MKT300 Strategic Planning for Competitive Advantage Presentation

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I upload the paper in structure, and I have learned module1: introduction to managerial marketing, module2: marketing analysis, module3: marketing strategy and tactics, and module4: special topics and IMC.

I will upload 2 ppts, if you need it when you write. And we have two cases in the semester, I also upload to you, you could read before you start writing.

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MKT 300 Midterm Review Session Prof. Dante Pirouz Spring 2019 Midterm Logistics • Seating chart • Bring: pencils, MSU ID or picture ID, 1 sheet of notes, simple (non smartphone) calculator • I will bring exams, scantron sheets, picture cover sheets • You can write on the exam • 80 minutes – hard stop • Will give 10 minute warning • You will turn in the exam and the scantron; you can keep your 1 page notes • No leaving the room once the exam starts Suggestions for Studying 1. Review the slides from each class and your notes 2. Review the related chapter from MKTG to understand and memorize the key concepts and terms 3. Understand and memorize key terms, concepts, models and theories • If the concept/term is in the class slides there is a strong probability it could be on the exam • If the concept/term is in the class slides and in the textbook there is a strong probability it could be on the exam • If the concept is discussed in the textbook only, it could be in the exam but is much less likely • Any company and/or brand examples given in the slides and/or the textbook are meant to illustrate the concepts • Could be replaced with another company example so don’t memorize which company did what but try to understand why they did what they did 4. Review the study prep at the end of the textbook 5. Test yourself on the meanings of the key terms at the end of the slides Structure for Review • • • • What You Should Know Highlights Key Terms to Know Sample Questions Chapter 1 Intro to Marketing Management Chapter 1: Overview What You Should Know 1. The definition(s) of marketing 2. The four marketing management philosophies and what their key differences are 3. Why marketing is important for companies 4. Know the 4 Ps Marketing is all about value exchange Chapter 1: Overview Key Terms To Know! • • • • Marketing Exchange Customer value Marketing concept • Production orientation • Sales orientation • Market orientation • Societal marketing orientation • • • • Customer satisfaction Relationship marketing On-demand marketing 4 Ps Chapter 1: Overview Sample Questions 1. Marketing is all about: 1. 2. 3. 4. advertising value and exchange mass markets selling junk no one wants 2. Why is marketing important to companies? 1. 2. 3. allows them to maximize profitability, revenue, and customer satisfaction because ads are fun to watch because companies like tricking people 3. On-demand marketing allows companies to: 1. 2. 3. Enhance the customer experience and increase customer loyalty increase prices get rid of bad customers Chapter 2 Strategic Planning Chapter 2: Strategic Planning What You Should Know 1. Define strategic business units (SBUs) 2. Identify strategic alternatives and know a basic outline for a 3. 4. 5. 6. 7. marketing plan Know what a mission statement is Describe the components of a situation (SWOT) and PEST/L analysis Identify sources of competitive advantage Discuss target market strategies Describe the elements of the marketing mix What is an SBU? • A strategic business unit (SBU) is a subgroup of a single business or a collection of related businesses within the larger organization. Ansoff’s Opportunity Matrix The Boston Consulting Group Model Elements of a Marketing Plan Launch a product, promote adoption, gain market share, reposition a brand, increase profitability…. Customer Analysis Competitor Analysis Company Analysis Category Analysis Needs and wants Shopping/usage behavior Buying process Direct/indirect competitors Their current/previous strategies Importance of this market to them Likely actions and reactions Objectives Strengths/weaknesses (SWOT) Current/past performance Fit with other products Attributes Trends Structure P.E.S.T. Segmentation Possible segments Size of segments Growth potential Understand the Market Marketing Decisions Marketing Strategy Positioning Analysis Goals Framework for Marketing Decisions Target Market + Value Proposition + Differentiated Advantage Outcomes/Analytics Marketing Tactics Product, price, advertising, merchandising, promotion, channel, distribution, sales force, implementation plans, loyalty & retention Profit forecast, sensitivity analysis, market share, cannibalization, churn, contingency plan, results (cash flow, ROI) Prof. Dante M. Pirouz ©2004 Deloitte Consulting LLP PESTL Describing the Target Market Mission Statement • • • • • • • • • Chapter 2: Strategic Planning Key Terms to Know • Marketing planning Strategic planning Strategic business unit (SBU) • Marketing plan Ansoff’s Strategic Opportunity • Mission statement • Marketing myopia Matrix • SWOT analysis Market penetration, market development, product • PEST/L development, diversification • Environmental scanning BCG Portfolio matrix • Competitive advantage Star • Cost competitive advantage Cash cow • Mainstream vs. niche Problem child (question mark) • Differentiation Dog Chapter 2: Strategic Planning Sample Questions 1. The most important thing strategic planning can help a company or brand determine: 1. 2. 3. 4. how it will reach its business goals when its stock price will go up what to pay the CMO how big a factory should be 2. The BCG Matrix includes dogs, stars, cows and ?s. T/F 3. A Marketing Plan does not include: 1. 2. 3. 4. SWOT analysis the marketing mix target market strategy lease agreement Chapter 3: Ethics and Social Responsibility Chapter 3: Ethics and Social Responsibility What to Know 1. Explain the concept of ethical behavior in marketing 2. Know the difference between corporate social responsibility, cause-related marketing and green marketing 3. Describe the arguments for and against corporate society responsibility, cause-related marketing and green marketing 4. What does greenwashing mean and is it good or bad? 5. What is conscious capitalism and why is it different from cause-related or green marketing 6. Know what stakeholders are and why they are important to market to Ethics and Social Responsibility Corporate Social Responsibility Cause Marketing Green Marketing Conscious Capitalism Corporate Social Responsibility Cause Marketing Green Marketing Salt Water Brewery Conscious Capitalism Chapter 3: Ethics and Social Responsibility Terms to Know ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Civil society Social control Behavioral norms Ethical theories Virtue Code of ethics Corporate social responsibility (CSR) Stakeholder theory ▪ Pyramid of corporate social responsibility ▪ Sustainability ▪ Green marketing ▪ Cause-related marketing ▪ Greenwashing ▪ Conscious capitalism Chapter 3: Ethics and Social Responsibility Sample Questions 1. Which one of these is not a stakeholder for a company: 1. employees 2. vendors 3. investors 4. competitors 2. Conscious capitalism is primarily about charitable-giving by a company. T/F Chapter 4 The Marketing Environment Chapter 4: The Marketing Environment What You Should Know 1. 2. 3. 4. 5. 6. 7. 8. Understand what the external environment of marketing is and how it affects a firm Describe the social factors that affect marketing Explain the importance to marketing managers of current demographic trends Identify consumer and marketer reactions to the state of the economy Identify the impact of technology on a firm Discuss the political and legal environment of marketing Know what a PEST analysis is Explain the basics of foreign and domestic competition Millennials (Generation Y) • • • • Generation X • People born between 1965 and People born between 1978 1979 and 1994 • Independent, Are currently in two resilient, and stages: adaptable • People born in 1994 have entered young adulthood • Saving money is a • People born in 1979 have major priority for established careers and Gen Xers have started families • Most plan to keep Gen Yers are more working during their idealistic and eager to retirement years please Exposed to digital world • Many support their aging parents from childhood • Place a high value • Influences what they buy, how they buy, and how they on education and use the purchased products knowledge Baby Boomers • Persons born between 1946 and 1964 • Outspend younger adults on consumer goods and services • Make purchase decisions based on price and quality • Influenced by traditional advertising, sales reps, and word-ofmouth recommendations Competitive Analysis • • • • • • • • • • Who are your competitors? What products or services do they sell? What is each competitor's market share? What are their past strategies? What are their current strategies? What type of media are used to market their products or services? How many hours per week do they purchase to advertise through the media used in this market? What are each competitor's strengths and weaknesses? What potential threats do your competitors pose? What potential opportunities do they make available for you? Prof. Dante Pirouz Category Analysis Regulatory Agencies • Consumer Product Safety Commission (CPSC) – Protects the health and safety of consumers in and around their homes • Food and Drug Administration (FDA) – Enforces regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products • Federal Trade Commission (FTC) – Prevents persons or corporations from using unfair methods of competition in commerce Chapter 4: The Marketing Environment Key Terms ▪ Target market ▪ Demography ▪ Millennials ▪ Generation X ▪ Baby Boomers ▪ Purchasing power ▪ Inflation ▪ Recession ▪ Basic research ▪ Applied research ▪ Consumer Product Safety Commission (CPSC) ▪ Food and Drug Administration (FDA) ▪ Federal Trade Commission (FTC) ▪ Consumer Product Safety Commission (CPSC) Chapter 6 Consumer Decision Making Chapter 6: CB Need to Know 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Why should marketing managers understand consumer behavior What are the components of the consumer decision-making process Explain the consumer’s postpurchase evaluation process Identify the types of consumer buying decisions and discuss the significance of consumer involvement Identify and understand the cultural factors that affect consumer buying decisions Identify and understand the social factors that affect consumer buying decisions Identify and understand the individual factors that affect consumer buying decisions Identify and understand the psychological factors that affect consumer buying decisions Know which are internal and external influences Understand different types of value Chapter 6: CB Key Terms to Know • Consumer behavior • Value • Perceived value • Utilitarian value • Hedonic value • Consumer decision-making process • Need recognition • Want • Stimulus • • • • • • • • • Internal information search External information search Evoked set/consideration set Cognitive dissonance Involvement Routine response behavior Limited decision making Extensive decision making Showrooming The Consumer Decision-Making Process McKinsey’s Customer Journey Cognitive Dissonance • Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions • Consumers reduce dissonance by: • Seeking information that reinforces the purchase decision • Avoiding information that contradicts the purchase decision • Revoking the original decision by returning the product Value • Personal assessment of the net worth obtained from an activity Consumer Value Framework (CVF) Continuum of Consumer Buying Decisions Types of Reference Groups Motivation • Motive: Driving force that causes a person to take action to satisfy specific needs • Maslow’s hierarchy of needs • Method of classifying human needs and motivations into five categories in ascending order of importance • Physiological, safety, social, self-esteem, and self-actualization Chapter 6: CB Need to Know • • • • • • • • • • Culture Subculture Social class Reference group Primary membership group Secondary membership group Aspirational reference group Nonaspirational reference group Opinion leader Socialization process • • • • • • • Personality Self-concept Perception Motive Maslow’s hierarchy of needs Learning Augmented product Chapter 6: CB Sample Questions 1. 2. 3. 4. Hedonic purchases are often impulse buys. T/F Both internal and external influences impact purchasing behavior. T/F An evoked or consideration set usually includes only a few brands (1-3). T/F _____ occurs when consumers change information that conflicts with their fe elings or beliefs. 1. Stimulus generalization 2. Selective distortion 3. Cognitive dissonance 4. Selective retention Chapter 8 Segmentation, Targeting, Positioning, VP, USP Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP Need to Know 1. 2. 3. 4. 5. 6. Describe the characteristics of markets and market segments Explain the importance of market segmentation Discuss the criteria for successful market segmentation Describe the bases commonly used to segment consumer markets Know what CRM is and why it is important Know how and why firms implement positioning strategies and how product differentiation plays a role 7. Know the difference between a VP and positioning statement 8. Know what a USP is Successful Segmentation Produces Market Segments That Are… 1. Sustainable: Must be large enough to warrant developing/maintaining unique marketing mix 2. Identifiable and measurable: Must be identifiable and size measurable 3. Accessible: Members of segment must be reachable 4. Responsive: Segment need not be treated separately unless it responds differently to a marketing mix Bases for Possible Levels of Segmentation New: Microtargeting Segmenting for Business Markets • • • • • Demographic Operating variable Purchasing approaches Situational factors Personal characteristics Positioning • Positioning is how you want your customers to think of you – your position “in their heads” • Structure for creating a positioning statement: • Among (target market), (brand name) is the brand of (frame of reference) that (point of difference) because (reason to believe). • For example: • Among physically active women with children under 5, Green Ox is the sports drink that also contains vitamins that have been proven to increase bone mass which is important for women and children. Positioning: Perceptual Maps High Price High Customization Low Customization Low Price Difference Between a VP, USP and Positioning Statement? • A Value Proposition is a definitive expression or statement of the concrete outcome of using your products and/or services • A Unique Selling Point (USP) is that aspect that differentiates a product or service from all other similar products or services • The “uniqueness” is in some way singular, exclusive, one-of-a-kind = differentiation • Positioning Statement selects key offering features for a particular target segment Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP Key Terms ▪ Market segment ▪ Market segmentation ▪ Segmentation bases (variables) ▪ Geographic segmentation ▪ Demographic segmentation ▪ Family life cycle (FLC) ▪ Psychographic segmentation ▪ Geodemographic segmentation ▪ ▪ ▪ ▪ Benefit segmentation Usage-rate segmentation Target market Undifferentiated targeting strategy ▪ Concentrated targeting strategy ▪ Niche targeting strategy ▪ Microtargeting Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP Key Terms ▪ Multi segment targeting strategy ▪ Cannibalization ▪ Positioning ▪ Position ▪ Product differentiation ▪ Perceptual mapping ▪ Repositioning ▪ Value proposition ▪ Unique selling point (USP) Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP Sample Questions 1. Which one of these is a psychographic characteristic? 1. how old a person is 2. how old a person feels 3. whether a person is near retirement 4. whether a person is sick 2. ____is when a brand targets a highly selected, narrow, relatively small segment to market to. 1. niche strategy 2. mass market strategy 3. undifferentiated strategy Chapter 8: Segmentation, Targeting, Positioning (STP) and VP, USP Sample Questions 1. Most successful brands today engage in mass marketing. 2. What does a perceptual map tell you? 1. how brands are perceived by consumers 2. how brands are perceived by companies 3. how brands are shown on the shelf 4. how consumers are grouped T/F Chapter 9 Marketing Research Chapter 9: Marketing Research Need to Know 1. Define marketing research and explain its importance to marketing decision making 2. Describe the steps involved in conducting a marketing research project 3. Understand how the Internet has impacted marketing research 4. Know the types of research methods 5. Know why companies might choose one research method over another 6. Explain the concept of competitive intelligence Chapter 9: Marketing Research Key Terms ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Marketing research Marketing research problem Marketing research objective Management decision problem Secondary data Big data Primary data Survey research Cross tabulation ▪ Mall intercept interview ▪ Computer-assisted personal interviewing ▪ Computer-assisted self interviewing ▪ Executive interview ▪ Focus group ▪ Open-ended question ▪ Close-ended question ▪ Scaled-response question Chapter 9: Marketing Research Key Terms ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Observation research Mystery shoppers Behavioral targeting (BT) Social media monitoring Ethnographic research Experiment CRM Competitive intelligence Causal Descriptive Exploratory Chapter 9: Marketing Research Sample Questions 1. Experiments are: where variables are controlled and manipulated 2. great for exploratory research 3. utilizing secondary data only 1. 2. Most companies use ___________ because they are cost effective and time efficient to run: 1. focus groups 2. experiments 3. in person interviews 4. ethnographic studies Chapter 9: Marketing Research Sample Questions 1. The biggest difference between primary and secondary data is: 1. The data are not usually collected for the specific purpose of answering a particular research question it is being used for. 2. What is not a source of competitive intelligence? 1. News articles, search engine data, lifestyle segmentation studies 3. The best research technique to use when you want to understand an existing marketing problem like a low adoption rate is: 1. descriptive 2. exploratory 3. competitive 4. secondary Chapter 5 Global Marketing Chapter 5: Global Marketing Need to Know 1. Know why global marketing is important 2. Know the risks of global marketing 3. Know the elements of the external environment facing global marketers 4. Identify the various ways of entering the global marketplace 5. Know the difference between standardization and localization strategy and why to use them Standardization vs. Localization Costs of Globalization • • • • Countries restrict trade and create barriers to boost exports and limit imports. Globalization = job uncertainty, migration, economic uncertainty Outsourcing: Sending U.S. jobs abroad • Leads to corporate growth, efficiency, productivity, and revenue growth Inshoring: Returning production jobs to the United States because of rapid consumer product innovation • Innovation forces the need to keep product designers, marketing researchers, logistic experts, and manufacturers in close proximity 5.4 Risk levels for five methods of entering the global marketplace Chapter 5: Global Marketing Key Terms ▪ Global marketing ▪ Multidomestic strategy ▪ Global vision ▪ Exporting ▪ Gross domestic product (GDP) ▪ Licensing ▪ Outsourcing ▪ ▪ ▪ Contract manufacturing Joint venture Direct foreign investment ▪ Inshoring ▪ Multinational corporation ▪ Multidomestic strategy ▪ Foreign direct investment ▪ Global marketing standardization ▪ Localization/customization Chapter 5: Global Marketing Sample Questions 1. If Dominos Pizza were to offer konbu (dried kelp) as a topping on their pizzas sold in Japan. This is an example of: 1. 2. 3. 4. standardization localization FDI Inshoring 2. L’Oreal has manufacturing, R&D and marketing hubs all over the world. This makes the company: 1. 2. 3. 4. Multidomestic Multinational Crazy Unprofitable Chapter 7 B2B Chapter 7: B2B Need to Know 1. Describe business marketing 2. Describe trends in B-to-B Internet marketing 3. Discuss the role of relationship marketing and strategic alliances in business marketing 4. Identify the four major categories of business market customers 5. Know the North American Industry Classification System 6. Explain the major differences between business and consumer markets 7. Discuss the unique aspects of business buying behavior Relationship Marketing • Strategic Alliance • Licensing or distribution agreements • Joint ventures • Research and development consortia • Partnerships Enterprise data solution that will democratize one of the largest consumer data sets in the world. The strategic alliance has been brought to life through Nielsen Connect, powered by Microsoft Azure, the tech giant’s global-scale intelligent cloud platform. Content Marketing • Strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content • Goal: To attract and retain a clearly defined audience and drive profitable customer action • Marketers use social media to increase awareness and build relationships and community. • Creating compelling and useful content for customers is key to social media-based content marketing. • Growth of platforms, such as mobile and streaming video, necessitate development of new ways to measure campaign effectiveness. • Metrics that are useful for increasing the success of a social media campaign • Awareness: Attention that social media attracts • Engagement: Interactions between brands and audience through comments, retweets, shares, and searches • Conversion: Occurs when action is taken North American Industry Classification System (NAICS) The more digits in the NAICS code, the more homogenous the groups at that level. NAICS level NAICS code Description Sector 51 Information Subsector 513 Broadcasting and telecommunication Industry group 5133 Telecommunications Industry 51332 Telecommunications Wireless telecommunication carriers, except satellite Industry subdivision 513321 Paging Nature of Demand in Business • Derived • Demand for business products results from demand for consumer products • Inelastic • Demand for product not significantly affected by change in price • Joint • Demand for multiple items used together in final product • Fluctuating • Demand for business products is more volatile than for consumer products Buying Situations • New buy • Purchase of a product for the first time • Modified rebuy • Purchase involving some change in the original good or service • Straight rebuy • Purchase of the same goods or services without looking for new information or investigating other suppliers Chapter 7: B2B Key Terms ▪ Business marketing (industrial, business-to-business, B-to-B, or B2B marketing) ▪ Business product (industrial product) vs. Consumer product ▪ Content marketing ▪ Strategic alliance (strategic partnership) ▪ Original equipment manufacturers (OEMs) ▪ North American Industry Classification System (NAICS) ▪ Derived demand ▪ Joint demand ▪ Reciprocity ▪ Major equipment (installations) ▪ Accessory equipment ▪ Raw materials Chapter 7: B2B Key Terms • • • • • Component parts Processed materials Supplies Business services Buying center • Decider, Purchaser, User • New buy • Modified rebuy • Straight rebuy Chapter 7: B2B Sample Questions 1. In a buying center, a decider is the person who actually uses the product or negotiates the purchase. T/F 2. B2B marketing uses the internet to distribute _____ marketing such as white papers, blogs, webinars. T/F 3. In B2B marketing, one of the most important means in creating sale is ___________ because most business customers find it more efficient to stay with one organization rather than switch continually among providers in their search for value. 1. 2. 3. 4. customer value relationship marketing teamwork empowerment Marketing Math: Market Size Up Marketing Math • Market Size Up • Determine how big a particular problem is, or how many of x products are used • Examples • How many golf balls are made in the US each year? • How many cans of paint are needed to paint the Delta fleet? • The Approach • Walk through how you would figure it out, and ask the occasional question • Keep talking, and use round numbers Market Size Up – How many new golf balls would be used in the US in a given year? Possible Approach: • Number of golfers in the US – 250 million people in the US x 20% of population plays golf ~ 50 million people play golf in the US • Number of balls they use per round – 2 to 3 balls per round ~ 2 to 3 balls per round • Number of rounds they play per year – Average of 10 rounds per year ~ 10 rounds per year ~ 1.25 billion golf balls ©2004 Deloitte Consulting LLP Reminders for Studying and Taking the Exam • Read the questions carefully • Bring a pencil and simple calculator NO PHONES OR ELECTRONIC TOOLS ALLOWED! • Seating will be assigned • No leaving the room during the exam; if you leave the exam is over for you. • Only leave after you have signed the exam, filled in all of the scantron, turned in BOTH the exam sheets and scantron (you can keep your 1-sheet) and leave by the front entrances only • Special accommodations ©2004 Deloitte Consulting LLP MKT 300 Marketing Management Final Review Prof. Dante Pirouz Spring 2019 Agenda A review of key concepts we’ve covered over the term The final exam A few final words… Prof. Dante Pirouz Chapter 1 • Definition of marketing • Value and exchange • What marketers do • Why marketing is important • Perceived value • Marketing management philosophies Strategic planning Strategic business unit (SBU) Chapter 2: Strategic Planning for Competitive Advantage Mission statement Ansoff’s Strategic Opportunity Matrix BCG Growth Share Matrix Elements of a Marketing Plan • • • • • SWOT PEST Competitive analysis Target market strategy Marketing mix Launch a product, promote adoption, gain market share, reposition a brand, increase profitability…. Customer Analysis Competitor Analysis Company Analysis Category Analysis Needs and wants Shopping/usage behavior Buying process Direct/indirect competitors Their current/previous strategies Importance of this market to them Likely actions and reactions Objectives Strengths/weaknesses (SWOT) Current/past performance Fit with other products Attributes Trends Structure P.E.S.T. Segmentation Possible segments Size of segments Growth potential Understand the Market Marketing Decisions Marketing Strategy Positioning Analysis Goals Framework for Marketing Decisions Target Market + Value Proposition + Differentiated Advantage Outcomes/Analytics Marketing Tactics Product, price, advertising, merchandising, promotion, channel, distribution, sales force, implementation plans, loyalty & retention Profit forecast, sensitivity analysis, market share, cannibalization, churn, contingency plan, results (cash flow, ROI) Prof. Dante M. Pirouz Importance of business ethics Chapter 3: Ethics and Social Responsibility CSR vs. cause marketing vs. green marketing vs. greenwashing vs. conscious capitalism Stakeholders The Dove Case Chapter 4: The Marketing Environment • External Factors • Segmenting • Demographics, psychographics, behavioral • Social Factors • Demographic factors • Economic factors • Technology, infrastructure and innovation • Political and legal factors • Environmental factors • Competitive factors Benefits of globalization Chapter 5: Global Vision Costs of globalization Exporting Standardization vs. localization Licensing 5 methods of entering global markets Contract manufacturing JV FDI Consumer decision making process Chapter 6: Consumer Behavior • • • • • Need recognition Info search Evaulation of alternatives Purchase Postpurchase behavior External and internal influences • • • • Social factors Individual factors Cultural factors Psychological factors Loyalty loop Chapter 7: Business Marketing B2B marketing Relationship marketing and strategic alliances Types of business marketing Categories of business customers NAICS Business buying behavior Chapter 8: Segmenting and Targeting Markets IMPORTANCE OF MARKET SEGMENTATION BASES FOR SEGMENTING CONSUMER MARKETS BASES FOR SEGMENTING BUSINESS MARKETS POSITIONING VALUE PROPOSITION UNIQUE SELLING POINT Chapter 9: Marketing Research • Role of MR • Descriptive • Diagnostic • Predictive • Marketing Research Process • Primary vs. secondary data • Exploratory vs. causal research • Survey, observation, ethnographic, experimental research • CRM • Competitive intelligence What is a product? Chapter 10: Product Concepts Types of consumer products Product items, lines and mixes Branding Packaging Chapter 11: Developing and Managing Products IMPORTANCE OF NEW PRODUCTS NEW PRODUCT DEVELOPMENT PROCESS WHY SOME FAIL AND OTHERS SUCCEED PRODUCT LIFE CYCLES (PLC) Channel intermediaries Chapter 13: Marketing Channels Channel structures Channel conflict Omnichannel vs. multichannel Importance of pricing Chapter 19: Pricing Pricing objectives Ethics in pricing Chapter 15: Integrated Marketing Communications PROMOTIONAL MIX MARKETING COMMUNICATIONS IMC CAMPAIGNS Importance of services Chapter 12: Services and Non-Profit Marketing How services differ from goods Nonprofit marketing Chapter 14: Retailing Importance of retail Types of retailers Trends in retailing Chapter 16: Advertising, PR and Sales Promotions EFFECTS OF ADVERTISING MEDIA DECISIONS PR SALES PROMOTIONS AND TRADE PROMOTIONS Chapter 18: Digital Media and Future Trends Evolution of the digital space Future trends Social media Analytics, IoT, mobile marketing, apps, gaming, s-tailing, augmented reality, AI, voice recognition Shifts in consumer behavior Touchpoints Converged media: paid media, earned media, owned media Metrics Final Exam Presentation Name on Master What Great Marketers Can Do! • Capture marketing insights • Connect with stakeholders • Build strong brands • Shape market offerings • Deliver value • Communicate value • Create long-term growth • Develop market strategies and plans Marketing is all about value exchange What Marketing Isn’t… • Not just advertising • Not just for “marketing” or “sales” managers • Not just a cost center • Not just about the 4 Ps (product, price, place, promotion) Marketing can be very powerful. Prof. Dante Pirouz Email: pirouzda@msu.edu Text: (810) 841-3705 LinkedIn: dpirouz Prof. Dante Pirouz MKT 300 Marketing Management SPRING 2019 TAKE HOME FINAL EXAM Marketing focuses on creating value, bringing in revenue, and generating a deep connection with constituent stakeholders. In addition, there are a number of quantitative and qualitative measures and metrics that can be used to determine and forecast the level of success for each of these goals. In your opinion, what are the most important factors that lead to success in creating value, revenue and connections with stakeholders? Give examples either from the real world, from the textbook, from the lectures in class, or from the cases discussed during the course, of how best to accomplish each of these. Which measures/metrics do you believe are most important in measuring and forecasting marketing performance for each of these? Explain your reasoning behind your selections. If a brand wanted to target a group of consumers based on characteristics you believe are important, what recommendations would you suggest in terms of structuring a marketing strategy and set of tactics that will break through the clutter, connect with the target’s values and create a sustainable competitive advantage (feel free to suggest something bold here!). Be sure to include specific terms and concepts from the textbook and lectures throughout your paper and discuss them in a way that shows me that you understand the meaning of the terms/concepts. FORMATTING GUIDELINES 1. 2. 3. 4. 5. 3-5 pages (no penalty for going over the page limit) Double space, 12 pt. font, 1-inch margins No late submissions accepted!! Cite any outside references beyond the textbook and/or class lectures Be sure to include terms and concepts from the textbook chapters and/or class lectures! Due Wednesday May 1st, 2019 by 8pm uploaded to D2L Good luck!! Dongming He A54419016 1. What was Dove’s market positioning in the 1950’s? What is its positioning in 2007? In 1950, Dove focused on the functional benefits of their product by portraying Dove soap as a cleansing cream rather than just a mere soap. The aim was to create an image that would position the brand in the consumer’s brain and maximize the benefit to Unilever. The company used a blended marketing mix that involved the use of communication channels such as TV, print media, billboards and engaging natural looking women to emphasize the benefits of the products (Deighton, 2008). As a result, the company became one of the most identifiable brands in America at the time. Dove’s marketing position evolved in by 2007 with the company shifting from a functionality focus to a consumer point of view. Unilever used a marketing planning approach that incorporated advertising, consumer promotions and customer marketing which changed the idea of beauty altogether by focusing on the consumer’s point of view. The primary goal for this strategy was to develop a brand that created non-retouched beauty in everyday women. 2. What does it mean to be a Global Masterbrand? Why does Unilever want to have fewer brands? A global masterbrand is a dominant, overarching brand that acts as a point of view for a company’s other stable products and services. The brand is established to manage a huge portfolio of other company brands, position and introduce a new alternative of the brand or bring the purpose of the brand to life. Unilever proposed to reduce its brand portfolio from the current 1,600 brands to 400 brands in the following five years in their path to growth path plan (Deighton, 2008). The primary objective of the plan was to direct their focus on specific brands that the company wanted to develop into masterbrands which would give the brands more attention and recognition. The strategy would also allow the company to focus on the huge global market by creating the brand around it which would also help Unilever in gaining more control over their brands and brand management. 3. How would you describe the primary customer for Dove? Women are the primary user of Dove’s products, though men also form part of their target market. The main target audiences are young to middle-aged adults largely constituting of women between the ages of 18 to 35 years. Women at this age are conscious of their beauty being careful of what they use on their skin hence demand a product that is trustworthy while also not too expensive. The company has targeted the audience by creating a pathos that puts the audience in the view of a young girl who can easily relate with their past experiences and appealing to the ethos through the creation of campaign ads that credits the brand for giving the audience a product they can trust. 4. Do you think Dove has become too controversial? Should they embrace their new brand direction or tone things down? In my opinion, Dove has not become controversial but rather the brand has used various initiatives to erase the recurring use of unrealistic, unattainable images to describe the beauty and redefined how women view beauty. The main idea behind Dove’s beauty campaigns has been to emphasize the need to celebrate the unique differences in women rather than ignore them which they believe would change women’s attitude towards their view of beauty. I believe that Dove’s new brand direction is strategic in promoting positive body image. 5. What would you recommend Dove should do to take the brand to the next level? There tends to be a mismatch between Dove's campaign of all-inclusive and their practice in terms of market coverage. The brand presents itself as a brand for all women but has failed to include a tone of women based on their market focus that centers on young to middle-aged women. The brand should also utilize a two-way communication model so as to allow the gathering of adequate feedback from the audience which will help the development of innovative products that meets their consumers' needs. Reference Deighton, J. (2008). Dove: Evolution of a brand. Harvard Business School. Tesla Motors Dongming He MKT300 3/28/2019 A54419016 Tesla Motors founded in 2003 has been experiencing challenges due to the reported cases of fires in Tesla's car models like the Model S sedan. According to Putros (2013), the automobile company is known for its zero-emission cars which are charged by lithium-ion batteries instead of gasoline; however, the safety of the car batteries has been questioned. Nevertheless, the company has maneuvered the challenges by advancing its technologies in establishing ways of cutting utility costs by integrating solar-powered channels for charging the batteries. Despite Tesla’s limitations, the company has identified ways of increasing the sales of its products to meet consumer demands and strengthen the economies of scale. Strong economies of scale help in enhancing competitiveness in the auto manufacturing and technology industries. For instance, factors like the implementation of cost-efficient production as seen in Tesla’s manufacturing activities enhances the company’s competitiveness by establishing low cost products. With that in mind, the projected long-term forecast is that Tesla will have increased marketability and progressive financial margins. Considering that the company’s marketing strategy has focused on attracting eco-friendly consumers and lead investors; this will be a significant factor that will boost Tesla's economies of scale in the market. Additionally, the company is likely to achieve the projected focus considering that its value proposition is centered on technology. In this case, the automaker does not only manufacture a regular car just like other automakers. Instead, it has incorporated innovative technologies such as the lithium-ion battery pack which is more advanced than the ones produced by competitors (Putros, 2013). The other factor is the technological body design that is made of lightweight material. The integrated technologies have helped in enhancing the performance of the car. Further, looking at Tesla’s value chain, the company has unique strategies of differentiating itself in sourcing, manufacturing and delivery processes. For instance, the company maintains a strategic sourcing approach for its raw materials mainly for making the lithium-ion batteries. Tesla managed to achieve this by establishing a close connection with suppliers such as Panasonic before it purchased a lithium-ion production plant. Also, the establishment of a manufacturing and assembly plant in the Netherlands is a compelling differentiation strategy that has helped the company to meet the high demands of its products in Europe. Further, in the delivery processes, Putros (2013) holds that the company uses factory galleries by strategically positioning them in targeted states. Such an approach has helped Tesla to interact directly with consumers and get to know their needs. In the case of the financials of Tesla, the company is in a strong position even though it has been making a slow-paced growth in its car sales. Another factor that shows the company has a strong position is when Tesla managed to repay a government loan nine years in 2013 before the established deadline, and this portrayed a sign of financial stability (Putros, 2013). More to that, Tesla has managed to maintain the production activities of expensive equipment for the cars by establishing a production plant for manufacturing and assembling of the parts. Altogether, two recommendations could help Tesla to stabilize its business and have a guaranteed long-term growth. One, Tesla needs to identify the primary cause of the lithium battery fires since this is a setback that could hinder the company from attracting new clients and investors. Also, the company needs to train new leaders some of the leadership tactics of Elon Musk who has been a great asset to the firm. Training upcoming leaders would also help in making them influential and even more skillful in handling the company’s activities and making insightful decisions. Reference Putros, K. (2013). Tesla Motor: Burning up the road to domination or doom. Richard Ivey School of Business Foundation.
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Explanation & Answer

Attached.

Running head: MARKETING

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Marketing
Student’s Name:
Instructor’s Name:
Institutional Affiliation:
Date:

MARKETING

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Introduction

A company’s success is not measured by its productivity but by the revenue made at the
end of the financial year. This is why the marketing department is particularly important. The
following paper is going to be discussing marketing in companies. Factors that affect success,
measuring marketing success and marketing to a target population will be addressed.
Factors that lead to success in marketing
There are several factors that a business should consider to ensure success in value
creation, increase in revenue and connections with stakeholders. First of all, the company should
focus on delivering quality products and excellent services (Fan et al., 2015). Everyone
recognizes quality no matter the cost they are willing to incur to purchase a good. That is why
the first aspect that makes marketing easier is the presence of quality goods and services.
Another factor is the differentiation factor. They can achieve this in terms of
differentiation or pricing. Depending on the target market, they stand better chances of value
creation, increasing their market share...


Anonymous
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