Marketing Management Module 5 Strategic Marketing

Unit 15: Internal Analysis Vision –“Vision statements represent word pictures which reflect the future standing of the organisation.” –Should be “compelling and excites people” Sony’s vision statement “Sony doesn’t serve markets; Sony makes markets.” Sony is a trailblazer, always a seeker of the unknown. Sony will never follow old trails, already trod. Through this progress Sony wants to serve mankind.

Mission Specifies the company’s –Scope –Product markets in which the business operates –Growth direction –Key assets and skills on which the business is based, and –Nature of the competitive position Should answer three questions: –1. Who are our customer groups? –2. What are our customers’ needs? –3. What technologies can we utilise?

Sample Mission Statement The mission of Bagwell Marketing is to provide results-oriented advertising, public relations, and marketing designed to meet our client’s objectives by providing strong marketing concepts and excelling at customer service. We seek to become a marketing partner with our clients. We desire to measure success for our clients through awareness, increased sales, or other criteria mutually agreed upon between the agency and the clients. We are committed to maintaining a rewarding environment in which we can accomplish our mission.

Resources of the Organisation Operations Finance Human capital Marketing Management and organisation

SWOT Analysis

Match strengths with opportunities to form unique competitive capabilities!

Strengths/Weaknesses Analysis

Unit 16: Competitor Analysis Reasons for performing competitor analysis –Current position of competitors might reveal opportunities –Forecast of future competitor action might suggest emerging threats and opportunities –Deciding between strategic alternatives internally might hinge upon the likely future action of competitors –Identification of strategic questions might result from competitor analysis

Process of Competitive Analysis Identifying competitive arena Analysing strategic groups Analysing key competitors Collecting competitive information Forecasting likely response strategies Analysing competitive positions

Unit 17: Customer Analysis The scope of customer analysis –Segmentation –Customer motivation What are the customers’ objectives? What are they really buying? –Unmet needs What are unmet needs that customers can identify? Are there some of which customers are unaware? Do these unmet needs represent leverage points for competitors?

Unit 18: Competitive Strategies Sustainable competitive advantage Differentiation strategy –Options for differentiation Product/service quality Branding to create an image or personality for the product Unique product characteristics New or unusual distribution channels New or unusual methods of communicating Price differentiation Differentiation based on consumer orientation –Sustainability of differentiation

Differentiation Strategies Low-cost strategy –Pitfalls in following a low-cost strategy Focus strategy –Ways of achieving a focus strategy –General conditions Pre-emptive move –Advantages and disadvantages Follower strategy Synergy

Common Pitfalls of a Differentiation Strategy Uniqueness that is valuable only to the organisation Over-elaborating (Don’t be TOO different!) Having too big a price difference Ignoring the need to signal value to the consumer Not knowing the cost of differentiation Focusing on the product instead of the whole value chain Failing to recognise different segments Reduced flexibility—once committed to differentiation, it’s hard to retreat from that position