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Marketing Chapter 2 (Growth strategies (Downsizing (exit markets, Reduce…
Marketing Chapter 2
Growth strategies
Market Penetration
Same marketing techniques and focuses on current customers
Market development
Same marketing techniques to reach new segments
Product development
New product to current market
Product diversification
New product to new market
Downsizing
exit markets
Reduce portfolios
close business or plant/store locations
Four aspects of marketing mix COPL
customer excellence
retain loyal customers, good customer service
operational excellence
efficient supply chain
product excellence
high perceived value
locational excellence
good location
Marketing Strategy
target a market
establish marketing mix (four p's)
have a
sustainable competitive advantage
advantage not easily copied over competition, maintained for a long time
Marketing Plan (Five steps)
Planning Phase
Marketing execs and managers define objectives
Mission statement
Description of firms objectives and activities to accomplish them
Assess internal and external players that affect future success
Conduct a situational analysis using
SWOT
Implementation Phase
Evaluate different opportunities using STP
Segmentation
Market segment
customers who respond similarly to a companies marketing efforts
Market segmentation
dividing marketing into a group of customers
Target Marketing
Evaluating markets and deciding which to pursue
Market positioning
Defining marketing mix clearly so consumers understand
Implement mix using four p's
Product
high value
Price
good price
Place
convenient
Promotion
communicate value through different channels
Control Phase
Evaluate performance using metrics (used to explain why things happen and predict future)
Performance objective metrics
Financial metrics
Social responsibility metrics
Strategic Planning does not have to be sequential
Portfolio Analysis
Strategic Business Unit (SBU)
Product line
Relative Market share
Market growth rate
Company chart assessment
Stars
High growth market, high market share
Cash cows
Low growth market, high market share
Question marks
High growth market, low market share
Dogs
Low growth market, low market share