ADM 2320 Lecture Notes - Lecture 2: Root Mean Square, Boston Consulting Group, Swot Analysis
28 Jun 2018
School
Department
Course
Professor
A firm's target market
1.
A related marketing mix - the 4P-s
2.
The bases upon which the firm plans to build a sustainable competitive
advantage - something that cannot be copied easily and lasts long
3.
What is Marketing Strategy?
Excellence strategies / macro strategies - product, customer, operational,
locational
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Product Excellence - high perceived value + effective positioning and
branding
○
Customer Excellence - retaining loyal customers and customer service
○
Operational Excellence - efficient operations --> excellent supply chain
management
○
*important in internet too
Locational Excellence - not easily duplicated
○
Cannot replicate it as good as you - build a barrier so that they can't break it
down and become the best
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Sustainable competitive advantage:
Define mission
1.
Conduct Situation Analysis –includes market trends, customer analysis,
competitor analysis and industry analysis in addition to SWOT analysis
2.
Identify and Evaluating opportunities using STP –segmentation Targeting
Positioning
3.
Implement the Marketing Mix
4.
Financial Metrics e.g. Sales, profit, Costs, etc. over different time
periods, markets, products, ROI, ROA, etc.
a.
Marketing Metrics e.g. Market share, market positioning, customer
satisfaction and loyalty, etc.
b.
Social Responsibility Metrics
c.
Evaluate performance –Metrics, portfolio Analysis and Growth Strategies
BCG (Boston Consulting Group) matrix, Market penetration, product
development, market development, diversification
5.
Growth Strategies:
Current or existing markets
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Market penetration –for existing customers to buy more
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E.g. Kellogg opening a cereal restaurant in NY
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Nivea for men
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Market development –for different segment to start buying the product
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E.g. Kellogg opening a cereal restaurant in NY asking new group of
people to be their customers
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Rolls Royce building planes too.
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Mcdonald’s bringing salad and coffees to attract new segment
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Unrelated and related diversification
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Diversification –different segment with new products
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E.g. Apple products so that you can sync everything in all the devices
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* Draw picture if there is a picture in the book
Starbucks pumpkin spice latte for the existing customers.
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Product Development –new product for the same segment
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Strategic Marketing Planning Process
2 - Developing Marketing Strategy
Saturday, 30 September, 2017
9:27 PM
Marketing Page 1
Document Summary
The bases upon which the firm plans to build a sustainable competitive advantage - something that cannot be copied easily and lasts long. Cannot replicate it as good as you - build a barrier so that they can"t break it down and become the best. Product excellence - high perceived value + effective positioning and branding. Customer excellence - retaining loyal customers and customer service. Operational excellence - efficient operations --> excellent supply chain management. Conduct situation analysis includes market trends, customer analysis, competitor analysis and industry analysis in addition to swot analysis. Identify and evaluating opportunities using stp segmentation targeting. Evaluate performance metrics, portfolio analysis and growth strategies . Bcg (boston consulting group) matrix, market penetration, product development, market development, diversification a. b. c. Financial metrics e. g. sales, profit, costs, etc. over different time periods, markets, products, roi, roa, etc. Marketing metrics e. g. market share, market positioning, customer satisfaction and loyalty, etc.
