Bmgt 411 chapter_2
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BMGT 411: Chapter 2
Developing Marketing Strategies and Plans
BMGT 411: Chapter 2
✤ Characteristics of a Great Marketing Company:
✤ Selects superior target markets in which it enjoys advantages
✤ All employees are customer focused
✤ Good working relationship across departments
✤ Incentives designed to lead to the right behaviors (Long Term Loyalty)
✤ Continuously build and tracks customer loyalty
Marketing Leadership: Standing Apart from the Competition and Connecting with Customers
Marketing Leadership: Standing Apart from the Competition and Connecting with Customers
Your Great Marketing Companies
• Who are they?
• What do they excel in marketing leadership matrix?
• Where are they on par with competitors on the index?
Marketing in an Omni-Channel Environment
Need Recognition
Identify Products
Needs can be impulse needs or created needs!!Customers enter the market !• A customer’s
phone breaks!!Marketers can create this need through brand marketing!• Launch of a new
phone!!Marketers focus on creating trigger events - to create this!!!!!
Get Info About
Products
Evaluate Products
Evoked= all brand and products come to mind !Consideration= the ones you consider to buy !Omni-Channel Marketing Becoming crucial at this stage
Purchase Product
Use Product
Post Purchase Evaluation
If Perceived Value > Price a customer is more likely to purchase !Internal and External Price References Used
Customer Experience key in this stage. !Satisfaction= !Perceived Performance - Expectations !Satisfaction = Repeat Purchases
BGMT 411: Chapter 2
✤ Creating Customer Value
✤ Value Exploration: How a company identifies new value opportunities
✤ Ex. Netflix Streaming Video
✤ Value Creation: How a company efficiently creates more promising new value offering
✤ Ford Sync System
✤ Value Delivery: How a company uses it’s capabilities and infrastructure to deliver new offerings more efficiently
BGMT 411: Chapter 2
✤ Marketing Plan: The central instrument for directing and coordinating the marketing effort, operating at both strategic and tactical levels
✤ Strategic Marketing Plan: Often developed during annual plan, includes research, position, and strategies for growth - PowerPoint
✤ Tactical Marketing Plan: Outlines specific marketing tactics and timing
Tactical Marketing Plan Example
BMGT 411: Chapter 2✤ Contents of a Strategic Marketing Plan (Note for Project)
✤ Executive Summary
✤ Situational Analysis - Including SWOT, Sales Trends, Internal Data, what is going on today
✤ Marketing Strategy - Mission, Marketing Objective, Financial Objectives
✤ Financial Projections
✤ Tactical Plan Overview
✤ Measurement
Strategic Business Units
BMGT 411: Chapter 2
✤ Marketing Plan Development: Large Organizations
✤ Begins at the Company Level - Profit drivers identified and Focus Strategic Business Units Identified
✤ Marketing Plans Allocated by SBU
✤ SBU Distributes Funds by Brand
✤ Each Brand Develops Marketing Plans to Meet Brand, SBU, and Company Goals
Assessing Growth Opportunitie$
BMGT 411: Chapter 2✤ SWOT Analysis: The overall evaluation of a companies strength’s, weaknesses,
opportunities, and threats
✤ Internal
✤ Strengths: What is your key strength’s? What should you focus on?
✤ Weaknesses: What are some area’s that could improve? Could you make customers believe these are strengths?
✤ External
✤ Opportunities: Changes in the economy, population growth, competitor closing
✤ Threats: Changes in the environment that may risk your products growth
BMGT 411: Chapter 2
✤ Michael Korrs
✤ Whole Foods
✤ Apple
✤ Ford
✤ Target
✤ Chipotle
✤ Coors Light
✤ Point Park University
BMGT 411: Chapter 2
✤ How to measure marketing plan performance:
1. Sales Analysis: STS Sales, YOY Sales, YTD Sales
2. Market Share Analysis: Increases in share vs key competition based on Nielsen data or other 3rd party data
3. Marketing Expense to Sales Analysis: Often used in declining brands to maintain sales with a lower marketing expense
4. Financial Analysis: Profit Margin, ROMI or Return on Marketing Investment
BMGT 411: Chapter 2
What do you think will be the key metrics to measure success for the AltheteTrax Project?