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CHAPTER 02 ELEMENTS OF MARKETING STRATEGY AND PLANNING Mc. Graw Hill/Irwin Copyright © The CHAPTER 02 ELEMENTS OF MARKETING STRATEGY AND PLANNING Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved

LEARNING OBJECTIVES Examine the concept of value and the elements and role of the LEARNING OBJECTIVES Examine the concept of value and the elements and role of the value chain CHAPTER 02 Understand the conditions required for successful marketing planning, that marketing planning is focused on the value proposition, and that marketing planning is a dynamic process Identify various types of organizational strategies Conduct a situation analysis Use the framework provided for marketing planning, along with the content in future chapters, to build a marketing plan Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 2

VALUE IS AT THE CORE OF MARKETING Value is a ratio of benefits to VALUE IS AT THE CORE OF MARKETING Value is a ratio of benefits to costs, as viewed from the eyes of the beholder (the customer). CHAPTER 02 Form utility Time utility Place utility Ownership utility Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 3

VALUE IS AT THE CORE OF MARKETING Value proposition is the firm’s communication of VALUE IS AT THE CORE OF MARKETING Value proposition is the firm’s communication of the unique value of its products to its customers. CHAPTER 02 The value message may include the whole bundle of benefits the company promises to deliver – not just the benefits of the product itself. Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 4

VALUE IS AT THE CORE OF MARKETING A firm’s value proposition must be strong VALUE IS AT THE CORE OF MARKETING A firm’s value proposition must be strong enough to move customers past satisfaction. CHAPTER 02 Customers Satisfaction Customer Loyalty Customer Retention Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved Customer Switching 5

VALUE IS AT THE CORE OF MARKETING The Value Chain serves as a means VALUE IS AT THE CORE OF MARKETING The Value Chain serves as a means for firms to identify ways to create, communicate, and deliver more customer value within a firm. CHAPTER 02 Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 6

EXHIBIT 2. 1 PORTER’S VALUE CHAIN CHAPTER 02 Support Activities Primary Activities Source: Michael EXHIBIT 2. 1 PORTER’S VALUE CHAIN CHAPTER 02 Support Activities Primary Activities Source: Michael E. Porter, Competitive Advantage (New York: Simon & Schuster, 1985). Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 7

VALUE-CREATING ACTIVITIES Primary activities Inbound Logistics Operations CHAPTER 02 Outbound Logistics Marketing and Sales VALUE-CREATING ACTIVITIES Primary activities Inbound Logistics Operations CHAPTER 02 Outbound Logistics Marketing and Sales Service Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 8

VALUE-CREATING ACTIVITIES Support activities Firm Infrastructure Human Resource Management CHAPTER 02 Technology Development Procurement VALUE-CREATING ACTIVITIES Support activities Firm Infrastructure Human Resource Management CHAPTER 02 Technology Development Procurement Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 9

MARKETING PLANNING Marketing planning is the ongoing process of developing and implementing market-driven strategies MARKETING PLANNING Marketing planning is the ongoing process of developing and implementing market-driven strategies for an organization. CHAPTER 02 The resulting document that records the marketing planning process in a useful framework is the marketing plan. Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 10

MARKETING PLANNING IS BOTH STRATEGIC AND TACTICAL Marketing (Big M) serves as a core MARKETING PLANNING IS BOTH STRATEGIC AND TACTICAL Marketing (Big M) serves as a core driver of business strategy. marketing (little m) represents the specific programs and tactics aimed at customers and other stakeholder groups. CHAPTER 02 Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 11

FOR EFFECTIVE MARKETING PLANNING Everyone in an organization must understand support the concept of FOR EFFECTIVE MARKETING PLANNING Everyone in an organization must understand support the concept of customer orientation. All internal organizational processes and systems must be aligned around the customer. CHAPTER 02 Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 12

FRAMEWORK FOR MARKETING PLANNING Marketing plan is connected to the firm’s business plan Perform FRAMEWORK FOR MARKETING PLANNING Marketing plan is connected to the firm’s business plan Perform any needed market research CHAPTER 02 Establish marketing goals and objectives Develop marketing strategies Marketing mix strategies Develop implementation plans Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 13

CONNECTING THE MARKETING PLAN TO THE FIRM’S BUSINESS PLAN Market-driven strategic planning is often CONNECTING THE MARKETING PLAN TO THE FIRM’S BUSINESS PLAN Market-driven strategic planning is often used to describe the process at the corporate or strategic business unit (SBU) level of marshaling the various resource and functional areas of the firm toward a central purpose around the customer. CHAPTER 02 Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 14

ELEMENTS OF MARKETING PLANNING Portfolio analysis views SBUs and sometimes even product lines as ELEMENTS OF MARKETING PLANNING Portfolio analysis views SBUs and sometimes even product lines as a series of investments from which it expects maximization of returns. ◦ Boston Consulting Group (BCG) Growth-Share Matrix CHAPTER 02 ◦ GE Business Screen Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 15

BOSTON CONSULTING GROUP GROWTH-SHARE MATRIX CHAPTER 02 EXHIBIT 2. 3 Mc. Graw Hill/Irwin Copyright BOSTON CONSULTING GROUP GROWTH-SHARE MATRIX CHAPTER 02 EXHIBIT 2. 3 Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 16

EXHIBIT 2. 4 GE BUSINESS SCREEN Market Attractiveness High Low Invest/ Grow Med Selective EXHIBIT 2. 4 GE BUSINESS SCREEN Market Attractiveness High Low Invest/ Grow Med Selective Investment Low Business Position CHAPTER 02 High Harvest/ Divest “GE Business Screen, ” Business Resource Software Online, www. brs-inc. com/pwxcharts. asp? 32, accessed May 16, 2008. Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 17

ELEMENTS OF MARKETING PLANNING Marketing planning does not occur in a vacuum CHAPTER 02 ELEMENTS OF MARKETING PLANNING Marketing planning does not occur in a vacuum CHAPTER 02 ◦ A mission statement articulates an organization’s purpose, or reason for existence. ◦ Most mission statements also include a discussion of what the company would like to become in the future – its strategic vision. Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 18

ELEMENTS OF MARKETING PLANNING Goals eventually become refined into specific, measurable, and (hopefully) attainable ELEMENTS OF MARKETING PLANNING Goals eventually become refined into specific, measurable, and (hopefully) attainable objectives for the firm. CHAPTER 02 Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 19

ELEMENTS OF MARKETING PLANNING Organizational Strategies ◦ A strategy is a comprehensive plan stating ELEMENTS OF MARKETING PLANNING Organizational Strategies ◦ A strategy is a comprehensive plan stating how the organization will achieve its mission and objectives. CHAPTER 02 ◦ A firm’s generic strategy is its overall directional strategy at the business level. Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 20

ELEMENTS OF MARKETING PLANNING Three primary categories of competitive strategy: 1. Low Cost 2. ELEMENTS OF MARKETING PLANNING Three primary categories of competitive strategy: 1. Low Cost 2. Differentiation CHAPTER 02 3. Focus (or Niche) Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 21

GENERIC BUSINESS STRATEGIES Growth CHAPTER 02 Retrenchment Concentration Generic Business Strategies Stability Mc. Graw GENERIC BUSINESS STRATEGIES Growth CHAPTER 02 Retrenchment Concentration Generic Business Strategies Stability Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved Diversification 22

EXHIBIT 2. 7 COMPETITIVE STRATEGY OPTIONS Differentiation Broad Target Competitive Scope CHAPTER 02 Lower EXHIBIT 2. 7 COMPETITIVE STRATEGY OPTIONS Differentiation Broad Target Competitive Scope CHAPTER 02 Lower Cost Leadership Differentiation Narrow Target Competitive Advantage Cost Focus Differentiation Source: Michael E. Porter, Competitive Advantage (New York: Simon & Schuster, 1985). Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 23

ELEMENTS OF MARKETING PLANNING Core competencies Distinctive competencies Sustainable competitive advantage CHAPTER 02 Mc. ELEMENTS OF MARKETING PLANNING Core competencies Distinctive competencies Sustainable competitive advantage CHAPTER 02 Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 24

MILES AND SNOW’S STRATEGY TYPES Prospectors CHAPTER 02 Reactors Strategic Types Analyzers Defenders, Mc. MILES AND SNOW’S STRATEGY TYPES Prospectors CHAPTER 02 Reactors Strategic Types Analyzers Defenders, Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 25

SITUATION ANALYSIS CHAPTER 02 Macro-level external environment Political, Legal, and Ethical Socio-Cultural/ Demographic Technological SITUATION ANALYSIS CHAPTER 02 Macro-level external environment Political, Legal, and Ethical Socio-Cultural/ Demographic Technological Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved Economic Natural 26

SITUATION ANALYSIS CHAPTER 02 Competitive Environmental Factors Threat of new entrants Rivalry among existing SITUATION ANALYSIS CHAPTER 02 Competitive Environmental Factors Threat of new entrants Rivalry among existing firms Threat of substitute products Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved Bargaining power of buyers Bargaining power of suppliers 27

EXHIBIT 2. 9 FORCES DRIVING INDUSTRY COMPETITION Potential entrants (Threat of mobility) CHAPTER 02 EXHIBIT 2. 9 FORCES DRIVING INDUSTRY COMPETITION Potential entrants (Threat of mobility) CHAPTER 02 Supplier (Supplier power) Industry competitors (Segment rivalry) Buyers (Buyer power) Substitutes (Threat of substitutes) Source: Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors (Boston: The Free Press, 1980). Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 28

SITUATION ANALYSIS CHAPTER 02 Internal Environmental Factors Firm structure and systems Firm culture Firm SITUATION ANALYSIS CHAPTER 02 Internal Environmental Factors Firm structure and systems Firm culture Firm leadership Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved Firm resources 29

ELEMENTS OF MARKETING PLANNING Summarize the situation analysis into a SWOT analysis: CHAPTER 02 ELEMENTS OF MARKETING PLANNING Summarize the situation analysis into a SWOT analysis: CHAPTER 02 ◦ A convenient way to summarize key findings into a matrix of strengths, weaknesses, opportunities, and threats. ◦ Internal analysis reveals strengths and weaknesses, while external analysis points to potential opportunities and threats. Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 30

EXHIBIT 2. 10 SWOT ANALYSIS TEMPLATE INTERNAL FACTORS (IFAS) Strengths (S) Weaknesses (W) List EXHIBIT 2. 10 SWOT ANALYSIS TEMPLATE INTERNAL FACTORS (IFAS) Strengths (S) Weaknesses (W) List 5– 10 internal strengths here List 5– 10 internal weaknesses here Opportunities (O) S/O Based Strategies W/O Based Strategies List 5– 10 external opportunities here Generate strategies here that use strengths to take advantage of opportunities Generate strategies here that take advantage of opportunities by overcoming weaknesses Threats (T) S/T Based Strategies W/T Based Strategies List 5– 10 external threats here Generate strategies here that use strengths to avoid threats Generate strategies here that minimize weaknesses and avoid threats CHAPTER 02 EXTERNAL FACTORS (EFAS) Source: J. David Hunger and Thomas H. Wheelen, Essentials of Strategic Management, 4 th ed. (Upper Saddle River, NJ: Prentice Hall, 2007). Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 31

ELEMENTS OF MARKETING PLANNING Additional Aspects of Marketing Planning ◦ Perform Any Needed Market ELEMENTS OF MARKETING PLANNING Additional Aspects of Marketing Planning ◦ Perform Any Needed Market Research CHAPTER 02 ◦ Establish Marketing Goals and Objectives Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 32

ELEMENTS OF MARKETING PLANNING Additional Aspects of Marketing Planning ◦ Develop Marketing Strategies Market ELEMENTS OF MARKETING PLANNING Additional Aspects of Marketing Planning ◦ Develop Marketing Strategies Market penetration strategies Product development strategies CHAPTER 02 Market development strategies Diversification strategies Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 33

EXHIBIT 2. 11 PRODUCT – MARKET COMBINATIONS Product Emphasis Existing Products Strategy = Market EXHIBIT 2. 11 PRODUCT – MARKET COMBINATIONS Product Emphasis Existing Products Strategy = Market Penetration Existing Markets CHAPTER 02 Market Emphasis New Markets New Products Strategy = Market Development Seek to increase sales of existing products to existing markets Create growth by selling new products in existing markets Strategy = Market Development Introduce existing products to new markets Strategy = Diversification Emphasize both new products and new markets to achieve growth Source: H. Igor Ansoff, The New Corporate Strategy (New York: John Wiley & Sons, 1988). Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 34

ELEMENTS OF MARKETING PLANNING Implementation Plan Forecast CHAPTER 02 Budget Appropriate Marketing Metrics Mc. ELEMENTS OF MARKETING PLANNING Implementation Plan Forecast CHAPTER 02 Budget Appropriate Marketing Metrics Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 35

ELEMENTS OF MARKETING PLANNING Marketing Control CHAPTER 02 ◦ Process of measuring marketing results ELEMENTS OF MARKETING PLANNING Marketing Control CHAPTER 02 ◦ Process of measuring marketing results and adjusting the marketing plan as needed. Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 36

ELEMENTS OF MARKETING PLANNING Develop Contingency Plans CHAPTER 02 ◦ Plans that can be ELEMENTS OF MARKETING PLANNING Develop Contingency Plans CHAPTER 02 ◦ Plans that can be implemented should something happen that negates the viability of the marketing plan. Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 37

TIPS FOR SUCCESSFUL MARKETING PLANNING Stay flexible 2. Utilize input, but don’t become paralyzed TIPS FOR SUCCESSFUL MARKETING PLANNING Stay flexible 2. Utilize input, but don’t become paralyzed by information and analysis 3. CHAPTER 02 1. Don’t underestimate the implementation part of the plan 4. Stay strategic, but also stay on top of the tactical 5. Give yourself and your people room to fail and try again Mc. Graw Hill/Irwin Copyright © The Mc. Graw Hill Companies, Inc. All rights reserved 38