Expert Answer:MBA 560 Project Milestone Two

  

Solved by verified expert:Requirement of content:Milestone Two: Strengths and Weaknesses, Core CompetenciesFor the company you have chosen, write a short paper that identifies and analyzes at least four, but no more than eight, strengths and weaknesses. Then, assess opportunities, threats, and ethical issues that may affect new business activities or offerings. You may use topics listed in the Module Four discussion or others that you deem important.Continue your paper by identifying and explaining three to five core competencies for the company you have chosen. Explain how and why they are not easily duplicable by the competition. Explain how these core competencies dovetail with your new product or service offering. Upon which competency or competencies will the new business offering benefit and why? What strategic implications will or could this have on the new offering?For additional details, please refer to the Milestone Two Guidelines and Rubric document and the Final Project Guidelines and Rubric document. ( Please see attached files ).Requirement of formation:Complete APA formattingEnglish proficient graduate-level writing
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mba_560_final_project_guidelines_and_rubric.pdf

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Ma r
rke
ke ting Management
M a na gement
A S t r ate gic De cis io n- Ma k i n g Ap p ro a c h
This page intentionally left blank
Ma rke ting
t ing Management
M a na gement
A S t r a t eg ic Dec isio n- Ma k i n g Ap p ro a c h
E ight h Editio n
J o h n W . Mu l l i ns
Asso ciate Pro fe ss o r o f M ana ge m e nt P r a c t i c e i n M a rk e t i ng
and E n trepr en eu rs h ip
L ondo n B us ine ss S ch o o l
Orv i l l e C . Wal k er , J r .
J ame s D. W atk ins Pro fe ss or o f M a rk e t i ng , E m e ri t us
U niv ersity o f M inn es o ta
MARKETING MANAGEMENT: A STRATEGIC DECISION-MAKING APPROACH, EIGHTH EDITION
Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Printed
in the United States of America. Previous editions © 2010, 2008, and 2005. No part of this publication may be
reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the
prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or
other electronic storage or transmission, or broadcast for distance learning.
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United States.
This book is printed on acid-free paper containing 10% postconsumer waste.
1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2
ISBN: 978–0–07–802879–3
MHID: 0–07–802879–5
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Cover Image: Getty Images
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Compositor: S4Carlisle Publishing Services
Typeface: 10/12 Times Roman
Printer: R.R. Donnelley
All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.
Library of Congress Cataloging-in-Publication Data
Mullins, John W. (John Walker)
Marketing management : a strategic decision-making approach / John W. Mullins,
Orville C. Walker, Jr. — 8th ed.
p. cm.
Includes index.
ISBN 978–0–07–802879–3 — ISBN 0–07–802879–5
1. Marketing—Management. I. Walker, Orville C. II. Title.
HF5415.13.M352324
658.8—dc23
2013
2011049516
www.mhhe.com
ABOUT THE AUTHORS
John W. Mullins
John W. Mullins is Associate Professor of Management Practice in Marketing and Entrepreneurship at London Business School. He earned his MBA at the Stanford Graduate
School of Business and, considerably later in life, his PhD in marketing from the University of Minnesota. An award-winning teacher, John brings to his teaching and research
20 years of executive experience in high-growth firms, including two ventures he founded,
one of which he took public.
Since becoming a business school professor in 1992, John has published more than
40 articles in a variety of outlets, including Harvard Business Review, MIT Sloan
Management Review, and The Wall Street Journal, as well as in numerous scholarly journals in marketing and in entrepreneurship. His research has won national and international
awards from the Marketing Science Institute, the American Marketing Association, and
the Richard D. Irwin Foundation. He is also coauthor of Marketing Strategy: A DecisionFocused Approach, 7th edition.
John’s consulting, executive education, and prolific case-writing regularly take him to
destinations in Africa, India, and Latin America. His best-selling trade book, The New
Business Road Test: What Entrepreneurs and Executives Should Do Before Writing a
Business Plan, is the definitive work on the assessment and shaping of market opportunities. John’s newest trade book, Getting to Plan B: Breaking Through to a Better Business
Model with noted venture capital investor Randy Komisar, has won widespread critical
acclaim. It is reshaping the approach entrepreneurs and other innovators are taking to
starting their ventures.
Orville C. Walker, Jr.
Orville C. Walker, Jr. is Professor Emeritus in the University of Minnesota’s Carlson
School of Management, where he served until recently as the James D. Watkins Professor of Marketing and Director of the PhD Program. He holds a master’s degree in social
psychology from Ohio State University and a PhD in marketing from the University of
Wisconsin–Madison.
Orville is the coauthor of three books and has published more than 50 research articles
in scholarly and business journals. He has won several awards for his research, including the O’Dell award from the Journal of Marketing Research, the Maynard award from
the Journal of Marketing, and a lifetime achievement award from the Sales Management
Interest Group of the American Marketing Association.
Orville has been a consultant to a number of business firms and not-for-profit organizations, and he has taught in executive development programs around the world, including
programs in Poland, Switzerland, Scotland, and Hong Kong. Perhaps his biggest business
challenge, however, has been his attempt to turn a profit as the owner-manager of a small
vineyard in western Wisconsin.
v
Brief Contents
Preface
xvi
Section One
10
Product Decisions
11
Pricing Decisions
250
280
The Role of Marketing in Developing
Successful Business Strategies 1
12
Distribution Channel Decisions 308
13
Integrated Promotion Decisions 342
1
The Marketing Management
Process 2
Section Four
2
The Marketing Implications of
Corporate and Business Strategies 30
Strategic Marketing Programs
for Selected Situations 373
14
Marketing Strategies for a Digitally
Networked World 374
15
Understanding Market
Opportunities 68
Strategies for New and Growing
Markets 400
16
4
Understanding Consumer Buying
Behavior 96
Strategies for Mature and Declining
Markets 436
Section Five
5
Understanding Organizational Markets
and Buying Behavior 122
Implementing and Controlling
Marketing Programs 465
6
Measuring Market Opportunities:
Forecasting and Market
Knowledge 146
17
Organizing and Planning for Effective
Implementation 466
18
7
Targeting Attractive Market
Segments 178
Measuring and Delivering Marketing
Performance 492
8
Differentiation and Brand
Positioning 202
Section Two
Market Opportunity Analysis
3
67
Section Three
Developing Strategic Marketing
Programs 225
9
vi
Business Strategies: A Foundation for
Marketing Program Decisions 226
Index
519
Contents
Preface
xvi
Who Does What?
Marketing Institutions 21
Who Pays the Cost of Marketing Activities—
And Are They Worth It? 22
Room for Improvement in Marketing
Efficiency 23
The Role of the Marketing Decision Maker 23
Section One
The Role of Marketing in Developing
Successful Business Strategies 1
1
The Marketing Management
Process 2
Some Recent Developments Affecting Marketing
Management 24
Samsung—Building a Global Brand 2
New Competitive and Marketing Strategies
The Results 3
Marketing Challenges Addressed in Chapter 1
Why Are Marketing Decisions Important?
21
Globalization 24
Increased Importance of Service 25
Information Technology 25
Relationships across Functions and Firms
2
3
4
The Importance of the Top Line 5
Marketing Creates Value by Facilitating Exchange
Relationships 5
What Factors Are Necessary for a Successful
Exchange Relationship? 5
1. Who Markets and Who Buys? The Parties
in an Exchange 6
2. Customer Needs and Wants 7
3. What Gets Exchanged? Products
and Services 10
4. How Exchanges Create Value 10
5. Defining a Market 12
What Does Effective Marketing Practice
Look Like? 13
Marketing Management—A Definition 13
Integrating Marketing Plans with the Company’s
Strategies and Resources 15
Market Opportunity Analysis 16
Formulating Strategic Marketing Programs 17
Formulating Strategic Marketing Programs
for Specific Situations 18
Implementation and Control of the Marketing
Program 19
The Marketing Plan—A Blueprint
for Action 19
Take-aways
Endnotes
2
27
27
28
The Marketing Implications of Corporate
and Business Strategies 30
IBM Switches Strategies
30
Technology Changes and Competitor Actions
Require a Shift in Strategy 30
A New Corporate Strategy 31
New Business and Marketing Strategies 31
The Bottom Line 32
Marketing Challenges Addressed in Chapter 2
32
What Is Marketing’s Role in Formulating and
Implementing Strategies? 33
Market-Oriented Management 35
Does Being Market-Oriented Pay? 35
Factors That Mediate Marketing’s Strategic
Role 36
Three Levels of Strategy: Similar Components,
but Different Issues 39
Strategy: A Definition 39
The Components of Strategy 39
The Hierarchy of Strategies 40
Corporate Strategy 40
vii
viii
Contents
Business-Level Strategy
Marketing Strategy 42
42
Your Market Is Attractive: What about Your
Industry? 80
The Marketing Implications of Corporate Strategy
Decisions 42
Corporate Scope—Defining the Firm’s
Mission 42
Corporate Objectives 47
Corporate Sources of Competitive
Advantage 49
Corporate Growth Strategies 49
Allocating Corporate Resources 52
Limitations of the Growth-Share Matrix
Sources of Synergy 57
Challenges in Macro-Level Market and Industry
Analysis 84
Information Sources for Macro-Level
Analyses 85
Understanding Markets at the Micro Level
54
Mission, Aspirations, and Risk Propensity
It’s Who You Know, Not What You Know
Putting the Seven Domains to Work
90
91
Anticipating and Responding to Environmental
Change 91
62
Impact and Timing of Event
Section Two
67
Take-aways
Endnotes
The Cellular Telephone Business: Increasing
Competition in a Growing Market 68
4
The Mobile Telephony Market 68
Cell Phone Manufacturing 68
Cell Phone Service Providers 69
Network Equipment Down, Too 69
Marketing Challenges Addressed in Chapter 3
Markets and Industries: What’s the Difference?
Assessing Market and Industry Attractiveness
92
Swimming Upstream or Downstream:
An Important Strategic Choice 93
Understanding Market
Opportunities 68
93
94
Understanding Consumer Buying
Behavior 96
Cruise Ships—Not Just for Grandma and Grandpa
Anymore 96
70
70
71
Macro Trend Analysis: A Framework for Assessing
Market Attractiveness, Macro Level 72
The Demographic Environment 72
The Sociocultural Environment 75
The Economic Environment 76
The Regulatory Environment 77
The Technological Environment 78
The Natural Environment 79
89
Ability to Execute on the Industry’s Critical
Success Factors 90
Take-aways 62
3
88
The Team Domains: The Key to the Pursuit of
Attractive Opportunities 89
How Should Strategic Business Units
Be Designed? 59
The Business Unit’s Objectives 59
The Business Unit’s Competitive
Strategy 60
Market Opportunity Analysis
86
Understanding Industries at the Micro Level
The Marketing Implications of Business-Unit
Strategy Decisions 58
Endnotes
Porter’s Five Competitive Forces 80
A Five Forces Analysis of the Cellular Phone
Service Industry 83
Savvy Marketing Helped Fuel Industry
Growth 96
Future Challenges 97
Marketing Challenges Addressed in Chapter 4
98
The Psychological Importance of the Purchase
Affects the Decision-Making Process 99
How Do Consumers Make High-Involvement
Purchase Decisions? 99
Low-Involvement Purchase Decisions 107
Understanding the Target Consumer’s Level
of Involvement Enables Better Marketing
Decisions 107
ix
Contents
Installations 142
Accessory Equipment 142
Operating Supplies 143
Business Services 143
Why People Buy Different Things: Part 1—
The Marketing Implications of Psychological
and Personal Influences 111
Perception and Memory 111
Needs and Attitudes 112
Demographics, Personality, and Lifestyle
Take-aways
115
Why People Buy Different Things: Part 2—The
Marketing Implications of Social Influences 117
Culture 117
Social Class 118
Reference Groups 118
The Family 119
Endnotes 120
Understanding Organizational Markets
and Buying Behavior 122
DHL Supply Chain: Building Long-Term
Relationships with Organizational Buyers
Marketing Challenges Addressed in Chapter 5
123
124
A Comparison of Organizational versus
Consumer Markets 124
What Do the Unique Characteristics of
Organizational Markets Imply for Marketing
Programs? 126
The Organizational Customer Is Usually a Group
of Individuals 126
How Organizational Members Make Purchase
Decisions 129
Types of Buying Situations 129
The Purchase Decision-Making Process 130
The Marketing Implications of Different
Organizational Purchasing Situations 136
Purchasing Processes in Government
Markets 138
Selling Different Kinds of Goods and Services
to Organizations Requires Different Marketing
Programs 139
Raw Materials 139
Component Materials and Parts
Measuring Market Opportunities:
Forecasting and Market
Knowledge 146
141
146
Bell’s Charter at Intel 146
How Do Anthropology and Ethnography
Work? 147
What Is Bell Learning about Generation X? 147
Can Bell’s Work Make a Difference? 147
Marketing Challenges Addressed in Chapter 6
Every Forecast Is Wrong!
122
Building Long-Term Relationships with
Customers 122
Long-Term Relationships Enhance Long-Term
Performance 123
Who Is the Customer?
6
144
Intel’s Secret Weapon
Take-aways 120
5
Endnotes
144
148
148
A Forecaster’s Tool Kit: A Tool for Every
Forecasting Setting 149
Statistical and Other Quantitative Methods 150
Observation 151
Surveys or Focus Groups 151
Analogy 153
Judgment 153
Market Tests 154
Psychological Biases in Forecasting 154
Mathematics Entailed in Forecasting 154
Rate of Diffusion of Innovations: Another
Perspective on Forecasting 156
The Adoption Process and Rate of
Adoption 156
Adopter Categories 157
Implications of Diffusion of Innovation
Theory for Forecasting Sales of New Products
and New Firms 157
Cautions and Caveats in Forecasting
159
Keys to Good Forecasting 159
Common Sources of Error in Forecasting
Why Data? Why Marketing Research?
160
160
Customer Relationship Management: Charting a Path
toward Competitive Advantage 162
Internal Records Systems 162
Marketing Databases Make CRM Possible
163
x
Contents
Why CRM Efforts Fail 166
Client Contact Systems 166
Competitive Intelligence Systems
Choosing Attractive Market Segments: A Five-Step
Process 189
167
Step 1: Select Market-Attractiveness
and Competitive-Position Factors 190
Step 2: Weight Each Factor 193
Step 3: Rate Segments on Each Factor, Plot
Results on Matrices 193
Step 4: Project Future Position for Each
Segment 195
Step 5: Choose Segments to Target, Allocate
Resources 195
Marketing Research: A Foundation for Marketing
Decision Making 167
Step 1: Identify the Managerial Problem
and Establish Research Objectives 168
Step 2: Determine the Data Sources
and Types of Data Required 169
Step 3: Design the Research 171
Step 4: Collect the Data 174
Step 5: Analyze the Data 174
Step 6: Report the Results to the Decision
Maker 175
Different Targeting Strategies Suit Different
Opportunities 196
Niche-Market Strategy 197
Mass-Market Strategy 197
Growth-Market Strategy 198
What Users of Marketing Research
Should Ask 175
Rudimentary Competence: Are We
There Yet? 175
Global Market Segmentation
Take-aways
Take-aways 176
Endnotes
Endnotes
176
8
7
Targeting Attractive Market
Segments 178
The New Middle Class: Who and How
Large? 178
Targeting India’s New Middle Class 179
Targeting: One Ingredient in Marketing
Success 179
Marketing Challenges Addressed in Chapter 7
200
Differentiation and Brand
Positioning 202
202
The Jared Diet 202
Repositioning Fuels Subway’s Growth 202
Value: A Second Dimension to Subway’s
Positioning 203
Marketing Challenges Addressed
in Chapter 8 203
180
Do Market Segmentation and Target Marketing
Make Sense in Today’s Global Economy? 180
Most Markets Are Heterogeneous 181
Today’s Market Realities Often Make
Segmentation Imperative 181
How Are Market Segments Best Defined?
199
Fast Food Turns Healthy
The Developing World’s Emerging Middle Class 178
198
Differentiation: One Key to Customer Preference
and Competitive Advantage 204
Differentiation among Competing Brands
Physical Positioning
205
Limitations of Physical Positioning
182
Who They Are: Segmenting
Demographically 183
Where They Are: Segmenting
Geographically 185
Geodemographic Segmentation 185
How They Behave: Behavioral
Segmentation 186
Innovative Segmentation: A Key to Marketing
Breakthroughs 189
Perceptual Positioning
205
206
206
Levers Marketers Can Use to Establish Brand
Positioning 207
Preparing the Foundation for Marketing Strategies:
The Brand Positioning Process 208
Step 1: Identify a Relevant Set of Competitive
Products 209
Step 2: Identify Determinant Attributes 210
Step 3: Collect Data about Customers’ Perceptions
for Brands in the Competitive Set 212
xi
Contents
Step 4: Analyze the Current Positions of Brands
in the Competitive Set 212
Step 5: Determine Customers’ Most Preferred
Combination of Attributes 216
Step 6: Consider Fit of Possible Positions
with Customer Needs and Segment
Attractiveness 218
Step 7: Write Positioning Statement or Value
Proposition to Guide Development of Marketing
Strategy 218
Appropriate Conditions for a Prospector
Strategy 238
Appropriate Conditions for an Analyzer
Strategy 240
Appropriate Conditions for a Defender
Strategy 240
How Different Business Strategies Influence
Marketing Decisions 242
Product Policies 243
Pricing Policies 245
Distribution Policies 245
Promotion Policies 245
The Outcome of Effective Positioning: Building
Brand Equity 221
Managing Brand Equity
222
Take-aways 224
What If the Best Marketing Program for a
Product Does Not Fit the Business’s Competitive
Strategy? 246
Endnotes 224
Take-aways
Some Caveats in Positioning Decision-Making
223
Endnotes
248
248
Section Three
Developing Strategic Marketing
Programs 225
10
9
Marketing Challenges Addressed in Chapter 10
Business Strategies and Marketing
Programs at 3M 226
How Do Businesses Compete?
228
229
Generic Business-Level Competitive
Strategies 229
Do the Same Competitive Strategies Work
for Single-Business Firms and Start-ups? 232
Do the Same Competitive Strategies Work
for Service Businesses? 232
Do the Same Competitive Strategies Work
for Global Competitors? 234
Will the Internet Change Everything? 234
How Do Competitive Strategies Differ from
One Another? 235
Differences in Scope 235
Differences in Goals and Objectives 237
Differences in Resource Deployments 237
Differences in Sources of Synergy 238
Deciding When a Strategy Is Appropriate:
The Fit between Business Strategies and the
Environment 238
250
Product Decisions in a Services Business
Business Strategies: A Foundation for
Marketing Program Decisions 226
Marketing Challenges Addressed in Chapter 9
Product Decisions
250
251
Product Design Decisions for Competitive
Advantage 252
Goods and Services: Are the Product Decisions
the Same? 253
Product Quality and Features Decisions 253
Branding Decisions 255
Packaging Decisions 258
Services Decisions and Warranties 258
Managing Product Lines for Customer Appeal
and Profit Performance 259
Product Systems
260
New Product Development Process Decisions
261
The Importance of New Products to Long-Term
Profitability 261
New Product Success and Failure 261
Organizing for New Product Development 262
Key Decisions in the New Product Development
Process 263
Limitations of Stage Gate Thinking and
Processes 270
Product Decisions over the Product Life Cycle
271
Market and Competitive Implications of Product
Life Cycle Stages 272
xii
Contents
Strategic Implications of the Product Life
Cycle 277
Limitations of the Product Life Cycle
Framework 278
Designing Distribution Channels: What Kinds
of Institutions Might Be Included? 315
Merchant Wholesalers 315
Agent Middlemen 315
Retailers 316
Nonstore Retailing 317
Take-aways 278
Endnotes
278
Channel Design Al …
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