Marketing Strategy - Introduction
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Guiding presentation used for the first two sessions of the Marketing Strategy course for Executive MBA in ITM.
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Marketing Strategy - Introduction
- 1. NANDA KISHORE SETHURAMAN ITM NOVEMBER 2011 Introduction to Marketing Strategy
- 8. MARKET-ORIENTED PERSPECTIVES UNDERLIE SUCCESSFUL CORPORATE, BUSINESS, AND MARKETING STRATEGIES
- 30. Factors Influencing Company Marketing Strategy
- 32. CORPORATE STRATEGY DECISIONS AND THEIR MARKETING IMPLICATIONS
- 37. The BCG Growth Share Matrix 2- High Low Stars Dogs Question marks 10 0.1 Relative market share Market growth rate (in constant dollars) 10% 1 Source: Adapted from Barry Hedley, “Strategy and the Business Portfolio,” Long Range Planning 10 (February 1977). 5 6 9 8 7 Cash cows 4 10 13 1 2 3 11 12
- 38. Cash Flows Across Businesses in the BCG Portfolio Model 2- Growth rate (cash use) High Low Stars Cash cows Dogs Question marks High Low Relative market share Desired direction of business development Cash Flows
- 39. The GE Nine-Cell Matrix 2- 1 Invest/grow 2 Selective investment/ maintain position 3 Harvest/divest Business’s competitive position High Low Medium Industry attractiveness High Medium Low 1 1 2 1 2 3 2 3 3
- 42. Segmentation, Targeting & Positioning
- 44. Segmentation , Targeting, Positioning
- 48. Segmentation
- 53. Linking Market Need to a Marketing Program
- 56. Blank
- 58. Demographics - Marketing across Generations 1945 1965 1976 1994 Baby Boomers Generation X Generation Y Mature Market
- 60. Mature Market
- 61. Generation X
- 62. Generation Y
- 67. Dell, across the globe
- 70. Segmentation, Targeting, Positioning
- 71. Target Market
- 74. Let’s sell to segments with big eyes and lips
- 75. Factors driving a Target Marketing Strategy
- 76. Selling Ice Cream to Eskimos
- 78. Target Marketing Strategies Broad
- 80. Segmentation, Targeting, Positioning
- 88. Market Segmentation Process 1. Identify Bases for Segmenting the Market 2. Develop Profiles of Resulting Segments 3. Develop Measures of Segment Attractiveness 4. Select Target Segment(s) 5. Develop Positioning for Each Target Segment 6. Develop Marketing Mix for Each Target Segment Market Positioning Market Targeting Market Segmentation
- 89. END OF DAY 1
Notes de l'éditeur
- 11
- Peter Drucker: The purpose of any business is to win a customer True for all parts of the organization, i.e., cross-functional coordination The above should result in superior profitability
- Advantages Promotes listening to the customer Happier customers more likely to be more loyal – good for long term profitability More customer and competitive information is likely to be obtained and used – good for profitability More likely to identify changes in market and competitive conditions – avoid being blindsided If the first two steps are done well, the third should take care of itself Helps employees focus on profit, not sales volume Possible drawbacks May lead the firm to seek to satisfy all customer groups – a possible prescription for disaster Customers may not be able to articulate what they really want and need – and will pay for! Current customers may not be the most attractive target – must avoid tyranny of current customers, if others are more attractive Implies tailoring products to different needs of different segments – may be costly Implies need for research – costs money, may slow reaction to market changes
- The company : resources, capabilities, and strategies The environmental context : broad trends Current and potential customers : needs, wants, characteristics Competitors : strengths, weaknesses, competitive trends In other words, the 4 Cs
- Let a vigorous debate flow for a few minutes. Then ask: Can you think of successful goods or services that were developed need first? Idea first? Post-It notes (idea first – an accident). Many hi-tech products (idea first). Gatorade (need first – Florida Gators football team). Ultimately, either starting point is okay. In the end, however, a genuine want or need must be filled or no one will buy.
- Some of the reasons why firms lack focus on their customers or competitors include: competitive conditions which may allow a company to be successful in the short-run without being particular sensitive to customer needs different level of economic development across industries or countries which may favor different business philosophies strategic inertia whereby marketing strategy does not reflect changes in customers needs and competitive offerings
- Product decisions: what must be decided here? Pricing decisions: what must be decided here? Promotion decisions: what must be decided here? Place (distribution) decisions: what must be decided here? In other words, the 4 Ps
- Identify company objectives for the new product Market analysis: to understand market context and customer wants and needs Competitor analysis A marketing strategy: the 4 Ps
- No: performance targets are often missed, of course. To better ensure delivery of planned performance, a good marketing plan should include: Sales forecasts and pro forma budgets against which to measure results Plan for implementation and control Refer to marketing plan project outline, if assigned
- 11
- Refer to next slide
- 5
- A tool for allocating resources in diversified companies: The BCG Growth Share Matrix Question Marks – High Growth markets but low market share Stars – If question marks become successful, it becomes a star. Market leader in a high growth market Cash Cows – When annual growth rate of the market falls below 10%, Star becomes cash cow. Large market share, low market growth. Brings in high cash flow for the company. Dogs – Weak market shares in low growth markets. Why is the BCG model useful? It analyzes the impact of investing resources in different businesses on the corporation’s future earnings and cash flows. It gives a company a quick glance on where their business units fall in an industry in terms of market share and market growth. This in turn can help generate competitive strategies to improve or maintain a position in the market. What are its limitations? Market growth rate is an inadequate descriptor of overall industry attractiveness. Relative market share is inadequate as a descriptor of overall competitive strength. The outcomes of a growth-share analysis are highly sensitive to variations in how growth and share are measured While the matrix specifies appropriate investment strategies for each business, it provides little guidance on how best to implement those strategies. The model implicitly assumes that all business units are independent of one another except for the flow of cash.
- 8
- A tool for allocating resources in diversifies companies: The GE Nine-Cell Matrix How would you assess competitive position and industry attractiveness? Factors to assess competitive position Relative share Customer loyalty Margins Distribution Technology Marketing skills Patents Factors to assess industry attractiveness Size Growth Competitive intensity Price levels Profitability Technological sophistication Government regulations
- 10
- Mature Market - 14% of the Canadian population often referred to as the WWII cohort
- McDonalds Maharaja Mac in India. No Beef in India. No pork in Pakistan.
- Effective Segmentation This CTR relates to the material on pp. 215. Requirements for Effective Segmentation Measurability . This refers to the degree to which the size and purchasing power of the segments can be measured. The accuracy and availability of measures of market potential are important. Accessibility. This refers to the degree to which a market segment can be reached and served. Identifying a segment is useless if the marketer has limited access to the customer. Substantiality. This refers to the degree to which the segments are large or profitable enough to service. Actionability . This is the degree to which an effective marketing program can be designed for attracting and serving segments. Company resource limitations figure prominently in actionability issues.
- Steps in Segmentation, Targeting, and Positioning Market Segmentation. Market segmentation is the process of dividing a market into distinct groups of buyers who might require separate products or marketing mixes. All buyers have unique needs and wants. Still it is usually possible in consumer markets to identify relatively homogeneous portions or segments of the total market according to shared preferences, attitudes, or behaviors that distinguish them from the rest of the market. These segments may require different products and/or separate mixes. Market Targeting. Market targeting is the process of evaluating each market segment's attractiveness and selecting one or more segments to enter. Given effective market segmentation, the firm must choose which markets to serve and how to serve them. Discussion Note: In targeting markets to serve the firm must consider its resources and objectives in setting strategy. Market Positioning. Market positioning is the process of formulating competitive positioning for a product and a detailed marketing mix. Marketers must plan how to present the product to the consumer. Discussion Note: The product's position is defined by how consumers view it on important attributes. Steps in Segmentation, Targeting, and Positioning This CTR corresponds to Figure 7-1 on p. 196 and relates to the material on pp. 196.