Marketing (Fach) / Strategy and Segmentation (Lektion)
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- strategic marketing planning 3 steps planning = systematic approach 1. Vision and Mission What business are we in? 2. strategic objectivesWhere do we want to go? 3. How get there? estimation of the planning gap and problem diagnosis ...
- vision and mission statement vision= mental image of the successful accomplishment of the mission where do we wish to go? what we wish to become? short idealistic and imaginative inspires enthusiasm ambitious Mission= statement ...
- mission statement questions (4) 3 drivers Questions: what is our business? who are our constituencies? what values do we provide to our stakeholders? what should our business be in the future? 3 drivers: heritagerealistic image of the company's ...
- vision statement BHAG assets needs Collins and Porras (2002) = envisioned future 10-30-year big hairy audacious goal (BHAG) + vivid description unifying focal point to effort catalyst for team spirit clear finish line energizing, engaging ...
- strategic objectives definition specified in terms ... turn broad mission into detailed supporting objectives for each level of management clear defined measurable performance standards specify broad mission goal must be imaginable - pure financial goals ...
- estimation of the planning gap 2 technical terms reference projection = future with absence of planned change target projection = future with planned change gap = planning gap actions:- revise objectives in downward direction- move company off the projection ...
- planning gap - problem diagnosis large planning gap = only the symptom find the problem!!! only then you can find an actual solution example of Starbucks entering the Indian market
- close the planning gap search for strategic alternatives ... companies need growth!compete more effectively, satisfy stakeholders, attract talent objectives manage 'profitable growth' reflective planning guided by: situation as revealed by the performance gap ...
- Ansoff's generic stages for growth generic strategies = recurring strategy patterns within al organizations planning gap can be filled with Ansoff's 4 expansion-strategies ...
- Ansoff - market penetration two options MEB methods ... up-left = current product + current market penetration strategy!- can be very successful when technological or production advantage- can be very costly if no real cost advantage two options: increase ...
- Ansoff's - Product development strategies 3 alternatives ... up-right = new product + current market also called technology development strategy 3 alternatives product improvements product-line extensions new products dangers: cannibalization if new products ...
- Ansoff's - market development strategies 2 options down-left = current product + new market 2 options: geographic expansion new segments/customer groups eg Under Armour - new: Woman
- Ansoff's - diversification strategies down-right = new product + new market = diversification! 3 options vertical integrationforward or backward (supplier/retailer) diversification into related businesses(concentric diversification) diversification ...
- calculate: - market share - degree of market penetration ... market share = firm sales / total (served) market) x 100% degree of market penetration =total (served) market / market potential x 100%
- diversification vs differentiation diversification = going into different businesses differentiation = differentiate your same products from competitors ones
- Ansoff's - diversification strategies (1957) down-right = new product + new market = diversification! 3 options vertical integrationforward or backward (supplier/retailer) diversification into related businesses(concentric diversification) diversification ...
- Porters 3 (4) generic stages 4 positions in the industry ... Porter 1985 understand the market - which available competitive niche should you attempt to dominate? ...
- Porters 3 (4) generic strategies 4 positions in the ... Porter 1985 understand the market - which available competitive niche should you attempt to dominate? ...
- porters generic strategies - explained + examples! cost leadership: up left = low cost + broad market eg: Amazon, Dell, Walmart similar products but cheap differential advantage: up-right = high cost + broad market different products thus expensive ...
- porters generic strategies - explained + examples! cost leadership:cost leadership strategy up left = low cost + broad market eg: Amazon, Dell, Walmart similar products but cheap differential advantage:differentiation strategy up-right = high cost ...
- the BCG portfolio matrix model 2 steps 2 issues of ... two steps 1. identify key SBUs2. Portfolio analysis for each SBU -> corresponding resource allocation decisions addressing two issues of potential value now: relative market share future: market growth ...
- Classification of the BCG Boxes star: up-left = high growth + high share needs heavy investment negative cash flow will generate cash in the (distant) future eg General Electrics kept investing in plastic cash cow: down-left = ...
- implied strategies for BCG boxes star:continue to increase market share cash cow:maintain share and leadership question mark: assess chances of controlling segment+ go after share- redefine business or withdrawal dog:if not required ...
- potential mistakes BCG Matrix (3) 1. overinvesting in low-growth segments (lack of objectivity and hard analysis) 2. underinvesting in high-growth segments 3. misjudging the segment growth rate (poor market research
- advantages BCG Matrix approach (5) evaluate each SBU - tailored objectives for each business stimulates to search for externally focused empirical data raises issue of cash flow balancing -> expansion and growth potent tool for analyzing ...
- calculate - relative market share - market growth ... BCG Matrix relative market share=focal company market share / largest competitors market share logharithmic scale share relative to largest competitor horizontal market growth rate % linear scale ...
- advantages (5) and disadvantages (4) BCG Matrix approach ... pros evaluate each SBU - tailored objectives for each business stimulates to search for externally focused empirical data raises issue of cash flow balancing -> expansion and growth potent tool for ...
- The GE Multifactor Portfolio Analysis how does it ... better than BCG model - multifactor analysis! business strength ...
- GE Multifactor portfolio matrix: Determinant factors ... market share share growth product quality brand reputation distribution network promotional effectiveness productive capacity productive efficiency unit costs material supplies R&D performance managerial ...
- GE Multifactor portfolio matrix: Determinant factors ... market share share growth product quality brand reputation distribution network promotional effectiveness productive capacity productive efficiency unit costs material supplies R&D performance managerial ...
- GE Multifactor portfolio matrix: Determinant factors ... overall market size annual market growth rate historical profit margin competitive intensity technological requirements inflationary vulnerability energy requirements environmental impact
- The GE Multifactor Portfolio Analysis how does it ... better than BCG model - multifactor analysis! from Mc Kinsey for General Electrics business strength ...
- The GE Multifactor Portfolio Analysis how does it ... better than BCG model - multifactor analysis! from Mc Kinsey for General Electrics applicable to product, markets, SBU or higher level! ...
- advise to successful introduction of a chosen portfolio ... introduced move quickly to establish legitimacy educate line managers redefine SBUs (basis for analysis) use it pragmatically, don't haggle over fancy descriptions make top management acknowledge the ...
- strategy evaluation criteria (7) sustainability is there a sustainable advantage? validity are the external assumptions realistic? feasibility do we have the skills, resources, and commitment? Internal consistency does the strategy hang ...
- Strategy selection Treacy and Wiersema (1993) new ... operational excellenceeg Walmart = good and cheap customer intimacyeg Ritz-Carlton = premium, expensive, long relationships product leadershipeg Intel, Microsoft = state of the art, innovative and new, ...
- strategy - estimate financial consequences 2 main ... interpreting financial data -> 2 fundamental conceptual issues opportunity costs = every choice has a valuethe opportunity cost of a choice is what you gave up to get ityou choose the apple and pay with ...
- segmentation - overview 5 steps large divers markets ↓smaller homogenous segments how? identify the best ways to segment profiling = pin down characteristics of each group evaluate attractiveness ...
- Benefits of segmentation (5) niche - smaller companiesparticularly helpful - target smaller niche market find market gapsit helps to identify market gaps (unserved, underserved segments) find growth segments in declining marketshelps ...
- premises of segmentation (5) underlying requirements for every segment to be valuableHooley 2004 measurablesize, purchasing power, profilesestimate potential value and attractiveness for the focal company accessiblesegments can be ...
- the STP approach segmentationaggregation of customers into groups choose variable for segmenting market build a profile of segments authenticate rising segments targetingmaximize homogeneity within deciding on targeting ...
- STP goal benefits (7) Goal = improved market performance Benefits + customer satisfaction+ competitive differentiation+ profitabitility+ thorough understanding of market+ quicker response to changing patterns+ effectiveness+ ...
- STP goal benefits (7) Goal = improved market performance Benefits + customer satisfaction+ competitive differentiation+ profitabitility+ thorough understanding of market+ quicker response to changing patterns+ effectiveness+ ...
- segmentation - overview how what to do before large divers markets ↓smaller homogenous segments how? identify the best ways to segment profiling = pin down characteristics of each group evaluate attractiveness ...
- 2 problems with segmentation 1) no real segments business that believes it is segmenting is not really segmenting no real segments chosen just 'labeled customer groups' that are not really homogenous 2) no usable segmentation ...
- segmenting consumer market B2C 3 top groups socio-demographic segmentation geographic segmentation gender age family life cycle occupation/social class subculture personality characteristics lifestyle characteristics (psychographics) occasions ...
- socio-demographic segmentation (6) geographic segmentationeg: nations, regions, states, cities, neighborhoods genderfirst step = gendernext step = gender preference (gay etc) age more traditional but still important for holiday market! ...
- occupation/social class (6) social class grading occupation A Higher managerial B ...
- personal characteristics (segmentation) 3 main elements ... difficult to measure!create background atmosphere for:- advertising- packaging- design- branding Lifestyle Characteristics or Psychographicseg ' homely lifestyle' vs. 'sophisticated lifestyle' 3 main ...
- 2 main approaches to segment consumer market traditional approach: associative we chose a characteristic that we believe will influence the response to the marketing mix direct approach: behavioral actual customer behavior as the starting point ...