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strategic marketing management ( formulating product-market strategies…
strategic marketing management
Defining the organizations business, mission, and goals
parts
business definition
models
customer need technology
what needs?
with what technology?
which customer segment?
important to define the business from a customer/market satisfying endevour perspective
business mission
3 functions
crystallize management vision of the organisations long-term direction and character
provide guidance in identifying,pursuing, and evaluating market and product opportunities
inspire and challenge employees to do those things that are valued by organization and its customer
complements business definition underscores the scope of the business definition and reflects managements vision of what the the organization seeks to do
buisness goals
functions
convert the organizations mission into tangible actions and results that are to be achieved, in a specified time frame
3 categories
production
manufacturing and service capacity
product and service quality
financial
ROI
ROS
profit
cash flow
shareholder wealth
marketing
market share
marketing productivity
sales valume
profit
customer satisfaction
customer value creation
customer lifetime value
features
problem-centered
future-oriented
identifying and framing organizational growth opportunities
converting enviromental oppertunities into organizational oppertunities
three questions
what might we do?
enviromental oppertunity
unmet och changing consumer needs
unsatisfied buyer groups
new technologies for delivering value
what do we do best?
distinctive competency
criteria
imperfectly imitable by competitors
make significant contribution to benefits perceived by customers and provide superior value to them
what must we do?
key success factors (KSF)
models
SWOT analysis
follow up questions
formulating product-market strategies
the process of selecting markets and profitably reaching them through an integrated program called a marketing mix
What are the options?
four strategies (market offering matrix)
product development
create new offerings on existing markets
forms
product innovation
new offerings
product augmentation
tweaking existing offerings enhancing/changing value
product line extension
adding different sizes, forms flavors etc
factors to consider
market size and volume
competition
impact of new offerings on already existing
cannibalism
new offerings mus have significant point of diffrence
diversification
new offerings on new markets
high-risk strategy
market penetration
tactics (marketing mix)
expanded distribution
lower prices
factors to consider
state of market
market penetration is more effective in a growth market
Is there spare capacity in the market to increase usage?
state of competition
will other firms retaliate?
increase buying in existing markets
market development
factors to consider
state of competition
strength weaknesses, retaliation
new market and customers
nimber, motivation, buying patterns
how can the own firm distinctive competency best be leveraged?
types
geographical
international
four forms
exporting
licensing
joint venture
direct investment
new market for existing products
Which option is best?
factors underlying decision
organisation
definition
mission
competency
market
capacity
behavior
environmental forces
competition
cost benefit probability analysis
decision tree
how should the best option be pursued?
the marketing mix
formulation
implementation
customer value proposition
budgeting marketing, finansial, and production resources
budget
a formal quantitative expression of an organizations planning and strategy initiatives expressed in financial terms
developing reformulation and recovery strategies
purpose
strategies are rarely timeless hence there needs to be structures in place to audit current strategies