Bmgt 411 chapter_2

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?