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MKTG 3310 Chapter 2&3 Notes

by: Melissa Cooey

MKTG 3310 Chapter 2&3 Notes MKTG 3310-001

Marketplace > Auburn University > Business > MKTG 3310-001 > MKTG 3310 Chapter 2 3 Notes
Melissa Cooey

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Notes from Feb. 2 & 4. These notes cover the SWOT and diversification analysis, competitive strategies and advantages, and marketing ROI.
Jeremy Wolter
Class Notes
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This 6 page Class Notes was uploaded by Melissa Cooey on Friday February 5, 2016. The Class Notes belongs to MKTG 3310-001 at Auburn University taught by Jeremy Wolter in Spring 2016. Since its upload, it has received 84 views. For similar materials see PRINCIPLES OF MARKETING in Business at Auburn University.


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Date Created: 02/05/16
Friday, February 5, y MKTG Chapter 2 Notes continued.. Making Marketing Accountable ­ Customer lifetime value ­ total stream of purchases customer may contribute over  their lifetime.  ­ Customer equity ­ the expected profitability from a firm’s customers over some  period of time. ­ Marketing mix: ­ Product ­ Price ­ Place ­ Promotion ­ To pick your target market, you need to pinpoint attractive opportunities. ­ Attractive opportunities for a particular firm are those that the firm has some  chance of doing something about ­ given its resources and objectives. S.W.O.T Analysis ­ Identifies the firm’s strengths, weaknesses opportunities, and threats. ­ With a S.W.O.T analysis, a marketing manager can begin to identify strategies that  take advantage of the firm’s strengths and opportunities while avoiding weaknesses  and threats. Diversification Analysis ­ Market penetration means trying to increase sales of a firm’s present products in its  present markets, probably through a more aggressive marketing mix. 1 Friday, February 5, y ­ Market development means trying to increase sales by selling present products in  new markets. ­ Product development means offering new or improved products for present  markets. ­ Diversification means moving into totally different lines of business ­ new products  and a new market. ­ Critical thinking ­ reflective thinking involved in the evaluation of evidence relevant  to a claim so that a sound or good conclusion can be drawn from the evidence. MKTG Chapter 3 Notes Creating Competitive Advantage ­ Competitive advantages require delivering more value and satisfaction to target  consumers than competitors. ­ Competitive marketing strategies are how companies analyze their competitors  and develop value­based strategies for profitable customer relationships. ­ Competitive analysis is the process of identifying, assessing, and selecting key  competitors. ­ Identifying the company’s competitors. ­ Assessing competitors’ objectives, strategies, strengths and weaknesses, and  reaction patterns. ­ Selecting which competitors to attack or avoid. ­ Identifyin  Competitors. Competitors can include: ­ All firms making the same product or class of products. ­ All firms making products that supply the same service. ­ All firms competing for the same consumer dollars. ­ Assessing   Competitors: 2 Friday, February 5, y ­ Objectives ­ profitability ­ market share ­ Strategies ­ Strengths and weaknesses ­ Estimating reactions ­ Selecting  Competitors: ­ Close vs distant ­ firms that offer similar products and are like yours vs firms that are different from  yours. ­ Good vs bad ­ firms that play by the rules and don’t try to undermine you, or competitors that  play dirty. ­ Blue­ocean ­ going some place where there are no competitors. There is room to mess up. ­ Strong vs weak ­ focus on the either the strong competition, or the weaker competition.    ­ Customer value analysis determines the benefits that target customers’ values and how customers rate the relative value of various competitors’ offers. Competitive Strategies ­ Michael Porter’s 4 basic competitive positioning strategies ­ 3 winning strategies 3 Friday, February 5, y ­ Overall cost leadership   ­ the company works hard to achieve the lowest  production and distribution costs, which allows the company to charge less than  it’s competitors. ­ Differentiation  ­ the company concentrates on creating a highly differentiated  product line and marketing program so that it comes across as the class leader  in the industry. ­ Focus   ­ the company focuses its effort on serving a few market segments well,  rather than going after the market as a whole. ­ 1 losing strategy ­ Middle­of­the­roaders   ­ this company tries to be good at all strategies, which  hurts them. They are not the lowest in cost, the highest perceived valued, or best in serving some market segment. ­ Value Disciplines  ­ operational excellence   ­ lowest cost leader. High quality at a value. (ex.  McDonalds) ­ customer intimacy   ­ provide service, build relationships with customers. Customers  are willing to go out of their way to buy your product. (ex. Starbucks) ­ product leadership   ­ the most innovative. Excitement and variety. (ex. Taco Bell) ­ Competitive positions ­ Market leader strategies ­ market leader ­ 40% ­ market challengers ­ 30% ­ market followers ­ 20% ­ market nichers ­ 10% ­ Strategies: 4 Friday, February 5, y ­ expand total demand ­ new users, uses, more usage ­ protect their current market ­ continuous innovation, strong relationships  ­ expand market share ­ Non­market leader strategies ­ Market Challenger strategies: ­ challenge the leader ­ 2nd mover advantage? ­ can be dangerous ­ leaders are well positioned in the market, spending money to challenge  them could be wasteful because it probably won’t affect the leader at all. ­ Market Follower strategies: ­ do not rock the boat ­ copy and improve leader’s positions ­ bring distinctive advantages ­ keep costs and prices low ­ Market Niche strategies: ­ specialization 5 Friday, February 5, y Marketing ROI Return on Marketing ­ What firms do (actions). ­ What customers think/feel (perceptions). ­ What customers do (behavior). ­ What firms get (outcomes). Metrics ­ Metrics ­ a system that quantifies a trend, dynamic, or characteristic. ­ Makes is possible to: ­ compare observations across regions and time periods. ­ Access whether goals are achieved. ­ Facilitate understanding and collaboration.  ­ We need metrics from every step because: ­ we need to look at the steps holistically. ­ you have to be careful about which metrics you choose from each area. Don’t  measure too much. ­ track things through the return. 6


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