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Describe three kinds of organizations and the three levels of strategy in them.
Explain why managers use marketing dashboards and marketing metrics.LO 2-3
LO 2-2
LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 2, YOU SHOULD BE ABLE TO:
LO 2-1
Describe core values, mission, organizational culture, business, and goals.
LO 2-4 Discuss how an organization assesses where it is now and where it seeks to be.
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LO 2-6
LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 2, YOU SHOULD BE ABLE TO:
LO 2-5 Explain the three steps of the planning phase of the strategic marketing process.
Describe the four components of the implementation phase of the strategic marketing process.
LO 2-7 Discuss how managers identify and act on deviations from plans.
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STARTING A BUSINESS BY GETTING AN “A”IN AN ICE CREAM-MAKING COURSE!
Ben & Jerry’s
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TODAY’S ORGANIZATIONSKINDS OF ORGANIZATIONS
LO 2-1
Organization Offerings
For-Profit Organization (Business Firm)
Nonprofit Organization
Industry: Organizations that have similar offerings
Government AgencyLED Lightbulb
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MAKING RESPONSIBLE DECISIONSUsing Social Entrepreneurship to Help People
Social Entrepreneurship
Teach for AmericaSightLife
LO 2-1
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FIGURE 2-1 The board of directors oversees the three levels of strategy in organizations: corporate, business unit, and functional
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Strategy
TODAY’S ORGANIZATIONSSTRATEGY AND ORGANIZATIONAL STRUCTURE
LO 2-1
Corporate Level:
Chief Marketing Officer (CMO) Strategic Business Unit
(SBU) – for related offerings. • Perfume • Leather
Goods• Luggage
Prada
Chief Executive Officer (CEO)
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TODAY’S ORGANIZATIONSSTRATEGY AND ORGANIZATIONAL STRUCTURE
LO 2-1
Functional Level: groups create value for the organization
Department: groups with a specific function (ex: marketing)
Cross-Functional Teams: Groups with a common purpose/task
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FIGURE 2-2 Visionary organizations:(1) establish a foundation, (2) set a direction, and (3) create strategies to successfully develop and market their offerings
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STRATEGY IN VISIONARY ORGANIZATIONSORGANIZATIONAL FOUNDATION (WHY)
LO 2-2
Core Values: Principles that guide an organization
OrganizationalCulture
Mission
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Star Trek’s Star Ship EnterpriseWhy is a mission statement important?
LO 2-2
Example:Star Trek’s Star Ship Enterprise
Mission Statement“To explore strange new worlds, to
seek out new life and new civilizations, to boldly go where no
one has gone before.”
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STRATEGY IN VISIONARY ORGANIZATIONSORGANIZATIONAL DIRECTION (WHAT)LO 2-2
• What do we do?
• What businessare we really in?
Business
BusinessModel
Angry Birds
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STRATEGY IN VISIONARY ORGANIZATIONSORGANIZATIONAL DIRECTION (WHAT)
LO 2-2
• Profit
• Sales ($ or #)
• Market Share
• Customer Satisfaction
• Employee Welfare
• Social Responsibility
• Quality • Efficiency
Goals or Objectives: Targets of performance to achieve
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Goals or Objectives
STRATEGY IN VISIONARY ORGANIZATIONSORGANIZATIONAL DIRECTION (WHAT)
LO 2-2
• Specific
• Measurable
• Relevant
• Attainable
• Time-Based
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STRATEGY IN VISIONARY ORGANIZATIONSORGANIZATIONAL STRATEGIES (HOW)
LO 2-2
Strategies and Plan Vary by Level:
And Vary by Offering
• Corporate • SBU • Functional
• Product • Service • IdeaMedtronicWeb site
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STRATEGY IN VISIONARY ORGANIZATIONSORGANIZATIONAL STRATEGIES (HOW)
LO 2-2
Marketing Plans
Business Plans
• Long-Range
• Annual Review
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STRATEGY IN VISIONARY ORGANIZATIONS TRACKING STRATEGIC PERFORMANCE
LO 2-3
Marketing Dashboards: Visual display of essential marketing information
Marketing Metric: Measures the value of an activity or result
Data VisualizationDundas
Dashboard
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FIGURE 2-3 An effective marketing dashboard helps managers assess a business situation at
a glance
Source: Dundas Data Visualization
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FIGURE 2-3A Marketing Dashboard: Website Traffic Sources
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FIGURE 2-3B Marketing Dashboard: Sales Performance by SBU
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FIGURE 2-3C Marketing Dashboard: Monthly Website Visits by State
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USING MARKETING DASHBOARDSHow Well is Ben & Jerry’s Doing?
LO 2-3
Dollar Sales and Dollar Market Share
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SETTING STRATEGIC DIRECTIONSWHERE ARE WE NOW?
LO 2-4
• Give a competitive Advantage
Competencies
Must Understand Customers’ Wants
Lands’ End
Medtronic
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SETTING STRATEGIC DIRECTIONSWHERE ARE WE NOW?
LO 2-4
Competitors
Who are Lands’ End’s Competitors?
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SETTING STRATEGIC DIRECTIONSWHERE DO WE WANT TO GO?
LO 2-4
Business Portfolio Analysis (BCG Matrix): Quantifies performance
Mar
ket G
row
th R
ate
Stars
Cash Cows Dogs
Question Marks
Relative Market Share
High
High Low
Low
Boston ConsultingGroup
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Apple Consumer-Related ProductsWhat SBU type in the BCG growth-share matrix?
LO 2-4
TabletsSmartphones
MP3 PlayersDesktop/Laptop PCs
Apple.com
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FIGURE 2-4 BCG business portfolio analysis for Apples consumer SBUs
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Diversification Analysis
• Market Penetration
• Market Development
• Product Development
• Diversification
SETTING STRATEGIC DIRECTIONSWHERE DO WE WANT TO GO?
LO 2-4
Ben & Jerry’sBonnaroo Buzz Ad
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FIGURE 2-5 Four alternative market-product strategies for Ben & Jerry’s to expand sales revenues using diversification analysis
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THE STRATEGIC MARKETING PROCESSLO 2-5
• How Do We AllocateOur Resources to Get toWhere We Want to Go?
Strategic Marketing Process
• How Do We ConvertOur Plans into Actions?
• How Do Our Results CompareWith Our Plans and DoDeviations Require New Plans?
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FIGURE 2-6 The strategic marketing process has three phases: planning, implementation, and evaluation
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THE STRATEGIC MARKETING PROCESSTHE PLANNING PHASE
LO 2-5
Weaknesses
Strengths
Threats
Opportunities
• Situation Analysis
• SWOT Analysis
Step 1: Situation (SWOT) Analysis
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THE STRATEGIC MARKETING PROCESSTHE PLANNING PHASE
LO 2-5
Step 1: Situation (SWOT) Analysis
Analyze Competitors
Identify Industry Trends
Research Present and Prospective Customers
Assess the Organization
• SWOT Analysis Study
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FIGURE 2-7 Ben & Jerry’s SWOT analysis that serves as the basis for management actions regarding growth
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THE STRATEGIC MARKETING PROCESSTHE PLANNING PHASE
LO 2-5
Step 1: Situation (SWOT) Analysis
Correct a Weakness
Build on a Strength
Avoid a Disaster- Laden Threat
Exploit an Opportunity
• SWOT Analysis Actions
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THE STRATEGIC MARKETING PROCESSTHE PLANNING PHASE
LO 2-5
• Market Segmentation: Group buyers by needs
• Points of Difference: Makes product superior
Step 2: Market-Product Focus and Goal Setting
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THE STRATEGIC MARKETING PROCESSTHE PLANNING PHASE
LO 2-5
• Set Marketing & Product Goals
• Select Target Markets
• Find Points of Difference
• Position the Product
Example: Medtronic’s Pacemaker
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THE STRATEGIC MARKETING PROCESSTHE PLANNING PHASE
LO 2-5
• Product Strategy
• Price Strategy
• Promotion Strategy
• Place (Distribution) Strategy
Step 3: Marketing Program
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FIGURE 2-8 The four Ps elements of the marketing mix must be blended to producea cohesive marketing program
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THE STRATEGIC MARKETING PROCESSTHE IMPLEMENTATION PHASE
LO 2-6
Obtaining Resources
Designing the Marketing Organization
Defining Precise Tasks, Responsibilities, and Deadlines
Executing the Marketing Program
• Marketing Strategy • Marketing Tactics
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THE IMPLEMENTATION PHASE OFTHE STRATEGIC MARKETING PROCESS
IS PLANNING OR IMPLEMENTATION THE PROBLEM?LO 2-6
• Poor• Excellent
The Implementation
The Plan and Strategy
Both
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FIGURE 2-B Results of good and bad marketing planning and implementation
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FIGURE 2-9 Organization of a typical manufacturing firm, showing a breakdownof the marketing department
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THE STRATEGIC MARKETING PROCESSTHE IMPLEMENTATION PHASE
LO 2-6
Defining Precise Tasks, Responsibilities, and Deadlines• Time-Based Agenda
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THE STRATEGIC MARKETING PROCESSTHE IMPLEMENTATION PHASE
LO 2-6
Defining Precise Tasks, Responsibilities, and Deadlines
• Gantt Chart
• Action Item List
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FIGURE 2-E Tasks and time needed to complete a term project
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FIGURE 2-10 Gantt chart for scheduling a term project that distinguishes sequential and concurrent tasks
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THE STRATEGIC MARKETING PROCESSTHE EVALUATION PHASE
LO 2-7
• Exploiting a Positive Deviation
• Correcting a Negative Deviation
Acting on Deviations
• Planning Gap: Compare goals vs. results
Comparing Results withPlans to Identify Deviations
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FIGURE 2-11 The evaluation phase requires that Apple compare actual results with goals to identify and act on deviations to fill in the “planning gap” by 2014
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THE EVALUATION PHASE OFTHE STRATEGIC MARKETING PROCESS
MARKETING ROI, METRICS, AND DASHBOARDSLO 2-7
Marketing ROI
Marketing Metrics
Marketing Dashboards
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IBM: USING STRATEGY TO BUILDA “SMARTER PLANET”
VIDEO CASE 2
IBM Video Case
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VIDEO CASE 2IBM
1. What is IBM’s “Smarter Planet” business strategy? How does this strategy relate to IBM’s mission and values?
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2. Conduct a SWOT analysis for IBM’s Smarter Planet initiative. What are the relevant trends to consider for the next three to five years?
VIDEO CASE 2IBM
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VIDEO CASE 2IBM
3. How can IBM communicate its strategy to companies, cities, and governments?
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VIDEO CASE 2IBM
4. What are the benefits of the Smarter Planet initiative to (a) society and (b) IBM?
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VIDEO CASE 2IBM
5. How should IBM measure the results of the Smarter Planet strategy?
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CALCULATING A“FOG INDEX” FOR
YOUR OWN WRITING
IN-CLASS ACTIVITY 2-1
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MARKETING YOURSELF
IN-CLASS ACTIVITY 2-2
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ICA 2-2Marketing Yourself
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ICA 2-2Marketing Yourself
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Profit
Profit is the money left after afor-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings.
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Strategy
Strategy is an organization’slong-term course of action designed to deliver a unique customer experience while achieving its goals.
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Core Values
Core values are the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
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Mission
A mission is a statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. The term is often used interchangeably with vision.
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Organizational Culture
An organizational culture consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members ofan organization.
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Business
A business describes the clear, broad, underlying industry or market sector of an organization’s offering.
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Goals or Objectives
Goals or objectives are the statements of an accomplishment of a task to be achieved, often by a specific time.
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Market Share
Market share is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
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Marketing Plan
A marketing plan is a road map for the marketing actions of an organization for a specified future time period, such as one year or five years.
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Business Plan
A business plan is a road map for the entire organization for a specified future period of time, such as one year or five years.
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Marketing Dashboard
A marketing dashboard is the visual computer display of the essential information related to achieving a marketing objective.
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Marketing Metric
A marketing metric is a measure of the quantitative value or trend of a marketing action or result.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Business Portfolio Analysis
Business portfolio analysis is a technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBUs) as though they were a collection of separate investments.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Diversification Analysis
Diversification analysis is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Strategic Marketing Process
The strategic marketing process is an approach whereby an organization allocates its marketing mix resources to reach its target markets.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Situation Analysis
A situation analysis involves taking stock of where the firm or product has been recently, where it is now, and where it is headedin terms of the organization’s marketing plans and the external forces and trends affecting it.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
SWOT Analysis
A SWOT analysis is an acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Market Segmentation
Market segmentation involves aggregating prospective buyers into groups, or segments, that(1) have common needs and(2) will respond similarly to a marketing action.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Points of Difference
Points of difference are those characteristics of a product that make it superior to competitive substitutes.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Marketing Strategy
Marketing strategy is the means by which a marketing goal is to be achieved, usually characterizedby a specified target market anda marketing program to reach it.
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This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Marketing Tactics
Marketing tactics are the detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies.