Class Two: Marketing Management Flashcards
what is marketing management
developing and maintaining a viable fit between orgs strengths and markets changing opportunities
org has certain strengths, they scan the envirinment, and see what they can do well, to find success (this is mktg mgmt)
what are marketing strengths
INTERNAL:
- product quality
- brand rep
- cost efficieicny
- supply chain alliances
- prod capacity
- patent protection
market opportunity
EXTERNAL:
- compeititve intensity
- market size
- market growth rate
- demand variability
- economic stability
- idnustry profitability
what is mktg mgmt process
- corporate planning results in a markte strategy
once strategy developed
then you need to…
1.create mktg objecitve
2. environmental assesment
3. product market assesment
4. marketing strategy
what is a mission statement
answers: what business are we in?
- provides parameteres of org
- market oriented mission statement defines business in terms of customer needs
KEY: do not define urself contingent on what you sell
marketing myopia
many industreis FAIL because they focus on a product or tech and NOT the market need
which is why in mission statement you focus on the NEED not the product
marketing objectives
corporate: ROI, earnins, stock
mktg:
-product category objective(increasing sales, mkt share, quality, penetration)
- brand (awareness, satisfaction, loyalty)
environemntal assesment
MICROENVIRONMENT:
- 3Cs (company, customer [consumer behaviour], competitor)
- Cooperative- suppliers, distributors, partners
MACROENVIRONMENT:
- Political/legal, tech, economic, socio/demographics, environemtnal
- societal- public interest, social repsonsiibility
COMPETITIVE FORCES:
- supply based competition (NAICS categories)/trade/professional assocaition categories
demand based competiiton (under competitive forces)
- BRAND COMPETIITON: competing products with similar features and benefits [same good with diff name]
- PRODUCT COMPETITION:
competing with products in the same product class but different features and benefits [not the same item, but same benefits!] - TOTAL BUDGET COMPETITIN: this is about indirect competition! Total budget comp means we look at products across different classes! all the diff choices customers have on a need based level
EConomic forces (under env assesment)
Statndard indcators (GDP_
Business cycle (recession/map)
consumer confidence (index)
what is a value propositon
CONCISE STATEMNT SUMMARIZING THE TARGET MARKET, THE PRODUCT/BRAND, COMPETITIORS, AND THE COMPETIITVE DIFFERENCE!
what is the porduct marekt assesmnt
formal framework for identifying and framing org growth opportunities!
the ansoff matrix!
exisiting product
existiing market
new product
existing market
existing product
new market
new product
new market
market penetration
product deve
market dev
diversification
market penetration
selling current prodcuct to current market
goals:
- increase present buyer consumtpion rates
- increase product adoption among potential customers
STRATEGIES:
- lower price
- expand distirbution channel
- improve quality
- head to head promo
ONLY MAKING SLIGHT ADJUSTMENTS! these are alr ur loyal customers!!!!
Market development
introducing existing product to unservd market
- different georgraphic region! alt demographic profile
STRATEGIES:
- minor modification of existing product offering
- alt distribution outlets
- unique communication campagins
- switching promtiosn
STILL DOING MINOR TWEAKS
product evelopment
creating a ne woffering in an existing market
- product innovaiton
- alt product class/line
- brand extension
STRATEGIES:
- develop significant point of dinfference
- elverage brand equity
- look for line or brand extensions
Diversification
develop new product offerings in markets not current being served by org
SOMETHING DIFFERENT TO DIFFERENT GROUP!
product innovaiton/augmentiaton & unique geographic/demogrpahic. profile
STRATEGIES:
LINE OR BRAND EXSTINON, LAT DIstributiON CHANNELS
4 Ps + 1 P
product, price, promotion, place
all to go to target customers = intended positioning
VISION: who will you be in the future
MISSION: who will you be right now
ansoff matrix gives you what?
marketing strategies!!!
