Principles of Marketing - week 2 - Marketing Strategy

Marketing Strategy Planning p. 30

Objectives
Making good marketing decisions is never easy, yet knowing what basic decision areas to consider helps you to plan a more successful strategy. This chapter will get you started by giving you a framework for thinking about marketing strategy planning: the essentials for the whole course.

Learning outcomes

• Understand what a marketing manager does;
• know what marketing strategy planning is - and why it is the focus of this book;
• understand target marketing;
• be familiar with the 4 P's in a marketing mix;
• know the difference between a marketing strategy, a marketing plan and a marketing program;
• undertand what customer equity is and why marketing strategy planners seek to increase it.
• be familiar with the text's frameword for marketing strategy planning - and why it involves a process of narrowing down from broad opportunities to the most attractive marketing strategy; 
• know four broad types of marketing opportunities that help in identifying new strategies;
• understand why strategies for opportunities in international markets should be considered; understand the important terms in marketing.

The Management Job in Marketing p. 33

• The marketing management process is the process of 
• planning marketing activities (guidelines for implementation-specify expected results)
• directing the implementation of the plans
• controlling these plans (feedback leas to changes in plans).
• Marketing Managers should seek new opportunities as market conditions are continually changing.
• Strategic Planning is the managerial process of developing and maintaining a match between an organisation's resources and its market opportunities. It includes planning not only for marketing but also for production, finance, human resources, and other areas.

What is a Marketing Strategy?
A marketing strategy specifies a target market and a related marketing mix. Two interrelated parts are needed:

• A target market
• A marketing mix

Selecting a Market-Oriented Strategy is Target Marketing p. 34

• Target Marketing says that a marketing mix is tailored to fit some specific target customers. 
• In contrast, mass marketing (typical production-oriented approach) assumes that everyone is the same and considers everyone to be a potential customer.

Developing Market Mixes for Target Markets p. 35

• Marketing Mix - 4 Ps (see separate posting today)

The Marketing Plan is a Guide to Implementation and Control p. 41

• Marketing plan fills out marketing strategy: a marketing plan is a written statement of a marketing strategy and the time-related details for carrying out the strategy.
• marketing mix
• costs
• Sales and profits

• Implementation puts plans into operation: many operational decisions to help implement  strategies may be needed.
• Several plans make the Marketing programme

The Marketing Programme Should Build Customer Equity p. 43

• Expected profits depend on customer equity
• Owners expect financiel returns
• Profit growth comes from customers
• Each marketing strategy contributes to customer equity
• The parts of the marketing programme must work as a whole
• Planning for each strategy requires care

The Importance of Marketing Strategy Planning p. 45

• Time for new strategies in the watch industry - a case study

Creative Strategy Planning Needed for Survival p. 46

• Focus on best practices for improved results
• Copernicus - a case study includes marketing performance
• new product success
• Advertising ROI
• Sales promotion
• Customer satisfaction
• Customer acquisition efforts
• Customer Retention / Loyalty

What are Attractive Opportunities p. 47
Attractive opportunities are often fairly close to markets the firm already knows. 

• Breakthrough opportunities are best
• Competitive advantage is needed - at least
• Avoid hit-or-miss marketing with a logical process

Marketing Strategy Planning Process Highlights Opportunities p. 49

Overview:

• Customers
• Company
• Competitors

SWOT analysis highlights advantages and disadvantages. 
Process narrow down from broad opportunities to specific strategy.

• Segmentation & Targeting:  Segmentation helps pinpoint the target.
• Differentiation and Positioning:

Results: Narrow down to a superior marketing mix distinct from and better than competitor's.

• Market Mix 
• Target Market

Types of Opportunities to Pursue p. 51

• Market penetration: Present products, Present markets (most preferred strategy)
• Market development: Present products, New markets
• Product development: New products, Present markets
• Diversification: New products, New markets

International Opportunities Should be Considered p. 53

• The world is getting smaller
• Develop a competitive advantage at home and abroad
• Get an early start in a new market
• Find better trends in variables
• Screening must consider risks as well as benefit.