Plan, Market
Marketing
Marketing Plan
Focus on product and market; focus on detailed marketing strategies for achieving the product's objectives in a target market.
Consider the difference between strategic marketing and tactical marketing.
Marketing Planning Process includes:
- Analyzing marketing opportunities
- Researching and selecting target markets
- Designing marketing strategies
- Planning marketing programs
- Implementation and control
Situation Analysis
- Corporate Capabilities and Culture
- Customer Analysis
- Competitive Analysis
- Collaborators
- Macro Issues
- SWOT Analysis
- Objectives
- Alternative Strategies
Action Plans
- Evaluation and Recommendations
- Marketing Mix Elements (Product, Price, Promotion, Place)
Implementation and Evaluation
- Forecasting and Budgeting
Business Markets
Purchase for:
- Production
- Resale
- Redistribution
- MRO (Maintenance, Repair and Operations)
In order to:
- Increase Sales
- Cut Costs
- Meet Social and Legal Requirements
Customers are:
- Businesses for Profit
- Non-Profits
- Governments
Characteristics of Business Customers:
- Risk Averse
- Knowledgeable
- Price-oriented
- Fewer and Larger
- Nature of Demand (Derived, Inelastic, Fluctuating)
- Purchase versus Lease
Buying Process consists of:
- Problem Recognition
- General Need Description
- Product Specification
- Supplier Search
- Proposal Solicitation
- Supplier Selection
- Order Routine Specification
- Performance Review
Dealing with Competition
Porter's five basic forces of competition:
- Threat of new entrants
- Rivalry among existing competitors
- Bargaining power of suppliers
- Bargaining power of buyer
- Threat of substitutes
Whenever you make choices with respect to your customers (business or final consumers) you need to be aware how your competition changes as a function of your decisions. Understanding the prisoners dilemma model is useful. Clearly your relation compared to other competitors is important (market leader versus follower for instance) and the nature of the marketplace (monopoly, oligopoly and monopolistic competition).
Consequences of zero percent financing for autos?
- Need to consider competitors AND customers for decisions.
- Importance of competitive intelligence.
- Classification of competitors (brand, industry, form, generic)
- Keep competitors?
Industry Concept of Competition:
- Impacts of Barriers to Entry and Exit
- Number of sellers and degree of competition (monopoly, oligopoly, monopolistic competition, pure competition)
- Cost Structure
- Degree of Vertical Integration
- Degree of Globalization