Principles of marketing: Lecture 7

Principles of marketing: Lecture 7 provide students with knowledge about: portfolio analysis; marketing process; the boston consulting group’s growth-share matrix; product/market expansion grid; market penetration; strategic planning, implementation, and control process;... Please refer to this lesson for details!

MGT301 Principles of Marketing Lecture­7 Summary of   Lecture­6 Strategic Planning and Marketing  Process Corporate Level Defining the Company Mission Setting Company Objectives and Goals Designing the Business Portfolio Business unit, product, and market level Planning, marketing, and other functional Strategies Corporat e Marketin g Plan Strategy Formulation      Mission Goals External analysis Internal analysis Strategic choice Today’s Topics   Portfolio Analysis Marketing Process Portfolio Analysis: A tool by which management  evaluates the various business making up the company The Boston Consulting Group’s Growth­ Share Matrix Stars Question marks ? ?2 ? Market growth rate 20%18%16%14%12%10%8%6%4%2%0 10x ? Dogs Cash cow 4x 2x 1.5x 1x 5x 4x 3x 2x 1x Relative market share Planning Corporate planning Implementation Organizing Division planning Business planning Product planning Control Measuring results Diagnosing results Implementing Taking corrective action Marketing Strategy Planning Process Customers Needs and other Segmenting Dimensions Company Mission, Objectives, & Resources Competitors Current & Prospective Customers Needs and other Segmenting Dimensions Company Mission, Objectives, & Resources S W O T Competitors Current & Prospective External Market Environment Customers Needs and other Segmenting Dimensions Targeting & Segmentation Company Mission, Objectives, & Resources S W O T Competitors Current & Prospective External Market Environment Positioning & Differentiation Narrowing down to focused strategy with quantitative and qualitative screening criteria Customers Needs and other Segmenting Dimensions Targeting & Segmentation Company Mission, Objectives, & Resources S W O T Positioning & Differentiation Competitors Current & Prospective External Market Environment Marketing Process      Analyzing marketing opportunities  Selecting target markets  Developing the marketing Mix  Managing the marketing effort Enough for today. .  Summary Stars Question marks ? ?2 ? Market growth rate 20%18%16%14%12%10%8%6%4%2%0 10x ? Dogs Cash cow 4x 2x 1.5x 1x 5x 4x 3x 2x 1x Relative market share Product/Market Expansion Grid Current products Current markets New markets Marketpenetration strategy Marketdevelopment strategy New products Productdevelopment strategy (Diversification strategy) Marketing Process Next…      Analyzing marketing opportunities  Selecting target markets  Developing the marketing Mix  Managing the marketing effort MGT301 Principles of Marketing Lecture­7 ...  Selecting target markets  Developing the marketing Mix  Managing the marketing effort MGT301 Principles? ?of? ?Marketing Lecture? ?7 ...Summary of? ?  Lecture? ?6 Strategic Planning and Marketing  Process Corporate Level Defining the Company Mission... develop new markets for its current products.   –  How?  Identify new demographic or geographic markets   Product Development:  Offering modified or new products to current markets.   How?  New styles, flavors, colors, or modified products