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Discussion Question 550 Words Introduction about Marketing stratergy and Marketing plans – 100 Words  Also, provide a graduate-level response to each of t

Discussion Question 550 Words Introduction about Marketing stratergy and Marketing plans – 100 Words

 Also, provide a graduate-level response to each of t

Click here to Order a Custom answer to this Question from our writers. It’s fast and plagiarism-free.

Discussion Question 550 Words Introduction about Marketing stratergy and Marketing plans – 100 Words

 Also, provide a graduate-level response to each of the following questions: – 450 words

Think of  a company you’d like to interview with, and list 1-2 specific factors for each of porter’s five forces. 

Pick your favorite brand and look at the 5Cs for that company. What is the brand’s “situation analysis”? Based on that assessment and what you know of the brand, what recommendations would you make to the company regarding that brand or its business?  

 [Your initial post should be  in APA format (including Times New Roman with font size 12 and double spaced).

Please use outside references and attached PPT for additional references. © 2018 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Marketing Strategy

© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

16. 2

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Marketing Framework

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Discussion Question #1

How can companies become more profitable?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Marketing Goals

Profit = Sales Revenue – Costs  

Sales Revenue = Sales Volume  Price

Costs = Variable Costs + Fixed Costs

Thus, Profit = (Sales Volume  Price) – [Variable Costs (Unit Cost  Sales Volume) + Fixed Costs]

Growing profit is the ultimate marketing goal

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Increasing Profitability

To increase profitability, companies can

Increase sales volume

Change prices

Decrease costs

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Profitability: Growing Sales (slide 1 of 2)

To grow sales volume, companies can

Grow the overall market or grow the company’s market share

Up-sell current customers to more expensive offerings

Get customers to buy more frequently

Steal customers from competitors

Pursue another segment

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Profitability: Growing Sales (slide 2 of 2)

To grow sales volume, companies can, (continued)

Create new products

Reduce brand switching by enhancing brand

Raise customer satisfaction

Add value through a loyalty program

Raise switching costs so leaving brand is unattractive

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Profitability: Changing Prices

To change prices, companies can

Cut prices

May bring volume in short term, but may damage brand image/equity

May create price wars

Lower price necessitates higher volume

Raise prices

Yields greater margins

Cues high quality

May need to shift to a more upscale target

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Profitability: Decreasing Variable Costs

To decrease variable costs, companies can

Find less expensive suppliers

Outsource parts of the business to partners who are more efficient

Become a niche provider to keep units down and price higher for special customers

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Profitability: Decrease Fixed Costs

To decrease fixed costs, companies can

Spend less on R&D

Spend less on advertising

Be more creative and efficient with spending

Milk the brand

Don’t spend on continued development or maintenance

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Marketing Strategies

Ansoff’s product-market growth matrix

BCG matrix

General Electric model

Porter strategies

Treacy and Wiersema strategies

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Ansoff’s Growth Matrix (slide 1 of 3)

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Ansoff’s Growth Matrix (slide 2 of 3)

Market penetration: current products, current markets

e.g., Convincing our current users to drink Pepsi for breakfast

Market development: current products, new markets

e.g., Selling chalk not only to schools, but also to kids

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Ansoff’s Growth Matrix (slide 3 of 3)

Product development: new products, current markets

e.g., Selling dry-erase boards to customers to whom you are currently selling dry-erase markers

Diversification: New products, new markets

e.g., A bookstore selling music

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Ansoff’s Growth Matrix Questions

Describe how Apple could implement a

Market penetration strategy

Product development strategy

Market development strategy

Diversification strategy

Which strategy do you think Apple primarily uses?

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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BCG Matrix

Brands or products are classified according to whether each has a strong or weak market share and slow or growing market

Star: high share, high growth

Cash cow: high share, low growth

Question mark: low share, high growth

Dog: low share, low growth

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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BCG Matrix Questions

Give examples of

A star

A cash cow

A question mark

A dog

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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BCG Matrix Strategies

Stars: Optimize or hold

Cash cows: Milk

Question marks: Invest or divest

Dogs: Minimize or divest

If stars and cash cows are sufficiently profitable, companies can carry question marks and dogs

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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General Electric Model (slide 1 of 3)

Measures market attractiveness and business strength

Weights: How important dimension is

Constrain to 1.0

Rating: How the company is doing

1 = awful and 5 = outstanding

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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General Electric Model (slide 2 of 3)

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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General Electric Model (slide 3 of 3)

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Porter’s Strategies

Porter’s strategies

Companies can dominate in 1 of 3 ways

Cost leadership

Produce more efficiently than competition

Differentiation

Distinguish one’s products as unique

Focused

Do one thing very well

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Treacy and Wiersema’s Strategies

Operational excellence: Deliver products smoothly, reliably

e.g., IKEA, TurboTax

Product leadership: Excellent quality; innovation

e.g., Apple, BMW

Customer intimacy: Knowledge of customer needs

e.g., Amazon, Home Depot

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Doing Strategy

Company must know its 5 Cs and understand its identity

Reasons to revisit strategic planning

To revisit assumptions

To launch new initiatives

When contextual issues change

When financial performance changes

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SWOT

SWOT: Strengths, weaknesses, opportunities, threats

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SWOT: Strengths and Weaknesses

Understand identity in marketplace

Is the company

Innovative or conservative?

Offensive or defensive?

Leaders, followers, quick followers, also-rans, or barely-in-the-games?

Companies may behave differently in different industries

Company approach may vary with product lifecycle, 5 Cs, etc.

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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SWOT: Opportunities and Threats

Consider opportunities and threats in marketplace

e.g., New competitors, economy decline, changes in regulations

Strategies

Do nothing

Do nothing differently

Do something different

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Do Something Differently (slide 1 of 2)

Let’s make more money

State sales objectives in terms of currency, market share, units, change from last year or quarter, region, growth, ROI, ROE, ROM, etc.

Let’s delight our customers

Enhance customer satisfaction, create loyalty program, reward customers, offer personalization, etc.

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Do Something Differently (slide 2 of 2)

Let’s reposition our brand

Must integrate all 4Ps

Change product, place, price, and/or promotion

Goals beyond marketing

Charitable or community contributions

Boosting stability of local employment

Demonstrating leadership in environmentally friendly business practices, etc.

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Marketing Metrics (slide 1 of 3)

Measure what matters

e.g., Profitability, sales, share, average prices, levels of awareness, customer satisfaction, employee satisfaction

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Marketing Metrics (slide 2 of 3)

Dashboard

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Marketing Metrics (slide 3 of 3)

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

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Managerial Recap

Before making strategy changes, conduct a self-assessment

Consider what to change: target segments, product, price, place, or promotion

There are many ways to increase profitability, and some may fit corporate culture and strengths; there are goals beyond profitability

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