18. Product • Tangible good or an intangible service. • Must be considered in a holistic fashion. • Branding must also be considered. 1-17

  19. Pricing Based upon a number of factors: • How customers perceive the value of the offering. • Positioning. • Product costs. • Competitive forces. • Objectives of the organization. 1-18

  20. Channel • How, when and where to make the goods and services available to customers. • Requires effective relationships with channel partners. 1-19

  21. Promotion Involves the following activities: • Advertising • Public Relations • Sales Promotion • Personal Selling • Direct Marketing • Use of the Internet 1-20

  22. Step 6: Track Progress, Implement and Control • Mechanisms and methods of measuring progress toward goals: • Sales forecasts • Budgets • Schedules • Comparing actuals vs. projections or the plan. • Making changes as needed. 1-21

  23. Preparing for Marketing Planning Marketers must develop a number of professional and organizational strengths, including: • Knowledge of markets and customers, • Core competencies, and • Strategic relationships 1-22

  24. Support Strategies: Customer Service Customer Service: • Reinforces positive perceptions. • Enhances business through reputation and referral. • Helps differentiate from competitors. • Poor service alienates otherwise loyal customers. 1-23

  25. Support Strategies: Internal Marketing Internal Marketing: • Focuses all employees on serving customers. • Builds support for the marketing plan. • Enhances execution of the marketing plan throughout the organization. 1-24

  26. 5 Guiding Principles for Effective Marketing Planning • Expect Change • Emphasize Relationships • Involve Everyone • Seek Alliances • Innovate to Provide Value 1-25

  27. Chapter 2: Analyzing the Current Situation The Marketing Plan Handbook 3rd ed. Marian Burk Wood 2-1

  28. Environmental Scanning and Analysis Involves the analysis of both: • Internal Factors, and • External Factors 2-2

  29. Internal Factors • Mission • Resources • Offerings • Previous Results • Business Relationships • Keys to Success and Warning Signs 2-3

  30. External Factors • Demographics • Ecological • Economic • Technology-related • Political-Legal • Social-Cultural • Competitors 2-4

  31. Internal Analysis: Mission Mission: • States the firm’s fundamental purpose. • Indicates how the firm will add value. 2-5

  32. Internal Analysis: Resources • Human • Financials • Informational • Supply 2-6

  33. Internal Analysis: Offerings Examining what the firm is currently offering in the way of goods and services: • Fit with mission and resources. • Affirm role of each line and item. 2-7

  34. Internal Analysis: Previous Results • Results include: • Sales (dollars and units). • Profitability. • Customer acquisition and retention costs. • Other financial results. • Provide clues to firm’s strengths and weaknesses. • Helps separate the effective programs from the less-effective programs. 2-8

  35. Internal Analysis: Business Relationships Includes relationships with: • Suppliers • Distributors • Other business partners Examine: • Capacity • Quality • Value provided 2-9

  36. Internal Analysis: Keys to Success and Warning Signs Keys to Success: • Identify special factors most crucial to success. • Maintain focus on key priorities. Warning Signs • Indicate potential problems with the plan. 2-10

  37. External Analysis: Demographic Trends Examined by target market: • Consumer Demographics • Business Demographics 2-11

  38. External Analysis: Consumer Demographic Trends Key consumer demographic trends include: • Population growth • Population composition: • Age • Gender • Ethnicity • Religious makeup • Education • Occupation • Household size • Income 2-12

  39. External Analysis: Business Demographic Trends • Size and growth of industries • Number of companies. • Number of locations or branches. • Number of employees. • Sales revenues. • Trends in new business formation may signal emerging opportunities. 2-13

  40. External Analysis: Economic Trends • Must keep an eye on global, national, regional and local economic trends. • Some measures typically monitored: • Buying power • Income • Debt • Credit Usage 2-14

  41. External Analysis: Ecological Trends Potential impacts: • Availability of raw materials. • Government regulations. • Social attitudes. 2-15

  42. External Analysis: Technological Trends Key trends include: • Cell phones • Computers • Digital media • Internet access • Increasing bandwidth 2-16

  43. External Analysis: Political-Legal Trends Legal Trends: Laws includes international, federal, state and local. Related to: • Competitive behavior • Pricing • Taxation • Promotion • Distribution • Product liability • Labeling 2-17

  44. External Analysis: Political-Legal Trends Political Trends • Global. national, or local • Can signal a change in the legal environment. 2-18

  45. External Analysis: Social-Cultural Trends • Key trend: Increasing diversity in markets. • Keep tabs on popular culture. • Tends to be volatile. • Core beliefs and values change more slowly over time. 2-19

  46. External Analysis: Competitors • Identify: • Current competitors. • Possible future competitors. • Learn about the unique competitive advantages of each competitor. • Track trends in market share. 2-20

  47. Porter’s Five Forces Model 2-21

  48. Three Fundamental Business Strategies • Cost Leadership Strategy • Differentiation Strategy • Focus Strategy 2-22

  49. SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats 2-23

  50. SWOT Analysis (cont’d) 2-24

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