Contents. Chapter 1 Strategic Marketing Management An Introduction Chapter 2 Marketing Strategy and Planning 26-52

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1 Contents Part I- Introduction to Strategic Marketing Chapter 1 Strategic Marketing Management An Introduction 3-25 Chapter 2 Marketing Strategy and Planning Chapter 3 Business Strategy and Competitive Advantage Part II- Marketing Analysis Chapter 4 Marketing Audit and SWOT Analysis Chapter 5 Marketing Costs and Financial Analysis Part III- Analysis of Marketing Situation Chapter 6 Market and Environmental Analysis Chapter 7 Competitor Analysis Chapter 8 Customer Analysis Chapter 9 Learning in Marketing Organization Part IV- Formulating Marketing Strategy Chapter 10 Segmenting Markets Chapter 11 Targeting and Positioning Strategies Chapter 12 Relationship Strategies Chapter 13 Generic Strategies Chapter 14 Planning for New Products Part V- Marketing Program Development Chapter 15 Product Branding & Customer Service Strategies Chapter 16 Pricing Strategy Chapter 17 Advertising and Sales Promotion Strategies Chapter 18 Public Relations and Direct Marketing Strategies Chapter 19 Sales Force Strategies Chapter 20 Distribution Strategy

2 Part VI- Implementing and Managing Marketing Strategy Chapter 21 Strategic Issues in Marketing Chapter 22 Designing an Effective Marketing Organization Chapter 23 Marketing Strategy Implementation and Control Glossary Bibliography Name Index Subject Index Suggested Case Studies in Strategic Marketing Management

3 Detailed Contents Part One: Introduction to Strategic Marketing 1. STRATEGIC MARKETING MANAGEMENT AN INTRODUCTION... 3 Marketing... 4 Concepts in Marketing... 5 Role of Marketing in Business... 5 Definition of Strategy... 6 Components of a Strategy... 7 Levels of Strategy... 9 Evolution of Strategic Management Phase I Phase II Phase III Phase IV Components of Strategic Management Strategic Marketing Advantages of Strategic Marketing Strategic Marketing Process MARKETING STRATEGY AND PLANNING Deciding How to Compete Vision Identifying the Competitive Advantage Market-Orientation Components of Market-orientation Developing Market-orientation Business Strategy and Marketing Marketing Situation Analysis Analyzing Markets and Competitors Segmenting Markets Continuous Learning about Markets Designing Marketing Strategy Targeting and Positioning Strategy Implementing a Marketing Strategy Marketing Planning and Marketing Plans Strategic Marketing Planning and Tactical Marketing Planning Marketing Planning Marketing Plan BUSINESS STRATEGY AND COMPETITIVE ADVANTAGE Organizational Change Business Strategy Organizational Restructuring Competitive Advantage... 56

4 Obtaining Competitive Advantage Analysis of Competitive Position Developing a Sustainable Competitive Advantage Market Entry Barriers Business Strategy Corporate Mission Core Competence Corporate Development Alternatives Composition of a Business Strategy Analysis and Choice Strategic Analysis in an SBU Part Two: Marketing Analysis 4. MARKETING AUDIT AND SWOT ANALYSIS Marketing Audit Benefits of Marketing Audit Variables of Marketing Audit Evolution of Marketing Audit First Stage Second Stage Third Stage Fourth Stage Fifth Stage Marketing Audit in the 21st Century Components of Marketing Audit Marketing Environment Audit Marketing Strategy Audit Marketing Organization Audit Marketing Systems Audit Marketing Productivity Audit Marketing Function Audit Problems and Pitfalls in Marketing Audit SWOT Analysis Purpose and Use of SWOT Analysis Developing a SWOT Analysis MARKETING COSTS AND FINANCIAL ANALYSIS Analysing Marketing Costs Marketing Costs Importance of Analyzing Marketing Costs Types of Costs Steps Involved In Marketing Cost Analysis Challenges In Marketing Cost Analysis Measuring Marketing Productivity Customer Profitability Analysis

5 Process of Customer Profitability Analysis Financial Situation Analysis Key Financial Ratios Contribution Analysis Financial Analysis Model Productivity Part Three: Analysis of Marketing Situation 6. MARKET AND ENVIRONMENTAL ANALYSIS The Nature and Structure of Marketing Environment Structure of the Marketing Environment Environmental Scanning and Analysis Process of Environmental Scanning Evolution of Environmental Scanning Environmental Scanning Models Pest Framework Political (and Legal) Factors Economic Factors Social Factors Technological Factors Benefits of Environmental Scanning Barriers to Effective Scanning COMPETITOR ANALYSIS Competitive Forces Threats from New Entrants Bargaining Power of the Suppliers Bargaining Power of the Buyers Threat of Substitute Products Rivalry among Competitors Types of Competition Competitor Analysis Importance of Competitor Analysis Components of Competitor Analysis Information Gathering Observation Secondary Data Primary Data Analyzing the Competition Identifying the Competitors Objectives Types of Competitors Process of Competitor Analysis Competitive Information System (CIS) Pitfalls in the Use of Competitive Intelligence

6 8. CUSTOMER ANALYSIS Buyer Behavior Model The Buying Decision Process Identifying the Problem Searching for Information Evaluating the Alternatives Purchase Processes and Post Purchase Analysis Roles in the Consumer Buying Decision Process Types of Buying Behavior Understanding Buying Behavior Factors influencing Consumer Buying Decision Process Organizational Buying Behavior Buying Center Stages of Buying Decision Process Factors influencing Organizational Buying Behavior Dimensions of Organizational Buying Behavior Characteristics of Organizational Transactions Major Concerns of Organizational Buyers Methods of Organizational Purchases Types of Organizational Buying Influence of the Product on Marketing Strategy Relationship Marketing Importance of Relationship Marketing Developing Relationship Marketing LEARNING IN MARKETING ORGANIZATION Learning Process About Markets Open Approach to Learning Organization s Information Network Information Evaluation and Interpretation Information Storage Right Knowledge of the Markets The Learning Organization Types of Organizational Learning Organizational Learning Process Sources of Information and its Analysis Marketing Research Information Systems Competitor Intelligence System Marketing Information System Purpose of Marketing Information Systems Elements of Marketing Information System

7 Marketing Research Information Computerized Information Systems Management Information Systems Database Systems Decision Support Systems Part Four: Formulating Marketing Strategy 10. SEGMENTING MARKETS Markets and Marketing Approaches Segmentation, Targeting, and Positioning Market Segmentation Approaches for Segmenting Markets Requirements for Effective Segmentation Developments of Segments Niche Marketing Bases for Segmentation Geographic and Geo-demographic Segmentation Demographic Segmentation Behavioral Segmentation Psychographic Segmentation Multi-Attribute Segmentation Segmenting Industrial Markets Strategic Analysis of Market Segments Customer Analysis Competitor Analysis Positioning Analysis TARGETING AND POSITIONING STRATEGIES Market Targeting Strategy Targeting Strategies Factors Affecting Targeting Decisions Ethics in Targeting Deciding on Segments To Enter Emerging Markets Growth Markets Mature and Declining Markets Global Markets Positioning Positioning Concept Types of Positioning Strategies Choosing the Positioning Strategy Positioning Process Selecting a Positioning Strategy Determining Positioning Effectiveness Problems in Positioning

8 12. RELATIONSHIP STRATEGIES Interorganizational Relationships Diverse and Turbulent Environment Skills and Resource Disparities Interorganizational Arrangements Basis for Entering into Collaborative Relationships Types of Interorganizational Relationships Distribution Channel Relationships End-user/Customer Relationships Relationships within the Organization Collaborative Learning Strategic Alliances End Results of Alliances Making Strategic Alliances Work Joint Ventures Global Relationships Among Organizations Hollow Corporation Trading Company Host Government Intervention in MNCs GENERIC STRATEGIES Porter s Five Competitive Forces Potential Entry of New Competitors Threat from Substitutes Bargaining Power of Buyers Bargaining Power of Suppliers Competition between Already Existing Firms Porter s Generic Competitive Strategies Cost Leadership Strategy Differentiation Strategy Focus Strategy Risks Associated with Generic Strategies Deciding on the most Suitable Generic Strategy Some Criticisms against Porter s Generic Strategies Identifying Potential Competitive Advantages Value Chain Analysis Sustaining the Competitive Advantage Influence of Market Position on Strategy Market Leader Strategies Market Challenger Strategies Market Follower Strategies Market Nicher Strategies Market Pioneer Strategies Strategic Wear-Out

9 14. PLANNING FOR NEW PRODUCTS New Product Development Types of New Products Approaches to New Product Development Prerequisites for Effective New Product Development Need For New Product Development Reduction in the Span of Product Life Cycle Opportunity to Increase Profit Gain Competitive Advantage Risks In New Product Development Reasons For Success of New Products Unique and Better-Quality Product Adequate Knowledge about the Market Capability of the Firm Reasons for Failure of New Products Determine the Market Readiness of the Product Rely Less on Test Marketing Results Ensure Right Packaging Access to Number of Suppliers Product Planning as a Customer Satisfaction Process New Product Strategies Developing a New Product Strategy The New Product Development Process Idea Generation Idea Screening Concept Development and Testing Business Analysis Product Development Test Marketing Commercialization Other Issues in New Product Development Technology Transfer Organizational Structure for New Product Development New Product Adoption Part Five: Marketing Program Development 15. PRODUCT BRANDING AND CUSTOMER SERVICE STRATEGIES Nature of Product The Generic Product The Expected Product The Augmented Product The Potential Product Developing Product Strategies Product Differentiation Product Positioning

10 Product Line Expansion and Contraction Trading Up and Trading Down Product Brand Strategy Managing Existing Products Product Decisions Product Life Cycle and Marketing Strategy Branding Strategy Product Line Branding Corporate Branding Mixed Branding House of Brands Responsibility for Making Product Decisions Product Quality Management Total Quality Management Customer service strategy Branding Strategy and Customer Service PRICING STRATEGY Role and Significance of Price Approaches to Price Setting Cost of Production Product Life Cycle Government Regulations in Pricing Nature of Competition Nature of Consumers Pricing Objectives Pricing Strategy Differential Pricing Strategies Competitive Pricing Strategies Product Line Pricing Strategies Methods of Pricing Cost Plus Pricing Target Return Pricing Early Cash Recovery (ECR) Pricing Value Based Pricing Other Considerations in Pricing Study of Consumers Study of Competitors Using Price as a Tactical Weapon Selective Pricing Non-price Measures Preemptive Measures Fight Straight On

11 17. ADVERTISING AND SALES PROMOTION STRATEGIES Promotion Strategy Components of Promotion Developing a Promotion Strategy Budgeting Approaches Advertising Strategy Developing an Advertising Strategy Advertising Objectives Advertising Budgeting Creative Strategy Media Strategy Role of Advertising Agency Sales Promotion Strategies Nature and Scope of Sales Promotion Planning and Managing Sales Promotion Sales Promotion Activities Evaluating the Effectiveness of Sales Promotions PUBLIC RELATIONS AND DIRECT MARKETING STRATEGIES Public Relations Public Relations Objectives Public Relations Strategies Public Relations Planning Public Relations in Times of Crises Internet and Public Relations Public Relations Techniques Public Relations Budgets Public Relations Evaluation and Control Direct Marketing Direct Marketing Objectives Considerations in the Use of Direct Marketing Database: The Key to Direct Marketing Direct Marketing Evaluation and Control SALES FORCE STRATEGIES Developing and Implementing Sales Force Strategy Role of Sales Force Defining the Selling Process Sales Channels Mail Order or Catalogs Tele-Marketing Teleshopping Direct Response through Media Designing the Sales Organization Line Organization Line and Staff Organization

12 Functional Organization Horizontal Organization Product-based Sales Force Specialization Geographic Sales Force Specialization Market Based Sales Force Specialization Role of Sales Force in Sales Organization Managing the Sales Force Selection Training Performance Measurement Motivation Evaluating the Sales Force Performance Personal Selling Personal Selling Objectives DISTRIBUTION STRATEGY Strategic Issues in Distribution Issues Related to Marketing Decisions Product Issues Issues Related to Channel Relations Types of Distribution Channels Reverse Channel of Distribution Flexible Distribution Channels Considerations in Distribution Channels Middlemen Considerations Customer Considerations Product Considerations Price Considerations Setting up a Distribution Channel Distribution Intensity Exclusive Coverage Selective Coverage Intensive Coverage Determinants of Distribution Intensity Conflict and Control in Distribution Channels Identifying Channel Conflict Avoidance of a Channel Collapse Managing the Channel Functions Associated with Distribution Management Management of the Distribution Channel International Channels Problems with Local Channel Partners

13 Part Six: Implementing and Managing Marketing Strategy 21. STRATEGIC ISSUES IN MARKETING Organizational Pressures Increasing International Competition Fast Paced Innovations Organizational Restructuring and Mergers and Acquisitions Increased Quality Consciousness Lack of Skilled Workforce Changing Demographics of Consumers Corporate Sustainability Sustainable Development Corporate Social Responsibility Stakeholder Theory Corporate Accountability Problems in the Marketing Department Human Relations Problems Marketing Performance Assessment Problems Coordination Problems Problems in Obtaining Marketing Feedback Problems in Information Handling Issues Related to Marketing Cost Management Issues Associated with Marketing Cost Marketing-Orientation Organization-specific Characteristics of Marketing-orientation Market-specific Characteristics of Market-orientation Planning Orientation Marketing Planning Objectives Marketing Planning Process Organizational Issues Functional and Business Level Marketing Issues in Network Organizations Corporate and Enterprise Level Marketing Issues in Network Organizations DESIGNING AN EFFECTIVE MARKETING ORGANIZATION Considerations in Organization Design Internal and External Organizations Vertical Structure Horizontal Relationships Speed of Response Managing the Operating Environment Organizational Design Options Traditional Marketing Organizations New Forms of Marketing Organizations

14 Selecting an Organization Design Organizing Marketing Activities and Structure Marketing Environment and Structure Innovativeness and Structure Global Dimensions of Organizations Considerations in Global Organizations Types of Global Organization Structures MARKETING STRATEGY IMPLEMENTATION AND CONTROL Marketing Plan Lack of Adequate Support from Top Management Lack of Support from Line Management Isolating Marketing Planning from Corporate Planning Perceived as Once-a-Year Activity Marketing Strategy Implementation Prerequisites for Effective Implementation Barriers to the Implementation of Marketing Strategy Strategic Evaluation and Control Strategic Marketing Audit Marketing Control Types of Control Corrective Measures

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Content Specification Outline Copyright 2017 Institute of Certified Management Accountants Updated 8/25/17 Institute of Certified Management Accountants Content Specification Outline Certified in Strategy