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134155198 Kotler Mm14 E Im 02 Essay

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LEARNING OBJECTIVES
In this chapter, we will address the following questions:
1. How does marketing affect customer value? 2. How is strategic planning carried out at different levels of the organization? 3. What does a marketing plan include?

CHAPTER SUMMARY
1. The value delivery process includes choosing (or identifying), providing (or delivering), and communicating superior value. The value chain is a tool for identifying key activities that create value and costs in a specific business. 2. Strong companies develop superior capabilities in managing core business processes such as new-product realization, inventory management, and customer acquisition and retention. Managing these core processes effectively means creating a marketing network in which the company works closely with all parties in the production and distribution chain, from suppliers of raw materials to retail distributors. Companies no longer compete—marketing networks do. 3. According to one view, holistic marketing maximizes value exploration by understanding the relationships between the customer’s cognitive space, the company’s competence space, and the collaborator’s resource space; maximizes value creation by identifying new customer benefits from the customer’s cognitive space, utilizing core competencies from its business domain, and selecting and managing business partners from its collaborative networks; and maximizes value delivery by becoming proficient at customer relationship management, internal resource management, and business partnership management. 4. Market-oriented strategic planning is the managerial process of developing and maintaining a viable fit between the organization’s objectives, skills, and resources and its changing market opportunities. The aim of strategic planning is to shape the company’s businesses and products so they yield target profits and growth. Strategic planning takes place at four levels: corporate, division, business unit, and product. 5. The corporate strategy establishes the framework within which the divisions and business units prepare their strategic plans. Setting a corporate strategy means defining the corporate mission, establishing strategic business units (SBUs), assigning resources to each, and assessing growth opportunities. 6. Strategic planning for individual businesses includes defining the business mission, analyzing external opportunities and threats, analyzing internal strengths and weaknesses, formulating goals, formulating strategy, formulating supporting programs, implementing the programs, and gathering feedback and exercising control. 7. Each product level within a business unit must develop a marketing plan for achieving its goals. The marketing plan is one of the most important outputs of the marketing process.

OPENING THOUGHT
For most students, one of the most challenging concepts in this chapter is the definition of strategy. The second area of concern presented in this chapter, is the understanding of strategic versus tactical decisions. Definitions can be confusing and are often taken for granted, so the instructor is encouraged to spend sufficient class time covering the distinctions between these two. Finally, this chapter contains a case analysis using Marketing Plan Pro software that may present some difficulties to students unfamiliar with its use. It is important to note that the objective of the inclusion of this software is to familiarize students with the many aspects of the marketing plan—not for them to become experts in the use of this specific software. The instructor may want to emphasize its usage at his or her discretion.

TEACHING STRATEGY AND CLASS ORGANIZATION

PROJECTS
1. For the semester-long project, with this chapter, we continue the formation of groups; first presentation of “product” to instructor for approval; review of process; and calendar of “due dates.” 2. As a group presentation project, have each group present their Pegasus Sports International marketing plan to the class. Non-presenting groups should be ready to evaluate the accuracy of the numbers presented, critique, refute, and/or debate the findings of the other groups. Each group presentation should be followed by a written presentation of their marketing plan. 3. Students should be encouraged to review selected company’s annual reports to collect from these reports the corporations’ mission statements, strategy statements, and target market definitions. The collected material can be discussed in class comparing the company’s overall business, marketing, and customer strategies. 4. Sonic PDA Marketing Plan. Every marketing plan must include the company mission, analysis of strengths, weaknesses, opportunities, and threats and state the marketing and financial objectives for the plan period. Sonic is a start-up company that will soon introduce a new multi-function personal digital assistant (PDA) to compete with established products made by Palm, Hewlett Packard, Sony, and others. As an assistant to Jane Melody, Sonic’s chief marketing officer, you have been assigned to: Draft a mission statement for Sonic’s senior management to review. Prepare a summary of strengths, weaknesses, opportunities, and threats (SWOTs). List the marketing and financial objectives the company has for the new PDA being developed by Sonic.

As your instructor directs, enter Sonic’s mission statement, SWOTs, and financial and marketing objectives in a written marketing plan, or type them into the Mission, SWOT, and Objectives sections of Marketing Plan Pro.

ASSIGNMENTS
Each student is in effect a “product.” Like all products you (they) must be marketed for success. Have each of your students’ write their own “mission statement” about their career and a “goal statement” of where they see themselves in 5 years, 10 years, and after 20 years. Have students read Jon R. Katzenbach and Douglas K. Smith, The Wisdom of Teams: Creating the High-Performance Organization (Boston: Harvard Business School Press, 1993); Hammer and Champy, Reengineering the Corporation and report on their findings in a written and/or oral presentation.

Select a local firm or have the students select firms in which they are familiar (current employers or past employers, for example) and have them answer the questions posed by the Marketing Memo, Marketing Plan Criteria regarding the evaluation of a marketing plan. Make sure the students are specific in their answers. As a group presentation project, have the students read: Peter Lorange and Johan Roos, Strategic Alliances: Formation, Implementation and Evolution (Cambridge, MA: Black...

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