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WVIT 343: Chapter 2 Reading Notes

by: Emily Notetaker

WVIT 343: Chapter 2 Reading Notes WVIT 343

Emily Notetaker
Cal Poly
GPA 3.175
Branded Wine Marketing
Professor William Amspacher

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About this Document

These notes cover chapter 2 in the WVIT 343 Pearson Custom Branded Wine Marketing textbook.
Branded Wine Marketing
Professor William Amspacher
Class Notes
Wine, viticulture, Marketing, cal poly, slo, Reading, notes
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This 6 page Class Notes was uploaded by Emily Notetaker on Monday January 25, 2016. The Class Notes belongs to WVIT 343 at California Polytechnic State University San Luis Obispo taught by Professor William Amspacher in Fall 2016. Since its upload, it has received 30 views. For similar materials see Branded Wine Marketing in Agriculture and Forestry at California Polytechnic State University San Luis Obispo.

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Date Created: 01/25/16
XVIT 343 Winter 2016 Professor Amspacher Chapter 2 Company and Marketing Strategy Partnering to Build Customer Relationships I First Stop a McDonald s motto QSCV quality service cleanliness and valuequot have helped the brand become one of the biggest in the world b In the mid 19903 McDonalds fell out of touch with some customers but returning to the QSCV ideal allowed McDonald s to have a comeback c Strategy is key to success CompanyXide Strategic Planning Defining Marketing s Role a is the process of developing and maintaining a strategic fit between the organization s goals and capabilities and its changing marketing opportunitiesquot Page 42 b Annual and long range plans deal with current business and how to keep the company running while strategic plans involve changing the firm so that they may take advantage of new opportunities in the rapidly changing market c The strategic planning process is started by defining the company39s overall purpose and mission i is the organization s purpose what it wants to accomplish in the big picture ii Mission statements should be market oriented 1 It should never be to make profit iii The mission statement should lead to objectives l Designing the Business Portfolio a The collection of businesses and products that make up the companyquot Page 45 b A portfolio should be picked so that it fits with the company s strengths weaknesses and opportunities c 2 Steps of Portfolio Plannng i Analyze current business portfolio to determine which businesses should receive more less or no funding ii Shape the future portfolio through developing strategies for both growth and downsizing d is the process by which management evaluates the products and businesses that make up the company Page 45 e The businesses that make up a company f The Boston Consulting Group39s matrix used to evaluate strategic business units i High growth high market share Requires a lot of investment ii Low growth high market share Produce a lot ofcash iii Low share high growth Requires a lot of cash iv Low growth low share Produces small amounts of cash Y High Low Relative Market Growth Share i a J V A Relative Market Share v 4 Courses of Action for SBUs 1 Invest more to build the unit 2 Investjust enough to maintain the company at current levels 3 Milk short term cash without concern for the firm s future firm eventually goes out of business 4 Phasing out the firm and preparing to exit the market vi Positions of firms on the BCG growth share matrix can change 9 Any company39s goal should be to get achieve profitable growth h This tool is used to determine opportunities for growth through market penetration market development product development or diversification Can also be used for downsizing firms Existing New products products Existing markets lpene tatm I New markets i Company growth by increasing sales od current products to current market segments without changing the product Page 49 Company growth by identifying and developing new market segments for current company productsquot Page 49 iii Company growth by making and offering new products iv Company growth through starting or acquiring business outside the company39s current markets and products Page 50 IV ESPN A Real Study in Strategic and Marketing Planning a ESPN was the first 24 hour sports channel b Many were skeptical of the company until it grew to bring in millions c Now ESPN s portfolio includes radio multiple websites and its own magazine d ESPN s expansion has been a great success its products and services met consumer39s unmet demands V Planning Marketing Partnering to Build Customer Relationships a Company strategy should center on building profitable relationships with consumers b Firms must be able to successfully fulfill and c Inside a firm each department contributes to the firm39s value chain i The series of internal departments that carry out value creating activities to design produce market deliver and support a firm s products ii All parts of the value chain should be strong the value chain is only as strong as its weakest department d The network made up of the company suppliers distributors and the customers who partner with each other to improve the entire performance of the entire system Page 52 VI Marketing Strategy and the Marketing Mix a The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships b Marketing strategy guides the marketing mix i The set of tactical marketing tools product price place and promotion that the firm blends to produce the response it wants in the market The 4 Ps 1 Product The actual product service or experience being offered 2 Xhat consumers will pay in exchange for the service product or experience 3 The location that the product may be purchased or obtained 4 Communicating the product to customers ii The 4 Ps are from the seller39s point of view iii From the customer39s point of view we have the 4 Cs Diagram c Marketers divide the general population into segments in order to target the audiences they want to purchase their product This is VII VIII Diagram A single part of the market is called a Companies use to determine which market segment is most attractive to enter Companies usually enter a new market through one market segments then if they are successful they expand Arranging for a product to occupy a clear distinctive and desirable place relative to competitors products in the mind of the consumer i For example a customer thinks Tide detergent is better quality and superior to store brand detergent This is good positioning for Tide Making a product different to other products on the market to make it wore attractive and valuable to customers Nicher Allegiant Air Going Where They Ain39t a b Nicher Allegiant Air is a low cost airline with routes that are not served by major airlines This airline meets a need for different airline routes by consumers The company has a low base rate for tickets then charges for other components such as a seat assignment and checked luggage The company cuts costs by using smaller older modeljets Consumers are thrilled to have these more convent routes and low prices Managing the Marketing Effort a The 4 Marketing Management Functions i Analysis 1 Use SWOT analysis trengths Weaknesses Qpportunity Ihreats ii Planning 1 Develop marketing strategy and budget iii Implementation 1 Turning marketing strategies into marketing actions to accomplish strategic marketing objectives Page 59 iv Control 1 Measuring and evaluating strategies and plans and taking corrective action to ensure that objectives are achieved Page 61 2 Correct anything that is going wrong in your marketing plan 3 Checking progress against the annual plan 4 Checking that a company39s strategies are matched well with its opportunities b The 4 Types of Marketing Department Organization i Different marketing departments are managed by a head 1 For example the sales department is headed by the sales manager ii Sales and marketing individuals are assigned to territories based on region iii Product managers and employees develop marketing strategies and work on each individual brand or product iv Marketing managers and employees develop specific strategies for different market segments IX Measuring and Managing Return on Marketing Investment a Marketing is expensive money needs to be spent wisely b The net return from a marketing investment divided by the cost of the marketing investment Page 62 i Marketing ROI can often be hard to measure because of the intangibles involved in marketing 1 For example awareness and positioning c Try to use numerical data to determine a quotballparkquot ROI


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