Elements of Marketing Strategy and Planning 02 McGraw

LEARNING OBJECTIVES Examine the concept of value and the elements and role of the

VALUE IS AT THE CORE OF MARKETING Value is a ratio of benefits to

VALUE IS AT THE CORE OF MARKETING Value proposition is the firm’s communication of

VALUE IS AT THE CORE OF MARKETING A firm’s value proposition must be strong

VALUE IS AT THE CORE OF MARKETING The Value Chain serves as a means

Porter’s Value Chain EXHIBIT 2.1 McGraw Hill/Irwin Copyright © The McGraw Hill Companies,

Value-creating activities Primary activities McGraw Hill/Irwin Copyright © The McGraw Hill Companies,

Value-creating activities Support activities McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc.

Marketing Planning Marketing planning is the ongoing process of developing and implementing market-driven strategies

MARKETING PLANNING IS BOTH STRATEGIC AND TACTICAL Marketing (Big M) serves as a core

For effective marketing planning Everyone in an organization must understand and support the concept

Framework for Marketing Planning Marketing plan is connected to the firm’s business plan Perform

Connecting the Marketing Plan to the Firm’s Business Plan Market-driven strategic planning is often

ELEMENTS OF MARKETING PLANNING Portfolio analysis views SBUs and sometimes even product lines as

Boston Consulting Group Growth-Share Matrix EXHIBIT 2.3 McGraw Hill/Irwin Copyright © The McGraw

GE Business Screen EXHIBIT 2.4 McGraw Hill/Irwin Copyright © The McGraw Hill Companies,

ELEMENTS OF MARKETING PLANNING Marketing planning does not occur in a vacuum A

ELEMENTS OF MARKETING PLANNING Goals eventually become refined into specific, measurable, and (hopefully) attainable

ELEMENTS OF MARKETING PLANNING Organizational Strategies A strategy is a comprehensive plan stating how

ELEMENTS OF MARKETING PLANNING Three primary categories of competitive strategy: Low Cost Differentiation

Generic Business Strategies McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc.

Competitive Strategy Options EXHIBIT 2.7 McGraw Hill/Irwin Copyright © The McGraw Hill Companies,

ELEMENTS OF MARKETING PLANNING Core competencies Distinctive competencies Sustainable competitive advantage McGraw Hill/Irwin

Miles and Snow’s Strategy Types McGraw Hill/Irwin Copyright © The McGraw Hill Companies,

Situation analysis McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc.

Forces Driving Industry Competition EXHIBIT 2.9 McGraw Hill/Irwin Copyright © The McGraw Hill

ELEMENTS OF MARKETING PLANNING Summarize the situation analysis into a SWOT analysis: A convenient

SWOT Analysis Template EXHIBIT 2.10 McGraw Hill/Irwin Copyright © The McGraw Hill Companies,

ELEMENTS OF MARKETING PLANNING Additional Aspects of Marketing Planning Perform Any Needed Market Research

ELEMENTS OF MARKETING PLANNING Additional Aspects of Marketing Planning Develop Marketing Strategies Market penetration

Product – Market Combinations EXHIBIT 2.11 McGraw Hill/Irwin Copyright © The McGraw Hill

ELEMENTS OF MARKETING PLANNING Implementation Plan McGraw Hill/Irwin Copyright © The McGraw

ELEMENTS OF MARKETING PLANNING Marketing Control Process of measuring marketing results and adjusting the

ELEMENTS OF MARKETING PLANNING Develop Contingency Plans Plans that can be implemented should something

TIPS FOR SUCCESSFUL MARKETING PLANNING Stay flexible Utilize input, but don’t become paralyzed by

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>Elements of Marketing Strategy and Planning 02 McGraw Hill/Irwin Copyright © The McGraw Elements of Marketing Strategy and Planning 02 McGraw Hill/Irwin Copyright © The McGraw 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 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 McGraw Hill/Irwin Copyright © The McGraw 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). McGraw Hill/Irwin Copyright © The McGraw 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. The value message may include the whole bundle of benefits the company promises to deliver – not just the benefits of the product itself. McGraw Hill/Irwin Copyright © The McGraw 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. McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 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. McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 6

>Porter’s Value Chain EXHIBIT 2.1 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Porter’s Value Chain EXHIBIT 2.1 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 7 Source: Michael E. Porter, Competitive Advantage (New York: Simon & Schuster, 1985).

>Value-creating activities Primary activities McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Value-creating activities Primary activities McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 8

>Value-creating activities Support activities McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. Value-creating activities Support activities McGraw Hill/Irwin Copyright © The McGraw 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. The resulting document that records the marketing planning process in a useful framework is the marketing plan. McGraw Hill/Irwin Copyright © The McGraw 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. McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 11

>For effective marketing planning Everyone in an organization must understand and support the concept For effective marketing planning Everyone in an organization must understand and support the concept of customer orientation. All internal organizational processes and systems must be aligned around the customer. McGraw Hill/Irwin Copyright © The McGraw 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 Establish marketing goals and objectives Develop marketing strategies Marketing mix strategies Develop implementation plans McGraw Hill/Irwin Copyright © The McGraw 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. McGraw Hill/Irwin Copyright © The McGraw 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 GE Business Screen McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 15

>Boston Consulting Group Growth-Share Matrix EXHIBIT 2.3 McGraw Hill/Irwin Copyright © The McGraw Boston Consulting Group Growth-Share Matrix EXHIBIT 2.3 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 16

>GE Business Screen EXHIBIT 2.4 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, GE Business Screen EXHIBIT 2.4 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 17 “GE Business Screen,” Business Resource Software Online, www.brs-inc.com/pwxcharts.asp?32, accessed May 16, 2008.

>ELEMENTS OF MARKETING PLANNING Marketing planning does not occur in a vacuum A ELEMENTS OF MARKETING PLANNING Marketing planning does not occur in a vacuum 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. McGraw Hill/Irwin Copyright © The McGraw 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. McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 19

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

>ELEMENTS OF MARKETING PLANNING Three primary categories of competitive strategy: Low Cost Differentiation ELEMENTS OF MARKETING PLANNING Three primary categories of competitive strategy: Low Cost Differentiation Focus (or Niche) McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 21

>Generic Business Strategies McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. Generic Business Strategies McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 22

>Competitive Strategy Options EXHIBIT 2.7 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Competitive Strategy Options EXHIBIT 2.7 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 23 Source: Michael E. Porter, Competitive Advantage (New York: Simon & Schuster, 1985).

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

>Miles and Snow’s Strategy Types McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Miles and Snow’s Strategy Types McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 25

>Forces Driving Industry Competition EXHIBIT 2.9 McGraw Hill/Irwin Copyright © The McGraw Hill Forces Driving Industry Competition EXHIBIT 2.9 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 28 Source: Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors (Boston: The Free Press, 1980).

>ELEMENTS OF MARKETING PLANNING Summarize the situation analysis into a SWOT analysis: A convenient ELEMENTS OF MARKETING PLANNING Summarize the situation analysis into a SWOT analysis: 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. McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 30

>SWOT Analysis Template EXHIBIT 2.10 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, SWOT Analysis Template EXHIBIT 2.10 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 31 Source: J. David Hunger and Thomas H. Wheelen, Essentials of Strategic Management, 4th ed. (Upper Saddle River, NJ: Prentice Hall, 2007).

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

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

>Product – Market Combinations EXHIBIT 2.11 McGraw Hill/Irwin Copyright © The McGraw Hill Product – Market Combinations EXHIBIT 2.11 McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 34 Source: H. Igor Ansoff, The New Corporate Strategy (New York: John Wiley & Sons, 1988).

>ELEMENTS OF MARKETING PLANNING Implementation Plan McGraw Hill/Irwin Copyright © The McGraw ELEMENTS OF MARKETING PLANNING Implementation Plan McGraw Hill/Irwin Copyright © The McGraw Hill Companies, Inc. All rights reserved 35

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

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

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