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STORED VALUE INSTRUMENTS – gift, savings, points, general ‘spend’ cards or virtual cards MANUFACTURER COUPONS – including 3rd party and affinity partner programmes …whether physical or digital, for customer present and online transactions.
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There are four stages in the product life cycle: introduction, growth, maturity, and decline.
LEARNING OBJECTIVES
Examine the various stages of the product lifecycle
KEY TAKEAWAYS
Key Points
The introduction stage of the product life cycle is where a new product is launched into a market.
In the growth stage of the product life cycle, the market has accepted the product and sales begin to increase.
In the maturity stage of the product life cycle, sales will reach their peak.
In the decline stage of the product life cycle, sales will begin to decline as the product reaches its saturation point.
There is no set schedule for the stages of a product life cycle.
Key Terms
product life cycle: The process wherein a product is introduced to a market, grows in popularity, and is then removed as demand drops gradually to zero.
Stages in the Product Lifecycle
There are four stages in the product life cycle: introduction, growth, maturity, and decline.
Life Cycle: Firms’ products progress through the stages of development, which is indicated by their changing profits over time.
Introduction
After all research and development has be done it is time to launch the product and begin its lifecycle. The introduction stage of the product life cycle is when the marketing team emphasizes promotion and the product’s initial distribution. Often the product will have little or no competitors at this point. Nonetheless, sales may remain low because it takes time for the market to accept the new product. At this stage of the life cycle, the company usually loses money on the product.
Growth
In the growth stage of the product life cycle, the market has accepted the product and sales begin to increase. The company may want to make improvements to the product to stay competitive. At this point, there are still relatively few competitors.
Maturity
In the maturity stage of the product life cycle, sales will reach their peak. Other competitors enter the market with alternative solutions, making competition in the market fierce. The company that introduced the new product may begin to find it difficult to compete in the market.
Decline
In the decline stage of the product life cycle, sales will begin to decline as the product reaches its saturation point. Most products are phased out of the market at this point due to the decrease in sales and because of competitive pressure. The market will see the product as old and no longer in demand.
There is no set schedule for the stages of a product life cycle. Differences will occur depending on the type of product, how well it is received by the market, the promotional mix of the company, and the aggressiveness of the competition.
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Competition
Companies must conduct competitive analysis to identify their competition accurately, and must avoid defining the competition too narrowly.
LEARNING OBJECTIVES
Classify the use of competitive data from an internal and external viewpoint
KEY TAKEAWAYS
Key Points
Defining competitors too narrowly leads to the chance that an unidentified competitor will capture market share without the company’s knowledge.
Competition focuses on the wants and needs of individuals’ being satisfied, not the product being produced. Companies and marketers must keep this in mind when evaluating the competition.
Barriers to entry represent business practices or conditions that make it difficult for new or existing firms to enter the market. A company in a dominant market position can create barriers to entry for potential entrants.
Key Terms
competitive analysis: An assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.
marketing mix: A business tool used in marketing products; often crucial when determining a product or brand’s unique selling point. Often synonymous with the four Ps: price, product, promotion, and place.
Competitive Analysis
Competitive analysis focuses on opportunities and threats that may occur because of actual or potential competitive changes in strategy. Competitive analysis starts with identifying current and potential competitors. For example, who are General Motors’ competitors? If you named companies like Toyota, Ford, Chrysler, and Honda, you are right, but you have just begun. outlines some of General Motors’ competitors, and outlines some of Nintendo’s competitors.
Nintendo: An analysis of Nintendo’s competitors.
General Motors: An analysis of General Motors’ competition.
It is essential that the marketer begin the analysis by answering the following question: “What criteria can be used to identify a relevant set of competitors?” It is clear from the two examples above that an accurate accounting of competitors is much broader than the obvious. If competitors are defined too narrowly, there is a risk that an unidentified competitor will take market share away without the company’s knowledge. A company’s strategy must address all competitors, not just the leaders in a field. Competition is a never ending challenge that must be addressed on an ongoing basis because consumers are exposed to many types of products, to many different marketing concepts which, if compelling enough will prompt them to switch and make different choices on the products or services they buy.
For example, General Motors competes against Ford, Chrysler, Toyota, and other auto manufacturers. They also compete against Sears in the repair market, the subway in large cities, airlines, and Schwinn, among people for whom bicycle riding is popular. Nintendo competes against Sega in the video game market. It also competes against Blockbuster Video, local gyms, board games, the theater, and concerts. Competition focuses on individuals’ wants and needs being satisfied, not the product being produced. General Motors, then, is competing to satisfy the public ‘s need for transportation. Nintendo is competing to satisfy the need for entertainment.
Once competitors are correctly identified, it is helpful to assess them relative to factors that drive competition: entry, bargaining power of buyers and suppliers, existing rivalries, and substitution possibilities. These factors relate to a firm’s marketing mix decisions and may be used to create a barrier to entry, increase brand awareness, or intensify a fight for market share. Barriers to entry represent business practices or conditions that make it difficult for new or existing firms to enter the market. Typically, barriers to entry can be in the form of capital requirements, advertising expenditures, product identity, distribution access, or switching costs.
In industries such as steel, automobiles, and computers, the power of buyers and suppliers can be very influential. Powerful buyers exist when they are few in number, there are low switching costs, or the product represents a significant share of the buyer’s total costs. This is common for large retailers such as Walmart and Home Depot. Existing competitors and possible substitutes also influence the dynamics of the competition. For example, in slow-growth markets, competition is more severe for any possible gains in market share. High fixed costs also create competitive pressure for firms to fill production capacity. For example, hospitals are increasing advertising budgets in a battle to fill beds, which represents a high fixed cost.
The International Competitive Environment
Entering an international market is similar to doing so in a domestic market, in that a firm seeks to gain a differential advantage by investing resources in that market. Often local firms will adopt imitation strategies, sometimes successfully.
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At Fulcrum, we all come to work every day because we have a shared love of travel and delivering once-in-a-lifetime experiences.
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Perfect solutions every time As a leading marketing Agency, we’re immensely proud to work with brands and agencies across a huge range of sectors and industries, giving us an unrivalled breadth of experience.
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Themes and Organization of This Book
1.4 Themes and Organization of This Book
Learning Objective
Understand and outline the elements of a marketing plan as a planning process.
Marketing’s Role in the Organization
We previously discussed marketing as a set of activities that anyone can do. Marketing is also a functional area in companies, just like operations and accounting are. Within a company, marketing might be the title of a department, but some marketing functions, such as sales, might be handled by another department. Marketing activities do not occur separately from the rest of the company, however.
As we have explained, pricing an offering, for example, will involve a company’s finance and accounting departments in addition to the marketing department. Similarly, a marketing strategy is not created solely by a firm’s marketing personnel. Instead, it flows from the company’s overall strategy. We’ll discuss strategy much more completely in Chapter 2 “Strategic Planning”.
Everything Starts with Customers
Most organizations start with an idea of how to serve customers better. Apple’s engineers began working on the iPod by looking at the available technology and thinking about how customers would like to have their music more available, as well as more affordable, through downloading.
Many companies think about potential markets and customers when they start. John Deere, for example, founded his company on the principle of serving customers. When admonished for making constant improvements to his products even though farmers would take whatever they could get, Deere reportedly replied, “They haven’t got to take what we make and somebody else will beat us, and we will lose our trade1.” He recognized that if his company failed to meet customers’ needs, someone else would. The mission of the company then became the one shown in Figure 1.4 “Mission Statement of Deere and Company”.
Here are a few mission statements from other companies. Note that they all refer to their customers, either directly or by making references to relationships with them. Note also how these are written to inspire employees and others who interact with the company and may read the mission statement.
IBM IBM will be driven by these values:
Dedication to every client’s success. Innovation that matters, for our company and for the world. Trust and personal responsibility in all relationships2.
Coca-Cola Everything we do is inspired by our enduring mission:
To refresh the world…in body, mind, and spirit. To inspire moments of optimism…through our brands and our actions. To create value and make a difference…everywhere we engage3.
McDonald’s To be our customers’ favorite place and way to eat4.
Merck To provide innovative and distinctive products and services that save and improve lives and satisfy customer needs, to be recognized as a great place to work, and to provide investors with a superior rate of return5.
Not all companies create mission statements that reflect a marketing orientation. Note Apple’s mission statement: “Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone market with its revolutionary iPhone.” This mission statement reflects a product orientation, or an operating philosophy based on the premise that Apple’s success is due to great products and that simply supplying them will lead to demand for them. The challenge, of course, is how to create a “great” product without thinking too much about the customer’s wants and needs. Apple, and for that matter, many other companies, have fallen prey to thinking that they knew what a great product was without asking their customers. In fact, Apple’s first attempt at a graphic user interface (GUI) was the LISA, a dismal failure.
The Marketing Plan
The marketing plan is the strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value. Once a company has decided what business it is in and expressed that in a mission statement, the firm then develops a corporate strategy. Marketing strategists subsequently use the corporate strategy and mission and combine that with an understanding of the market to develop the company’s marketing plan. This is the focus of Chapter 2 “Strategic Planning”. Figure 1.5 “Steps in Creating a Marketing Plan”shows the steps involved in creating a marketing plan.
The book then moves into understanding customers. Understanding the customer’s wants and needs; how the customer wants to acquire, consume, and dispose of the offering; and what makes up their personal value equation are three important goals. Marketers want to know their customers—who they are and what they like to do—so as to uncover this information. Generally, this requires marketing researchers to collect sales and other related customer data and analyze it.
Figure 1.5 Steps in Creating a Marketing Plan
Once this information is gathered and digested, the planners can then work to create the right offering. Products and services are developed, bundled together at a price, and then tested in the market. Decisions have to be made as to when to alter the offerings, add new ones, or drop old ones. These decisions are the focus of the next set of chapters and are the second step in marketing planning.
Following the material on offerings, we explore the decisions associated with building the value chain. Once an offering is designed, the company has to be able to make it and then be able to get it to the market. This step, planning for the delivery of value, is the third step in the marketing plan.
The fourth step is creating the plan for communicating value. How does the firm make consumers aware of the value it has to offer? How can it help them recognize that value and decide that they should purchase products? These are important questions for marketing planners.
Once a customer has decided that her personal value equation is likely to be positive, then she will decide to purchase the product. That decision still has to be acted on, however, which is the exchange. The details of the exchange are the focus of the last few chapters of the book. As exchanges occur, marketing planners then refine their plans based on the feedback they receive from their customers, what their competitors are doing, and how market conditions are changing.
The Changing Marketing Environment
At the beginning of this chapter, we mentioned that the view of marketing has changed from a static set of four Ps to a dynamic set of processes that involve marketing professionals as well as many other employees in an organization. The way business is being conducted today is changing, too, and marketing is changing along with it. There are several themes, or important trends, that you will notice throughout this book.
Ethics and social responsibility. Businesses exist only because society allows them to. When businesses begin to fail society, society will punish them or revoke their license. The crackdown on companies in the subprime mortgage-lending industry is one example. These companies created and sold loans (products) that could only be paid back under ideal circumstances, and when consumers couldn’t pay these loans back, the entire economy suffered greatly. Scandals such as these illustrate how society responds to unethical business practices. However, whereas ethics require that you only do no harm, the concept of social responsibility requires that you must actively seek to improve the lot of others. Today, people are demanding businesses take a proactive stance in terms of social responsibility, and they are being held to ever-higher standards of conduct.
Sustainability. Sustainability is an example of social responsibility and involves engaging in practices that do not diminish the earth’s resources. Coca-Cola, for example, is working with governments in Africa to ensure clean water availability, not just for manufacturing Coke products but for all consumers in that region. Further, the company seeks to engage American consumers in participating by offering opportunities to contribute to clean water programs. Right now, companies do not have to engage in these practices, but because firms really represent the people behind them (their owners and employees), forward-thinking executives are seeking ways to reduce the impact their companies are having on the planet.
Service-dominant logic. You might have noticed that we use the word offering a lot instead of the term product. That’s because of service-dominant logic, the approach to business that recognizes that consumers want value no matter how it is delivered—whether through a tangible product or through intangible services. That emphasis on value is what drives the functional approach to value that we’ve taken—that is, creating, communicating, delivering, and exchanging value.
Metrics. Technology has increased the amount of information available to decision makers. As such, the amount and quality of data for evaluating a firm’s performance is increasing. Earlier in our discussion of the marketing plan, we explained that customers communicate via transactions. Although this sounds both simple and obvious, better information technology has given us a much more complete picture of each exchange. Cabela’s, for example, combines data from Web browsing activity with purchase history in order to determine what the next best offer is likely to be. Using data from many sources, we can build more effective metrics that can then be used to create better offerings, better communication plans, and so forth.
A global environment. Every business is influenced by global issues. The price of oil, for example, is a global concern that affects everyone’s prices and even the availability of some offerings. We already mentioned Coke’s concern for clean water. But Coke also has to be concerned with distribution systems in areas with poor or nonexistent roads, myriads of government policies and regulations, workforce availability, and so many different issues in trying to sell and deliver Coke around the world. Even companies with smaller markets source some or all their offerings from companies in other countries or else face some sort of direct competition from companies based in other countries. Every business professional, whether marketing or otherwise, has to have some understanding of the global environment in which companies operate.
Key Takeaway
A company’s marketing plan flows from its strategic plan. Both begin with a focus on customers. The essential components of the plan are understanding customers, creating an offering that delivers value, communicating the value to the customer, exchanging with the customer, and evaluating the firm’s performance. A marketing plan is influenced by environmental trends such as social responsibility, sustainability, service-dominant logic, the increased availability of data and effective metrics, and the global nature of the business environment.
Review Questions
Why does everything start with customers? Or is it only marketing that starts with customers?
What are the key parts of a marketing plan?
What is the relationship between social responsibility, sustainability, service-dominant logic, and the global business environment? How does the concept of metrics fit?
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Develop Marketing Plan Small Business
How do you get started with a marketing plan for a small business?
First, know your audience or “target market” and understand their needs.Second, position yourself to meet those needs with a solution-oriented marketing plan.Decide on how you’ll connect to customers and begin developing your brand.
What is the best way to learn your audience or “target market”?
You must conduct market research: both primary and secondary research.Primary research is research you do yourself. It’s a good way to learn more about your specific market. Secondary research is research such as statistics and information from other sources like libraries, Chambers of Commerce, local and federal government publications, etc. This is best for getting a general overall view of the market or industry you’ll be operating within.
What is the best way to conduct market research?
You can conduct primary research by reaching out to current, former, or even potential customers and asking them pertinent questions about their needs via surveys, focus groups, or in-person interviews. If your budget allows, you might consider hiring a market research firm who might conduct telephone polls and focus groups. Secondary research (the least expensive of the two) can be conducted by visiting libraries, internet searches on sites of the U.S. Census, Department of Commerce, Bureau of Labor Statistics, Small Business Administration, Chambers of Commerce, and local governments.
Once a business owner knows their target market, and how to meet their needs, what should be the next step in the development of the marketing plan?
Defining your brand and tailoring your products and services to your target audience are the next steps. This includes developing your brand’s vision, mission, and company message in ways that are meaningful to your core audience, and this includes branding your company’s insignia on logos and creating websites. Armed with what you learned from your market research, tailor your product and service offerings catalog to meet the stated needs of your target market.
With a defined brand, targeted market, and products or services ready to sell,how do I put my marketing plan into action steps?
Start by clearly stating your goals (e.g. attracting new customers, retaining old customers, encouraging repeat business). Prioritize long and short-term goals (set time limits and stick to them). When describing how you plan to achieve your goals. Be specific; break it down by activity (branding, promotion and sales strategy, email marketing, affiliate marketing, networking, etc.). Create monthly and weekly sales goals and activities to execute your strategic marketing plan and achieve your revenue goals.
What is the best way to execute my action plan?
Start by reviewing your priorities and the timelines you’ve set, and address each priority in order of importance.
How can I implement a small business marketing plan on a limited budget?
Maximize your dollars spent and look for creative ways to implement marketing steps that don’t cost money (e.g. social media, Search Engine Optimization (SEO), blogging, podcasting, video blogging).When hiring someone for marketing help, use your hourly rate and time saved as the litmus test and price threshold for what you’re willing to pay. For example, if you charge $100/Hour as a Consultant and you estimate it will take about 10 hours for you to review your customer records, could you find someone to effectively do the work for you for $1000? If so, then it’s definitely worth it to use them, since it will free up your time and you can continue running your business and servicing your customers.
If my number #1 priority is getting new customers, how can I do that?
To attract new customers, you could offer an incentive or free giveaway for them to sign-up for your newsletter (e.g. 10% off first purchase, special report, or free sample.) Then use the newsletter to keep in touch by providing helpful information and informing them on new products and services. Use a blog and/podcast series with topics of interest to your core audience. You could also begin an affiliate marketing program with a complimentary business that refers business in exchange for a commission of sales.
What are some other ways that I can creatively market to my business?
Contact the media to pitch stories about your business or your customers who have been successful using your product or service; Offer to speak for free at local speaking events (e.g. Rotary Clubs, Chambers of Commerce, Women’s groups etc.); Start a community for your core customers on Facebook, LinkedIn or Twitter.
What are some of the big mistakes entrepreneurs make in small business marketing?
Be sure to track marketing efforts. Make note of where customers learned about you and how they found you. Conduct ongoing primary market research by asking for customer feedback; Use surveys as another marketing tool in your arsenal (e.g. The MiniMarketing Survey).Be sure tooffer customers an incentive to complete surveys (e.g. Free item/service).Use feedback to help shape future marketing efforts.
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