INSTRUCTOR’S MANUAL WITH TEST BANK TO ACCOMPANY
Instructor’s Manual with Test Bank to accompany
Marketing Strategy Peter Yannopoulos Brock University Prepared by Peter Yannopoulos Brock University
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Table of Contents IntroductionM
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INSTRUCTOR’S MANUAL Chapter 1 Strategic Marketing Planning and Market Orientation.................................1 Chapter 2 Defining and Assessing Markets..................................................................9 Chapter 3 Situational Analysis and Strategic Approaches..........................................15 Chapter 4 Competitive Advantage and Competitive Strategies...................................21 Chapter 5 Market Segmentation and Target Marketing..............................................31 Chapter 6 Strategic Positioning..................................................................................40 Chapter 7 Strategic Networks and Customer Relationship Management....................49 Chapter 8 Product Strategy.........................................................................................56 Chapter 9 Brand Strategy...........................................................................................70 Chapter 10 Pricing Strategy.........................................................................................85 Chapter 11 Distribution and Supply Chain Management..............................................96 Chapter 12 Integrated Marketing Communications....................................................103 Chapter 13 Internet Marketing...................................................................................114 Chapter 14 Defensive and Offensive Marketing Strategies.........................................121 Chapter 15 Marketing Implementation and Control...................................................130 TEACHING NOTES End-of-Text Cases Case 1 Spectrum Consulting International ........................................................143 Case 2 Mobile Knowledge Inc............................................................................147 Case 3 Steinhouse Knitting Mills (Canada) Ltd.................................................149 Case 4 WestJet Airlines......................................................................................158 Case 5 Green Acres Seed Company...................................................................161 Case 6 The Workabout: Developing and Introducing a New Product...............166 Case 7 Front 54 ........................................................................................168 Case 8 Bombardier Inc.......................................................................................170 Case 9 Atlas Chemical Company.......................................................................173 Case 10 Hannas Seeds..........................................................................................179 Case 11 A New Spirit for the New Age................................................................187 Case 12 Tim Hortons............................................................................................190 Case 13 AutoPlus Ltd. .........................................................................................192 Case 14 Centre for the Arts...................................................................................195 Case 15 Organ Transplant Centre.........................................................................200 Case 16 Boston Pizza International Inc. ..............................................................203 Case 17 Nature-Plus Limited – U.S. Expansion? ................................................206 Case 18 Research in Motion Limited...................................................................212 Case 19 Zenega Ag Products................................................................................214 Case 20 Wal-Mart ...............................................................................................219 iii
TEST BANK Chapter 1 Strategic Marketing Planning and Market Orientation.............................223 Chapter 2 Defining and Assessing Markets..............................................................230 Chapter 3 Situational Analysis and Strategic Approaches........................................237 Chapter 4 Competitive Advantage and Competitive Strategies.................................244 Chapter 5 Market Segmentation and Target Marketing............................................251 Chapter 6 Strategic Positioning................................................................................257 Chapter 7 Strategic Networks and Customer Relationship Management..................264 Chapter 8 Product Strategy.......................................................................................270 Chapter 9 Brand Strategy.........................................................................................276 Chapter 10 Pricing Strategy........................................................................................284 Chapter 11 Distribution and Supply Chain Management............................................291 Chapter 12 Integrated Marketing Communications....................................................298 Chapter 13 Internet Marketing...................................................................................307 Chapter 14 Defensive and Offensive Marketing Strategies.........................................313 Chapter 15 Marketing Implementation and Control...................................................320
Chapter 1 STRATEGIC MARKETING PLANNING AND MARKET ORIENTATION CHAPTER OVERVIEW This chapter begins by explaining the importance of marketing strategy for competing effectively in today’s fast changing business environments. Firms that lack effective marketing strategies are marginalized as they fail to keep up with organizations that have more effective marketing strategies. Marketing strategy is about satisfying valuable customers in a superior way. Customer value is created when the product benefits exceed the cost customers incur to acquire and use the product. The components of marketing strategy are market segment strategy, positioning strategy, product strategy, pricing strategy, distribution strategy, and promotion strategy. The chapter introduces the concept of the strategic marketing planning process which provides the framework that integrates the various marketing activities involved in developing and executing the marketing strategy for a product or service. The outcome of this process is the development of a marketing plan. The chapter also introduces the concept of competing on the edge for firms competing in fast changing environments. Also it distinguishes between deliberate and emergent strategies. It then discusses market orientation to help companies better compete in complex, changing environments. Market oriented firms have the skills necessary to successfully apply the strategic marketing planning process.
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The chapter concludes with a discussion of globalization, marketing convergence, and triple bottom line planning concepts. The chapter also discusses how these concepts are changing the nature of marketing strategy of firms.
CHAPTER OBJECTIVES After studying this chapter, students should be able to: 1. Identify the components of marketing strategy Marketing strategy is about satisfying valuable customers in a superior way. The components of marketing strategy are the market segment strategy, the positioning strategy, the product strategy, the pricing strategy, the distribution strategy, and the promotion strategy. 2. Outline the role of the strategic marketing planning process in formulating and implementing effective marketing strategies The strategic marketing planning process integrates the various marketing activities undertaken by managers in developing and implementing the marketing strategy for a product or service. The process helps managers develop customer and competitor oriented marketing strategies. By helping integrate the various marketing activities, managers ensure that no important activity is neglected or overlooked. The final outcome of the strategic marketing planning process is the marketing plan. 3. Describe the importance of market orientation for using strategic marketing planning effectively in developing sound marketing strategies Market orientation occupies a central position in marketing thought and practice in the past several decades. It is the type of attitude or philosophy needed for the creation of effective marketing strategies. Market-oriented firms have excellent strategic marketing planning skills and are characterized by a strong external orientation. This external orientation allows firms to anticipate market changes and align the marketing strategy to the market and customer needs. Market oriented firms are aware of changing customer needs, emerging technologies, competitors’ strategies, and new environmental trends. This knowledge helps market-oriented firms use the strategic planning process more effectively and formulate more effective marketing strategies. Because they are in tune with customer needs they offer higher customer value and they have loyal customers and are easier to retain. Market-driven organizations have keen market-sensing and market-relating capabilities that give them the market knowledge to create and maintain close relationships with valuable customers. The result is a better alignment of the marketing strategy with the market. Market oriented firms also understand their direct and indirect competitors, their strategies, objectives, and strengths and weaknesses. This understanding is a necessary condition for developing marketing strategies that are better than competitors’. 4. Explain how globalization, marketing convergence, and triple-bottom-line planning influence marketing strategy formulation
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