MARKETING MANAGEMENT (2)

Slides 2

What is this the term associated with … 
The process of developing and maintaining a viable fit between the organizations strengths and the markets changing opportunities 

Marketing management 

Marketing strength: internal chose the correct answer…

Marketing Opportunity: External chose the correct answer…

Fill in the blank spaces 

1. Mission statement 

2. Maketing objectives 

3. environmental assessment 

4. product/market assessment

5. marketing strategy 

What is the definition of a mission statement?

A statement saying “what business are we in”

What are some key points of a mission statement. Market orientated?

1. basically provides a boundary for the type of business and how the business is ran

2. A more market orientated statement defines the business in terms Satisfying basic customers needs

What is Marketing Myopia?

A term that describes a reason why many industries fail is because they foucus on a product and tecnhology instead of the market needs

• example hollywood - film vs entertainment

Marketing objective definition, Match: Return on investment, earnings, stock price

Marketing objective definition, Match:

Product category

◦ Sales, market share, product quality, penetration

Brand

◦ Awareness, satisfaction, loyalt

Match environmental assessments:

3Cs – company, customer, competitor

Cooperative – suppliers, distributors, partners

Match environmental assessments:

Political/legal, technological, economic socio/demographic, environmental/natural

Societal – public interest, social responsibility

referring to competitive forces in environmental assessments, what is supply based competition?

Supply based competition tells who your competitors are, what official category your business belongs to, and which industry groups you can be part of.

• examples:

  • NAICS categories | how industries are classidfied

  • Trade/ professional associations | industries like Restaurants Canada and the Coffee Association of Canada represent and support businesses in this sector.

referring to competitive forces in environmental assessments, what is demand based competition? (3 types of competition) 

• brand competition: competing products with similar featires and benefits 

• product competition: competing products in teh same product class, cut different features ad benefits 

• total budget competition: competing for income across different product classes 

referring to competitive forces in environmental assessments, what is Economic forces ? (3 types of competition)  (3 indicators of market buying power)

Indicators of market buying power

• Standard indicators

  • GDP

  • Foreign exchange rates

• Business cycle

  • Recession

  • Map

• Consumer confidence

  • Index

What are examples of environmental regulations? (Political / Legal Forces)

Environmental Protection Act, Federal Sustainable Development Act.

What are examples of economic regulations? (Political / Legal Forces)

Taxes & tariffs (carbon levy, import duties), Bank of Canada prime rate, Canada mortgage rules.

What is an example of self-regulation in marketing? (Political / Legal Forces)

Canadian Marketing Association – Standards and Ethics Guides.

What are examples of demographic factors in environmental assessment? (Social / Cultural Forces)

Changing groups/needs, birth rates.

What are examples of social issues in environmental assessment? (Social / Cultural Forces)

Values & beliefs, gender, ethnicity.

What is a key technological factor in environmental assessment? (Technological Forces)

Access to information (e.g., research).

In marketing, whats a value proposition 

A statement summarizing the target market, the product/brand, competitors and the competitive difference 

• Every iPhone we've made — and we mean every single one — was built on the same belief. That a phone should be more than a collection of features. That, above all, a phone should be absolutely simple, beautiful, and magical to use.

Framework (Ansoff Matrix basics): What is Market Penetration?

Selling more of existing products to existing markets.

(Ansoff Matrix basics): What is Product/Market Development?

Selling current products to new markets (new segments or regions).

(Ansoff Matrix basics): What is Product Development?

Creating new products for existing markets.

(Ansoff Matrix basics): What is Diversification?

Creating new products for new markets.

Market Penetration Strategy: How can a company increase market share in an existing market?

By increasing usage rates, stimulating adoption among new customers.

Market Penetration Strategy: What are common strategies for market penetration? (4 potential answer)

• Lower price of product

• Expand distribution

• Improve quality

• Head-to-head promotion (benefits of product vs competitors)

Market Development Strategy: What is Market Development?

Introducing an existing product to a currently unserved market.

Market Development Strategy: What are common strategies for market development?(4 answers) 

• Minor product modifications

• Alternate distribution outlets

• Unique communication campaigns

• Switching promotions

Ansoff’s Strategic Opportunity Matrix: What is Market Penetration? examples?

Selling more of the current product to existing customers.

Starbucks sells more coffee to customers with Starbucks cards.

Ansoff’s Strategic Opportunity Matrix:What is Product Development? examples?

Creating new products for the existing market.

Starbucks develops powdered instant coffee

Ansoff’s Strategic Opportunity Matrix: What is Market Development? examples?

Starbucks opens stores in Brazil and Chile.

Ansoff’s Strategic Opportunity Matrix: What is Diversification? examples?

Developing new products for new markets.

Starbucks launches Hear Music and buys Ethos Water.

Marketing Tools (Four Ps + One P): What are the 4 Ps of marketing (plus one extra P)?

Product, Price, Place, Promotion (+ People).

(Four Ps + One P):What does Product include?

Variety, quality, design, brand name, features, packaging, services.

(Four Ps + One P): What does Price include?

List price, discounts, allowances, payment period, credit terms.

(Four Ps + One P): What does Place include?

Channels, coverage, assortments, locations, inventory, transport, logistics.

(Four Ps + One P): What does Promotion include?

Advertising, personal selling, sales promotion, public relations.

(Four Ps + One P): What does the extra P (People) focus on?

Target customers and intended positioning.