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Mcom 341 week 7 summary

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The document defines key marketing terms and concepts used in developing marketing plans, including: 1) A marketing plan directs a company's marketing efforts by assessing strengths/weaknesses, markets, competition and setting goals. 2) Marketing objectives can focus on satisfying customer needs or increasing sales targets. 3) A marketing strategy outlines how a company will accomplish objectives through its marketing mix. 4) Positioning differentiates a brand based on customer needs.

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MCOM 341<br />Week 7 Summary<br />Marketing Plans<br />DEFINITIONS:<br />marketing plan  The plan that directs the company's marketing effort. First, it assembles all the pertinent facts about the organization, the markets it serves, and its products, services, customers, and competition. Second, it forces the functional managers within the company to work together—product development, production, selling, advertising, credit, transportation—to focus efficiently on the customer. Third, it sets goals and objectives to be attained within specified periods of time and lays out the precise strategies that will be used to achieve them<br />top-down marketing  The traditional planning process with four main elements: situation analysis, marketing objectives, marketing strategy, and tactics or action programs<br />situation analysis  A factual statement of the organization's current situation and how it got there. It includes relevant facts about the company's history, growth, products and services, sales volume, share of market, competitive status, market served, distribution system, past advertising programs, results of market research studies, company capabilities, and a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). <br />need-satisfying objectives  A marketing objective that shifts management's view of the organization from a producer of products or services to a satisfier of target market needs.<br />sales-target objectives  Marketing objectives that relate to a company's sales. They may be expressed in terms of total sales volume; sales by product, market segment, or customer type; market share; growth rate of sales volume; or gross profit<br />marketing strategy  The statement of how the company is going to accomplish its marketing objectives. The strategy is the total directional thrust of the company, that is, the how-to of the marketing plan, and is determined by the particular blend of the marketing mix elements (the 4Ps) which the company can control<br />positioning  The association of a brand's features and benefits with a particular set of customer needs, clearly differentiating it from the competition in the mind of the customer<br />bottom-up marketing  The opposite of standard, top-down marketing planning, bottom-up marketing focuses on one specific tactic and develops it into an overall strategy.<br />tactics  The precise details of a company's marketing strategy that determine the specific short-term actions that will be used to achieve its marketing objectives.<br />lifetime customer value (LTV)  The total sales or profit value of a customer to a marketer over the course of that customer's lifetime.<br />integrated marketing communications (IMC)  The process of building and reinforcing mutually profitable relationships with employees, customers, other stakeholders, and the general public by developing and coordinating a strategic communications program that enables them to make constructive contact with the company/brand through a variety of media.<br />OTHER CONCEPTS:<br />Four Sources of Brand Messages:PlannedProductServiceUnplannedThree Steps in a Marketing Strategy:Defining the target marketsDetermining the strategic positioningDeveloping an appropriate mix for each market <br />Levels of Relationships<br />Transactional(Basic)ReactiveAccountableProactivePartnershipCompany works continuously with customers to deliver better value.Company contacts customers occasionally with suggestions or new products.Company contacts customers shortly after sale for feedback, suggestions.Company asks customers to contact them if any problems with the product or service.Company sells the product but does not follow up in any way.<br /> IMC Integration Triangle<br />SayPlanned messagesDoProduct & servicemessagesConfirmUnplanned messages Cost of lost customers (LTCV)How much does it cost to lose a customer to poor service or product disappointment?Cost of acquiring new customersIt costs 5-8x more to acquire a new customer as it does to keep a loyal one.Value of loyal customersCompany’s first market. 90% of profits come from repeat purchasers.<br />
Mcom 341 week 7 summary

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Mcom 341 week 7 summary

  • 1. MCOM 341<br />Week 7 Summary<br />Marketing Plans<br />DEFINITIONS:<br />marketing plan  The plan that directs the company's marketing effort. First, it assembles all the pertinent facts about the organization, the markets it serves, and its products, services, customers, and competition. Second, it forces the functional managers within the company to work together—product development, production, selling, advertising, credit, transportation—to focus efficiently on the customer. Third, it sets goals and objectives to be attained within specified periods of time and lays out the precise strategies that will be used to achieve them<br />top-down marketing  The traditional planning process with four main elements: situation analysis, marketing objectives, marketing strategy, and tactics or action programs<br />situation analysis  A factual statement of the organization's current situation and how it got there. It includes relevant facts about the company's history, growth, products and services, sales volume, share of market, competitive status, market served, distribution system, past advertising programs, results of market research studies, company capabilities, and a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). <br />need-satisfying objectives  A marketing objective that shifts management's view of the organization from a producer of products or services to a satisfier of target market needs.<br />sales-target objectives  Marketing objectives that relate to a company's sales. They may be expressed in terms of total sales volume; sales by product, market segment, or customer type; market share; growth rate of sales volume; or gross profit<br />marketing strategy  The statement of how the company is going to accomplish its marketing objectives. The strategy is the total directional thrust of the company, that is, the how-to of the marketing plan, and is determined by the particular blend of the marketing mix elements (the 4Ps) which the company can control<br />positioning  The association of a brand's features and benefits with a particular set of customer needs, clearly differentiating it from the competition in the mind of the customer<br />bottom-up marketing  The opposite of standard, top-down marketing planning, bottom-up marketing focuses on one specific tactic and develops it into an overall strategy.<br />tactics  The precise details of a company's marketing strategy that determine the specific short-term actions that will be used to achieve its marketing objectives.<br />lifetime customer value (LTV)  The total sales or profit value of a customer to a marketer over the course of that customer's lifetime.<br />integrated marketing communications (IMC)  The process of building and reinforcing mutually profitable relationships with employees, customers, other stakeholders, and the general public by developing and coordinating a strategic communications program that enables them to make constructive contact with the company/brand through a variety of media.<br />OTHER CONCEPTS:<br />Four Sources of Brand Messages:PlannedProductServiceUnplannedThree Steps in a Marketing Strategy:Defining the target marketsDetermining the strategic positioningDeveloping an appropriate mix for each market <br />Levels of Relationships<br />Transactional(Basic)ReactiveAccountableProactivePartnershipCompany works continuously with customers to deliver better value.Company contacts customers occasionally with suggestions or new products.Company contacts customers shortly after sale for feedback, suggestions.Company asks customers to contact them if any problems with the product or service.Company sells the product but does not follow up in any way.<br /> IMC Integration Triangle<br />SayPlanned messagesDoProduct & servicemessagesConfirmUnplanned messages Cost of lost customers (LTCV)How much does it cost to lose a customer to poor service or product disappointment?Cost of acquiring new customersIt costs 5-8x more to acquire a new customer as it does to keep a loyal one.Value of loyal customersCompany’s first market. 90% of profits come from repeat purchasers.<br />