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Summary Business Plan - Q4 - Marketing
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Summary of 14 pages for the course Marketing Communication at Avans
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!Business Plan – Q4: Marketing
Week 1 – Training: Kick-off & growth strategies
Marketing plays an important role in strategic planning as:
− Marketing provides a guiding philosophy
− Marketing provides inputs to strategic planners by helping to identify attractive
market opportunities and by assessing the firm’s potential to take advantage of them
− Marketing designs strategies for reaching unit objectives
Analysis (SWOT)
V V V
Implementation
Planning:
goals & Product Promotion Control
> >
strategy Place Price
^ V ^
^ < <-> > ^
A-P-I-C cycle
Business goals can be set as:
− Profit: the main goal of any business. With exceptions of charities or non-profit
organizations, is to make as much profit as possible. However, profit will come only
as other goals are achieved. Unsatisfied customers will take their business elsewhere.
As a result, no profit will be gained.
− Quality: a possible main goal of a business could be producing and selling a product
with the best quality on the market. It will lead to customer satisfaction and loyalty,
which in turn leads to profit.
− Employee loyalty: good employee is important, as a business wants to retain good
employees, by rewarding them for continued or outstanding performances. Retention
incentives can be cash bonuses, pay raises, promotions or free lunch. A business
with high employee dissatisfaction runs the risk of low morale, leading to low
productivity.
− Customer satisfaction: good customer satisfaction helps to improve their reputation.
Another top priority for business is high customer satisfaction. Satisfied customers
will lead to mouth-to-mouth advertising, and may lead to a higher income. However,
unsatisfied customers will affect the reputation and profit negatively.
Ansoff’s product/market expansion grid:
Existing products New products
Existing markets Market penetration Product development
New markets Market development Diversification
Market penetration: increasing sales of current products to current market segments
without changing the product. (Nutella); options:
− More to current − Attract nonusers − Attract users of
customers competing brands
Market development: identifying and developing new market segments for current
company products. (Jägermeister); options:
− New customer segments within an − Expanding into new geographic areas
existing geographic market
Business Plan – Q4: Marketing 1
!
, !
Product development: offering modified new products to current market segments.
(iPhone); options:
− Improved products − Product line extensions − Innovations
Diversification: starting up or acquiring business outside the company’s current products
and markets. (iPad)
Week 1 – Lecture: New product development
New products are important to both customers and the marketers who serve them. For
businesses, new products are a key source of growth. For customers, they bring new
solutions and variety to their lives. Other reasons are:
− Globalization − Technological − Shorter − Changing
changes product life economic
cycles times
− Brand loyalty − New solutions − Increase − Hyper
and variety for market share competition
customers
Yet, it can be very expensive and risky, as new products face tough odds to enter and
position themselves in the market. Products fail or underperform due to:
− Companies − Poor design − Incorrect positioning/pricing
overestimate market /promotion
size
− Incorrect timing of − Cost of development − Competition fights back
launch higher than expected harder than expected
I – New product development strategies
There are two ways to obtain new products:
− Acquisition: refers to the process of purchasing a company, patent or license to
produce someone else’s product.
− New product development: refers to original products, product improvements,
product modifications, and new brands developed from the firm’s own research and
development.
II – New product development process
1. Idea 2. Idea screening 3. Concept 4. Marketing
generation development strategy
and testing development
5. Business 6. Product 7. Test marketing 8. Commercialization
analysis development
1. Idea generation: systematic search for new product ideas. Sources of new production
can come from internal (own departments) and external parties (innovation centers,
crowd sourcing: use of customer expertise and ideas)
2. Idea screening: identify good ideas and drop ideas: R-W-W screening framework:
− Is it real? - Is there a real need and desire for the product and will customers buy
it?
− Can we win? - Does the product offer a sustainable competitive advantage?
− Is it worth doing? - Does the product fit the company’s overall growth strategy?
2 Business Plan – Q4: Marketing
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