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1、Chapter 2A Strategic Marketing Framework1Key Learning PointsElements of a complete marketing strategyDeveloping a value propositionDeveloping competitive advantagePositioning products and servicesThe product life cycle and how it affects marketing strategies2Figure 2-1: A Complete Marketing Strategy
2、3Marketing StrategyObjectivesMission statements describe the customer orientation or business philosophyCorporate objectives state the overall goals to be achieved in financial terms4Marketing StrategyCharacteristics of well-written objectives:Lists a quantified standard of performanceDesignates a c
3、lear time frameStates goal in measurable termsShould be challenging but realistic5Marketing StrategyCustomer and competitor targetsWhich customer groups should be targeted?Begin by Begin by considering considering the strategic the strategic alternatives outlined in Figure 2.2 alternatives outlined
4、in Figure 2.2 6Figure 2-2: Strategic Alternatives7Marketing StrategyMarket PenetrationMarket Development Targeting the companys Targeting the companys own customersown customers Should be a high priorityShould be a high priority Targeting competitors Targeting competitors customerscustomers Riskier
5、and more Riskier and more expensive strategyexpensive strategy Common in slow growth Common in slow growth marketsmarkets Price promotions are keyPrice promotions are keyKey Strategies8Marketing StrategyMarket PenetrationMarket Development Targeting Targeting nonbuying nonbuying customers in current
6、ly customers in currently targeted segmentstargeted segments Is it profitable?Is it profitable? Targeting new Targeting new customers in new customers in new segmentssegments Will it require the Will it require the introduction of new or introduction of new or modified products?modified products?Key
7、 Strategies9Marketing StrategyMarket Development Strategies:Entering Foreign Markets Requires decisions related to:Requires decisions related to: The choice of country or countries to enterThe choice of country or countries to enter The timing of the entryThe timing of the entry How to operate in th
8、e chosen countriesHow to operate in the chosen countriesFive factors should be considered when Five factors should be considered when deciding how to enter a foreign marketdeciding how to enter a foreign market10Figure 2-3: Factors Affecting Mode of Entry11Marketing StrategyProduct FeaturesAfter for
9、mulating After formulating objectives and objectives and determining determining customer and customer and competitor competitor targets, the next targets, the next key decision is to key decision is to select the specific select the specific features to include features to include in the product.in
10、 the product.12Marketing StrategyProduct FeaturesDifferent features are often used to Different features are often used to attract different segments.attract different segments.Features may be product-specific or Features may be product-specific or package-related.package-related.Creating several ve
11、rsions of a Creating several versions of a manufactured good can be very manufactured good can be very expensive.expensive.Services and information packages are Services and information packages are more easily tailored.more easily tailored.13 Can you think of a current Can you think of a current pr
12、oduct that could appeal to a product that could appeal to a different market segment if the different market segment if the packaging were changed packaging were changed in some fashion? Explain. in some fashion? Explain. Discussion QuestionKetchup, margarine, and even Ketchup, margarine, and even p
13、eanut butter have successfully peanut butter have successfully used packaging innovations, used packaging innovations, such as the squeeze container, such as the squeeze container, to appeal to new markets. to appeal to new markets. 14Marketing StrategyThe Value PropositionDifferentiation Product Po
14、sitioningCore Strategy15Marketing StrategyThe Value PropositionDifferentiation Product PositioningSummarizes into a Summarizes into a single paragraph:single paragraph: The customerThe customer The competitive The competitive targetstargets The customers The customers reason for buying reason for bu
15、ying your brandyour brandForms the basis for Forms the basis for the marketing mixthe marketing mixCore Strategy16Product & Service DecisionsValue PropositionFor (target segment n), the (product/brand name) is a (product category) that unlike (competitor targets), (statement of primary differentiati
16、on).2 - 1717Marketing StrategyThe Value PropositionDifferentiation Product PositioningCompetitive Competitive advantages (CA) advantages (CA) should have three should have three characteristics:characteristics: CA should generate CA should generate customer valuecustomer value Increased value must I
17、ncreased value must be perceived by the be perceived by the consumerconsumer CA should be difficult CA should be difficult to copyto copyCore Strategy18Product & Service DecisionsKey DecisionsMarketing StrategyGeneral Approaches to Creating Competitive Advantage Cost- or price-based advantage Qualit
18、y-based or differentiation advantage Perceived quality or brand- based advantage2 - 1919Marketing StrategyCost- or Price-Based AdvantageDifficult to achieveDifficult to achieveTwo primary methods of creating a cost- Two primary methods of creating a cost- or price-based advantage:or price-based adva
19、ntage: Being the largest producer and benefiting Being the largest producer and benefiting from economies of scalefrom economies of scale Taking advantage of the experience curveTaking advantage of the experience curveStrict cost control can also help smaller Strict cost control can also help smalle
20、r firms or those with less experience to firms or those with less experience to develop a cost-based advantagedevelop a cost-based advantage20Figure 2-4: Learning Curves for Software and Hardware21Marketing StrategyQuality-Based DifferentiationDevelopment of an observable difference that is valued b
21、y customersTypically implies higher costsTypically implies higher costsAllows for both higher prices and Allows for both higher prices and higher marginshigher marginsDifferentiation can occur at any point within the value chain22Product & Service DecisionsKey DecisionsMarketing StrategyDifferentiat
22、ion Opportunities within the Value ChainInbound LogisticsOperational Advantages2 - 23Outbound LogisticsMarketing and SalesService23Marketing StrategyPerceived Quality or Brand-Based Perceived Quality or Brand-Based DifferentiationDifferentiation Perceptual product differences are often used Perceptu
23、al product differences are often used for differentiation when actual differences are for differentiation when actual differences are small, hard to achieve, or difficult to sustainsmall, hard to achieve, or difficult to sustain Price, distribution, and marketing Price, distribution, and marketing c
24、ommunications can all contribute to brand-communications can all contribute to brand-based differentiationbased differentiation Thorough understanding of consumers Thorough understanding of consumers perception of your brand compared to perception of your brand compared to competitors is requiredcom
25、petitors is required Perceptual maps are a useful toolPerceptual maps are a useful tool24Figure 2-5: Perceptual Map: Retail Banking25Product & Service Decisions“One of the key ways to define a perceptual differential advantage is through the brand name. The value of a brand name in communicating qua
26、lity or other aspects of the product is called brand equity.”2 - 26- Russell S. Winer26Marketing StrategyThe Value PropositionDifferentiation Product Positioning Positioning creates a Positioning creates a clear image in the mind clear image in the mind of the consumer of what of the consumer of wha
27、t the product stands for the product stands for and how it is different and how it is different from competitive from competitive offeringsofferings Involves both actual and Involves both actual and perceived differential perceived differential advantagesadvantages Repositioning can be Repositioning
28、 can be difficult for high difficult for high awareness brandsawareness brandsCore Strategy27Marketing StrategyMarketing MixImplementation Implementation of the marketing of the marketing mix makes the mix makes the strategy strategy operationaloperationalConsistency Consistency between strategy bet
29、ween strategy and the actual and the actual implementation implementation is criticalis critical28Product & Service DecisionsThe headline,The headline, “Travel to Asia “Travel to Asia and Awaken and Awaken Your Senses,”Your Senses,” and the print ad and the print ad copy are used to copy are used to
30、 implement implement Malaysia Malaysia Airlines value Airlines value proposition.proposition.2 - 2929Figure 2-7: Ensuring a Segment-Focused Strategy30Figure 2-8: The Product Life Cycle31Product Life Cycle Marketing StrategiesConceptual tool best applied to product Conceptual tool best applied to pro
31、duct categories rather than specific brands categories rather than specific brands Strategy options and the importance of Strategy options and the importance of marketing mix variables vary across each marketing mix variables vary across each stage of the PLCstage of the PLCNot all product categorie
32、s follow the Not all product categories follow the standard PLC curvestandard PLC curve See Figure 2.9See Figure 2.932Figure 2-9: The Product Life Cycle: Videocassette Recorders33Product Life Cycle Marketing StrategiesIntroductionGrowth MaturityDecline Market size and growth Market size and growth r
33、ate are lowrate are low Selling & advertising: Selling & advertising: focuses on the generic focuses on the generic productproduct Pricing: penetration or Pricing: penetration or skimmingskimming Distribution: limited as Distribution: limited as product is unprovenproduct is unproven First-mover adv
34、antageFirst-mover advantageStage of PLC34Product Life Cycle Marketing StrategiesIntroductionGrowth MaturityDecline Characteristics:Characteristics: Growing competitionGrowing competition Price pressurePrice pressure Market segmentationMarket segmentation Key strategic issues:Key strategic issues: Ma
35、rket leaderMarket leader Fight or flee Fight or flee Market followerMarket follower Exit market and reinvestExit market and reinvest Imitate leaders productImitate leaders product Fortify current positionFortify current position Leapfrog competitionLeapfrog competitionStage of PLC35Product Life Cycl
36、e Marketing StrategiesIntroductionGrowth MaturityDecline Characteristics:Characteristics: Fierce market share Fierce market share battles, few new buyers, battles, few new buyers, large distribution, large large distribution, large promotion costs, promotion costs, competitive pricingcompetitive pri
37、cing Key strategic issues:Key strategic issues: Market leaderMarket leader Invest enough to maintain Invest enough to maintain position or harvest for position or harvest for short-term short-term Market followerMarket follower Often dependent on Often dependent on market leaders strategymarket lead
38、ers strategyStage of PLC36Product Life Cycle Marketing StrategiesIntroductionGrowth MaturityDeclineMany strategies for Many strategies for reviving mature reviving mature product categories product categories can be applied to can be applied to those in declinethose in declineBeing the last Being the last provider in a truly provider in a truly dying market can be dying market can be profitableprofitableStage of PLC37Figure 2-10: Beer Market Evolution For Selected Countries/Regions38
