mktg ch2 strategic planning lecture

Chapter 1Chapter 2 Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved *
MKTG
Lamb, Hair, McDaniel 2007-2008
Chapter 2 Strategic Planning for Competitive Advantage
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Chapter 2 Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved *
Learning Outcomes
Understand the importance of strategic marketing and know a basic outline for a marketing plan
Develop an appropriate business
LO1
LO2
LO3
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Learning Outcomes
Identify sources of competitive advantage
Identify strategic alternatives
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Learning Outcomes
Describe the elements of the marketing mix
Explain why implementation, evaluation, and control of the marketing plan are necessary
Identify several techniques that help make strategic planning effective
LO8
LO9
LO10
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Understand the importance of strategic marketing and know a basic outline for a marketing plan
The Nature of Strategic Planning
LO1
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LO1
Strategic
Planning
The managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities.
The goal is long-term profitability and growth.
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Notes:
Strategic planning creates and maintains a fit between the organization’s resources and objectives and the evolving market opportunities. The goal is to sustain and increase long-run profitability and growth. Strategic decisions require long-term commitments of resources.
Strategic errors can threaten a firm’s survival, but a good plan can help protect and grow the firm.
Examples of strategic decisions:
* Sears purchase of Lands’ End
* Reebok’s decision to stop competing with Nike in the hard-core sports market and instead focus on being the top shoe brand for fashion-forward consumers.
* McDonald’s decision to offer more healthful foods
* S.C. Johnson’s introduction of Shout Color Catchers
Discussion/Team Activity:
Discuss why strategic planning is important for these companies.
LO1
How will it reach its goals?
THE ANSWER IS A MARKETING PLAN.
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Notes:
How do companies go about strategic marketing planning? How do employees know how to implement the long-term goals of the firm?
The answer is a marketing plan.
Planning at Different Levels
LO1
Strategic Planning
Marketing Plan
A written document that acts as a guidebook of marketing activities for the marketing manager.
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Notes:
Marketing planning involves the design of activities related to marketing objectives and the changing marketing environment. Planning is the basis for all marketing strategies and decisions.
PUMA Mission Statement
PUMA has the long-term mission of becoming the most desirable Sportlifestyle company.
PUMA Corporate Strategy
At the heart of our company strategy is the focus on continuously pursuing a more flexible and efficient organization that is fit to thrive in an increasingly dynamic and fast-paced industry. To this extent, over the course of the past few years, we have decentralized our structure on the way to creating the first truly virtual sports company.
In 2006 PUMA has launched Phase IV of its long-term oriented business plan (see "Corporate Development"). To help manage the matrix organizational structure and as part of PUMA’s company development over the past years was, we have created the Group Executive Committee, which incorporates the functions of brand management, product, finance, growth management, legal and organizational structure into one core body.
The resulting cross-functional communication has further enhanced PUMA’s corporate agility. Implementing this nimble structure enables PUMA to realize efficiencies in areas such as product lifecycle, management and sourcing.
The end result helps reduce lead times and costs, while concurrently fostering improvement in quality. These advances are part of a constantly evolving process in which our corporate strategy and structure lends us competitive advantage.
PUMA Brand Strategy
The brand is focusing on bringing distinctive designs and a global outlook to each product range by blending influences of sport, lifestyle and fashion.
In order to achieve these goals, our brand template emphasises PUMA’s distinctiveness, individualism, spontaneity, internationalism and sporting heritage.
An important part of our brand strategy is maintaining vigilant watch over our distribution channels, ensuring that we maintain the high level of desirability necessary for sustainable growth.
Concurrently, in areas where licensee growth is desired, we will provide solid guidance and strict alertness to make certain that the brand’s objectives and direction are maintained.
LO1
Provides a basis for comparison of actual and expected performance
Provides clearly stated activities to work toward common goals
Serves as a reference for the success of future activities
Provides an examination of the marketing environment
Allows entry into the marketplace with awareness
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Notes:
Writing a marketing plan allows the examination of the marketing environment in conjunction with the inner workings of the businesses. Once written it serves as a reference point for future activities, and allows the marketing manager to enter the marketplace with an awareness of problems and opportunities.
LO1
Marketing
Plan
Elements
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Notes:
Some elements are common to all marketing plans. These include the business mission and objectives, performing a SWOT analysis, determining a target market, and establishing a marketing mix.
Other elements that may be included are budgets, implementation timetables, required marketing research efforts, or elements of advanced strategic planning.
Exhibit 2.1:
The Marketing Plan Appendix contains a Marketing Plan Outline.
REVIEW LEARNING OUTCOME
What
Why
How
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Online
Dmusic
Use Exhibit 2.1 to create a sample summary marketing plan for Dmusic.com, an Internet start-up created by a teenage entrepreneur.
Develop an appropriate business mission statement
Defining the Business Mission
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LO2
Focuses on the market(s)
Strategic Business Units (SBUs) may also have a mission statement
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Notes:
The foundation of any marketing plan is the firm’s mission statement. The mission statement is based on an analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions. The mission statement establishes boundaries for all subsequent decisions, objectives, and strategies.
Find the mission statements for various organizations. Compare the mission statements with the markets served and the products sold by these organizations.
LO2
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The AMA’s mission statement is shown here.
LO2
Control over its resources
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Notes:
An organization may need to define a mission statement and objectives for a Strategic Business Unit (SBU), which is a subgroup of a single business or a collection of related businesses within the larger organization
A: Business mission statement
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Sample Mission Statements
MADD: To stop drunk driving, support the victims of this violent crime, and prevent underage drinking.
Armour: To find new technology and enhance the performance of every athlete and outdoorsman. Lighter. Faster. Stronger. Better.
Sample Mission Statements
The following are some examples of mission statements from real enterprises.
3M
Mary Kay Cosmetics
Merck
Walt Disney
"To make people happy."
Disney Mission & Values
VALUES:
Creativity, dreams and imagination
Preservation and control of the Disney "magic"
Wal-Mart
Wal-Mart's Mission
At Wal-Mart, we are guided by our three founding basic beliefs, and these include: Respect for the Individual, Service to Our Customers, and Strive for Excellence.
We are a global retailer committed to growing our company by improving the standard of living for our customers and serving communities around the world. We earn the trust of our customers every day by providing a broad assortment of quality merchandise and services at every day low prices while fostering a culture that rewards and embraces mutual respect, integrity and diversity.
Target
Philosophy + Values
Expect more of everything: More great design, more choices, more convenience, more service and more clothes, housewares and designer-created items that you’ll never find anywhere else. And pay less. It’s as simple as that.
We team up with world-class designers in home, fashion, accessories, beauty, furniture and outdoor living and create exclusive products to decorate and delight—people like Michael Graves, Amy Coe, Sonia Kashuk, Liz Lange and Isaac Mizrahi. And since it’s at Target, you know you’ll always find it at a reasonable—or even surprising—price that lets you add high-quality design to your life, in every room, every day.
Describe the criteria for stating good marketing objectives
Setting Marketing
Plan Objectives
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Marketing Objective
LO3
Marketing
Objective
A statement of what is to be accomplished through marketing activities.
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Marketing Objectives
Consistent with and indicate the organization’s priorities
“Our objective is to achieve 10 percent dollar market share in the cat food market within 12 months of product introduction.”
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Realistic, measurable, and time-specific objectives consistent with the firm’s objectives:
1. Communicate marketing management philosophy
2. Provide management direction
5. Allow for better evaluation of results
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Explain the components of a situation analysis
Conducting a Situation Analysis
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LO4
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NOTES:
Marketing has two facets. The first is that it’s a philosophy. Second, marketing is an organization function and a set of processes used to implement the philosophy.
David Packard, cofounder of Hewlett-Packard, stated that “marketing is too important to be left only to the marketing department.” Marketing is a process that focuses on delivering value and benefits to customers. It uses communication, distribution, and pricing strategies to provide customers with the goods and services they want. It includes building long-term, mutually rewarding relationships. It entails an understanding that organizations have many connected stakeholder partners, including employees, suppliers, stockholders, distributors, and others.
LO4
Things the company does not do well.
Conditions in the external environment that favor strengths.
Conditions in the external environment that do not relate to existing strengths or favor areas of current weakness.
Internal
External
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Performance of a situation (SWOT) analysis helps firms identify their competitive advantage.
Strengths and Weaknesses are an internal assessment. Opportunities and Threats are an external environment assessment.
Perform a SWOT analysis for companies within the same industry. How could you use this information if you worked for a particular company or for a competitive company?
Presentation © 2005 Marian Burk Wood - all rights reserved
2-8
Strengths FedEx, Kinko’s brands Air, ground strength Stable workforce
Weaknesses Possible labor actions Slower growth in package volume
Opportunities New markets (China) Custom/special services More channels (Kinko’s)
Threats Intense competition Technology Fuel costs
Biz Flix
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LO4
Environmental Scanning
The collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.
Environmental
Scanning
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NOTES:
Marketing has two facets. The first is that it’s a philosophy. Second, marketing is an organization function and a set of processes used to implement the philosophy.
David Packard, cofounder of Hewlett-Packard, stated that “marketing is too important to be left only to the marketing department.” Marketing is a process that focuses on delivering value and benefits to customers. It uses communication, distribution, and pricing strategies to provide customers with the goods and services they want. It includes building long-term, mutually rewarding relationships. It entails an understanding that organizations have many connected stakeholder partners, including employees, suppliers, stockholders, distributors, and others.
The Dynamic Marketing Environment
The total business and social environment that a company operates in
Two main aspects to the marketing environment
Macro influences
External forces largely beyond the control of a firm that influence the marketing opportunities and activities of all firms.
Firms can influence this but have no direct control over it
Micro influences
Help shape its marketing activities.
Demographics
age
income
occupation
education
gender
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Average age is increasing
Cultural shifts growing faster than the rest of the population
Hispanic community
Asian community.
Demographic changes
Stage of the Business Cycle
prosperity
recession
recovery
Inflation
Interest rates.
Economic Conditions
Rivals for Customers’ Limited
Competition
Social and Cultural Forces
Cultural values beliefs and lifestyles
Socio-cultural Patterns Changing
quickly
Shift toward environmental concerns
Blurring of gender roles
Time premium (stresses convenience)
Social & Cultural Forces
Monetary and Fiscal Policies
Political & Legal Forces
Legislation Affecting Marketing
Sherman Antitrust Act
Robinson-Patman Act
Wheeler-Lea Act
Lanham Trademark
Regulate Competition
Legislation Affecting Marketing
Automobile Disclosure Act
Kefauver-Harris Drug Amendments
Fair Packaging and Labeling Act
Cigarette Labeling and Advertising Acts
Consumer Credit Protection Act
Consumer Product Safety Act
Consumer Product Warranty Act
Children’s Television Act
Protect Consumers
The Technological Environment
Technology is an investment a firm must make to succeed
Patents protect inventions
Impacts lifestyles, consumption patterns, economic well-being
Affects how marketing is carried out
Starting new industries
Altering existing industries
Create new ways of doing business
Creates/destroys industries.
Technology
Forces controllable by management
Micro-Environment
production costs
marketing skills
financial resources
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Additional strengths include superiority in manufacturing, service, quality and value perception, as well as employee capabilities.
social
demographic
economic
technological
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Identify sources
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Competitive Advantage
LO5
The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
Competitive
Advantage
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Competitive Advantage
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Notes:
A firm’s competitive advantage is the reason or reasons that cause customers to patronize that firm and not the competition.
Cost Competitive Advantage
Being the low-cost competitor in an industry while maintaining satisfactory profit margins.
Cost
Competitive
Advantage
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Cost Competitive Advantage
Control overhead costs
Avoid marginal customers
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Notes:
Having a cost competitive advantage means being the low-cost competitor in an industry while maintaining satisfactory profit margins. This enables a firm to deliver superior customer value.
Cost leadership can result from the reasons listed on this slide.
Cost competitive advantages are subject to continual erosion.
Identify firms that have a cost competitive advantage and describe how they deliver superior value.
Examples:
DuPont
General Electric
Sources of Cost Reduction
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Notes: Sources of Cost Reduction
Experience Curves: Costs decline as experience with a product increases, and encompasses marketing, manufacturing, and administration costs.
Efficient Labor: Labor costs in low-skill, labor-intensive industries can be reduced by going offshore or by outsourcing.
No-frills Products: Removing frills and options can reduce costs.
Government subsidies: Governments may provide grants and interest-free loans for target industries.
Product design: Cutting-edge design and reverse engineering can offset costs.
Reengineering: Reengineering in the form of pruning product lines, closing obsolete factories, or renegotiating supplier contracts can make firms more efficient.
Product innovations: New technology and simplified production techniques can reduce production costs.
New methods of service delivery:
Examples include:
* Internet ticket booking and self-check-in kiosks in the airline industry
Product/Service Differentiation
LO5
Product/Service
Differentiation
Competitive
Advantage
The provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition’s.
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Examples of
Product/Service Differentiation
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Product/Service Differentiation tends to provide a longer lasting competitive advantage than does cost competitive advantage.
As a result, this strategy is more attractive to many top managers.
Brand name:
Service:
FedEx
Nordstrom
Innovation:
Nike
Niche Competitive Advantage
LO5
Niche
Competitive
Advantage
The advantage achieved when a firm seeks to target and effectively serve a small segment of the market.
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Notes:
A niche competitive advantage targets and serves a single segment. This allows small companies with limited resources to market against giant competitors.
An example of a successful niche marketer is The Orvis Company, a specialist in fly fishing manufacturing and sales.
Niche Competitive Advantage
May be used in a limited geographic market
Product line may be focused on a specific product category
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Discuss how a small firm serving a particular niche market can successfully compete against larger, global firms with greater resources. (For example, how might a small bookstore owner compete with Barnes & Noble and Amazon.com?)
Sources of Sustainable
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Notes:
A sustainable competitive advantage lasts only as long as the time it takes a competitor to imitate the strategy and plans.
Marketing managers should continually look for skills and assets that create and sustain competitive advantage.
A sustainable competitive advantage is a function of the speed with which competitors can imitate a company’s strategy and plans. Imitation requires a competitor to identify the leader’s competitive advantage, determine how it is achieved, and learn how to duplicate it.
Discuss examples of firms that have sustainable competitive advantage in each skill and asset source listed.
Niche
Strategies
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Identify strategic alternatives
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Strategic Alternatives
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McDonald’s Happy Meals with Ty’s Teeny Beanie Babies
Market Development:
Expansion into global markets by companies such as McDonald’s, Coca-Cola, and Pepsi
Product development:
Brooks Brothers
LTV Corporation, a steel producer, diversified into the monorail business
Coca-Cola’s water-treatment and water-conditioning equipment
Ansoff’s Strategic
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Procter & Gamble
Explore Procter & Gamble’s Web site and identify how it uses each of the four strategic alternatives. Does one seem to be predominant? Which one? Can you find common threads among products, categories, and geographic locations that might affect P&G’s approach?
Notes:
Exhibit 2.2 is an example of Ansoff’s Strategic Opportunity Matrix for Starbucks.
Select various companies and complete the Ansoff Strategic Opportunity Matrix.
Where do Starbucks’ initiatives fit?
New stores in the US
New stores globally
Music and entertainment
Portfolio Matrix
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Notes:
The Portfolio Matrix from Boston Consulting Group classifies each SBU by its present or forecast growth and market share. The assumption is that market share and profitability are strongly linked.
A star is a fast-growing market leader. Stars usually have large profits but need cash to finance growth. A marketing tactic is to protect market share by reinvesting earnings in product improvement, distribution, promotion, and production efficiency. Strive to capture new users as they enter the market.
A cash cow generates more cash than it needs to maintain market share. It is in a low-growth market, but the product has dominant market share. The marketing strategy is to maintain market dominance by being the price leader and by making technological improvements. Allocate excess cash to high-growth prospects.
A problem child shows rapid growth but poor profit margins. It has a low market share in a high-growth industry. It needs a great deal of cash to prevent conversion to dog status. Strategies are to invest to gain better market share, acquire competitors, or drop the SBU.
A dog has low growth potential and a small market share. Most dogs leave the market. The strategy options are to divest or harvest.
BCG Matrix
Method focuses on the potential of a firm’s existing successful products to generate cash that the firm can then use to invest in new products
New products are chosen for their potential to become future cash generators
Two dimensions:
Market growth rate
Relative market share
BCG Matrix: Stars
requires funding to keep up with production and promotion demands
strategies seek to maximize market share in the face of increasing competition
BCG Matrix: Cash Cows
SBUs with dominant market share in a low-growth potential market
product is well established and market share can be maintained with minimal funding
firms milk cows of profits to fund growth of other products in portfolio
too many cows can become a liability due to the lack of growth potential
BCG Matrix: Question Marks
sometimes called problem children
The dilemma? Investing more money into the SBU may:
improve market share in a high potential market OR
result in negative cash flow and failure
BCG Matrix: Dogs
specialized products in limited markets unlikely to grow
firms may sell dogs to smaller firms or eliminate product from market
Disney’s Touchstone
Disney emphasizes its movie brand for grownups as a star
Portfolio Matrix Strategies
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Note:
Build: If an SBU has the potential to be a star, building would be an appropriate goal.
Hold: If an SBU is a successful cash cow, a goal would be to hold or preserve market share.
Harvest: This is an appropriate strategy for all SBUs except stars. The basic goal is to increase short-term cash return without much concern for the long-run impact.
Divest: Getting rid of SBUs with low shares of low-growth markets is often appropriate. Problem children and dogs are suitable for this strategy.
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Discuss target
market strategies
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Marketing Strategy
LO7
Marketing
Strategy
The activities of selecting and describing one or more target markets and developing and maintaining a market mix that will produce mutually satisfying exchanges with target markets.
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Target Market Strategy
Select one or more target markets
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Target Market Strategy
with one marketing mix
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Notes:
Three strategies for selecting target markets are shown here. These strategies are discussed in detail in Chapter 7.
1. Discuss the differences in the target markets for McDonald’s, Burger King’s, and Wendy’s.
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Describe the elements of the marketing mix
The Marketing Mix
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The Marketing Mix
A unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
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Marketing Mix: The “Four Ps”
LO8
Price
Promotion
Place
Product
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LO8
“4 Ps”
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Notes:
The product is the starting point of the marketing mix. It is difficult to decide on a promotion campaign, determine a price, or design a distribution strategy until the product offering and product strategy are defined.
The product is not only the physical unit but also the packaging, warranty, after-sale service, brand name, company image, value, and other factors.
Products may be tangible goods, services, and ideas.
Product decisions are discussed in Chapter 9 and 10, services marketing in Chapter 11.
LO8
Product availability where and when customers want them
All activities from raw materials to finished products
Ensure products arrive in usable condition at designated places when needed
Place
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Notes:
The goal of distribution is to ensure products arrive in usable condition at the right place when customers need them.
Distribution is covered in Chapters 12 and 13.
Role is to bring about exchanges with target markets by:
Informing
Educating
Persuading
Reminding
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Warner Brothers
Universal Studios
How do movie companies use their Web sites as part of their promotion strategies? Visit the sites for the movie studios listed to see what films they are promoting heavily. Also look at movie-specific sites. Are there differences how the movie-specific site promotes the film and how the studio’s umbrella site promotes the film? Explain what you find.
Notes:
Promotion includes personal selling, advertising, sales promotion, and public relations.
Each element of the promotion mix is coordinated with the others to create a promotional blend. Integrated Marketing Communications is discussed in Chapters 14, 15, and 16. Technology-driven aspects of promotional marketing are covered in Chapter 19.
A good promotion strategy can increase sales, but does not guarantee success.
LO8
Price
Price is what a buyer must give up to obtain a product.
The most flexible of the
“4 Ps”-- quickest to change
Competitive weapon
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Notes:
Price is an important competitive weapon and is often the most flexible of the marketing mix. Of the four Ps, it can be changed most quickly.
Price multiplied by the number of units sold equals total revenue for the firm.
Pricing decisions are discussed in Chapters 17 and 18.
*
Explain why implementation, evaluation, and control of the marketing plan
are necessary
*
Following Up on
the Marketing Plan
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Implementation is essentially “doing what you said you were going to do.” However, many organizations repeatedly experience failures in strategy implementation.
The marketing audit provides the mechanisms for evaluating marketing results compared to the plan’s goals.
Online
Youngbiz.com
Visit the YoungBiz Web site’s list of Top 100 entrepreneurs. Select one of the entrepreneurial ventures listed and create a marketing plan for it using the concepts and strategies discussed in this chapter. How would you implement, evaluate, and control the plan?
*
Identify several techniques that help make strategic planning effective
Effective Strategic Planning
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Continual
attention
Creativity
Management
commitment
Effective
Strategic
Planning
*
Notes:
Strategic planning is not an annual event, but an ongoing process. The environment is continually changing, and the firm’s internal resources and capabilities are continually evolving.
Strategic planning is based on creativity. Assumptions about the firm and the environment should be challenged and new strategies established to sustain competitive advantage.
Management support and participation are critical to the success of strategic planning.
Starbuck’s Mission
Establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow.
The following six guiding principles will help us measure the appropriateness of our decisions:
Provide a great work environment and treat each other with respect and dignity.
Embrace diversity as an essential component in the way we do business.
Apply the highest standards of excellence to the purchasing, roasting and fresh delivery of our coffee.
Develop enthusiastically satisfied customers all of the time.
Contribute positively to our communities and our environment.
Recognize that profitability is essential to our future success.
Starbucks’ fiscal 2006 objectives
Objectives
The Company is targeting total net revenue growth of approximately 20 percent on a quarterly and full year basis.
Starbucks expects comparable store sales growth in the range of three percent to seven percent
Strategy
Starbucks continues to target opening at least 1,800 new stores on a global basis in fiscal 2006.
Continued innovation
New formats
Entertainment
Tactics
In the United States, Starbucks plans to open approximately 700 Company-operated locations and 600 licensed locations.
In International markets, Starbucks plans to open approximately 150 Company-operated stores and 350 licensed stores;
Starbucks Entertainment
Starbucks Coffee Company launched Starbucks Entertainment in 2004 to help customers discover quality entertainment options as part of their daily coffee routines.
Acquired Hear Music in 1999 to become Starbucks Hear Music, the sound of music at Starbucks
Starbucks Entertainment extended beyond music and announced a unique partnership with Lionsgate to market and distribute the inspirational film “Akeelah and the Bee.” The company expects the film to be the first of many such partnerships that help customers discover unique and rewarding entertainment.
Starbuck’s Hear Music
Starbucks Hear Music™ Coffeehouse
This innovative retail store blends the classic Starbucks coffeehouse experience with an extensive selection of physical CDs and the next generation of the Hear Music™ media bars which provide customers with an easy, fun, self-service way to discover and customize music on CDs drawing from more than 1 million digital tracks – offering a fully integrated coffee and music experience.
Selection criteria include location, foot traffic, the music culture of the city, population of tourists and residents, and visibility for these unique stores.
Starbucks and Lionsgate
The Lionsgate brand name is synonymous with original, daring, quality entertainment in markets around the globe.
We are excited about extending our powerful marketing and distribution reach to the movie industry and feel very confident that our customers will appreciate the recommendation.”
Akeelah and the Bee Promotion
Unique, Experiential Promotion Designed to Enhance the Starbucks Experience and Broaden Film’s Reach by Introducing it to Millions More Movie-goers
Through a fun, innovative and unprecedented experiential marketing campaign, Starbucks will provide customers the opportunity to interact with key aspects of the story
Akeelah and the Bee Promotion
Rather than featuring the standard movie poster used in more traditional promotional campaigns, the Starbucks campaign builds on the movie’s theme of the power of words by leveraging unique in-store placements and techniques that have not been implemented before.
Customers will be invited to step inside Akeelah's journey as part of their daily coffee routine.
The campaign will drive buzz and challenge customers to expand their vocabulary and spelling prowess with difficult-to-spell and exotic words printed on a wide variety of collateral such as flash cards, magnets, in-store signage, coasters, and cup sleeves.
In addition, beginning April 17, travel-sized SCRABBLE® will be sold in all Starbucks locations in the U.S. and Canada, further supporting the central theme of the campaign: “Changing the World One Word at a Time.”
Where do Starbucks’ initiatives fit?
New stores in the US
New stores globally
Music and entertainment

mktg ch2 strategic planning lecture

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