Solutions Manual for M Marketing 5th Edition by Grewal IBSN 1259446298

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Solutions Manual for M Marketing 5th Edition by Grewal IBSN 1259446298 Full download:
    Solutions Manual for M Marketing 5th Edition by Grewal IBSN 1259446298 Full download:  Test Bank for M Marketing 5th Edition by Grewal IBSN 1259446298 Full download:  Chapter 2   Developing Marketing Strategies and a Marketing Plan   Tools For Instructors   ã Brief Chapter Outline ã Learning Objectives ã Extended Chapter Outline with Teaching Tips ã PowerPoint Slides with Teaching Notes ã Additional Teaching Tips Brief Chapter Outline  What Is a Marketing Strategy? The Marketing Plan Growth Strategies Connect Learning Aids Learning Objectives  LO 2-1 Define a marketing strategy. A marketing strategy identifies (1) a fir  m’s  target markets(s), (2) a related marketing mix (four Ps), and (3) the bases on which the firm plans to build a sustainable competitive advantage. Firms use four macro strategies to build their sustainable competitive advantage. Customer excellence focuses on retaining loyal customers and excellent customer service. Operational excellence is achieved through efficient operations, excellent supply chain, and human resource management. Product excellence entails having products with high-perceived value and effective  branding and positioning. Finally, locational excellence entails having a good physical location and Internet presence.    LO 2-2 Describe the elements of a marketing plan. A marketing plan is composed of an analysis of the current marketing situation, its objectives, and the strategy for the four Ps, and appropriate financial statements. A marketing plan represents the output of a three-phase process: planning, implementation, and control. The  planning phase requires that managers define the firm ’ s mission and vision and assess the firm ’ s current situation. It helps answer the questions, “ What business are we in now, and what do we intend to be in the future? ”  In the second phase, implementation, the firm specifies, in more operational terms, how it plans to implement its mission and vision. Specifically, to which customer groups does it wish to direct its marketing efforts, and how does it use its marketing mix to provide good value? Finally, in the control phase, the firm must evaluate its performance    using appropriate metrics to determine what worked, what didn ’ t, and how performance can be improved in the future. LO 2-3 Analyze a marketing situation using SWOT analyses. SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis occurs during the second step in the strategic planning process, the situation analysis. By analyzing what the firm is good at (its strengths), where it could improve (its weaknesses), where in the marketplace it might excel (its opportunities), and what is happening in the marketplace that could harm the firm (its threats), managers can assess their firm’s  situation accurately and plan its strategy accordingly. LO 2-4 Describe how a firm chooses which consumer group(s) to pursue with its marketing efforts. Once a firm identifies different marketing opportunities, it must determine which the best to  pursue are. To accomplish this task, marketers go through a segmentation, targeting, and  positioning (STP) process. Firms segment various markets by dividing the total market into those groups of customers with different needs, wants, or characteristics who therefore might appreciate products or services geared especially toward them. After identifying the different segments, the firm goes after, or targets, certain groups on the basis of the f  irm’s  perceived ability to satisfy the needs of those groups better than competitors and do so profitably. To complete the STP process, firms position their products or services according to the marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of what the product or service does or represents relative to competing products or services. LO 2-5 Outline the implementation of the marketing mix as a means to increase customer value. The marketing mix consists of the four Ps  —   product, price, promotion, and place  —  and each P contributes to customer value. To provide value, the firm must offer a mix of products and services at prices their target markets will view as indicating good value. Thus, firms make trade- offs between the first two Ps, product and price, to give customers the best value. The third P,  promotion, informs customers and helps them form a positive image about the firm and its  products and services. The last P, place, adds value by getting the appropriate products and services to customers when they want them and in the quantities, they need. LO 2-6 Summarize portfolio analysis and its use to evaluate marketing performance. Portfolio analysis is a management tool used to evaluate the firm ’ s various products and  businesses  —  its “  portfolio ”—  and allocate resources according to which products are expected to  be the most profitable for the firm in the future. A popular portfolio analysis tool developed by the Boston Consulting Group classifies all products into four categories. The first, stars, are in high growth markets, and have high market shares. The second, cash cows, are in low-growth markets, but have high market share. These products generate excess resources that can be spun off to products that need them. The third category, question marks, are in high-growth markets,     but have relatively low market shares. These products often utilize the excess resources generated by the cash cows. The final category, dogs, are in low-growth markets and have relatively low market shares. These products are often phased out. LO 2-7 Describe how firms grow their business. Firms use four basic growth strategies: market penetration, market development, product development, and diversification. A market penetration strategy directs the firm ’ s efforts toward existing customers and uses the present marketing mix. In other words, it attempts to get current customers to buy more. In a market development strategy, the firm uses its current marketing mix to appeal to new market segments, as might occur in international expansion. A product development growth strategy involves offering a new product or service to the firm ’ s current target market. Finally, a diversification strategy takes place when a firm introduces a new  product or service to a new customer segment. Sometimes a diversification strategy relates to the firm ’ s current business, such as when a women ’ s clothing manufacturer starts making and selling men ’ s clothes, but a more risky strategy is when a firm diversifies into a completely unrelated  business. Extended Chapter Outline With Teaching Tips   I. What Is a Marketing Strategy?  A. Customer excellence (PPT slide 2-5) 1. Retaining Loyal Customers 2. Providing Outstanding Customer Service B. Operational excellence (PPT slide 2-6) C. Product Excellence (PPT slide 2-8) D. Locational Excellence (PPT slide 2-9) E. Multiple Sources of Advantage Check Yourself: Several questions are offered for students to check their understanding of core concepts. (PPT slide 2-11) 1. What are the various components of a marketing strategy?  Answer: A marketing strategy includes a fir  m’s  target market(s), a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage. 2. List the four macro strategies that can help a firm develop a sustainable competitive advantage.
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