LESSON 1: PRODUCT MANAGEMENT AND PACKAGING
Marketing strategic plan
Current situation analysis (analytical analysis): Mission/vision, 5 forces, SWOT. Objectives and goal setting (strategic marketing)
Segmentation: classify and identify clients and needs
Targeting: decide the sector we want to satisfy
Undifferentiated strategies: the same offer to all groups
Differentiated strategies: offers adapted to the needs, wishes, and desires of a specific group of people More expensive (production, stock, retail)
But if one offer is a failure, the company can continue operating with its other products (ex: Puig Nina Ricci, Carolina Herrera, Prada). Nicher/specialists: focus on one segment/niche
Strategies in terms of growth: combine a new product in an established market penetration & sprinkle Action plans (operational marketing):Marketing mix (product, price, place, promotion) “Likeability”: recent term to define those people that are not good at their job but due to their way to be and behave everybody ends up liking them and wanting to work with them. (Have it in mind when branding analysis).
Sales, Profit & Marketing Mix Optimization
Profit = Revenue – Cost
Revenue = p * q
P = p – K Profit = ((p – K) – C)*Q – F - M
K = C*Q + F + M
(k = discounts)
Unit contribution (P – K) – C
Contents of Marketing Plan (8 points)
1. Executive Summary
Brief statement of goals and recommendations based on hard data. 2. Current Marketing Situation
Presents data on the market, product, competition, distribution, macro-environment. (Product fact book) S.P.I.N.S. Situation “Where am I”Problem identification/Implications “What is happening”, Needs Assessment “Why is it happening”, Solutions “What can I do about it” Market Situation: Data on target market, size and growth for past years and each segment. Data oncustomer needs, perceptions, and buying behavior trends. Product Situation: Sales, prices, contribution margins and net profits for each major product line in the past several years. Competitive Situation: Major competitors described in terms of their size, goals, market share, product quality, marketing strategies. Distribution Situation: Information on size and importance of each distribution channel. Macro-environment Situation: Describes broad macro-environment trends – demographic, economic, technological, political/legal, socio/cultural, that bear on a product’s future.
3. Opportunity and Issue Analysis
Opportunities and Threats analysis
Strengths and Weaknesses analysis
Issue analysis: Use SWOT to define the main issues plan must address 4. Objectives
Defines the plan’s financial and marketing goals in terms of sales volume, market share and profit. 5. Marketing Strategy (game plan)
Broad marketing approach that will be used to achieve goals. Target market
Research and Development
6. Action Programs
Special marketing programs designed to achieve objectives, i.e., winning the loyalty of existing customers 7. Projected P&L
How will program be monitored?
LESSON 2: NEW PRODUCT DEVELOPMENT AND LIFE CYCLE
When talking about prices, decisions, we talk about goods and services that are offered in the market that satisfy a want and needs. They cover goods, services, ideas, information and everything that can be offered.
Analysis by two different points of view:
Product itself (physical attributes) clothing, product defined by customer needs washing machine The product defined by a customer needs, not just the product but also the problem it solves, problem recognition from consumer decision journey Core product: product we look for to satisfy a need (concept of need/necessity) Expected product: attributes with specific function and performance. What the consumer expects from the price for example a...
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