Marketing Strategy & Planning
Marketing Strategy & Planning MARK 3339
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This 12 page Class Notes was uploaded by Trudie McClure Jr. on Saturday September 19, 2015. The Class Notes belongs to MARK 3339 at University of Houston taught by Steven Brown in Fall. Since its upload, it has received 147 views. For similar materials see /class/208336/mark-3339-university-of-houston in Marketing at University of Houston.
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Date Created: 09/19/15
Week 4A Notes MARK 3339 Library Overview Lisa Martin Ethics amp Citation basics 1 Know from WHERE you got your information when you use a nonliterary resource youre taking the risk that the material may not be accurate For this assignment you will use the library s database resource Understand the ROLE OF GOOGLE in the research process you need to understand WHY it was published often times because ofmoney sometimes because they have stock from the company When it comes to business information there is often a financial reason behind the publishing of the article If you see something that seems strange get other sources to confirm it quotTriangulating sources try to get three sources saying the same thing CITE things ethically Learn how to cite see the guide from powerpoint htt 39 39 M N FS Research Guide help at 3 am has Lisa s contact information links to resources and what we have covered today http guideslibuhedu marketing Top Resources for a Marketing Plan 0 Business Source Complete three key types of info news articles journal articles meant for other academics trade publications which are helpful for people within an industry You need to change the date when you use these articles and also do detailed searching MarketResearchcom has market research heavily represents consumer Plunkett s Industry research that gives you an industry profile ABI Inform Complete similar to business source complete Hoovers has company information but typically very brief overview ReferenceUSA Directory of businesses with contact information how many companies and ofwhat size in a subsector ofa market 0 SRDS media rate reporting service how much a TV ad costs on ABC cost of a radio spot media buying REQUIRES INTERNET EXPLORER 9 0 See more at http infolibuheduedbs subjethS4 Library Services FYI 0 Video Camerascamerasscanersmultimedia lab 0 Software and tech training 0 Interlibrary Loan get materials we don t have for free DO NOT USE ONESEARCH FOR THIS ASSIGNMENT USE DATABASES TAB INSTEAD Databases Instructions 0 NAICS North American Industry Classification System System by which the government classifies industries Used across the business world to classify industries and subindustries Search not for a company but for an industry or subindustry Includes a 7 digit code which you can use to search other resources 0 On Business Source Make sure that you change the date in your search to make sure that your sources are current If it says PDF FULL TEXT click on it Once it opens off to the right of the screen there are important tools Email it to yourself print it etc DO NOT JUST COPY THE URL BECAUSE IT IS ONLY A SESSION ID Also there is a cite button where you can copy paste the citation but make sure the citation is accurate and that there are no errors Activity 1 Get together with your group 2 Start developing a list 0 areas to research for your company or subindustry company details ifusing a real companysubindustry competitors SWOT market segments Scheduling an Appointment with Lisa SCHEDULE an appointment between 9 16 102 H Pick a project member to write Lisa and CC the group Pick a range of dates and times that works for the group Email mustinclude suggested dates all group members names project topic 4 Be professional polite punctual prepared LON Contact Info Lisa Martin lmmartin3uhedu Week 2 A Notes MARK 3339 Firms have a mission statement that serves the purpose of defining a formal summary of the aims and values of a company organization or individual Mission statements should be 0 Direct direct the path of the organization 0 Inspirational quotOrganize the world s information make it accessible Google s Mission Statement quotTo foster development of and publish rigorous and relevant research related to retailing including anything and everything that sells product to retailers Retail Magazine Mission Statement Organizational goals vs mission statements Goals are specific shortterm measures that can be measured by adequate or not adequate accomplished or not accomplished Mission statements are more broad longterm and abstract A personal brand is about what I do better than others Foundations of Strategic Marketing Management 92 1 De ning the Business businesses should de ne their companies based on the needs that they serve rather than the products that they make Products can change and go out of style needs are most everlasting Everything is a service A By needs served 1 Product forms are transient B By type of customers Mission Statement State what the company s business de nition is based on the needs they serve and the customers they serve as well as how they seek to accomplish what they want to do A Google Organize the World s information to make it accessible and usable B Journal of Retailing To foster development of and publish rigorous and relevant research related to retailing including anything and everything that sells product to retailers C What is the mission of a mission statement Mission is a broad direction that the company s traveling down 0 Goals A Important properties of goals Goals are speci c shortterm measures that can be measured by adequate or not adequate accomplished or not accomplished 0 Identifying and Framing Growth Opportunities A What kinds of opportunities are worth pursuing Evaluate the opportunity cost look at how it ts with your capability and mission 1 Fitness and adaptation a Dimensions of t ones that have customers that you can understand well and ones that can be built with communications and resources that you have 57 Perspectives on adaptation o SWOT Analysis 0 Formulating ProductMarket Strategies A Market penetration B Product development C Market development D Diversi cation 0 Comparing alternative strategies A Decision tree analysis 0 Formulating and Implementing the Marketing Mix III gt 0 03 0 03 9 18 and 9 23 Financial Aspects of Marketing Management Costs Variable 7 cost of goods sold is always a variable cost Cumulative cost is the cost over time Fixed remains the same over every period Fixed costs do not depend on the volume produced but are necessary costs that must be used to stay in business Examples would be rent wages for employees etc Relevant the predicted future costs of a marketing plan choice alternative Sunk past costs that are irrelevant because they have been incurred in the past and do not effect future marketing plans or actions Sunk cost fallacy is when managers continue to pursue a failing plan because they feel they need to break even JJ Watt s 100 million contract is a sunk cost because the decision has already been made Margins the difference between the selling cost and the cost of production of the product or service At Gross margin total and unit or gross profit is the difference between total sales revenue and total cost of goods sold or on a perunit basis the difference between unit selling price and unit cost of goods sold Unit margin formula Unit Price 7 Unit Variable Cost Contribution Margin aka gross margin per unit This does not always mean you make a profit because you are not including the xed costs When your contribution margin equals your fixed cost you have broken even Trade margin Net profit Contribution Analysis Break even analysis Sensitivity analysis Xnumber of unitsCM F CFixed costs To nd X in this scenario divide both sides by contribution margin F C Target profit CM target pro t IV EX FC 2000 Unit Price 500 Unit Variable Costs 300 Break even point 1000 units Break even points in dollars 5000 Units sold to make 2000 pro t 2000 units C Contribution analysis and pro t impact Lifetime Value of a Customer 9 11 The Marketing Plan Comprehensive Formulation of Marketing Strategy a guide to everyone in the organization Empirical fact is to make observations based on data and allows you to see reality objectively Believing is seeing meaning that my perception of the world is highly in uenced by what you believe This is not empiricism You must make things very explicit so you can avoid people s beliefs clouding their interpretation If a scientist has a prior belief it is a fact that they will tend to structure their experiments to support their prior belief By having more than one person work on the marketing plan you get different viewpoints and also get other employees to buy in to the strategy because they have a hand in it A But narrower than Business Plan a business plan includes things like financial plans human resources etc B Longterm focus C Makes explicit 1 Assumptions 2 Mission the mission of an organization is to encompass the scope of an organization what its purpose is its values etc 3 Goals obj ectives smaller parts that are meant to help achieve the mission Goals and objectives are tangible actions and results that are to be achieved over time There can be longterm and shortterm goals Goals create energy and help people direct their efforts Goals are check points 4 Market segments we need to make explicit the value we will then provide to these segments Pick your market based on something your skills are in line with something you are enthusiastic about something you believe in 5 Positioning and competition the essence of strategy Strategy is decisions about what markets to be in and what positions to take in those marketsPositioning is a longterm decision about where to deploy your company s resources 6 The present situation in terms of SWOT filling out the SWOT is not good enough You have to consider relevant information and their implications 7 Projected marketing actions 8 Priorities 9 Success measures 10 Implementation steps 11 Accountability 12 Importance of a explicitness b collectivity I Conceptualization A Think comprehensively B Focus on what matters C Review and revise continuously 11 Presentation the effectiveness of any presentation is in its clarity and persuasiveness A Clear and direct 1 Are your sentences grammatical 2 Are they clear and unambiguous 3 Are they meaningful 4 Do they unnecessary or dangling phrases 5 Are your paragraphs too short or too long B Logical organization 1 Firstlevel headings secondlevel headings bullet points C Executive summary Week 1 B MARK 3339 NOTES What is marketing strategy 0 Planning how to communicate and deliver superior value at a competitive advantage to specifically chosen target markets at a profit What is the difference between marketing management and marketing strategy 0 Marketing management is the actual carrying out of the marketing strategy What are the three tasks of managerial work 1 Planning 2 Implementation 3 Measurementcontrol evaluation you need to be measuring the right things to ensure you re creating value for the customer and company What strategic bases are there for sustaining a competitive advantage 1 Customer intimacy customization identification Amazon 2 Innovation Product leadership Apple Rubbermaid 3M 3 Cost leadership there is always a strong position for the firm with the lowest cost structure Week 2B Notes MARK 3339 Decision Making and Case Analysis Note for tests vocabulary matters KNOW THE TEXT very speci c DecisionMaking Process gt De ne the problem A problem wellde ned is a problem halfway solved Mile High Stadium Case Where shoulal the next CU vs CSUgame be helal to maximize revenue anal maximize safety 1 Does the problem de nition indicate what is truly at stake Enumerate decision alternatives 1 Alternative courses of actions consider all alternatives Have the game at the Mile High CSU or CU or a neutral site N Uncertainties You don t know what your competitors are going to do Will the fans get alrunk anal unruly The time anal alate of the game Will the police go nuts anal teargas everyone Consider relevant information 1 relevant information Sort through the data to determine the relevant information High M ealium orLow for each fact as it pertains to each alecision alternative Identify the best alternative 1 decision analysis 2 subjective probability 3 expected value
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