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What is Marketing

Marketing is identifying and satisfying customers needs profitably.

Marketing and innovation produce results: All the rest are costs.
Peter F. Drucker (19092005)
U.S. MANAGEMENT THEORIST

What is Planning?
Everyone plans. We plan which courses we want to take, which movie we want to see, and which outfit to wear to the college. We plan where we want to live and what career we want to pursue. Marketers plan as well.

What is Planning?
Planning is the process of anticipating future events and determining strategies to achieve organizational objectives in the future. Following details needs to be prepared regarding doing things:
What,Why, How, When, Who & Where

What is Planning?
Planning is a continuous process that includes identifying objectives and then determining the actions through which a firm can attain those objectives. It also defines checkpoints so that people within the organization can compare actual performance with expectations to indicate whether current activities are moving the organization toward its objectives.

Marketing Planning
Marketing planning - implementing planning activities devoted to achieving marketing objectivesestablishes the basis for any marketing strategy. Issues such as product lines, distribution channels, marketing communications, and pricing are all detailed in the marketing plan.

Companies that don t plan plan to fail


Philip Kotler

Marketing Plan
Marketing plan is a written document that acts as a guidebook of marketing activities for the marketing manager.

STRATEGIC PLANNING VERSUS TACTICAL PLANNING


Planning often is classified on the basis of its scope or breadth. Strategic planning can be defined as the process of determining an organizations primary objectives and adopting courses of action that will achieve these objectives. This process includes allocation of necessary resources. Strategic planning is complemented by tactical planning, which guides the implementation of activities specified in the strategic plan.

Strategic Planning versus Tactical Planning


Top management
Greater proportions of their time engaged in planning Usually focus their planning activities on long-range strategic issues

Middle level managers


Focus on operational planning; creating and implementing tactical plans

Supervisors
Developing the specific programs to meet goals in their areas of responsibility
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Planning at Different Managerial Levels

Inputs to planning process


The planning process includes input from a wide range of sources: Employees Suppliers Customers

Steps in the Marketing Planning Process


The marketing planning process begins at the corporate level with the definition of a firms mission. It then determines its objectives, assesses its resources, and evaluates environmental risks and opportunities. Guided by this information, marketers within each business unit then formulate a marketing strategy. Marketers then implement the strategy through operating plans, and gather feedback to monitor and adapt strategies when necessary.

Elements of a Marketing Plan

Overview of Marketing Strategy Planning Process

Marketing Planning Process

DEFINING THE ORGANIZATIONS MISSION AND OBJECTIVES The planning process begins with defining the firms mission

Mission- Essential purpose that differentiates one company from others. An organization lays out its basic objectives, or goals, in its complete mission statement. These objectives guide development of supporting marketing objectives and plans. Soundly conceived objectives should state specific intentions such as the following:
Generate a 12 percent profit over the next 18 months. Add 75 new outlets within the next two years.

ASSESSING ORGANIZATIONAL RESOURCES AND EVALUATING ENVIRONMENTAL RISKS AND OPPORTUNITIES


The third step of the marketing planning process is to assess an organizations strengths, weaknesses, and available opportunities. Organizational resources include the capabilities of the firms production, marketing, finance, technology, and employees. An organizations planners pinpoint its strengths and weaknesses. Strengths help them set objectives, develop plans for meeting those objectives, and take advantage of marketing opportunities.

FORMULATING, IMPLEMENTING, AND MONITORING A MARKETING STRATEGY


Once a firms marketers figure out their company s best opportunities, they can develop a marketing plan designed to meet the overall objectives. A good marketing plan revolves around an efficient, flexible, and adaptable marketing strategy. A marketing strategy is an overall, companywide program for selecting a particular target market and then satisfying consumers in that market through a careful blending of the elements of the marketing mixproduct, distribution, promotion, and price each of which is a subset of the overall marketing strategy. In the two final steps of the planning process, marketers put the marketing strategy into action; then they monitor performance to ensure that objectives are achieved. Sometimes strategies need to be modified if the products or company s actual

Successful Strategies: Tools and Techniques Marketing planning tools and techniques: Porter s Five Forces model SWOT analysis First and Second mover strategies Strategic window

Porters Five Forces Model

Potential New Entrants


Potential new entrants sometimes are blocked by the cost or difficulty of entering a market. It is a lot more costly and complicated to begin building aircraft than it is to start up an Internet rsum service. The Internet has reduced the barriers to market entry in many industries.

Bargaining Power of Buyers


If customers have considerable bargaining power, they can greatly influence a firms strategy. The Internet can increase a customer s buying power by providing information that might not otherwise be easily accessible such as alternate suppliers and price comparisons.

Bargaining Power of Suppliers


The bargaining power of suppliers refers to the ability of suppliers to raise input prices, or to raise the costs of the industry in other ways, for example, by providing poor-quality inputs or poor service. Powerful suppliers squeeze profits out of an industry by raising the costs of companies in the industry. The number of suppliers available to a manufacturer or retailer affects their bargaining power.

Threat of Substitute Products


Substitute products the products of different businesses or industries that can satisfy similar customer needs. For example, companies in the coffee industry compete indirectly with those in the tea and soft drink industries because all three serve customer needs for nonalcoholic drinks. The existence of close substitutes is a strong competitive threat because this limits the price that companies in one industry can charge for their product, and thus industry profitability. If the price of coffee rises too much relative to that of tea or soft drinks, coffee drinkers may switch to those substitutes.

SWOT ANALYSIS
SWOT analysis, helps planners compare internal organizational strengths and weaknesses with external opportunities and threats. SWOT is an acronym for strengths, weaknesses, opportunities, and threats. A SWOT analysis is a method of studying organizational resources and capabilities to assess the firms strengths and weaknesses and scanning its environment to identify

SWOT ANALYSIS
A companys strengths reflect its core competencieswhat it does well. Core competencies are capabilities that customers value and competitors find difficult to duplicate.
Leverage-Matching an internal strength with an external opportunity produces a situation known as leverage. Marketers face a problem when environmental threats attack their organizations weaknesses.

SWOT ANALYSIS

First Mover and Second Mover Strategies


First mover strategy: Theory advocating that the company that is first to offer a product in a marketplace will be the long-term market winner. Second mover strategy: Theory that advocates observing closely the innovations of first movers and then introducing new products that improve on the original offering to gain advantage in the marketplace.

STRATEGIC WINDOW
Limited periods during which the key requirements of a market and the particular competencies of a firm best fit together. The view through a strategic window shows planners a way to relate potential opportunities to company capabilities.

STRATEGIC WINDOW
During one recent year, automakers drove through a strategic window by dramatically increasing their investment in the Indian market and doubling their production of vehicles there. General Motors, Fiat, Honda, Nissan, and Hyundai all announced Indian investments totaling about $1.5 billion, with production to reach nearly 3 million vehicles in one year.

Elements of a Marketing Strategy


Success for a product in the marketplace depends on an effective marketing strategy. An effective marketing strategy reaches the right buyers at the right time, persuades them to try the product, and develops a strong relationship with them over time.

Elements of a Marketing Strategy


The basic elements of a marketing strategy consist of: (1) the target market (2) the marketing mix variables of product, distribution, promotion, and price that combine to satisfy the needs of the target market

Target Market
Group of people toward whom the firm decides to direct its marketing efforts
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Ansoff s Marketing Grid

Marketing Strategy
Figure illustrates the focus of the marketing mix variables on the central choice of the target market. In addition, decisions about product, distribution, promotion, and price are affected by the environmental factors in the outer circle of the figure. The environmental variables may play a major role in the success of a marketing program, and marketers must consider their probable effects.

Marketing Mix Strategy


Product strategy involves: 1. Deciding what goods or services the firm should offer to a group of consumers.

Product strategy
2. Decisions about
What goods or services to offer Customer service Package design Brand names Trademarks Warranties Product Life Cycle Positioning New-product development

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Marketing Mix Strategy


Distribution Strategy Planning that ensures that consumers find their products in the proper quantities at the right times and places.
Modes of transportation Warehousing Inventory control Order processing Marketing channels
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Marketing Mix Strategy


Promotional Strategy Promotion is the communications link between sellers and buyers. The strategy includes
Blending together the various elements of promotion to communicate most effectively with the target market Informing, persuading, and influencing a consumers purchase decision. Integrated Marketing CommunicationsTo coordinate all promotional activities so that the consumer receives a unified

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Marketing Mix Strategy


Pricing Strategy
Pricing strategy deals with: 1.The methods of setting profitable and justifiable prices. 2.It is closely regulated and subject to considerable public scrutiny. 3.One of the many factors that influence a marketers pricing strategy is competition.

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Marketing Environment
Marketers do not make decisions about target markets and marketing mix variables in a vacuum. They must take into account the dynamic nature of the five dimensions of the marketing environment shown back in Figure:
competitive, political-legal, economic, technological, and social-cultural factors.

Marketing Environment
Concerns about the natural environment have led to new regulations concerning air and water pollution. Automobile engineers have turned public concerns and legal issues into opportunities by developing hybrid cars. Note that the marketing environment is fertile ground for innovators and entrepreneurs.

Marketing Environment
Technology has changed the marketing environment as well, partly with the advent of the Internet. Technology now produces a new formulation of diesel fuel that burns cleaner and is more efficient than earlier versions of diesel, as well as petrol.
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Marketing Environment
Rule of ThreeSome experts have coined the phrase rule of three, meaning that in any industry, the three strongest, most efficient companies dominate between 70 and 90 percent of the market. e.g Automobiles FMCG While it may seem like an uphill battle for the remaining companies in any given industry, they can find a strategy for gaining competitive ground.

Methods for Marketing Planning


Two methods: The strategic business unit concept The market share/market growth matrix.

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Methods for Marketing Planning


Business Portfolio Analysis
Although a small company may offer only a few items to its customers, a larger organization frequently offers and markets many products to widely diverse markets. Top managers at these larger firms need a method for spotting product lines that deserve more investment as well as lines that aren t living up to expectations. So they conduct a portfolio analysis, in which they evaluate their companys products and divisions to determine the strongest and weakest.
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Methods for Marketing Planning


Business Portfolio Analysis
Marketing planners must assess their products, the regions in which they operate, and other marketing mix variables. This is where the concept of an SBU comes in.

Strategic Business Units (SBUs) are key business units within diversified firms
A division, product line, or single product may define an SBU Firms redesign their SBUs as market conditions dictate Each SBU pursues its own distinct mission and often develops its own plans independently of other units in the organization.

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THE BCG MATRIX


To evaluate each of their organizations strategic business units, marketers need some type of portfolio performance framework. A widely used framework was developed by the Boston Consulting Group.

The BCG Matrix


Market Share/ Market Growth Matrix: Matrix a marketing planning tool that classifies a firms SBUs or products according to industry growth rates and market shares relative to competing products
Stars Cash Cows Dogs Question Marks

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BCG Matrix

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BCG Matrix
This market share/market growth matrix places SBUs in a four quadrant chart that plots market share against market growth potential. Market share is the percentage of a market that a firm currently controls (or company sales divided by total market sales).

BCG Matrix
The position of an SBU along the horizontal axis indicates its market share relative to those of competitors in the industry. Its position along the vertical axis indicates the annual growth rate of the market. After plotting all of a firms business units, planners divide them according to the matrixs four quadrants.

BCG Matrix
Firms in each quadrant require a unique marketing strategy:
Stars represent units with high market shares in high-growth markets: These products or businesses are highgrowth market leaders. They generate considerable income but they need inflows of even more cash to finance further growth. Apples popular iPod is the number one selling portable digital music player in the world, but Apple has already introduced upgrades and new models to remain competitive.

BCG Matrix
Cash cows command high market shares in low-growth markets:
Marketers for such an SBU want to maintain this status for as long as possible. The business produces strong cash flows, but instead of investing heavily in the units own promotions and production capacity, the firm can use this cash to finance the growth of other SBUs with higher growth potentials. For instance, Microsoft uses the profits from sales of its Windows operating system to finance research and development for new Internet-based technologies.

BCG Matrix
Question marks achieve low market shares in high-growth markets.
Marketers must decide whether to continue supporting these products or businesses because question marks typically require considerably more cash than they generate. If a question mark cannot become a star, the firm should pull out of the market and target other markets with greater potential.

BCG Matrix
Dogs manage only low market shares in low-growth markets.
SBUs in this category promise poor future prospects, and marketers should withdraw from these businesses or product lines as quickly as possible. In some cases, these products can be sold to other firms, where they are a better fit. IBM sold its PC business to Chinese firm Lenovo so that it could concentrate on its business services. Eicher Motors sold off their Tractor division (Eicher Tractors) to TAFE, as they were losing market share in low growth tractor market.

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