Copyright © 2012 Pearson Canada Inc.2 - 1 Administrative Items Reminder: Co-Op Application Deadline...

Copyright © 2012 Pearson Canada Inc.2 - 1

Administrative Items

• Reminder: Co-Op Application Deadline Tuesday, Jan 13th

• Reminder: In-class Quiz Wednesday

• Policy on Group Work Grades– Students need to be able to demonstrate their ability to pass the

individual components of the course to receive credit for this course. Therefore, a grade of 50% is required on individual work in order to qualify for the team-based points in this course.

• Midterm Date Change – Wednesday, Feb 11 (in class)


What’s Happening in Marketing?

• Half of Canadians used smartphones last year (Report) (Marketing Magazine, Jan 8, 2015)

• Facebook search (Techcrunch.com, Dec 8, 2014)

• Superbowl ad buys 2015


Marketing Management

• Marketing Management: – The art and science of choosing target markets and building

profitable relationships with them– Aim is to find, attract, keep, and grow customers by creating,

delivering, and communicating superior value


1. Production Concept

2. Product Concept

3. Selling Concept

4. Marketing Concept

5. Societal Marketing Concept

Marketing Management Orientations (Q3)


• Customer Relationship Management (CRM)– The process of creating, maintaining, and enhancing strong,

value-laden relationships with customers and other stakeholders.

• Different levels of relationship marketing• “One-to-many” versus “one-to-one”

• Customer Lifetime Value (Q2)• Changing nature of relationships• Target fewer more profitable customers

• Market via attraction rather than intrusion

• Interactive communication• Consumer generated content

Relationship Marketing


Societal Marketing Triangle

Examples?Examples?


Changing Marketing Landscape

• The uncertain economic environment

• The digital age

• Rapid globalization

• Sustainable marketing – call for more social responsibility

• Growth of not-for-profit marketing


Take Aways

• Successful Marketing Requires:– A Customer Focus

• Successful marketing involves paying attention to customer needs, wants, demands and providing and receiving value over repeated transactions

• Successful marketing involves a variety of activities including:

• Research (customer, product)• Product development• Pricing• Promotion (Integrated Marketing Communication)• Storing and Delivering Products• Societal Responsibility


Company and Marketing Strategy

Partnering to Build Customer Relationships

Chapter 2


Marketing Management

• A continuous process

Analysis

PlanningDevelopstrategic

plans

Developmarketing

plans

ImplementationCarry out the plans

ControlMeasure results

Evaluate results

Take correctiveaction

The process of planning, executing, and controlling marketing activities to attain marketing goals and objectives effectively and efficiently.


What is a marketing strategy?

• A plan identifying what marketing goals and objectives will be pursued and how they will be achieved in the time available.


Steps in Strategic Planning

Many companies operate without formal plans

Strategic planning is a good idea because doing so:•Forces systematic thinking about future direction•Allows anticipation and quick response to changing market conditions•Forces management to clarify objectives and policies•Creates better co-ordination


Planning Marketing

• Marketing plays a key role in strategic planning:– Provides a guiding philosophy

• The marketing concept

– Provides input to strategic planners• Identifies opportunities

– Designs strategies to reach objectives


Mission Statement Defined

• A mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment

• Good mission statements define:• what the company does, • whom it serves, • the value it provides and • how it accomplishes what it intends to do

Nike’s mission is “to bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are

an athlete.)”

Nike’s mission is “to bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are

an athlete.)”


Designing the Business Portfolio

• Business Portfolio:– The collection of businesses and products

that make up the company

• The company must:– Analyze its current portfolio and decide which

strategic business units (SBUs) should receive more, less, or no investment

– Shape the future portfolio by developing strategies for growth and downsizing


Strategic business units (SBU)

• Strategic business units (SBU)– Operate as a “company within a company”– A SBU is organized around some common element such as….

SBU

Industry Technology

TargetMarket

Customerneed


Portfolio Analysis with the BCG Growth-Share Matrix

BCG Growth Share Matrix uses market growth rate and relative market share to classify SBUs into four groups

Problems with this approach?


Product/Market Expansion Grid

• The product/market expansion grid can identify growth opportunities:


The six stages of the Strategic marketing Process

Planning stages1. Identifying and evaluating opportunities2. Analyzing market segments and selecting target markets3. Planning a market position and developing a marketing

mix strategy4. Preparing a formal marketing plan

6. Controlling efforts and evaluating the results

5. Executing the plan


Market Segmentation

• Market segmentation – Dividing a market into distinct groups with distinct needs,

characteristics, or behaviour who might require separate products or marketing mixes

• Market segment – A group of consumers who

respond in a similar way to a given set of marketing efforts

– Can be segmented along different dimensions:

• Demographic variables• Geographic location• Behavioural variables• Psychographic variables


Market Targeting & Positioning

• Market targeting – The process of evaluating each market segment’s

attractiveness and selecting one or more segments to enter

– The largest segment may not be the most profitable • Market positioning

– Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

– Positioning happens– Positioning is influenced by

promotion


The Marketing Mix

The 4 Ps of the marketing mix:

4 Cs: Buyer’s View– Customer Solution– Customer Cost– Convenience– Communication

4 Cs: Buyer’s View– Customer Solution– Customer Cost– Convenience– Communication


Marketing Control Process

• Marketing control involves four steps:– Set specific marketing goals– Measure performance in the marketplace– Evaluate performance– Take corrective action to close the gaps

between goals and performance


Return on Marketing Investment

• Return on marketing investment is assessed using one or more methods:– Standard marketing performance measures

(marketing dashboards):• Brand awareness, sales, market share

– Customer-centered measures:• Customer acquisition, customer retention,

customer lifetime value, customer equity


Marketing by the Numbers


Marketing Ethics

• www.apaydayloan.ca

• http://www.easyfinancial.com/

Copyright © 2012 Pearson Canada Inc.2 - 1 Administrative Items Reminder: Co-Op Application Deadline...

Documents

Transcript of Copyright © 2012 Pearson Canada Inc.2 - 1 Administrative Items Reminder: Co-Op Application Deadline...