Marketing Strategy: A Decision-Focused Approach Chapter 1

Front 1

A fundamental pattern of present and planned objectives, resource deployments, and interactions of an organization with markets, competitors, and other environmental factors.

Back 1

Strategy

Front 2

A strategy should specify (3):

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1. What (objectives to be accomplished2. Where (on which industries and product-markets to focus)3. How (which resources and activities to allocate to each product-market to meet environmental opportunities and threats to gain a competitive advantage)

Front 3

1. Scope2. Goals and objectives3. Resource deployments4. Identification of a sustainable competitive advantage5. Synergy

Back 3

Components of a Strategy

Front 4

Hierarchy of Strategies:

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1. Corporate Strategy2. Business-Level Strategy3. Functional Strategies

Front 5

It's primary focus are the decisions about the organization's scope and resource deployments across its divisions or business.

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Corporate Strategy

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1. What business(es) are we in?2. What business(es) should we be in?3. What portion of our total resources should we devote to each of these businesses to achieve the organization's overall goal and objectives?

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Essential questions of the corporate strategy.

Front 7

It's focus is to know how a business unit competes within its industry.

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Business-Level Strategy

Front 8

1. Sustainable competitive advantage2. Appropriate scope3. Synergy across product-markets and across functional departments.

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Business Strategy's Major Issues

Front 9

It's focus is to effectively allocate and coordinate marketing resources and activities to accomplish the firm's objectives within a specific product-market.

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Marketing Strategy

Front 10

1. Specifying the target market(s) for a particular product or product line.2. Seek for competitive advantage and synergy through a well-integrated program of marketing mix elements.

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Marketing Strategy's Critical Issues

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Holds that the planning and coordination of all company activities around the primary goal of satisfying customer needs is the most effective means to attain and sustain a competitive advantage and achieve company objectives over time.

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Marketing concept

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Pay a lot of attention to customer research before products are designed and produced.

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Market-oriented organizations.

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Return on assets, sales growth and new product success.

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Are som positive effects of a market orientation.

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¿The companies should try to satisfy all customers need regardless of the cost?

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No, market concept is consistent with the notion of focusing on only those segments of the customer population that the firm can satisfy both effectively and profitably.

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Business that focus most of their attention and resouces on such functions as product and process engineering, production, and finance in order to acquire and manage the resources necessary to keep pace with growing demand.

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Product-oriented or production-oriented companies.

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A firm that achieved success by being in tune with its environment loses touch with its market because managers become reluctant to tamper with strategies and marketing programs that worked in the past. This is called...?

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Strategic Inertia

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1. Increased globalization2. growth of service sector of the economy and the importance of maintaining customer satisfaction and loyalty3. Rapid development of new information and communications technologies4. Growing importance of relationships for improved coordination and increased efficiency of marketing programs and for capturing a larger portion of customers' lifetime value.

Back 17

Recent developments affecting the strategic role of marketing.

Front 18

1. Analysis of the 4 Cs2. Integrating the Marketing Strategy (MS) with the firm's other strategies3. Market opportunity analysis4. Formulating MS for specific situations5. Implementation and control6. The marketing plan

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Process for formulating and implementing a Marketing Strategy (MS)

Front 19

Analysis necessary to provide the foundation for a good strategic marketing plan.

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Analysis of the "Four Cs"

Front 20

1. the Company's internal resources, capabilities, and strategies2. the environmental Context (brad social, economic, technology trends) in which the firm will compete3. the relative strengths and weaknesses of Competitors and trends in the competitive environment4. the needs, wants, and characteristics of current and potential Customers

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The 4 C's

Front 21

1. Understanding Market Opportunities2. Measuring Market Opportunities3. Market Segmentation, Targeting, and Positioning Decisions

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Part of the Market Opportunity Analysis

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1. Conducting an examination of the external environment, including the markets served and the industry of which the firm is a part.2. Examine the management team that will be charged with implementing whatever strategy is developed in order to determine if they have what it takes to get the job done.

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Requirements for understanding Market Opportunities

Front 23

Distinct subsets of people with similar needs, circumstances, and characteristics that lead them to respond in a similar way to a particular product or service offering or to a particular strategic marketing program.

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Market segments

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Who should decide which segments represent attractive and viable opportunities for the company?

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The Manager

Front 25

To design the product and its marketing program so as to emphasize attributes and benefits that appeal to the customers in the target segment and at once distinguish the company's offering from those of competitors.

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Position

Front 26

The marketing strategy of a firm should be consistent with (4):

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1. the resources2. the organizational structure3. the coordination and control systems4. the skills and experience of company personnel

Front 27

It is a written document detailing the current situation with respect to customers, comeptitors, and the external environment and providing guidelines for objectives, marketing actions, and resource allocations over the planning period for either an existing or a proposed product or service.

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Marketing Plan

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1. Executive Summary2. Current situations and trends3. Performance review (for an existing product or service only)4. Key issues5. Objectives6. Marketing strategy7. Action plans8. Projected profit-and-loss statement9. Controls10. Contingency plans

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Elements of a Marketing Strategy