Lecture 2 Corporate Marketing Planning

8/2/2019 Lecture 2 Corporate Marketing Planning

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Corporate Marketing Planning

Chapter 2


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Chapter Roadmap

Difference between corporate strategy and product mix strategy

Three Levels of corporate strategy

Mission and Vision

Scanning external environment

Porters Analysis Competitor analysis (competitive profile matrix)

External Factor Analysis Summary

Internal Factor analysis Summary

TOWS matrix

Types of Corporate strategies

Product life Cycle

Product Portfolio models


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Corporate Marketing planning

The process by which an organization sets its long termpriorities regarding products and markets in order toenhance the value of the overall company

Two kinds of decisions are involved:

1. Corporate strategy

2. Product mix strategy

In corporate strategy, management identifies thebusiness in which the company will be involved in

future by specifyinga) The range of markets to be served

b) The kinds of products to be offered


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Corporate Marketing planning

Product mix strategy identify the role eachproduct is expected to play in building the valueof the business. It should specify

a) The relative share of the firms resources to bedevoted to each product or product line

b) The kind of contribution ( rapid sales growth orhigh profitability) that each product or productline is expected to make toward building the

companys value The product mix strategy provide guidance tomiddle level managers about topmanagements expectations


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Three Levels of Strategy

Corporate Level

Composed principally of Board of Directors, CEO and Administrativeofficers

Responsible for firms Financial Performance and Non Financial Goals

In multi business firms:

Determine what business to be involved What markets to enter

How to grow the business:

- Vertical Integration

- Horizontal integration

- Diversification- Develop synergies between the various units ( economies of scope)

Set objectives for various business units

Determine investment priorities using portfolio models for various units


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Business Level Strategies

Composed principally of business and corporate managers

Translate the statements of direction and intent generated at corporatelevel into concrete objectives and strategies for individual divisions orSBUs

Determine how the division or SBU will compete in the product- marketarena

Strive to identify and secure the most promising market segment withinthat arena

Common business level strategies are:

Overall low cost leadership

Differentiation Focus

a. Low cost focus

b. Focus differentiation


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Functional Level Strategies

Develop annual objectives and short-term

strategies in functional areas

Their principal responsibility is to implement

or execute the firms strategic plans

They a address issues relating to efficiencyand effectiveness of their functional activities

in increasing the firms profitability


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8

Single-business Firms

POM/R&D

strategies

Financial/

accountingstrategies

Marketing

strategies

Human

relationsstrategies

Corporate/

business level

FunctionalLevel


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9

Multiple business Firms

Business

Level

Function

al

Level

Corporatestrategies

Business 1Business 2 Business 3

POM/R&Dstrategies

Financial/accountingstrategies

Marketingstrategies

Humanrelationsstrategies


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Comprehensive Strategic Management Model

Develop

Vision and

Mission

Statement

Scan external

Environment

Performinternal

audit

Establish

long termobjectives

Implement

strategies

Evaluate

Strategy


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Mission statement is declaration of an organizations reason for being

A clear mission statement is essential for effectivelyestablishing objectives and formulating strategies

It is usually broad in scope for at-least two reasons1. A good mission statement allows for the generation

and consideration of range of feasible alternativeobjectives and strategies without stifling managementcreativity.

2. Excess specificity would limit the potential growth forthe organization. On the other hand an overly generalstatement that does not exclude any strategyalternative should be dysfunctional

Developing Vision and Mission


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Developing Vision and Mission

A strategic vision describes the route a companyintends to take in developing and strengtheningits business. It lays out the companys strategic

course in preparing for the future. Involves thinking strategically about

Future direction of company

Changes in companys product/market/customer technology

to improve

Current market position

Future prospects


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Scanning the external environment

Analysis of General Environment

Economic, socio-cultural, technological, political-legal factors

Market

Analysis

Competitor

analysis

Supplier

Analysis

Government

Analysis

Identification of Opportunities and

Threats


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Scanning the external environment

1. Demographics: Age distribution, birthrate populationgrowth, regional population shifts etc.

2. Social cultural values: attitudes towards health andnutrition, the need for self expression, materialism,ecological concerns, product safety, etc.

3. Economic factors: inflation, unemployment rates,economic growth, raw material scarcities, energy cost,interest rates, import duties, excise taxes

4. Technology: developing and anticipated changes thataffect the kinds of product available in the market andthe kinds of processes( such as automation or the use ofsynthetic materials) used to produce these products

5. Political / Legal and regulatory actions: includingregulation on the type of advertising, product labelingand testing requirements, limitation against productcontents, pollution control, and restrictions or incentiveswith respect to imports and exports


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Industry Analysis: Porters Five Forces Model

Entry and Exit

Barriers

Power of

Buyers

Power of

Suppliers

Industry

Competitiveness

Rivalry among

existing firms

Threat of

substitutes

Threat of new

entrantsEase of exit

Scanning Task Environment


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Threat of new entrants

New entrants to an industry brings new capacity, a desire to gainmarket share, and substantial resources. They are threat to anestablished firm

The threat of an entry depends on the presence of entry barriersand the reaction that can be expected from existing competitors

An entry barrier is an obstruction that makes it difficult for acompany to enter an industry

Possible barriers to entry are:1. Economies of scale: ( Entry barriers high if existing firms have cost

advantage because of economy of scales)2. Product differentiation: ( Products of firms sold on the basis of

differentiation or as commodity, if commodity entry barriers arelow)

3. Capital Requirement:4. Switching Cost ( the ease with which the new product can easilyreplace the existing firms products)

5. Access to distribution channels: ease with which a new firm canobtain distribution and proper shelf space):

6. Government Policy:


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Exit Barriers

Specialized Assets

Fixed Cost of Exit

Strategic interrelationship Government Barriers


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Rivalry Among Existing Firms

In most industries corporations are mutuallydependent

A competitive move by one firm can be expected tohave a noticeable effect on the competitors andcause retaliation or counter efforts

Intense rivalry is related to several factors:1. Number of competitors of equal size:2. Rate of Industry Growth3. Product or service characteristics (Specialty vs.

commodity)4. Amount of fixed cost:5. Capacity increase by one firm6. Height of Exit barriers


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Buyers affect an industry through their ability to force downprices, bargain for higher quality or more services, and playcompetitors against each other.

A buyer or group of buyers are powerful if:1. A buyer purchase a large proportion of sellers product or service2. A buyer has the potential to integrate backward by producing the

product itself3. Alternate suppliers are plentiful because product is standard orundifferentiated

4. Switching cost of changing supplier low5. The purchased product represent a high percentage of buyers

cost, thus providing a incentive to shop around6. A buyer earns low profits and thus is very sensitive to costs and

service differences7. The purchased product is unimportant to the final quality or priceof a buyers product or services and thus can be easilysubstituted without affecting the final product adversely

Bargaining Power of Buyers


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Suppliers can affect an industry through their ability toraise prices, or reduce the quality of purchased goodsand services.

Supplier group is powerful if some of the followingfactors apply:

1. The supplier industry is dominated by a few companies2. The product or service is unique or has a built in

switching costs ( word processing software)3. Substitutes are not available ( electricity)4. Suppliers are able to integrate forward and compete

directly with their present customers5. A purchasing industry buys a small portion of the

suppliers groups goods and services and is thusunimportant to the supplier.

Bargaining Power of suppliers


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Threat of Substitutes

Threat of Obsolescence of Industrys product

Aggressiveness of substitute products in

promotion

Switching Cost

Perceived price/ value


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Competitor Analysis

Identifying Key Success factors within the industry Key success factors are those variables that can affect

significantly the overall competitive position of allcompanies within that industry

Usually determined by the economic and technological

characteristics of the industry and by competitive weaponson which on which the industry have built their strategies Examples: Low cost Extensive distribution

Reliability and durability of products Market share Developing Competitive profile matrix


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Competitive Profile Matrix

Key Success

Factors Weight

Company

A Rating

Company A

Weighted

score

Company B

RatingCompany B

Weighted score

1 2 3 4 5 6

Total 1.0 Total Score Total Score


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Steps for Competitive Profile Matrix

1. In column 1 (key success factors) list 6 8 factors that appear to determinecurrent and expected success in the industry

2. In column 2 ( weight) assign a weight to each factor from 1.0 ( most important)to 0.0 (least or not important) based on the factors probable impact on theoverall industrys current and future success. All weight must sum to 1.0regardless of the number strategic factors)

3. In Column 3 (Company A rating) examines a particular company within theindustry. Assign a rating of 4 for outstanding to 1.0 for poor

4. In column 4, ( company A weighted score) multiply the weight in column 2 foreach factor times in column 3 to obtain that factors weighted score forcompany A. This result in a weighted score for each key success factor rangingfrom 4 (outstanding) to 1.0 to poor

5. In column 5 ( company B rating) examine a second company within the industry. Assign rating to each key success factor from 41 based on the companys Bcurrent response to each particular factor

6. In Column 6, ( company B weighted Score) multiply the weight in column 2 foreach factor times its rating in column 5 to obtain that factors weighted score

7. Add the weighted scores for all the factors in column 4 and 6 to determine thetotal weighted score for each company.8. The total weighted score indicates how well each company is responding to

current and expected key success factor in the industry environment


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Using Resources to Gain competitive

advantage1. Identify and classify the firms resources in terms of

strengths and weaknesses2. Combine the firms strengths into specific capabilities.

Core competencies are the things that a corporation cando exceedingly well. Distinctive competencies aresuperior to competitors and provide the firm with

competitive advantage3. Appraise the profit potential of these resources andcapabilities in terms of their potential for sustainablecompetitive advantage and the ability to harvest theprofits resulting from the use of these resources andcapabilities

4. Select the strategy that best exploits the firms resourcesand capabilities relative to external opportunities

5. Identify resource gaps and invest in upgradingweaknesses


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Sources of competitive advantage

A superior market position

(e.g. a differentiatedcompetitive stance, a lower

cost base, or protected niche)

Asuperior knowledge

and or relationship base

(e.g. detailed customerknowledge, trade

relationships, technical

expertise, political links

or cartel membership

A superior resourcebase (e.g.

Size and economies of scale,

financial structures, strategicalliances, the breadth of

geographic coverage, marketing

and manufacturing flexibility,

image/ reputation, or channel

control


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Prentice Hall, 2000 Chapter 3 27

External Factor Analysis Summary (EFAS)

External

Strategic Factors Weight Rating

Weighted

Score Comments

1 2 3 4 5

1.00

Opportunities

Threats

Total Weighted Score

Notes: 1. List opportunities and threats (510 each) in column 1. 2. Weight each factor from 1.0 (Most Important) to 0.0 (Not Important) in Column 2based on that factors probable impact on the companys strategic position. The total weights must sum to 1.00. 3. Rate each factor from 5 (Outstanding)to 1 (Poor) in Column 3 based on the companys response to that factor. 4. Multiply each factors weight times its rating to obtain each factorsweighted score in Column 4. 5. Use Column 5 (comments) for rationale used for each factor. 6. Add the weighted scores to obtain the total weightedscore for the company in Column 4. This tells how well the company is responding to the strategic factors in its external environment.Source:T. L. Wheelen and J. D. Hunger, External Strategic Factors Analysis Summary (EFAS). Copyright 1991 by Wheelen and Hunger Associates.Reprinted by permission.


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Internal Factor Analysis Summary (IFAS)

Internal Factors Weight Rating

Weighted

Score Comments

1 2 3 4 5

1.00

Strengths

Weaknesses

Total Weighted Score

Notes: 1. List strengths and weaknesses (510 each) in column 1. 2. Weight each factor from 1.0 (Most Important) to 0.0 (Not Important) in Column2 based on that factors probable impact on the companys strategic position. The total weights must sum to 1.00. 3. Rate each factor from 5(Outstanding) to 1 (Poor) in Column 3 based on the companys response to that factor. 4. Multiply each factors weight times its rating to obtain eachfactors weighted score in Column 4. 5. Use Column 5 (comments) for rationale used for each factor. 6. Add the weighted scores to obtain the totalweighted score for the company in Column 4. This tells how well the company is responding to the strategic factors in its internal environment.Source:T. L. Wheelen and J. D. Hunger, External Strategic Factors Analysis Summary (EFAS). Copyright 1991 by Wheelen and Hunger Associates.Reprinted by permission.


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TOWS Matrix

External

Elements

Internal

Elements

Organizational Strengths Organizational

Weaknesses

Strategic Options

Environmental

opportunities

Environmental

Threats

SO: Strengths can be

used to capitalize or

build upon existing

opportunities

WO: The strategies

developed need to

overcome organizational

weaknesses if existing or

emerging opportunities areto be exploited

ST: Strengths in the

organization can be used to

minimize existing or

emerging threats

WT: The strategies pursued

must minimize or

overcome weaknesses and

cope with threats


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SO Strategies

Generate strategies herethat use strengths to takeadvantage of opportunities

ST Strategies

Generate strategies herethat use strengths toavoid threats

WO Strategies

Generate strategies herethat take advantage ofopportunities byovercoming weaknesses

WT Strategies

Generate strategies herethat minimize weaknessesand avoid threats

INTERNALFACTORS

(IFAS)EXTERNALFACTORS(EFAS)

Strengths (S)

List 5 10 internalstrengths here

Weaknesses (W)

List 5 10 internalweaknesses here

Opportunities (O)

List 5 10 externalopportunities here

Threats (T)

List 5 10 externalthreats here

TOWS Matrix5.4 TOWS Matrix (Fig. 5.2)

Source: Adapted from Long-Range Planning, April 1982, H. Weihrich, The TOWS MatrixA Tool for Situational Analysisp. 60. Copyright 1982, with kind permission from H. Weihrich and Elsevier Science Ltd. The Boulevard, Langford Lane,Kidlington OX5 1GB, UK.


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Setting Objectives

Purpose ofsetting objectives

Converts vision into specific performance targets

Creates yardsticks to track performance

Well-stated objectives are

Quantifiable

Measurable

Contain a deadline for achievement Spell-out how much ofwhat kind

of performance by when


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Common types of corporate

Objectives1. Profitability: Net profit as a percent of sale Net profit as percent of total investment Net profit per share of common stock2. volume: Market share

Percentage growth in sales Sales rank in the market Production capacity utilization3. Stability: Variance in annual sales volume Variance in seasonal sales volume

Variance in profit4. Non-financial Maintenance of family control Improved corporate image Enhancement of technology


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Types of Corporate strategies

Organizations have two fundamental directionsin which to proceed when selecting a corporatestrategy

1. Growth

Growth strategy is one in which sales growth (usually from new products or markets)becomes a vehicle for achieving a stability orenhanced profitability

2. Consolidation The firm seek to achieve current goals

(especially enhanced profits) through non-growth


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Basic types of corporate strategies

Growth Strategies: For current markets- Market penetration- Product development- Vertical integration

For new markets- Market development- Market expansion- Diversification- Strategic alliances

Consolidation- Retrenchment- Pruning- Divestment


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1. Market penetration Aims at increasing sales of existing products in the

current market Is achieved by increasing the level of marketing effort (

increasing advertisement, distribution, number of sales

personnel) It is essentially a status quo because it requires no change

in firms products or services As long as the current performance is sound, and the

environment supports growth and profits opportunities,a firm may want to stick to its basic business

Market penetration may not be feasible when a brandreaches a practical ceiling of sales

Growth strategies for Current Market


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2. Product Development Involves the development of new product for existing

markets in order to:- Meet customer needs- March new competitive offerings

- Take advantage of new technology- Meet the needs of specific market segments The strategy involves replacing or reformulating existing

products or expanding the product line Product development is appropriate when changing needs

and tastes result in the emergence of new segments or; when competitive and technological changes motivate

firms to modify their product lines



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3. Vertical Integration: To make a firm more efficient in serving existing markets.

Such integration is is accomplished when a firm becomesits own supplier( Backward integration) or intermediary (

forward integration) These strategies will be most appropriate when theultimate markets have high growth potential, becauseintegration requires extensive resources

In practice, vertical integration is not nearly as simple as

other current market strategies because the skills requiredfor forward or backward integration may be very different


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Growth Strategies for New Markets

1. Market Development: Bringing current products to new markets

Management will employ this strategy

when:- existing products are stagnant

- Market share increases are difficult toachieve because market shares are already

very high or competitors are very strong This strategy can be implemented by

identifying new uses or new users


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2. Market Expansion: Moving into new geographic market areas International market expansion can be pursued at three

levels:- Regional strategy implies that a company will concentrate

its resources and efforts in one or two areas- Multinational strategies (multi-domestic) involves a

commitment to a broad range of national marketsincluding those in Europe. Asia, and the Americas. Suchfirms organize their businesses around nations so thatseparate marketing strategies (including range ofproducts to offer) are left largely to local subsidiary

- Global strategy is employed when an organizationoperates in a broad set of markets but with a commonset of strategic principles


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. Diversification strategy: A strategy that involves both new products and new

markets

This strategy is likely to be chosen when one or more

of the following conditions exist- No other growth opportunities can be established

with existing products or markets

- The firm has unstable sales or profits because it

operates in markets that are characterized by unstableenvironments

- The firm wishes to capitalize on a distinctivecompetence


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Types of diversification

a) Related Diversification

- Company taking advantage of manufacturing

technology, Research and Developmentdistribution, customers to get economies ofscope

b. Unrelated /Conglomerate diversification:

- Adding new and unrelated products to newcustomers


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Three types of consolidation strategiesi. Retrenchment

Essentially the opposite of market development

A firm reduces its commitment to its existing products bywithdrawing from weaker markets

This strategy is pursued when a firm has experienced unevenperformance in different markets

ii. Pruning :

When a firm reduces the number of products offered in a market

Opposite to product development and occurs when a firm

decides that some market segments are too small or too costlyto operate

Consolidation strategies


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Consolidation strategies

Divestment; When a firm sells off a part of its business to

another organization Divestment is opposite to diversification as the

firm is taking itself out of a particular market

A firm typically pursues divestment strategieswhen management becomes aware that:

- A particular business is not meeting theorganizations objectives

- A diversification strategy has ailed. This is morelikely to happen when the business does not fitthe organizations competencies and when topmanagement fails to appreciate the kinds ofskills central to success in that market

P d t Mi St t i


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Product Mix Strategies

Introduction Growth Maturity Decline

Product Life Cycle


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Product Life Cycle

Plays an important part in the development of product mixstrategy

It helps in identifying the significance of sales trends and toassess the changing nature of competition, costs, and marketopportunities over time

1. Introduction

The product is new to the market No direct competition Buyers must be educated about what the product does, how it is

used, and where to buy it2. Growth:

Product is more widely known Sales grow rapidly because new buyers enter the market andbuyer find many ways to use the product

Many competitors enter the market Major marketing task is to build market share


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Product Life Cycle

3. Maturity: Sales growth levels off as nearly all potential buyers

have entered the market Consumers are knowledgeable about the alternatives

Repeat purchase dominate the sales, and productinnovations are restricted to minor improvements Only the strongest competitors survive4. Decline> Sales slowly declines because of changing buyer

needs or because of introduction of new productsthat are sufficiently different to have their own lifecycles

Product life cycle


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Product life cycleDifferent Definitions of Relevant Markets

LevelIllustrative Measure(s)

Product Form Sale of regular tea, or decaffeinated tea, or

herbal tea

Product Class Sale of tea

Generic Need Sales of all beverages

Managers could select from different portrayal of life cycle for a given

product

An executive at a company that makes tea could consider three

different levels of the markets in which the product competes when

measuring unit sales. The decision involved in selecting a level is

known as determining the relevant market


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Product life cycle

One could arrive at a very different interpretation of product lifecycle depending on how the relevant market is defined Generic need life cycles are seldom useful for strategy purposes

because they seldom experience significant changes Product form and product class life cycles are of substantial value

to the process of developing strategies From the view point of corporate marketing planning, the product

life-cycle has two major contributions1. Product form life cycle stage tells more about the market

opportunities than does current brand growth rate. Low brand-sales growth may occur because the market share may bedeclining in a growth stage or because market share is stable in amature market.

By knowing which state a product is in enables the management

to evaluate the opportunities for enhancing brand-sales growth2. Knowing the stage of product life-cycle enables a firm to projectfuture costs and profits

Li i i f P d lif l


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Limitations of Product life-cycle

concept

1. It does not take into consideration specificcompetencies and resources of the competitorsin a given market. Thus:

If the competitors have extensive financialresources available, the level of marketing

expenditure necessary at various stages may begreater than the model suggest Competitors that are financially strong due to

sales of the other products may survive intomarket maturity even with small market shares

2. Competitors may mistake leveling of growth asan indicator of maturity when the true cause isa lack of industry promotional effort or pricesthat are too high.


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Organizations have a range of products with varyingcharacteristics. Top management strive to find a balanceamong alternative products.

In seeking long-run balance managers must recognize thatsome products will generate large amount of cash over and

above what is required for operating expenses or foradditional investment. Other products will, at-least in short run will generate far

less cash than is needed for operating expenses Portfolio models are methods that managers can use to

classify products in order to determine the future cash

requirements each product will have. In using a portfolio model, managers must examine the

competitive position of a product and opportunitiespresented by the market

Product Portfolio Models


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The BCG model assumes that cash flow andprofitability will be closely related to sales volume Products are classified in terms of the products

market share dominance and in terms of rate ofgrowth in that market

A firms relative market share is the ratio of itsshare to that of its largest competitor (X). The rate of growth of the market can be

interpreted as reflecting the stages in the PLChigh growth reflecting the first two stages and

low growth reflecting the maturity and decline The BCG matrix enables the a manager to classifyfirms product s into four basic types: Stars,Problem child, cash cows, and dogs

The BCG Growth Share Matrix


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BCG Growth Share Matrix

Market Dominance

Market

GrowthRate

High Low

Low

High STAR

Cash Generated ++

Cash Use _ _ _

_________

NET (0.-)

Problem Child

Cash Generated +

Cash Use _ _ _

______

NET ( _ _ _)

Cash COW

Cash Generated + + +

Cash Use -

__________

NET ( + +)

Dogs

Cash generated +

Cash Use -

______

NET ( -.0)


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BCG Matrix Example

Division Revenue Percent

Rev.

Profits % profit RMS %

Growth1

2

3

45

$60,000

40,000

40,000

20,0005,000

37

24

24

1203

10,000

5,000

2000

8,000500

39

20

08

3102

.80

.40

.10

.60

.05

+15

+10

+1

-20-10

Total 165,000 100 25,500 100

GE Matrix


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GE Matrix Evaluating Industry Attractiveness Relative to others

Market Size and projected growth

Intensity of competition

Emerging opportunities and threats

Seasonal cyclical factors

Resource RequirementsPresence of cross industry strategic fits and resourcefits

Industry profitability

Social, regulatory and environmental factorsIndustry uncertainty and business fits

E l i I d A i R l i h


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Evaluating Industry Attractiveness Relative to others

Industry

Attractiveness Factor

Weight Rating A Weightedscore A

RatingB

WeightedScore B

Market Size and projectedgrowth

Intensity of competition

Emerging opportunities and

threatsSeasonal cyclical factors

Resource Requirements

Presence of cross industrystrategic fits and resource fits

Industry profitability

Social, regulatory andenvironmental factors

Industry uncertainty and

business fits

C titi St th f h f th


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Competitive Strength of each of the

companys Business Units

Relative Market ShareCosts relative to competitors

Ability to match rivals on key product attributes

Bargaining leverage with suppliers/ buyers

Strategic-fit relationships with sister businesses

Technology and innovation capabilities

How well resources are matched to industry keysuccess factors

Brand name reputation/image

Degree of profitability relative to competitors

C titi St th f h f th B i U it


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Competitive Strength of each of the companys Business Units

Competitive strength measure Weight RatingSBU 1

WeightedScoreSBU1

RatingSBU 2

WeightedScore SBU2

Relative Market Share

Costs relative to competitors

Ability to match rivals on keyproduct attributes

Bargaining leverag4e withsuppliers/ buyers

Strategic-fit relationships withsister businesses

Technology and innovation

capabilitiesHow well resources arematched to industry keysuccess factors

Brand name reputation/image

Degree of profitability relative

Directional Policy Matrix


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Directional Policy Matrix

Competitive Position

Market

Attractive-ness

Strong Medium Weak

HIGH

Medium

Low

Maintain leadership Challenge leaderOvercome weakness,

find niche, or quit

Challenge leader Manage for earnings Harvest

Cash generator Harvest Divest

D l GE M t i


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Develop GE Matrix

Division Sales % sales Profits % profit I. A. S C. strength

1 $100 .25.0 10 .50 3.2 3.6

2 200 .50.0 5 25 3.5 2.1

3 50 12.5 4 20 2.1 3.1

4 50 12.5 1 5 2.5 1.8

Lecture 2 Corporate Marketing Planning

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Transcript of Lecture 2 Corporate Marketing Planning