BUS 448 Chapter Notes - Chapter 4: Aquafina, Switching Barriers, Barter

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BUS 448 - Marketing Strategy | Chapter 4 Textbook/Chapter 3 lesson
Collecting and Analyzing Marketing Information
Data vs. Info
- How much data and info do I need?
a. So much data; too hard to know everything
b. Cost of collecting has gone down
- Data = collection of #s/facts tht have potential to provide info
a. Not informative til person or process transforms or combines them w/ other data in manner
that makes useful to decision makers
- Info is only as good as data from which it comes from
Benefits of Analysis Must Outweigh the Costs
- Sit analysis val only if it improves quality of mkting plan
- Difficult to estimate benefits of improved decisions
Conducting Situation Analysis = Challenging Exercise
- Situation analysis assess quality, adequacy and timeliness of data and info used for analysis
and synthesis
- Analysis should be ongoing; real time analysis is useful and helps make org successful
- Tracking internal, customer, external env
a. Change in one environment can cause shift in the other
Internal Environment
- Eval of firm’s internal environment w/ respect to objectives, strategy, perf, allocation of
resources, structural characteristics, and political climate
Review of Current Objectives, Strategy, and Performance
- Assess current mkting objectives, strategy and perf
- Eval perf of current strategy w/ respect to sales volume, mkt share, profitability
- Eval strategy relative to industry perf
- Poor perf
a. Holding on to goals/objectives inconsistent w/ current realities of customer/external
environments
b. Flawed mkting strategy
c. Poor implementation
d. Changes in customer/external environments beyond ctr of firm
- Pepsi vs. Coke
a. Losing to coke in cola world forced to thin outside box and moved aggressively into
noncarbonated an sports drinks (Aquafina, Gatorade)
Availability of Resources
- Review current and anticipated levels of org resources tht can be used for mkting
purposes (financial, human, experience resources)
- Will level of resources change in near feature? based on expectations find ways to
compensate when setting goals
- Shortage of skilled labor may be problem in future with tech innovation
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Organization Culture and Struct
- Review current & anticipated cult and structural issues
- Internal culture changes in key exec posit
- Structural issues = customer orientation of firm, employee motivation, commitment to
org, emph on long-term v short term planning
- Relatively stable issues
- Mergers change in culture and struct
Customer Environment
- Examine current & future sit w/ respect to customers in tgt mkt
- ID current potential customers, needs of customers, featurs of products perceived by
customers, anticipated changes in needs
- 5W Whot what, where, when why
Who
- Characteristics tht define target mkt demographics, geographic, psychographic
- Purchase influencers (i.e. children)
- Assess viability of potential customers that can be acquired in future
What
- How customers consume and dispose products
- Rate of product consumption
- Look at complementary products derived demand demand for one product depends
on demand of another product
Where
- Distrubtion & Customer Convenience
- Nonstore retailing (i.e. online, vending machines)
When
- Situational influences
- Seasonality of products
- Purchasing activity incr after payday
- Physical and social surroundings, time perceptions and purchase task can affect
- Behavior change based on time of day
Why
- Basic need satisfying benefit of product
- Can id unsatisfied/undersatisfied customer needs; id changes in current & future needs
- How = payment (cash, barter)
- Why don’t they buy
a. Basic need not fulfilled
b. Perceived better/lower priced alts
c. Competing products have better features/benefits
d. Product doesn’t match budget or lifestyles
e. High switching costs
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