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MARK 4900: TEST 1
Challenges/Opportunities
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Power shift to customers.
Massive increase in product selection.
Audience/media fragmentation. small, highly targeted groups.
Changing value propositions.
Shifting demand patterns.
Privacy, security, & ethical concerns.
Unclear legal jurisdiction.
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Resource based view (Jay Barney 1999)
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Valuable
Rare
Imperfectly imitable
Non-transferable
Resource - sustainable competitive advantage
SCM - supply chain management - place
PDM - product development management - product
CRM - customer relationship management - promotion
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2005 Definition of Marketing
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Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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Market
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collection of buyers and sellers
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Marketspace |
physical location for physical exchange
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Metamarket
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cluster of goods/services located around one consumption activity
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Metamediary
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single access point where buyers can locate sellers in the metamarket
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Exchange
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2 or more parties
something of value to both
communication and delivery capabilities
ability to accept/reject
desirable exchange
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types of utility
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form - features that set them apart
time - available when you want them
place - available where you want them
possession - easy to purchase
psychological - positive experience
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major marketing activities & decisions
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strategic & tactical planning
social responsibility and ethics
research and analysis
developing competitive advantage
marketing strategy decisions
implementing marketing activities
developing long term CRM
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challenges of marketing strategy
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unending change - customers, competitors, market, company
demands of customers
decline in brand loyalty
increase in customer cynicism
expansion into foreign markets
cost cutting
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Marketing Plan
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roadmap
should fit into company plan
Comprehensive
Flexible
Consistent
Logical
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mission statement
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who are we?
who are our customers?
what is our operating philosophy?
what are our competitive advantages?
what are our social responsibilities?
SHOULD BE EVERYWHERE
Should not be too narrow or broad
Should be stable
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functional strategy
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helps you achieve objectives
1 - fits needs and purposes with respect to meeting goals
2 - be realistic given available resources
3 - be consistent with organization
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corporate strategy
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strategy for all areas of company
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implementation
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marketing execution
internal - employees, managers, execs
external - customers, suppliers, shareholders, etc
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marketing plan structure
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SW internal, OT external
goals broad, objectives specific
4 strategies:
prospector - innovative, apple
defender - McD coffee against Sbux
analyzer - prosp+defend
reactor - no ability to compete
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using marketing plan structure
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plan ahead
revise, then revise again
be creative
use common sense and judgment
think ahead to implementation
update regularly
comm to others
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customer focused planning
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put customer needs first
focus on long term CRM
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social responsibility
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obligation to maximize positive/minimize negative impact on society
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Fraud |
False communication that deceives in order to create a false impression
Lie to consumers, copying design and use as own
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BBB |
better business bureau
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Code of Conduct
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Formal statements that describe what an organization expects of it’s employees.
Help employees deal with ethical dilemmas
is it legal?
match values?
will you feel bad?
newspaper test?
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market orientation
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Development of organizational culture that promotes behaviors for buyers, gives an SCA.
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shareholder information
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Do what you can to make shareholders happy.
Organization-wide generation of data about shareholder groups.
Share throughout firm.
How firm responds to the information.
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situation analysis
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Must combine analysis w/ judgement and intuition to make good decisions.
Purpose: empower manager to make more effective decisions.
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data is not the same as info
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Data is collection of numbers/facts that have the potential to become information
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benefits must outweigh costs
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null
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EXHIBIT 4.3 & 4.4!!!!!!!!!!!!!!!!!
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PAGE 93 & 96
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internal environment
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review current objectives, strategy, & performance
availability of resources
organizational culture & structure
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Poor or declining performance may be result of:
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Holding on to marketing goals that are inconsistent w/ current environments
Flawed marketing strategy
Poor information
Changes in customer or external environments beyond control of firm
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customer environment
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who are current/potential customers?
what do they do with our products?
where do they buy our products?
when do customers buy our products?
why & how ($) do they?
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why do they not buy our products?
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doesn't fulfill needs
better alternatives
high switching costs
don't know about it
misconceptions
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external environment
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competition
economic growth & stability
political trends
legal & regulatory issues
tech advancements
society
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4 types of competition
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brand - pepsi vs. coke
generic - diff products solve same problem
product - same class, diff stuff
total budget - compete for $ of same customers
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