BU352 Lecture Notes - Lecture 9: Marketing, Baby Boomers, Competitive Intelligence
Document Summary
Marketing mix (4 ps: product, price, promotion, place. External forces: the marketing environment: social/cultural trends, economic, technology. Currency fluctuations, inflation, interest rates: political/regulatory. Use ci (competitive intelligence: competitors, demographics. 20th century, a good product will sell itself : sales-oriented era, market-oriented era. Manufacturers focused on what consumers wanted/needed: value-based marketing era. Have to give consumers greater value than their competitors. Strategic marketing planning process (developing a marketing plan: define mission/vision, situation analysis. Swot analysis: identify and evaluate opportunities using stp. Also develop marketing mix: implement marketing mix. Allocate resources: evaluate performance and make adjustments. Growth strategies: market penetration, market development, product development, diversification. Pricing strategies (marketing mix price" step: cost-based pricing, competitor-based pricing, operational excellence, value-based pricing. 5 years, define mission, set company goals: strategic business unit (sbu) / division planning- 3-5 years, set goals/ establish portfolio of products, functional planning - 1-3 years, develop plans for specific products/brands.
