Marketing Industriale e Direzione d Impresa Lezione 22 Marketing Plan 4. Ing. Marco Greco Tel

Transcription

1 Marketing Industriale e Direzione d Impresa Lezione 22 Marketing Plan 4 Ing. Marco Greco m.greco@unicas.it Tel

2 Analyse the information Descriptive statistics: synthesizes data about the sample into indexes and figures Inferential statistics: hypothesis tests to estimate characteristics of the population with a certain confidence

3 Analyse the information In a sample of n elements we measure the values of the variable x i Mean x = i=1 n n xi Sample variance s 2 = i=1 n (xi x) 2 n 1 n (X μ) 2 Population variance σ 2 = i=1 n Other central tendency measures: Median and Modal value (max frequency) Other variability measure: variation coefficient σ it allows to μ evaluate the value dispersion regardless the measurement unit

4 Analyse the information

5 Analyse the information Chi-squared test 1. Classify data according to their frequency 2. Choose a distribution that might describe the phenomenon characteristics 3. Calculate the expected value of the frequencies of data, as if they were actually distributed as hypothesized in Compare the observed frequencies with the expected ones by means of the following oss att 2 n f 2 equation: χ (g.d.l.) = i fi i=1 f att i withf i oss i-th observed frequency; f i att i-th expected frequency; d.o.f number of groups (n) - 1 If χ2 is less than the one in the χ2 table for a specific confidence level (e.g..05) the phenomenon is distributed as expected (with an error equal to the confidence level)

6 Chi-squared test A survey on the topic «what is your favourite pasta» returned the results in table on a sample of 244 respondents The marketing experts suggested that the distribution among the four groups should be uniform (each group is expected to have a frequency of 244/4 = 61) and the variations should be casual Is marketing experts hypothesis reasonable? The value is much higher than that in the χ2 table for a confidence level 0,001 The distribution is not uniform, with an error chance lower than 0,1% Pasta type Tortiglioni Penne Fusilli Spaghetti Total Observed fr.

7 Analyse the information Parametric and non-parametric tests Parametric tests can be used when: Samples are independent: the observations in one sample not related with those in another (e.g. comparison of group treatment A and the second group treatment B) Homoscedasticity: homogeneity of the variances of the errors in the two samples Normality of the error distribution specific conditions for specific tests Non parametric tests can be used with much fewer conditions

8 Student t -test Each family eats 25 chocolate bars per year. The chocolate producer increased the prices, and the top management wants to know whether the increase reduced the demand of chocolate. A sample of 7 families returned the following results: 22, 25, 21, 23, 24, 25, 21. Did the increase in prices reduced the sales? For α=0,05 and 6 d.o.f. the value in the t- table is 1,943 The obtained value is higher, than H0 can be rejected t ( / 2, n 1) x 0 s n

9 Relation between variables Pearson correlation (no cause-effect relation) Dispersion diagram Linear Regression (specific relation cause X > effect Y) a: intercept b: expected change in y for a one-unit change in X ε: error Correlation and regression may also be non-parametric, regression may assume several forms and consider many independent variable

10 Present the findings Show the most relevant information Use infografics (

11 1.3 Porter analisys

12 1.4 Ansoff matrix Existing products New products Encourage current customers to buy more, attracting competitors customers, or convincing nonusers to start buying products Existing markets New Markets 1. Market penetration 2. Market Development 3. Product development 4. Diversification Find or develop new markets for its current products, ore new distribution channels Develop new products for its current markets Develop new products for new markets

13 2. Opportunity and issue analysis Major opportunities and threats, strengths and weaknesses, and issues facing the product line or brand. Tools 2.1 SWOT analisys 2.2 Marketing information systems

14 2.1 SWOT analysis Monitoring: Macro environment forces (demographic, economic, natural, technological, political, legal, social, cultural) Micro environment actors (customers, competitors, suppliers, retailers, intermediaries)

15 2.1 SWOT analysis Opportunities: Area of buyers needs in which the company can perform profitably. Opportunities can be classified according to their attractiveness and their success probability. Provide a product for which offer is much smaller than demand Provide a new or improved product «answer to a problem» M# consumers needs «ideal product» M# consumers perception of the ideal product «usage chain» M# how the consumer s use the product Develop a novel product

16 2.1 SWOT analysis Opportunities: Hybrid solutions (e.g. camera in the mobile phone) Improve the purchase process (e.g. paying parking tickets via smartphone) Customizability (e.g. optionals in the car) New functionalities (e.g. icloud) Improved time-to-market (e.g. next day delivery) Lower price for the same product (e.g. generic drug)

17 2.1 SWOT analysis Useful questions about opportunities: Can the benefits of the opportunity be formulated and communicated in a compelling way to the target market? Can the target markets be reached by means of sustainable media and distribution intermediaries? Does the company own the resources and the capabilities to provide benefits to the customers? Can the company provide benefits to the customers better than the competitors (or than potential competitors)? Will the return on investment be reasonable?

18 2.1 SWOT analysis Threats: a challenge posed by an unfavorable external trend or development that would lead to deterioration in sales or profit Opportunity matrix Threat matrix

19 2.1 SWOT analysis Ideal business: high opportunities, low threats Speculative business: high opportunities and threats Mature business: low opportunities, low threats Difficult business: low opportunities, high risks

20 2.1 SWOT analysis Strengths and weaknesses Resources, competencies, human resources: What we have and what we miss Where can we find of what we miss Should the company limit itself to those opportunities in which it possesses the required strengths or consider better opportunities to acquire or develop certain strengths?

21 3. Marketing and financial goals Goals Consistent Deep penetration of existing mkt Realistic Development of new mkts Hierarchically Arranged Quantitatively Stated Non-profit goals Profit goals Low risks Fast growth

22 4. Marketing strategy Porter s strategies Overall cost leadership: lowest production and distribution costs lower price than competitors Differentiation: superior performance in an important customer benefit area customers are willing to pay more for the extra value they receive Focus: Specific regional mkt, product line or buyers cluster, knowing them intimately, pursuing either cost leadership or differentiation within the target segment Dacia Sandero, cheapest car in the Italian mkt (y2013) Audi A6, best luxury large car ( gsandreviews.com/) Tata: focus on Indian mkt, cost leadership

23 4. Marketing strategy Strategic alliances: the company tries to become market leader by means of alliances with other global or local companies

24 4. Marketing strategy Product/serv ice alliances: licensing or conjoint production

25 4. Marketing strategy Promotional alliances

26 4. Marketing strategy Logistic alliances

27 4. Marketing strategy Price alliances

28 5. Action programs Detailed marketing programs Consider including stakeholders in the decision process to collect more points of view.

29 6. Projected profit-and-loss statement Activity based cost: will the marketing plan be sustainable in the short and mid terms? Expected balance-sheets in the next year according to your forecasts, if the marketing plan will be implemented Financial analysis: leverage, return on earnings, return on assets

30 7. Controls Choose indexes to monitor: the brand performance (market share, power of market) the company s financial performance (return on investment, turnover) the effectiveness of the marketing actions implemented (customer satisfaction, retention) Can we justify the marketing investments?

31 7 Controls Marketing parameters External Internal Market share Path towards goals Relative price w.r.t. competitors Resources Complaints Recruitment rates Customer satisfaction Change propensity Availability of the products Tolerance to failure Number of customers Human resources satisfaction Customers loyalty Human resources competencies Perceived quality of the product/company

32 7 Controls Customer-performance scorecard (or, similarly, stakeholderperformance scorecard) Year after year measures: % of new customers % of lost customers % of regained customers % of very dissatisfied customers, dissatisfied customers % of customers that would recommend the product % of customers that would buy again the product % of customers that know the brand Perception of the product quality w.r.t. the main competitor

33 7 Controls Sale analysis: measuring and evaluating actual sales in relation to goals, also on micro-level (e.g. specific products, territories ) Market share analysis: Overall market share: the company s sales expressed as a percentage of total market sales Served market share: the company s sales expressed as a percentage of total sales to its served market (buyers who are able and willing to buy the product) Relative market share: the company s sales expressed as a percentage of total sales to its largest competitor

34 7 Controls Beware! The external forces do not have the same influence on different enterprises (Eg. PM vs BAT in Costa Rica) The results of a company should not be compared with all of its competitors, but with the closest ones If a new company enters the market, the market shares may physiologically decrease A reduction of the market share may be the output of a wellaware strategy The market shares may accidentally fluctuate

35 Philip Morris vs BAT (Besanko et al., 2009) Market share in Costa Rica ( 90s) PM=30% (middle and high price categories), BAT=70% (low price category) Industrial profit margins>50% (thanks to economic growth) Health concerns about cancer erosion of PM s market share PM: 40% price reduction Saturday morning, January 16th BAT: Saturday afternoon decides for a 50% price reduction (Π=0)

36 References Anderson, D.R., Sweeney, D.J., & Williams T.A. (2008). Statistics for Business and Economics, Tenth Edition. Thomson Southwestern Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2009). Economics of strategy. John Wiley & Sons. Griffin, R. W. (2013). Fundamentals of management. Cengage Learning. Kotler, P. (2000). Marketing management millennium edition. Prentice Hall. Kotler, P., & Keller, K. L. (2013). Marketing management. Prentice Hall.