Case studies - the ability to bring about the skills to approach real life scenarios.
three cases studies and a final research paper
At the end of the class :Three key trends that are happening in the environment - as a Marketing Manager
how business can harness their potential
Marketing strategy project - present the strategy via video to the professor
Market segments - groups of people with certain characteristics
Target market - specific target
Goals and objectives
Competitive Advantage ID: Sustainable competitive advantage, what does better than others and it is hard to replicate
Synergy: "The whole is great than the sum of its parts" - how can a firm use all parts, working together rather than independently.
Forces impacting marketing
Globalization - more geographic markets
Technology - here and now society, immediate feedback via social media, robotic, building relationships with customers
Increased Service Focus - not just about the product, having the right people
Cooperative Relationships: build a relationship with the customer in all various departments of the organization
Side note ----------------------------
***(in case analysis: need to know the specific problem of the company is facing in order to come up with a specific solution)***
Executive summary - reason for course of action
Problem identification - state what the key problem is, concisely why
Analysis - lookup the handbook: pulling apart the situation to see how we are going to solve the problem; 4 Cs, SWOT, product cycle, etc. The analysis reveals the solution.
Recommendation - timeline, implementation
Appendix - all analysis performed
End of side note --------------------------
Understand: 4Cs analysis - opportunities based on our current situation and evaluate the opps.
Market Opportunity Analysis
Implementation & Control of Marketing Plan - Vegas trip implementation and controls (along the way) - milestones along the way such as number of orders, product testing, surveys.
Understand first - Who we are as a business / as a company = synergy
(Micro analysis, micro and situational analysis for each case study)
MS flows from: mission statement, objectives, ethics
Facebook - make the world more open and connected
Google - organize the world info and make it universal and accessible
Microsoft - enable people and businesses throughout the world to realize their full potential
HOW are we going to grow our company?
Market penetration - hair conditioner illustration "repeat"
Product development - offer new product to their current customers - apple (bigger share of customer)
Market development - product into new audience, baking soda - bakers --> smelly fridges
Diversification - buy new business, new market and new products - GE
Strategic business units - marketing strategy - how do we invest our resources
Product position - BCG matrix (x=relative market share; y=market growth rate) strategist business portfolio - where will we invest our resources
Question mark, Stars, Cash cows, Dogs
It limits your investment opportunities
It does not project future technologies
Doesn't tell you how to implement the strategies it merely classifies them
Value based planning
CH 3 Business unit strategies
Michael Porter: Differentiator, low cost, niche, middle of the road (no strategy).
Prospector: aggressively growing (new product/market)
Analyzer: their core product is sustainable
Defender: maintain their current position
Reactor: blowing in the windup
Marketing mix decision 4p - defender - differentiator = coffee bean and tea leaf