11 Pages
Unlock Document

Simon Fraser University
Business Administration
BUS 343
Zaheer Jiwani

MARKETING DECISION FRAMEWORK  Product line  Service strategy 1. Understand the opportunity  Branding  Package & label Environmental analysis Price  External environment  Macro  Consumer  Objectives  Industry  Policy  Price points &tactics  Competitive  Terms & conditions  Internal environment  Current strategy Distribution  Organization  Skills & resources  Objectives  Preferences & values  System  Channel management SWOT Analysis  Supply chain management  SWOT summary  Strategy matrix Communication Other analysis  Audience & objectives  Approach  Key messages/tactics Marketing theory, concepts, principles  Communication mix 2. Marketing strategy: specify the value  Budget & allocation  Implementation Marketing objectives 4. Implementation & evaluation: realize the value Target market Plan the implementation  Segmentation  Profile analysis  Action plans  Targeting  Task schedule  Benchmarks Positioning  Contingency plan  Strategic orientation  Research plan  Differentiation  Budget  Defendability Evaluation  Brand personality  Financial analysis 3. Marketing mix: create the value  Cost-benefit analysis Product  Recommendation  Objectives Execute the plan  Concept Measure performance Business planning has 3 different levels  the organization of the firm the beliefs, value and preferences of senior management 1. Strategic planning  Define the mission  Set organizational or SBU objectives  for top management to establish a mission for the entire  objectives need to be specific, measurable, and attainable corporation  Establish the business portfolio  Mission statement—a formal document that describes  each SBU has its own focus within the firm’s overall the organization’s overall purpose and what it hopes to achieve in terms of its customers, products, and strategic plan, and each has its own target market and resources. strategies for reaching its objectives  Business portfolio: the group of different products or  Evaluate the internal and external environment brands owned by an organization and characterized by  External environment: the uncontrollable elements outside of an organization that may affect its different income-generating and growth capabilities. performance either positively or negatively.  BCG growth-market share matrix  Macro or general environment: Political High Stars : SBUs Question (including legal or regulatory), Economic, Social whose marks: SBUs or cultural, Technological, or other trends or issues that might impact a particular industry and products whose business. (PESTO) have a products have dominate a low market  Consumer analysis: consumer segments, segment market share in high- profiles and segment size  Industry analysis: industry size and share in growth competitiveness, industry structure, industry high-growth markets markets dynamics( trends, norms, etc.) stage of the Market grow Low Cash cows: Dogs: SBUs product life cycle, and industry key success rate SBUs whose nobody wants factors  Competitive analysis: identifying the key products competitors, understanding their strategies and have a dominant strengths and weaknesses, as well as anticipating market likely future strategic changes.  Internal environment: all the controllable elements share in a inside an organization that influence how well the low-growth organization operates markets High Low  the current strategy of the organization and assess how well that strategy is working, Relative market share  resources and competencies of the organization (structure, culture and systems)  Develop growth strategies  Failure to prevent “appropriation” of value:  Product-Market Growth matrix holdup or slack.  Failure to be flexible and adapt: inability to deal Existing New products with uncertainty and ambiguity products  Set marketing objectives Existing market Market Product Market  more specific to the firm’s brands, sizes, product features, penetration development emphasis and other marketing mix-related elements strategy: strategy:  Business objectives: guide the entire firm’s operations Seek to increase Create growth  Marketing objectives state what the marketing functions sales of existing by selling new must accomplish if the firm is ultimately to achieve these products to products in overall business objectives. existing market existing markets  Develop marketing strategies  Focuses on the positioning issues of strategic orientation, New markets Market Diversification differentiation, dependability, and brand personality. development strategy:  Strategic orientation: a discussion of how the strategy: Emphasize both organization will compete in its chosen market(s). Introduce new products  Differentiation: how a brand will be known to its existing and new customers as being better than competitive brands products to new markets to  Defendability: discusses sources of sustainable market achieve growth competitive advantage and the systems, competencies, Product emphasis technology, or other resources that enable an 2. Functional planning (MP) organization to defend its chosen positioning. Marketing planning uses the output of the strategic planning process as  Brand personality: how the intended differentiation will be captured in the creation of brand meaning. an input; that is, the strategic planning process provides the context in  Develop marketing mix strategies: which marketing planning is conducted.  Product strategy Marketing mix—the firm’s product, price, promotional approach, and  Pricing strategy distribution (place) methods.  Communication strategy (Promote)  Distribution strategy (Place)  Perform a situational analysis  Implement marketing strategies  SWOT  Describes the tactics of how to do it.  6 basic reasons for organizations fail  also involves control plans  Failure to innovate  A contingency plan outlines how the strategy will be  Failure to create value modified if benchmarks (targets) are not met.  Monitor and control marketing strategies (Evaluate)  Failure to persist over time  Failure to maintain uniqueness: offers are  Financial analysis and cost-benefit analysis are required. imitable or substitutable. 3. Operational planning They put the pedal to the metal by focusing on the day-to-day execution of the marketing plan.  Develop action plans to implement the marketing plan  Use marketing metrics to monitor how the plan is working Four globalization strategies representing increased levels of involvement:  Exporting  Contractual arrangements:  Licensing  franchising  Strategic alliances:  joint venture  Direct investment Marketing research MIS: Internal company data Marketing intelligence Marketing research Acquired databases Computer hardware and software Information for marketing decisions 1. Internal company data  Firm’s sales records  Intranet (公司局域网) 2. Marketing intelligence  Company’s own salespeople—talking with customers, distributors and prospective customers— could provide valuable information 3. Marketing research  The process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness.  Syndicated research  Custom research 4. Acquired databases  External databases MDSS (Marketing Decision Support System)  Statistical software allows managers to examine complex relationships among factors in the marketplace.  Modelling software allows decision makers to examine possible or preconceived ideas about relationships in the data—to ask “what—if ‘’questions. DATA MINING 4 important applications for marketers  Customer acquisition  Customer retention and loyalty  Customer abandonment  Market basket analysis Marketing research process Latest information Past information 1. Define the research problem Completely tailor-made Obtained effortlessly  Specify the research objectives Time consuming Readily available  Identify the consumer population of interest SECONDARY RESEARCH  Place the problem in an environmental context Internal sources External sources 2. Determine the research design  Company  Published reports research  Determine whether secondary data are available: data that had  Previous  Trade been collected for some purpose other than the problem at hand  Determine whether primary data are required: information that company organizations research  Syndicated gathers directly from respondents  Salesperson research  Exploratory (Qualitative) research:探索性研究 feedback  Government  Focus group  Custom
More Less

Related notes for BUS 343

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.