Transcript Chapter 4 - Wright State University

marketing strategy
O. C. Ferrell
Michael D. Hartline
Collecting and
Analyzing Marketing
Information
C H A P T E R
A Fresh Look at Baby Boomers
• Baby Boomers are associated with marquee
historical icons like the Beatles, Woodstock, and
Vietnam. Their sheer numbers made them an
attractive segment of the population to marketers.
Now marketers are rediscovering boomers as a
viable segment. Why is this? What opportunities
still exist with this market segment?
Beyond the Pages 4.1
4-2
Issues to be Considered
in a Situation Analysis
Exhibit 4.1
4-3
Conducting a
Situation Analysis (1 of 2)
• Analysis Alone is Not the Solution
• Data and Information are Not the Same
– Data
• A collection of numbers or facts that have the potential to inform
– Information
• Data that has been transformed or combined with other data in a
manner that makes it useful to decision makers
4-4
Conducting a
Situation Analysis (2 of 2)
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The Benefits of Analysis Must Outweigh the
Costs
Conducting a Situation Analysis is a Challenging
Exercise
– One of the most difficult parts of the marketing plan
– Should provide a complete picture of three key
environments:
1. Internal
2. Customer
3. External
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The Interconnectedness of the Internal,
Customer, and External Environments
Exhibit 4.2
4-6
Discussion Question
• Of the three major environments in a situation
analysis (internal, customer, external), which do
you think is the most important in a general
sense? Why? What are some situations that
would make one environment more important
than the others?
4-7
The Internal Environment (1 of 2)
• Review of Current Objectives, Strategy and
Performance
– An important input to later stages in the planning process
– Poor or declining performance must be the result of:
• Goals or objectives that are inconsistent with the
customer or external environments
• Flawed marketing strategy
• Poor implementation
• Changes in the customer or external environments
that are beyond the control of the firm
4-8
The Internal Environment (2 of 2)
• Availability of Resources
– Includes a review of financial, human, and experience
resources; as well as resources from key relationships
– Financial resources tend to get most attention
– Labor shortages are expected to be a major problem in
the coming years
• Organizational Culture and Structure
– Problems can arise when marketing does not hold a
prominent position in the organizational hierarchy
– Culture and structure are relatively stable but can be
affected by mergers
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The Customer Environment
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Who are our Current and Potential Customers?
What do our Customers do with our Products?
Where do Customers Purchase our Products?
When do Customers Purchase our Products?
Why (and How) do Customers Select our Products?
Why do Potential Customers not Purchase our Products?
4-10
Discussion Question
• Understanding the motivations of a firm’s
noncustomers is often just as important as
understanding its customers. Look again at the
reasons why an individual would not purchase a
firm’s products. How can a firm reach out to
noncustomers and successfully convert them to
customers?
4-11
The External Environment (1 of 2)
• Competition
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Brand competitors
Product competitors
Generic competitors
Total budget competitors
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Major Types of Competition
Exhibit 4.6
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Stages of Competitive Analysis
1. Identification
•
Identify all current and potential competitors
2. Characteristics
•
Assess each key competitor’s characteristics
3. Assessment
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Assess each key competitor’s strengths and weaknesses
4. Capabilities
•
Focus the analysis on each key competitor’s marketing
capabilities
5. Response
•
Estimate each key competitor’s most likely strategies and
responses under different environmental situations
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The External Environment (2 of 2)
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Economic Growth and Stability
Political Trends
Legal and Regulatory Issues
Technological Advancements
Sociocultural Trends
– Demographic Trends
– Lifestyle Trends
– Trends in Cultural Values
4-15
Trends in the
Sociocultural Environment (1 of 2)
• Example Demographic Trends
– Aging of the American population
– Decline in the teen population
– Population growth in the Sun Belt states
• Example Lifestyle Trends
– Clothing has become more casual, especially at work
– Clothing has become more revealing, especially for women
– Growing participation in body modification (e.g., tattoos,
piercings)
From Exhibit 4.7
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Trends in the
Sociocultural Environment (2 of 2)
• Trends in Cultural Values
– Less focus on “me-oriented” values
– More value-oriented consumption (good quality, good price)
– Importance in maintaining close, personal relationships
From Exhibit 4.7
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Collecting Environmental
Data and Information (1 of 2)
• Secondary Information Sources
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Internal Data Sources
Government Sources
Periodicals/Book Sources
Commercial (Fee-Based) Sources
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Collecting Environmental
Data and Information (2 of 2)
• Primary Data Collection
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Direct Observation
Focus Groups
Surveys
Experiments
• Overcoming Problems in Data Collection
4-19
Discussion Question
• Do you think the Internet has made it easier or
more difficult to collect marketing data and
information? Why? How might the major data
collection issues of today compare to the issues
that occurred in the pre-Internet era?
4-20