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Bma13 strategy marketing
1.
Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission 1 Strategy & Marketing Dr Paul Fifield Visiting Professor
2.
2Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Paul Fifield • Paul advises companies on Market Strategy and has written widely on the subject. • He has 25 years’ experience in strategic consulting with previous clients in: Agri Chemicals, Aviation, Banking, Brewing, Business Services, Computing and Software, Construction, Distribution, Domestic Appliances, Economic Development, Education, Housing, Hotels and Catering, Insurance, Leisure & Tourism, Online gaming, Public Sector, Publishing, Retailing, Telecommunications, Utilities, Web services and others. • He holds a degree in Business Studies as well as an MBA and a PhD in Marketing Strategy, both from Cranfield University. • Paul teaches on a number of MBA programmes and is currently Visiting Professor at the University of Southampton and the College des Ingénieurs in Paris. He is President of the CIM Southern Region and a Fellow of the Royal Society for the encouragement of Arts, Manufacturers and Commerce (FRSA). • Paul co-founded The GreenField Organisation LLP in 2008
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3Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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4Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission The Approach
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5Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission 2 days of THINKING
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6Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Dealing with strategy & marketing A ‘Puzzle’ ..has a correct ‘Answer’ A ‘Problem’ ..has more than one ‘Solution’
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7Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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8Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission
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9Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Strategy Terminology • The OBJECTIVE(S) – The goal or aim to which ALL activities in the organisation are directed – An objective always begins with the word ‘TO’ – Objectives do NOT change in the short term • The STRATEGY – The ONE route which is both NECESSARY and SUFFICIENT to ACHIEVE the objective – A strategy always begins with the word ‘BY’ – Strategy is not changed in the short term • The TACTICS – The short term actions required to implement the strategy – Manoeuvres on the field of battle – Tactics do change in the short term
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10Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Filling the ‘strategy gap’ 0 +1 +2 +3 +4 +5 +6 +7 The Gap €
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11Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission STRATEGY FORMULATION ineffective effective effective Die quickly Thrive ineffective Die slowly Survive STRATEGY IMPLEMENTATION Strategy and Implementation
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12Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Planning 1. Strategic: • Three to Five years depending on the nature of the business. 2. Tactical: • One year to 18 months. 3. Programmes: • Rolling quarterly with quarterly and annual milestones and reporting.
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13Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission First, agree the Financial Hurdles Our financial hurdles are: 1. …………………………… 2. …………………………… 3. …………………………… 4. …………………………… Every organisation has one or more ‘financial imperatives’ that it must satisfy to remain in business. These are not the same as objectives. These ‘hurdles’ just need to be seen, measured and jumped. They should NOT guide the destiny of the organisation
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14Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Then, set the business objective 1. What is our Business Objective? What do we want/need to achieve in this business? How is it measured? By when? How will we know when we have achieved it? If we achieve it, will it satisfy the Financial Hurdles?
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15Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Objectives What is our Business Objective? What do we want/need to achieve in this business? How is it measured? By when? How will we know when we have achieved it? OBJECTIVE: •Begins with “To…….” •One is better than many •Must be ‘SMART’ •Different from Financial Targets* *“Too many organisations confuse ‘purpose’ with ‘measures of success” RSA
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16Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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17Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Must be both ‘NECESSARY’ and ‘SUFFICIENT’ to achieve the objective Business Strategies What is our Business Strategy? How do we achieve the agreed objective? What are the alternatives? Can it be done? Can we do it? STRATEGY: •Begins with “By…….” •Not short term •Not ‘straws in the wind’ •Not changed every Friday •Not another word for important tactics >
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18Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission The Generic Strategies Stuck in The Middle Cost Leadership Differentiation Focus [Source: Porter 1983]
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19Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Red Ocean – Blue Ocean (Kim & Mauborgne)
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20Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Strategy is rarely linear Time 1 2 3 4 5 6 7 8 ……………..……….. x A Today B Vision/Objective Market Strategy Sales/Profit/Market share/other objective The Changing Market Environment
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21Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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22Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission 22 Henry Ford “It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.” Henry Ford 1863-1947 American industrialist and pioneer of the assembly-line production method,
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23Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Levitt on Customers “Customers just need to get things done. When people find themselves needing to get a job done, they essentially hire products to do that job for them” Theodore Levitt (1925-2006), American economist and professor at Harvard Business School. Editor of the Harvard Business Review
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24Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission We know that customers are Selfish WIIfm• What’s • In • It • For • Me Me Me Me Me Me Me?
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25Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Consumer Behaviour models The Process Cultural Cultural beliefs & values Lifestyles, etc Sociological Social class structure Family/group influence Life-Cycle Opinion leadership, etc Economic Price Delivery Payment terms Sales, services, etc Individual Psychological Factors Level of knowledge & awareness Personal (emotional) characteristics Motivations, Attitudes, etc Buying Proposition Product or Service [Chisnall]
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26Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission DECISION-MAKER INFLUENCER USER BUYER GATE-KEEPER SPECIFIER FINANCIER CUSTOMER The B2B Decision Making Unit (DMU)
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27Proprietary & confidential
© Paul Fifield 2013. not to be used or copied without permission Three Aspects of Customer Value Your Offer Economic Functional Emotional Constant Environmental Change
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© Paul Fifield 2013. not to be used or copied without permission From Commodities to Experiences The Commodity (harvested & traded) The Good (ground, packaged, sold) The Service (brewed in a regular cafe) The Experience (enjoyed in a 5 star restaurant) 1–2¢ 5–25¢ 50¢ $2-5 Customer Perceived Value increases….
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© Paul Fifield 2013. not to be used or copied without permission 29 Laura Ashley “We don't want to push our ideas on to customers, we simply want to make what they want” Laura Ashley CBE, (1925 – 1985), Welsh designer
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission What business?.... “Product led” Company “Market led” Big Boys’ ToysMotor Cycles Watches Electric Motors Railroads Electronics Cars Watches Beer Cosmetics Pubs Coffee Shops Leather/Luggage Encyclopedias Harley Davidson Swatch B&D Amtrak Sony Jaguar Rolex A Busch Revlon Bass Taverns Starbucks Louis Vuitton Britannica 1. Are we in? 2. Should we be in?
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© Paul Fifield 2013. not to be used or copied without permission HD and their business definition x
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© Paul Fifield 2013. not to be used or copied without permission What business? “Product led” Company “Market led” Our Product? Our Company Our Business Big Boys’ Toys Fashion Accessories DIY Transport Entertainment Status Jewelry Friendship “Hope” Entertainment The Third Place The Art of Traveling Parental guilt Motor Cycles Watches Electric Motors Railroads Electronics Cars Watches Beer Cosmetics Pubs Coffee Shops Leather/Luggage Encyclopedias Harley Davidson Swatch B&D Amtrak Sony Jaguar Rolex A Busch Revlon Bass Taverns Starbucks Louis Vuitton Britannica
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© Paul Fifield 2013. not to be used or copied without permission What business are we in? Our business is key to our plans, it: 1 Is defined by the customer 2 Focuses the organisation on needs satisfied 3 Establishes directions for growth 4 Establishes boundaries for effort 5 Determines real competitors 6 Establishes the markets to be served - Would our customers understand our business? - What needs should we be satisfying? - Where should we be investing for the future? - What should we do more of/stop doing? - Who are we really competing with? - What is our core target market?
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© Paul Fifield 2013. not to be used or copied without permission Case Task 1. What business do you think your company should be in? 2. Who are your target Customers?
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© Paul Fifield 2013. not to be used or copied without permission What businesses for Sony & Apple?
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What objective or vision will you set for your company? – Remember these must be ‘SMART’
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What strategy will you use for your company to achieve the objective or vision you have set?
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Nobody can foretell the future The future is where you must invest. Now! There are NO: • Answers • Solutions • Guarantees The only Certainty IS that this is the world in which you will live and work.
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© Paul Fifield 2013. not to be used or copied without permission Some Global Strategic Issues Some issues for consideration:- 1. The changing nature of society: technological advance; demographic shifts; environmental issues; ethnic and religious issues 2. Political instability: middle east; Africa; Russia; EU 3. The changing climate: real or imagined; who bears the brunt; rate of change; influencing factors 4. The changing nature of work: new work patterns; decreasing job security; sectoral shifts; ‘stakeholder’ demands 5. The changing face of organisations: increasing adaptability; agility; more participative style; more openness 6. The changing world economy: global recession; changing balance of power
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© Paul Fifield 2013. not to be used or copied without permission Dependency Ratios Sources, Business Week & ONS UK Pensioners : Working Age 2008, 1:3.23 2033, 1:2.78
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© Paul Fifield 2013. not to be used or copied without permission Political Instability
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© Paul Fifield 2013. not to be used or copied without permission UK Average Temperature Estimates
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© Paul Fifield 2013. not to be used or copied without permission Worldwide Rising Sea Levels?
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© Paul Fifield 2013. not to be used or copied without permission Europe Rising Sea Levels?
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© Paul Fifield 2013. not to be used or copied without permission A fresh look at the current “Recession” © 2013
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© Paul Fifield 2013. not to be used or copied without permission Some research areas covered Dynamic capability Adaptive advantage Horizontal organisations Customer value Buyer behaviour modelling Organisational buying behaviour Value-based marketing Change management Value innovation (‘blue ocean’) Discontinuity Action learning Chaos theory Behavioural economics Stakeholder management Market research Futurology Management accountancy Organisation development Theory of growth Systems theory Classical economics Swarm theory Behavioural finance Theory of the firm Business development Customer experience management Organisational culture Knowledge management Personal Values Strategic & scenario planning Structured creativity Complexity theory Economic cycle theory Benchmarking Corporate strategy (incl. business-model innovation competitive advantage, emergent strategy, decision- making etc.) Econometrics Unreason Brand equity Strategic market theory Leadership
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© Paul Fifield 2013. not to be used or copied without permission NICE (Mervyn King) has become NASTY • Non • Inflationary • Continuous • Expansion • Nightmare of • Austere and • STagflationary • Years Copyright 2011
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© Paul Fifield 2013. not to be used or copied without permission Is it just another Recession? Discontinuity: “A break or gap in a process that would normally be continuous”
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© Paul Fifield 2013. not to be used or copied without permission Despite the protestations of the media…….
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© Paul Fifield 2013. not to be used or copied without permission Kondratiev waves
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© Paul Fifield 2013. not to be used or copied without permission Kondratiev and Stock Market Cycles since 1789
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© Paul Fifield 2013. not to be used or copied without permission From Datastream – the 6th wave = ???
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© Paul Fifield 2013. not to be used or copied without permission End of wave 5 - Timeline2007 2008 2009 2010 2011 Aug 2007 Sachsen LB rescued after E17bn lifeline Feb 2007 HSBC writes down sub- prime bonds by $10nb Sep 2007 Northern Rock receives liquidity support from BoE Dec 2007 US enters recession Early 2008 Scale of sub-prime problem clear when Fannie Mae & Freddie Mac have problems Sep 2008 Collapse of Lehman Bros (Considered the ‘precipice’ of crisis Late 2008 US & global Government Interventions Early 2009 OECD composite leading indicators begin to turn up Mid 2009 First indications from OECD that situation is stabilising May 2010 Greek Bailout Late 2010 Bailout of Irish Banks
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© Paul Fifield 2013. not to be used or copied without permission And the dark side…..
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© Paul Fifield 2013. not to be used or copied without permission We are in the economic ‘Winter’
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© Paul Fifield 2013. not to be used or copied without permission Waves appear to be shortening
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What do you believe will drive the 6th Wave?
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© Paul Fifield 2013. not to be used or copied without permission Implications – Customer Behaviour?
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© Paul Fifield 2013. not to be used or copied without permission Customer Value has MIGRATED…. Much has been spoken about: • The Economic Implications of Social & Political concerns • End of consumerism • Local/Provenance/Authenticity • The Environment – Really? • Return of manufacturing • From Global to Local? • From Quantity to Quality? • Make-do-and-mend/Repair-ability • B-I Obsolescence versus Sustain- ability? • Slow Tech & ‘robustness’
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© Paul Fifield 2013. not to be used or copied without permission Brand shift through the discontinuity • Down: • “Exclusive” -60% • “Arrogant” -41% • “Sensuous” -30% • “Daring” -20% • Up: • “Kindness & Empathy” +391% • “Friendly” +148% • “High Quality” +124% • “Socially Responsible” +63% Source: Gerzma & D’Antonio “Spend Shift” 2010
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© Paul Fifield 2013. not to be used or copied without permission Implications – Organisation?
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© Paul Fifield 2013. not to be used or copied without permission Don’t see it, too busy.. (© Banksy)
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© Paul Fifield 2013. not to be used or copied without permission Ignore it (© Banksy)
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© Paul Fifield 2013. not to be used or copied without permission Wonder what to do about it (© Banksy)
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© Paul Fifield 2013. not to be used or copied without permission Charles Darwin “It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change” Charles Robert Darwin (1809–1882) He wrote: On the Origin of Species, The Descent of Man, and Selection in Relation to Sex, The Expression of the Emotions in Man and Animals.
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© Paul Fifield 2013. not to be used or copied without permission Jack Welch “When the rate of change inside the company is exceeded by the rate of change outside the company, the end is near” John Francis "Jack" Welch, Jr. (1935-) is an American chemical engineer, business executive, and author. He was Chairman and CEO of General Electric between 1981 and 2001. During his tenure at GE, the company's value rose 4000% and was the most valuable company in the world for a time. In 2006 Welch's net worth was estimated at $720 million.
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© Paul Fifield 2013. not to be used or copied without permission Implications – Strategy?
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© Paul Fifield 2013. not to be used or copied without permission 72 John Howard "You can't fatten the pig on market day." 1939- ) Australian politician and the 25th Prime Minister of Australia.
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© Paul Fifield 2013. not to be used or copied without permission Edward Abby “Growth for the sake of growth is the ideology of the cancer cell” Edward Paul Abbey (1927– 1989) was an American author and essayist noted for his advocacy of environmental issues, criticism of public land policies, and anarchist political views.
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© Paul Fifield 2013. not to be used or copied without permission Henry Mintzberg “Setting oneself on a predetermined course in unknown waters is the perfect way to sail straight into an iceberg.” Professor Henry Mintzberg, OC, OQ, FRSC (born in Montreal, 1939) is an internationally renowned academic and author on business and management.
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What is your target market for the future – Where will you be investing the future of your organisation?
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© Paul Fifield 2013. not to be used or copied without permission 77 Strategy & Marketing DAY 2
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? DAY 2 MARKETING 2.1 Product 2.2 Price 2.3 Place 2.4 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission What is ‘Marketing’? • "Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others“ Philip Kotler • “The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges to satisfy individual and organizational objectives” AMA • The act or process of buying and selling in a market. The commercial functions involved in transferring goods from producer to consumer. Answers.com • “The point of Marketing is to make Selling unnecessary” Drucker • “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” CIM(UK)
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© Paul Fifield 2013. not to be used or copied without permission Marketing “Marketing’s contribution to business success in manufacturing, provision of services, distribution or retailing activities lies in its commitment to detailed analysis of future opportunities to meet customer needs and a wholly professional approach to selling to well-defined market segments, those products and services that deliver the sought after benefits. “Achieving revenue budgets and sales forecasts are a function of how good our intelligence services are, how well suited our strategies are and how well we are led” Malcolm MacDonald
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© Paul Fifield 2013. not to be used or copied without permission Fifield’s Preface to REAL Marketing • What is the point of Marketing? • How do you do that? • To be able to charge the highest possible price for your product or service • Seek out and add By: 1. Being easy to choose 2. Treat customers as individuals 3. Giving them a REAL reason to come 4. Ensure the organisation delivers The better you do these, in a constantly changing environment, the higher your prices will go “Differentiation” “Segmentation” “Branding” “Alignment” Customer Value
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© Paul Fifield 2013. not to be used or copied without permission Market Share
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© Paul Fifield 2013. not to be used or copied without permission Sales Share
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© Paul Fifield 2013. not to be used or copied without permission Profit Share
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© Paul Fifield 2013. not to be used or copied without permission Vision Long Term Financial Objective Mission Leadership Shareholder Value Other Stakeholders’ requirements Personal values of key implementers Customer and market orientation External Focus Strengths and Weaknesses Resource/ Performance Audit Competitive opportunities Competitor analysis Environment Audit Opportunities And Threats Structural opportunities Industry analysis The Business Objective The Business Strategy The Marketing Objective Competitive Strategy Sustainable Competitive Advantage The Customer The Marketing Plans, Programmes & Implementation Product Policy Price Policy Place (distribution) Policy Promotion Policy Finance Objective/Strategy H. Resource Objective/Strategy Operations Objective/Strategy IT Objective/Strategy SCORPIO © (MarketingStrategy) (Feedback & Control) (Feedback & Control) Customer Retention The Customer Organisation Structure & Culture Industry or Market Offerings Positioning & Branding Segmentation & Targeting © Fifield 2007
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© Paul Fifield 2013. not to be used or copied without permission Product Planning Branding Pricing Advertising The Marketing mix (Neil Borden) Distribution channels Personal Selling Promotions Packaging Display Servicing Physical Handling Fact finding & Analysis THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Product Place Price Promotion The Marketing mix (4P’s) THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Product Place Price Promotion The Marketing mix (7P’s) People Process Physical Evidence THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Product Place Price Promotion The Marketing mix (11P’s) People Process Physical Evidence Personal Interests Privacy Public Commentary Personal (Social Networks) THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Customer Needs & Wants Convenience Cost (to the user) Communication The Marketing mix (4C’s) THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Product Place Price Promotion The Marketing mix (5P’s) Position THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Product Place Price Promotion The Marketing mix (make-your-ownP’s) P P P THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Product Quality Sizes Features Services Options Returns Style Warranties Brand Packaging Differentiation THE TARGET MARKETPlace Channels Coverage Locations Inventory Transport Partners Routes-to-market Supply Chain Intermediaries Price List price Discounts Allowances Rates Credit Changes Communications Opportunity Cost Payment period Promotion Message Media Above/Below-the-line Advertising Direct Publicity PR Personal Selling WOM Promotion Internet The Marketing mix (4P’s)
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What is your target market for the future – Where will you be investing the future of your organisation?
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Product Quality Sizes Features Services Options Returns Style Warranties Brand Packaging Differentiation Place Channels Coverage Locations Inventory Transport Partners Routes-to-market Supply Chain Intermediaries Price List price Discounts Allowances Rates Credit Changes Communications Opportunity Cost Payment period Promotion Message Media Above/Below-the-line Advertising Direct Publicity PR Personal Selling WOM Promotion Internet The Marketing mix (4P’s) THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Products and/or markets? •Product features •Product sales •Technical excellence •Product service •Rational solutions •Product profitability •Customer needs/wants •Customer satisfactions •Customer expectations •Customer service •Emotional solutions •Customer and/or segment profitability ‘PUSH’ ‘PULL’ Strategy Strategy The Great Debate:
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© Paul Fifield 2013. not to be used or copied without permission Levitt on the product “A product is what a product does” Theodore Levitt (1925-2006), American economist and professor at Harvard Business School. Editor of the Harvard Business Review
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© Paul Fifield 2013. not to be used or copied without permission What-it-is (features) or What-it-does? (benefits) Are you selling a 6mm drill Or a 6mm hole? A Telephone? Or Identity?
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© Paul Fifield 2013. not to be used or copied without permission – A service is.. Government Legal Educational Health Military Employment Credit Communications Transportation Information services, etc Private Non-Profit Art & Music Groups Leisure Facilities Charities Churches Foundations Colleges, etc Business & Professional Airlines Banking Insurance Hotels Management consultants Solicitors Architects Advertising Agencies Market Research, etc
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© Paul Fifield 2013. not to be used or copied without permission The Service Product “A service is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Its production may or may not be tied to a physical product” [Kotler] Characteristics of services: 1 Intangibility 2 Inseparability 3 Heterogeneity 4 Perishability 5 Ownership
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© Paul Fifield 2013. not to be used or copied without permission The Augmented Product Concept Tangible Benefits or ‘Knowhow’ Additional Benefits Emotional Benefits eg. functions eg. design eg. Service, trust, prestige The Support Services component The Core component The Packaging component
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© Paul Fifield 2013. not to be used or copied without permission The Product/Service Life Cycle Introduction Growth Maturity Decline Supply; • Can’t make enough • Little formal infrastructure • Higher costs Demand: • Innovators • Early adopters • Higher Price • Higher Risk • Little awareness • ‘New’ • Growing availability • Growing Competition Demand: • Growing awareness • Reducing Prices • Early majority • Emerging standard design • No new buyers • Repeat purchase • Can get boring • Best marketing? • Customer focus • Market Segmentation (S) critical • Consolidation • Fewer BIG players • More NICHE players • Can last a looong time • Failing demand • Falling profits or debts • Fewer customers • Death, or • Rejuvenation • Possible re- positioning “Consolidation” The ‘Chasm’ Push to Pull!
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What Product/Service does your strategy require?
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Product Quality Sizes Features Services Options Returns Style Warranties Brand Packaging Differentiation Place Channels Coverage Locations Inventory Transport Partners Routes-to-market Supply Chain Intermediaries Price List price Discounts Allowances Rates Credit Changes Communications Opportunity Cost Payment period Promotion Message Media Above/Below-the-line Advertising Direct Publicity PR Personal Selling WOM Promotion Internet The Marketing mix (4P’s) THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission An important word about Price In any developed market, 90% of customers would prefer to buy on non- price reasons and pay some level of premium price for perceived additional value 10% will always buy the cheapest – because they don’t care about the category In an undeveloped market, a proportion of customers will prefer to pay premium price for additional value Still, 10% will always buy the cheapest A proportion appears to want the cheapest but have latent needs that have not yet been identified and exploited 108
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© Paul Fifield 2013. not to be used or copied without permission Approaches to Pricing 1. ‘Cost Plus’ pricing Cost informs the price 2. ‘Market’ pricing Customers inform price Cost informs the profit available Why is this important???????????? PRICE IS THE ONLY SOURCE OF REVENUE IN THE MARKETING MIX!
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© Paul Fifield 2013. not to be used or copied without permission Why industrial (B2B) companies lose customers Develop New Relationships Company Indifference 9 5 14 31 68% Death Relocation Lower Price Product Dissatisfaction Percentageoflostcustomers 80 60 40 20
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© Paul Fifield 2013. not to be used or copied without permission Understanding Profit Drivers Sales Volume (Units) 1 million Price €100 Revenues Variable cost per unit = €60 Sales Volume 1 million Variable Cost Fixed Cost €30 million Cost Profit = What is the profit impact if each of the 4 levers improves by 10%?
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© Paul Fifield 2013. not to be used or copied without permission Understanding Profit Drivers (2) An increase in price has a greater impact on profit than an increase in volume or decrease in costs. Profit Driver Profit Profit Old New Old New % Change 10% improve in: Variable cost per item Sales Volume Fixed costs Price €60 €54 €1m €1.1m €30m €27m €100 €110 €10 €16 60% €10 €14 40% €10 €13 30% €10 €20 100%
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© Paul Fifield 2013. not to be used or copied without permission Role of price • What clients of “Engineering, Procurement & Construction” (EPC) want (2006) 1 Employees are knowledgeable & experienced in our industry 2 Provide quality engineering appropriate to our needs 3 Meeting schedule commitments 4 Meeting cost expectations & commitments 5 Deliver value for the money 6 Providing schedules that meet our needs 7 Provide quality fabrication and construction that meets our needs 8 Being able to perform the work wherever we need it done 9 Pricing for services & technologies 10 Having local employees with knowledge of local customs/regulations
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© Paul Fifield 2013. not to be used or copied without permission The race to the bottom Marketing should NOT be about: • Selling as much as possible • Building market share – at any cost • Chasing any sales revenue available • Cutting the price to stay in the “race” • Unless you want to kill the company!
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What Pricing Approach does your strategy require?
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Product Quality Sizes Features Services Options Returns Style Warranties Brand Packaging Differentiation Place Channels Coverage Locations Inventory Transport Partners Routes-to-market Supply Chain Intermediaries Price List price Discounts Allowances Rates Credit Changes Communications Opportunity Cost Payment period Promotion Message Media Above/Below-the-line Advertising Direct Publicity PR Personal Selling WOM Promotion Internet The Marketing mix (4P’s) THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission The distribution channel is ... "The route along which a product and its title (ie the rights of ownership) flow from production to consumption"
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© Paul Fifield 2013. not to be used or copied without permission Channel Configurations Originating manufacturer/Service provider Direct Distributor OEM VAR OEM Wholesaler Retailer Agent Sub Contractor Specialist Prime Contractor Post Phone Online F2F Direct Mail End Buyer/User
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© Paul Fifield 2013. not to be used or copied without permission Why use intermediaries? • Specialisation • Division of labour • Provide assortment by gathering supplies together from number of manufacturers - “honest broking” • Breaking bulk so as to meet scale of need of customers - and buying in bulk on behalf of customers • Reduce “contactual costs” • Geographical proximity and local knowledge • Adding value (eg customisation, service, installation) • Theoretically cash received quicker up the chain • Running “interference” - for their customers and their suppliers
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© Paul Fifield 2013. not to be used or copied without permission Reducing “contactual” costs or channel geometry 4 Manufacturers contact 4 retailers directly No. of contacts = 4 x 4 = 16 W RRRR M M M MM M M M R R R R No. of contacts = 4 + 4 = 8 4 Manufacturers distribute through a wholesaler
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© Paul Fifield 2013. not to be used or copied without permission Increasing Retailer concentration W RRRR M M M M M M M M R R R RRRR RRRR RRRR
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© Paul Fifield 2013. not to be used or copied without permission "Let's say I have a new product. Sainsbury and Tesco have over 50% of the London market: London is so important that, if they won't accept my product, it simply isn't worth launching." - Major Food Manufacturer "I account for 25% of your business. You account for less that 5% of mine. Let's talk terms." - Retail Buyer to Major Household Products Manufacturer Battle for control
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© Paul Fifield 2013. not to be used or copied without permission Who ‘owns’ the customer owns the margins Producer Intermediary Brand Franchise! InformationCommunication ‘Push’ (sales) Consumer/ End User ‘Pull’ (marketing) = Margin
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© Paul Fifield 2013. not to be used or copied without permission Your choice Originating manufacturer/Service provider Direct Distributor OEM VAR OEM Wholesaler Retailer Agent Sub Contractor Specialist Prime Contractor Post Phone Online F2F Direct Mail End Buyer/User
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What Place/Distribution/Route to market solutions does your strategy require?
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© Paul Fifield 2013. not to be used or copied without permission Agenda DAY 1 STRATEGY 1.1 What is Strategy? 1.2 The critical importance of Customers 1.3 What business? 1.4 What is the Objective? 1.5 What is the Strategy? 1.6 The Future….. DAY 2 MARKETING 2.1 Target Market 2.2 Product 2.3 Price 2.4 Place 2.5 Promotion
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© Paul Fifield 2013. not to be used or copied without permission Product Quality Sizes Features Services Options Returns Style Warranties Brand Packaging Differentiation Place Channels Coverage Locations Inventory Transport Partners Routes-to-market Supply Chain Intermediaries Price List price Discounts Allowances Rates Credit Changes Communications Opportunity Cost Payment period Promotion Message Media Above/Below-the-line Advertising Direct Publicity PR Personal Selling WOM Promotion Internet The Marketing mix (4P’s) THE TARGET MARKET
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© Paul Fifield 2013. not to be used or copied without permission Which half ? "I know that half my advertising budget is wasted, but I’m not sure which half." William Hesketh Lever, 1st Viscount Leverhulme (1851 –1925) was an English Industrialist, philanthropist and colonialist. He established a soap manufacturing company called Lever Brothers (now part of Unilever) with his brother James
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© Paul Fifield 2013. not to be used or copied without permission Value or Volume? 2006 data (UK): • Number of messages seen per day = +/-3500 – = 4/minute in a waking day “EyeContact” glasses: • 90 minute London shopping trip • 250 messages recorded – 100 brands – 70 formats • Prompted recall = – Customer interested • Unprompted recall = 130 1
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© Paul Fifield 2013. not to be used or copied without permission The Future of Advertising? A recent paper titled "The Future of Advertising is Now" by Christopher Vollmer et al, attempts to solve Lord Leverhulme’s dilemma, at least for the automobile industry. Clearly, his lordship’s assessment remains remarkably accurate, as this chart from the paper shows.
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© Paul Fifield 2013. not to be used or copied without permission Promotion can affect…. 1.Attention 2.Interest 3.Desire 4.Action
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© Paul Fifield 2013. not to be used or copied without permission Promotional objectives Promotion may be used to achieve the following: 1. To build awareness and interest in the service or product and the service organisation 2. To differentiate the product/service offer and the organisation from competitors 3. To communicate and portray the benefits of the products/services available 4. To build and maintain the overall image and reputation of the providing organisation 5. To persuade customers to buy or use the product/service Promotion, on its own, cannot sell
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© Paul Fifield 2013. not to be used or copied without permission Promotion by objectives 1 Promotional objectives 2 The target audience 3 The message 4 The media: advertising sales promotion publicity personal selling public relations 5 Budgets 6 Testing and Control
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© Paul Fifield 2013. not to be used or copied without permission The promotional mix Newspapers and Magazines Trade and Professional Press Television and Radio Cinema ---------------------------------------------------------- Exhibitions Direct Mail Public Relations Point of Sale Digital/Internet Packaging Sales Promotion Personal Selling Company Image The Service Product Pricing Word of Mouth In services, personal selling may be indistinguishable from service delivery Indirect “The Line” separates the mass media from the more targeted
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© Paul Fifield 2013. not to be used or copied without permission The fundamental proposition The 4 Questions 1 Who is the one person you want to talk to? 2 What is the one thing you want to say to them? 3 Why should they believe you? 4 How do you want them to feel as a result?
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© Paul Fifield 2013. not to be used or copied without permission Case Task • What Promotional policy does your strategy require?
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© Paul Fifield 2013. not to be used or copied without permission FINAL Case Task • From 0 to 10 • How confident would you be of investing your entire pension over the next 40 years in the outcome of your plans?
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© Paul Fifield 2013. not to be used or copied without permission Reading List 1. “Principles of Marketing: European Edition” - Kotler, Saunders & Armstrong, FT Prentice Hall 2004 2. “Mercator : Théorie et pratique du marketing”, Lendrevie, Levy & Lindon 2006 3. “Marketing Strategy” 3rd Edition - P Fifield, Elsevier 2007 4. “Marketing Strategy Masterclass” – P Fifield, Elsevier 2008 5. “Collected Essays in Marketing Strategy” P Fifield, Fifield, 2006 6. “The Marketing Imagination” - T Levitt, Free Press, 1998 7. “Market-led Strategic Change” – N Piercy, Butterworth Heinemann, 2010 8. “Marketing Briefs” – S Dibb & L Simkin, Butterworth Heinemann 2004 9. “Marketing Plans” – M MacDonald, Butterworth Heinemann 2002 10. “Marketing Management and Strategy ” – P Doyle, FT Prentice Hall, 2006 11. “Marketing Research: An Applied Approach” – D Birks & N Malhotra, FT Prentice Hall 2005 12. “Essentials of Marketing Research” - T Proctor, FT Prentice Hall, 2003 13. “International Marketing” – V Terpstra, South Western College Pub, 2001 14. “Marketing across cultures” - JC Usenier & J Lee, FT Prentice Hall 2005
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© Paul Fifield 2013. not to be used or copied without permission 140 Strategy & Marketing
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