Winer Marketing Management Chapter 2.pptVIP

2004 Prentice Hall, Inc. A Strategic Marketing Framework Key Learning Points Elements of a complete marketing strategy Developing a value proposition Developing competitive advantage Positioning products and services The product life cycle and how it affects marketing strategies Marketing Strategy Objectives Mission statements describe the customer orientation or business philosophy Corporate objectives state the overall goals to be achieved in financial terms Marketing Strategy Characteristics of well-written objectives: Lists a quantified standard of performance Designates a clear time frame States goal in measurable terms Should be challenging but realistic Marketing Strategy Customer and competitor targets Which customer groups should be targeted? Begin by considering the strategic alternatives outlined in Figure 2.2 Marketing Strategy Market Penetration Market Development Targeting the company’s own customers Should be a high priority Targeting competitor’s customers Riskier and more expensive strategy Common in slow growth markets Price promotions are key Marketing Strategy Market Penetration Market Development Targeting nonbuying customers in currently targeted segments Is it profitable? Targeting new customers in new segments Will it require the introduction of new or modified products? Marketing Strategy Market Development Strategies:Entering Foreign Markets Requires decisions related to: The choice of country or countries to enter The timing of the entry How to operate in the chosen countries Five factors should be considered when deciding how to enter a foreign market Marketing Strategy Product Features After formulating objectives and determining customer and competitor targets, the next key decision is to select the specific features to include in the product. Marketing Strategy Product Features Different features are often used to attract different segments. Features may be product-specific or package-related. Creating several versions of a