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Marketing (Subject) / Marketing Planning - Analysis (Lesson)

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  • 4 fashion market characteristics short life cyclescapture the mood; very short and seasonal, measured in month even in weeks high volatilerarely stable or linear demand low predictabilityweek by week or even item by item demand high impulse purchasingdecision at the point of purchasecritical need for availability
  • Analysing B2C-Market buying behavior (5 questions) 1. Who is important in the buying decision?    eg parents buy what children pursue 2. How do they buy?    appropriate stimulation, buying process = dynamic interaction    seaching for information - provide evaluations and risk expressions!    decision can be manipulated by marketing mix!!!    S-O-R model  3. What are their choice criteria? 4. Where do they buy? 5. When do they buy? 1-3 = most important!!!
  • S-O-R model to analyze consumer behavior B2C market= variables that determine consumer behavior!! this model helps to describe consumer behavior in B2C market as a relationship between a stimulus, the way the stimulus is processed by the consumer and the response the consumer makes having evaluated the alternatives S - stimulus culture  social influence reference group marketing mix O - process/organism psychological factors physiological factors perceptions and feelings R - response attitudes and beliefs buying behavior buying practices convergence between customer needs and wants & products/services providedinfluence customer by external stimuli
  • key determinant of brand evaluation by customer the level of involvement (depends on personality of buyer) perceived importance of the product perceived risk associated with its use high involvement =high importance - self-image!!eg sports vehicle for mid-50s singleThe more visible, risky or costly the product, the higher the involvement low involvement =low importance - ordanary light bulb
  • Analysing B2B-Market buying behavior DCM (6) many similarities to B2C market!!human beings - not necessarily more rational But: Decision-making Unit Initiator influencers/evaluators (often technical personnel) gatekeepers (purchasing agent, secretary) decider (often difficult to determine who takes the ultimate decision) purchaser  user salesperson should be aware of the role of the different peoplespecial knowledge products - require after-sales service
  • B2B 3 buy classes 1. Straight re-buysrelatively cheap and usually matter of routine 2. Modified re-buy 3. new taskmost complex purchase
  • Main influences on buying decision B2B (4) 1. environmental factors    economic environment (primary demand, economic outlook, cost of capital) 2. organizational factors    objectives, policies, procedures, structures 3. interpersonal factors    group dynamics, status and persuasiveness 4. personal factors    different buying styles (age, education, professional identification, risk attitude
  • organizational buying process B2B 6 steps 1. Problem recognition    internal or external stimuli 2. General need description    characteristics and quantity 3. Product specification    decides and specifies on best technical product characteristics 4. Supplier search    compile a list of qualified vendors 5. Proposal solicitation    qualified suppliers submit proposals please 6. Supplier selection   review and select supplier steps might be skipped if rebuyer or modified purchase
  • SWOT Analysis - overview controllable internal S&Wvsuncontrollable extern O&T match S&O overcome W -> T history: developed by harvard business school 1963 became popular in the 70s: alignment resources to environment  1980s Porters paradigma of the industrial organization became more popular 1990s Barney reinvented the SWOT
  • elements of the SWOT analysis strength determine organizational strong points from internal perspective and customer perspective do not be humble and be as pragmatic as possible unique or distinct advantages? why customers choose you instead of competition? products or services that can not be imitated? weaknesses determine from an internal point of view and customers point of view are there things that can be streamlined? why competitors operate better? any way your company could avoid weaknesses? does competition have certain segment conquered? opportunities how can your organization grow? Os are everywhere: changes in technology, government policy, social patterns, etc. new emerging trends, etc.? threats changes in customers demand which call for new requirements? is changing technology hurting the organization's position? what is the competition doing that is offsetting the organizational development?
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  • matching and converging the SWOT matrix 4 actions see where it thinks it is, where others see it, where it hopes to be -> give the manager an idea of the basic strategic options he has ACTIONS: match strength and opportunities convert weaknesses to strength convert threats to opportunities minimize, if not avoid weaknesses and threats
  • application of the SWOT analysis                                               S                                            W O                                          S/O                                         W/O T                                          S/T                                           W/T = 4 COMBINATIONS 1. Maxi-Maxi (S/O)maximize strength to capitalize opportunities 2. Maxi-Mini (S/T)use strength to minimize threats 3. Mini-Maxi (W/O)conquer weaknesses by making the most out of opportunities 4. Mini-Mini (W/T)defensive strategy - minimize weaknesses and avoid external threats NEVER: mixing internal with internal or external with external factorsdoes not make sense!EXAMPLE:strength = financial resourcesweakness = lack of sales training-> more sales trainingBUT:no sense in sales training for the sake of it!Need a specific target in respond to external changes. Sales force training needs must be determined by external requirements
  • SWOT Analysis - required analysis competitors questions to ask (5) market analysis (2) analyze focal firm extensively!!! Core competencies! analyse also competitors questions to ask: what is their (marketing mix) offer? what is their competitive advantage? how well are they performing? what does their swot profile look like? how are they likely to compete in the future? market analysis: - immediate market (the specific segments served)- 'wider world' - political, economic, social, technological that sourround the company wider world in the long-term shapes the immediate market
  • Benefits and Barriers SWOT Analysis Pros: supremely simple attention to key issues that affect development and growth besides the output the process of conducting the swotdynamic tool - facilitates management development  valuable management tool easily absorbed into the realities and practicalities of existing planning and strategy formulation process Barriers/Problems: lack of guidance on how to do itno literature better management information systemsenough information already - can lead to complacency and the problems that issues are not really understood pressure on managersno time - quick fix... the complexity of many companiescomplex and large companies seem daunting - not necessary
  • Multilevel SWOT Analysis 3 levels usually a swot analysis should be multi-level 1. Corporate level - SWOT 2. SBU level -SWOTone per each SBU 3. product/market levelSBU2- product 1 and market 1- product 1 and market 2- product 2 and market 1- product 2 and market 2
  • Benefits and Barriers SWOT Analysis Pros: supremely simple attention to key issues that affect development and growth besides the output the process of conducting the swotdynamic tool - facilitates management development  valuable management tool easily absorbed into the realities and practicalities of existing planning and strategy formulation process very activity is as important as the final result! Cons: lack of guidance on how to do itno literature better management information systemsenough information already - can lead to complacency and the problems that issues are not really understood pressure on managersno time - quick fix... the complexity of many companiescomplex and large companies seem daunting - not necessary
  • vertical network and horizontal network                                                         SUPPLIER COMPETITOR                                FOCAL FIRM                       PARTNERS/COMPLEMENTORS                                                          CUSTOMER horinzonal = competitor - focal firm - partners vertical = supplier - focal firm - customer
  • comparing B2B and B2C markets (6 categories) 1. market structure geographically concentrated     ---      geographically dispersed relatively few buyers                 ---       mass markets oligopolistic competition            ---      pure competition  2. size of purchase often extremely large                   ---     usually small 3. buyer behavior functional involvement                 --- family involvement rational/task motives prevail        --- social/emotional motives prevail stable relationships                      --- less buyer-seller loyality professionalism, expertise           --- less trained, often inexperienced 4. buying influences committees, technical experts and management --- individual, household members, friends, relatives 5. decision-making distinct observable stages                         --- vague mental stages often group decisions                                --- usually individual decisions 6. supplier relationship long-term contracts and supplier involvement      --- many single purchases
  • difference resources, capabilities, competencies resources = what you haveinputs: financial, physical, human, intangible like brand, structural/culturaleg: basketball shoes, clothes capabilities = what you can do with your resourcesprocess and people: regular, predictable, sequential activitieseg: healthy body, normal body responses etc competencies = what you do really really well (distinctive capabilities)create value and are difficult to imitateeg: being a good basketball player, competent to put the ball in the hub
  • marketing budget pull all the revenues and costs involved in marketing together in one comprehensive document managerial tool: what needs to spend and what can be afforded the most powerful tool - thought through balance resources need to be allocated to complete the tactical plan, to attain the marketing objectives marketing budget is usually one of the key budgets used to manage the total budgetary control system usually a transitional step between planning and implementation
  • whole marketing system: 3 levels 1. the focal company 2. industry level/value net 3. macro level
  • whole marketing system: 3 levels 1. the focal company 2. industry level/value net 3. macro level: PEST Analysis
  • goal objective strategy tactics + Examples goal = broad primary outcome objective= the measurable step strategy= plan to get there tactics= tools and techniques to implement the strategy EXAMPLE 1. Goal Increase sales revenue by 25% by the End of the Year 2. Objectives Increase Awareness of our website to Target Audience (TA) by 100% by the end of the year
Increase Traffic To Website by 50% compared with last year
Increase Repeat Purchases by 10% compared with last year
Increase Average Order Value from £50 to £55 this month 3. Example Strategy 1. Engage Target Audience at key touch points in their day when receptive to brand messaging2. Drive traffic from new unique visitors to your website
3. Encourage Repeat Purchases from Existing Customers4. Increase Average Order Value from within the cart 4. Example Tactics 1a. Run TV ads targeted at TA in the middle of the day
1b. Run Facebook Advertising at lunchtimes based around similar interests
1c. Acquire Coverage in National Magazines targeted at TA using PR
1d. Run Online Banner Advertising on XYZ sites targeted at TA in the evenings
1e. Sponsor Local Sporting Events
1f. Create content around the shopping & lifestyle needs of your customers 2a. Ensure website URL is featured in TV ads
2b. Add URL to Twitter Bio
2c. Start 10+ conversations per day with TA on Twitter
2d. Lead Industry based Tweet chats on Twitter, encouraging influencers to join in
2e. Create video based responses embedded in well SEO’d blog posts with transcripts
2f. Share video blog posts to people on Twitter (monitoring for people asking Qs and responding) 3a. Email existing customers with referral % deal for new customers
3b. Print vouchers added to all orders sent out this month
3c. Competition: invite friends to enter mechanism (opt-in email data capture) 4a. Add attractive deals to the cart automatically (worth around 10% of transaction value)
4b. Increase the Free Delivery Threshold from £35 to £45
4c. Add gift wrapping options to the cart (with images of premium gift packaging)
4d. (If you’re feeling particularly naughty) Auto opt-in to higher cost delivery / up-sells
  • strategic plan vs tactical plan strategy   timelss, will stay the same over the years Example: More Sales volume in rural areas(Goal: +25% revenue) plan to achieve the goal! tactics changes with technology and circumstances Example: implement transit advertisement in rural areas techniques to execute the plan

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