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After reading chapter 22, you should be able to: Explain how marketing managers allocate their limited resources, describe Porter’s generic business strategies and synergy analysis planning frameworks, explain what makes an effective marketing plan;...
McGrawHill/Irwin Copyright © 2013 by The McGrawHill Companies, Inc. All rights reserved 22-1 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 22, YOU SHOULD BE ABLE TO: LO1 Explain how marketing managers allocate their limited resources LO2 Describe two marketing planning frameworks: Porter’s generic business strategies and synergy analysis LO3 Explain what makes an effective marketing plan 22-2 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 22, YOU SHOULD BE ABLE TO: LO4 Use a Gantt chart to schedule a series of tasks LO5 Describe the alternatives for organizing a marketing department and the role of a product manager LO6 Explain how marketing ROI, metrics, and dashboards relate to evaluating marketing programs 22-3 REACHING TODAY’S ON-THE-GO CONSUMER BY BREAKING THE RULES AT “BIG G” 22-4 REACHING TODAY’S ON-THE-GO CONSUMER BY BREAKING THE RULES AT “BIG G” Cereal Industry Facts of Life • of Brands Succeeds • Decline in RTE Cereals • High New-Product Risk • Conflicting Consumer Intentions/Actions 22-5 REACHING TODAY’S ON-THE-GO CONSUMER BY BREAKING THE RULES AT “BIG G” Creative Initiatives Outside Cereals • Eat-on-the-Go Products Magic Brownie • Single Portions • Healthier Eating • Cooking Convenience 22-6 LO1 MARKETING BASICS: DOING WHAT WORKS AND ALLOCATING RESOURCES FINDING AND USING WHAT REALLY WORKS Strategy: Clear and Focused Execution: Flawless Operations • Kaizen Culture: Performance-Oriented Structure: Fast, Flexible, and Flat 22-7 MARKETING BASICS: DOING WHAT WORKS LO1 AND ALLOCATING RESOURCES USING SALES RESPONSE FUNCTIONS Sales Response Function Maximizing Incremental Revenue Minus Incremental Cost A Numerical Example of Resource Allocation • Year • Year 22-8 FIGURE 22-1 A sales response function shows the impact on sales at various levels of marketing effort on annual sales revenue 22-9 MARKETING BASICS: DOING WHAT WORKS LO1 AND ALLOCATING RESOURCES USING SALES RESPONSE FUNCTIONS Allocating Marketing Resources in Practice Share Points—Need Estimates of: • Market Share • Cannibalization • Revenues • Gross Margin 22-10 Generic Business Strategy A generic business strategy is a strategy that can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage 22-60 Cost Leadership Strategy A cost leadership strategy is one of Porter’s generic business strategies that focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments 22-61 Differentiation Strategy A differentiation strategy is one of Porter’s generic business strategies that requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments 22-62 Cost Focus Strategy A cost focus strategy is one of Porter’s generic business strategies that involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments 22-63 Differentiation Focus Strategy A differentiation focus strategy is one of Porter’s generic business strategies that requires products to have significant points of difference to target one or only a few market segments 22-64 Synergy Analysis Synergy analysis seeks growth opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies 22-65 Program Champion A program champion is a person who is able and willing to cut red tape and move the program forward 22-66 Action Item List An action item list is an aid to implementing a marketing plan, consisting of four columns: (1) the task; (2) the person responsible for completing that task; (3) the date to finish the task; and (4) what is to be delivered 22-67 Line Positions Line positions consist of managers who have the authority and responsibility to issue orders to the people who report to them 22-68 Staff Positions Staff positions consist of people who have the authority and responsibility to advise people in line positions but cannot issue direct orders to them 22-69 Product Line Groupings Product line groupings are organizational groupings in which a unit is responsible for specific product offerings 22-70 Functional Groupings Functional groupings are organizational groupings that represent the different departments or business activities within a firm 22-71 Geographical Groupings Geographical groupings are organizational groupings in which sales territories are subdivided according to geographical location 22-72 Market-Based Groupings Market-based groupings are organizational groupings that use specific customer segments 22-73 Marketing ROI Marketing ROI is the application of modern measurement technologies to understand, quantify, and optimize marketing spending 22-74 ... Specialization Full Coverage 22- 22 FIGURE 22- 6 The ideal merger for Great Lakes to obtain full market-product coverage 22- 23 LO3 THE PLANNING PHASE OF THE STRATEGIC MARKETING PROCESS MARKETING PLANNING... THE VARIETY OF MARKETING PLANS Long-Range Marketing Plans Annual Marketing Plans 22- 15 LO2 THE PLANNING PHASE OF THE STRATEGIC MARKETING PROCESS MARKETING PLANNING FRAMEWORKS Porter’s Generic... strategy does each use? 22- 18 LO2 THE PLANNING PHASE OF THE STRATEGIC MARKETING PROCESS SYNERGY ANALYSIS Synergy Analysis • Marketing Synergy • R&D-Manufacturing Synergy 22- 19 LO2 MARKETING MATTERS