Lecture Basic Marketing: A global-managerial approach: Chapter 21 - William D. Perreault, E. Jerome McCarthy

In this chapter you will: Know the content of and differences among strategies, marketing plans, and a marketing program; Understand, in detail, all of the elements of the marketing strategy planning process and the strategy decisions for the four Ps; understand why the product classes and typical mixes should be considered when developing a marketing plan;...

Chapter 21:    Developing Innovative Marketing Plans For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Chapter 21 Objectives When you finish this chapter, you should 1. Know the content of and  differences among strategies,  marketing plans, and a  marketing program.  2. Understand, in detail, all of the  elements of the marketing  strategy planning process and  the strategy decisions for the  four Ps 3. Understand why the product  classes and typical mixes should  be considered when developing  a marketing plan.  4. Understand ways the marketing  strategy and marketing plan is  likely to need to change at  different stages of the product  life cycle 21­2 5. Understand the basic forecasting  approaches and why they are  used to evaluate the profitability  of potential strategies.   6. Know what is involved in  preparing a marketing plan,  including estimates of costs and  revenue and specification of  other time­related details  7. Understand the different ways a  firm can plan to become  involved in international  marketing.  8. Understand the important new  terms For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Strategies, Plans, and Programs Strategy Plan Program 21­3 For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Overview of the marketing strategy planning process Narrowing down to focused strategy with quantitative and qualitative screening criteria Customers Needs and other Segmenting Dimensions Company Objectives  & Resources S W O T Segmentation & Targeting Differentiation & Positioning Product Place Target Market Price Promotion Competitors Current  & Prospective Technological     External Market Environment Political & Legal Social & Cultural     Economic Exhibit 21­1 For use only with Perreault and McCarthy texts © The McGraw-Hill Companies,wdp Inc., 1999 Irwin/McGraw-Hill S.W.O.T Analysis Strengths Internal Factors Weaknesses 21­5 Opportunities Strategy Planning External Factors Threats For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Forecasting Market Potential and Sales Factor Method Time Series Trend Extension Sales Forecast Leading Series Key Terms and Concepts in Forecasting Market Potential 21­6 Indices Jury of Executive Opinion For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Straight Line Trend Projection Dollars Trend Actual sales Years A trend extension simply extends past experience  into the future.  When factors influencing sales are  predictable, this can be useful.  A weakness in this  method though is that conditions tend to change  more often than they stay the same Exhibit 21­4 21­7 For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Spreadsheet “What If” Questions Exhibit 21­7 21­8 A spreadsheet can be used to compare estimated  sales, costs, and profits for “reasonable”  alternative marketing mixes.  Manipulation of any  element of the mix allows for quick assessment of  likely outcomes For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Planning for International Marketing Exporting ?????? ?????? ?????? ?????? ?????? 21­9 Licensing Contract Manufacturing Management Contracting Joint Venturing Wholly-Owned Subsidiaries For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Key Terms S.W.O.T Analysis Market Potential Sales Forecast Trend Extension Factor Method Factor Time Series Leading Series Indices 21­10 Jury of Executive Opinion Spreadsheet Analysis Exporting Licensing Contract Manufacturing Management Contracting Joint Venturing Wholly Owned Subsidiary Multinational Corporations For use only with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill ... with Perreault and McCarthy texts © The McGraw-Hill Companies, Inc., 1999 Irwin/McGraw-Hill Strategies, Plans, and Programs Strategy Plan Program 21? ?3 For use only with Perreault and McCarthy texts... Irwin/McGraw-Hill S.W.O.T Analysis Strengths Internal Factors Weaknesses 21? ?5 Opportunities Strategy Planning External Factors Threats For use only with Perreault and McCarthy texts © The McGraw-Hill... Spreadsheet “What If” Questions Exhibit? ?21? ?7 21? ?8 A? ?spreadsheet can be used to compare estimated  sales, costs, and profits for “reasonable”  alternative marketing mixes.  Manipulation of any