MBA Marketing Seminar [Dr. Carter; MKTG.600]Chapter 5: Planning Direction, Objectives, and Marketing SupportDetermining Marketing Plan DirectionOptions for Marketing Plan DirectionGrowthMarket PenetrationMarket DevelopmentProduct DevelopmentDiversificationPros and Cons of DiversificationGrowth Not Always PossibleNongrowth StrategiesSetting Marketing Plan ObjectivesKeys to Effective ObjectivesThree Types of Objectives in Marketing PlansMarketing ObjectivesFinancial ObjectivesAnswering to StakeholdersSocietal ObjectivesCause Related MarketingPlanning Marketing SupportInternal MarketingInternal Marketing Support ObjectivesCustomer ServiceCustomer Service ObjectivesShaping the Marketing MixThe Strategy PyramidChapter 6: Developing Product and Brand StrategyIntroductionProduct StrategyDesigning a ServiceFeatures and BenefitsMass CustomizationSample Needs, Features and BenefitsQualityDesignPackagingLabelingSlide 39Product Strategy and The Product Development ProcessThe Product Life CycleProduct Strategy and the Product Life CycleProduct Mix and Product LinesLine Extensions & Brand ExtensionsProduct Line and Mix DecisionsPlanning BrandingBrands Should Be….Branding and PositioningThe Power of Brand EquityPyramid of Brand EquityChapter 7: Developing Pricing StrategyUnique Aspects of PricingFixed vs. Dynamic PricingValueWeighing Benefits vs. Total PricePrice ElasticityPrice Elasticity (cont’d)Factors Impacting ElasticityCost-Based Pricing / Value-Based PricingSlide 60Planning Pricing DecisionsPricing to Meet the Firm’s ObjectivesSamples of Pricing ObjectivesExternal Pricing InfluencesCustomersCompetitorsReacting to Competitors’ Changes in Pricing StrategyChannel MembersSample of Consumer Pricing in the Retail ChannelLegal and Regulatory ConcernsEthical ConcernsInternal Pricing InfluencesCosts and Break-even ObjectivesTotal, Fixed and Variable CostsAverage Cost/UnitBreak-even ExampleTargeting and Positioning StrategySlide 78Skim PricingPenetration PricingSkim and Penetration PricingPricing for Special SituationsImpact of Other Marketing Mix VariablesAdapting PricesPricing AdaptationsPricing Adaptations (cont’d)Chapter 8: Developing Channel and Logistics StrategyChannel StrategyThe Value ChainMajor Links in the Value ChainThree Flows in the Value ChainAdding Value Through the ChainServices and the Value ChainPlanning Channel StrategyTypes of Channel FunctionsDecisions Regarding Channel FunctionsChannel LevelsChannel Levels IllustratedReverse ChannelsSlide 100Distribution IntensityDistribution Intensity (cont’d)Influences on Channel StrategyPlanning for LogisticsLogistics DecisionsInfluences on Logistics DecisionsThe Logistics StrategyChapter 9: Developing Integrated Marketing CommunicationIntegrated Marketing CommunicationsFive Basic Promotion ToolsIMC StrategyChoosing the Target Audience“Push” and “Pull” StrategiesUnderstanding Target Market Consumer BehaviorLow Involvement, High Involvement & Experiential Models of BehaviorSetting ObjectivesSetting the BudgetExamining IssuesChoosing IMC ToolsWord of Mouth and Buzz MarketingPlanning ResearchUsing IMC ToolsAdvertisingMessage AppealChoosing MediaMedia ChoicesSales PromotionConsumer PromotionsTrade PromotionsPublic RelationsObjectives for PR ActivitiesDirect MarketingPersonal SellingPersonal Selling DecisionsThe Personal Selling ProcessChapter 10: Planning Performance Measurement and Implementation ControlMeasurement and ControlOverview of Measurement ToolsForecastsForecasts of Sales and CostsTypes of ForecastsSources of Information For ForecastingJudgment-based ForecastingForecasting New ProductsBudgetsExamples of Budgeting PoliciesBudgeting MethodsAffordability BudgetingPercentage-of-sales BudgetingComparative-parity BudgetingObjective-and-task BudgetingBudgets Within the Marketing BudgetSchedulesThe Scheduling ProcessMetricsMain Categories of MetricsMarketing DashboardIdentifying MetricsSample Marketing MetricsSample Financial MetricsSample Societal MetricsMetrics Based on Customer BehaviorUsing MetricsKeys to Success in Implementing a Marketing PlanControlling Marketing Plan ImplementationFour Forms of ControlApplying ControlContingency PlansMBA Marketing Seminar [Dr. Carter; MKTG.600]COMBINED SET OF2nd PHASE“MARKETING PERFORMANCE” TEXT CONCEPT SLIDESChapter 5: Planning Direction, Objectives, and Marketing SupportThe Marketing Plan Handbook: 3rd ed.Marian Burk Wood5-1Determining Marketing Plan DirectionThe ultimate purpose of the marketing plan is to help the organization achieve its objectives.Goals = Long-term objective targets.Objectives= Short-term objective targetsThe direction chosen must be consistent with the organization’s priorities and strengths.5-2Options for Marketing Plan Direction5-3GrowthMost business plans call for unit or dollar sale growth.The four broad strategies for growth are:Market penetrationMarket developmentProduct development, andDiversification5-4Market PenetrationIs the growth strategy in which the company sells more of the existing products to customers in existing markets or segments.It is especially viable for companies that can build on established customer relationships and positive value perceptions.5-5Market DevelopmentMarket development involves identifying and reaching new segments or markets for existing products.5-6Product DevelopmentProduct development is a growth strategy in which the company sells new products to customers in existing markets or segments.5-7DiversificationDiversification is a growth strategy of offering new products in new markets to take advantage of new opportunities:Through internal product development capabilities, orBy starting or buying a business5-8Pros and Cons of DiversificationAdvantage: Diversification can help avoid over-reliance on a small number of products or marketsDisadvantage: Diversification can dilute available resources and open the organization to competitive attacks on multiple fronts.5-9Growth Not Always PossibleGrowth not always desirable or possibleE.g., tough economic timesPriorities may be to:Maintain current shareSeek highest possible profitsRetrench5-10Nongrowth StrategiesNongrowth strategies include:Filing for bankruptcyWithdrawing from certain marketsDeleting productsLimiting distributionClosing a division5-11Setting Marketing Plan ObjectivesExact objectives depends upon:The current situation.Environmental issues and keys to