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DURDANA SAMREEN HYDERABAD SCHOOL OF BUSINESS ROLE OF STRATEGIC MARKETING MANAGEMENT IN DELOITTE INTRODUCTION STRATEGIC MARKETING MANAGEMENT Strategic

Marketing Management provides a comprehensive examination of the major components of marketing strategy and their integration. Marketing is a philosophy that leads to the process by which organizations, groups and individuals obtain what they need and want by identifying value, providing it, communicating it and delivering it to others. The core concepts of marketing are customers needs, wants and values; products, exchange, communications and relationships. Marketing is strategically concerned with the direction and scope of the long-term activities performed by the organization to obtain a competitive advantage. The organization applies its resources within a changing environment to satisfy customer needs while meeting stakeholder expectations. The challenge of strategic marketing is to manage marketing complexity, customer and stakeholder expectations and to reconcile the influences of a changing environment in the context of a set of resource capabilities. (Lingham; 2006) Strategic marketing managements primary focus is that of ensuring that an organisations marketing operations and activities align with its environment, both external and internal. Strategic Marketing is becoming a more critical and disciplined function which is reflected by the emerging role of the Chief Marketing Officer (CMO) as one of the most important, dynamic and yet misunderstood positions within the corporation. Definition The Chartered Institute of Marketing defines marketing as The management process responsible for identifying, anticipating and satisfying customer requirements profitably. Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others (Kotler; 1991) Marketing is the management process which identifies, anticipates and supplies customer requirements Malcolm McDonald OUTCOME 1 This part of the report discusses about the principles and role of strategic marketing management. The report also examines the strategic marketing planning process. It evaluates the links between strategic marketing and corporate strategy.
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Strategic Marketing is a way of focusing an organizations energies & resources on a course of action that can lead to increased sales and dominance of targeted market. It identifies an organizations' strategic marketing goals, and explains an organizations' strategic marketing goals, and explains how they will be achieved, ideally within a designated time how they will be achieved, ideally within a designated time frame. COMPANY OVERVIEW Deloitte Deloitte is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. DTTL does not itself provide services to clients. DTTL and each DTTL member firm are separate and distinct legal entities, which cannot obligate each other. DTTL and each DTTL member firm are liable only for their own acts or omissions and not those of each other. Each DTTL member firm is structured differently in accordance with national laws, regulations, customary practice, and other factors, and may secure the provision of professional services in its territory through subsidiaries, affiliates, and/or other entities. ABOUT TASK 1.1 This task discusses the role of strategic marketing in Deloitte. It evaluates the role of strategic marketing in particular about sequencing and scheduling of activities; integration of activities; resource requirements; timescaling and monitoring and controlling elements. Strategic marketing describes marketing activities that affect corporate, business, and marketing strategic plans. The strategic role of marketing and marketing management are now in a period of considerable change and evolution. These changes are due to a number of important environmental phenomena that are affecting the way many firms do business.

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Marketings Strategic Role in the organization pg 55

Sequencing And Scheduling of Activities Through good planning and organization, marketing managers can provide purpose, direction and structure to all marketing activities. The manager must select an overall approach to implementation before executing marketing activities. The marketing manager with the responsibility for executing the plan must establish a timetable for the completion of each marketing activity. The various marketing activities may include: trade shows, conferences and other events basic advertising development and distribution of general promotional and informational materials development and distribution of samples, case studies, testimonials and other evidence of enterprise activity development of displays and signs development of media releases, articles and media background information information sessions for clients, suppliers and stakeholders online information telephone promotions

Creating a master schedule of marketing activities can be a challenging task because of the wide variety of activities required to execute the plan, the sequential nature of many activities, and the
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fact that time is of essence in implementing the plan. The basic steps involved in creating a schedule and timeline for implementation include the following: 1. Identify the specific activities to be performed: these activities include all product, pricing, distribution, and promotion activities contained within the marketing plan. Specific implementation actvities, such as employee training, structural changes, or the acquisition of financial resources, should be included as well. 2. Determine the time required to complete each activity: some activities require planning and time before they can come to fruition. Others can occur rather quickly after the initiation of the plan. 3. Determine which activities must preceede others: many marketing activities must be performed in a predetermined sequence. These activities must be identifies and separated from any activities that can be performed concurrently with other activities. 4. Arrange the proper sequence and timing of all activities: in this step, the manager plans the master schedule by sequencing all activities and determining when each activity must occur. 5. Assign responsibility: the manager must assign one or more amployees, teams, managers, or departments to each activity and charge them with the responsibility of executing the activity. To ensure the completion of all marketing activities on schedule, there must be tight coordination between departments-marketing, advertising, sales and so on. Integration of Marketing Activities Integrated marketing is the Holy Grail for marketing departments within the enterprise. It is a platform that brings all the marketing processes together and unifies them. It enables you to deliver relevant content at a time when it will have the biggest impact on each individual. Integrated marketing is An end-to-end process of managing all activities, including marketing projects, planning, process flows, assets, supporting documentation, authorization. It includes the management of the people involved, the vendors, and the client relationships. Building, managing and executing all outbound and inbound marketing communications. Emphasis on measuring the campaign using clearly defined analytical tools Advantages of integration of marketing activities By using an integrated marketing approach, the organization will have:

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A comprehensive view of all marketing activities. Marketing activities are not overlooked and a good prospect and customer value will be developed. A consistent brand and message across all channels resulting in the elimination of conflicting views for the customer. A coherent view of combined activities and strategies, allowing for standard measurement.

Resource Requirements After identifying the marketing activities, determining their sequence and establishing a schedule; the next step is to identify the resources needed to accomplish these activities. Executing effective marketing activities require resources in people, money, technology and resource contributions from suppliers and/or partners. Managers must allocate human resources required for marketing activities and must communicate their importance. Some examples of funding marketing activities are as follows: Allocate funds for marketing in the budgeting process.
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Examine under-used products or services. Consider canceling those products or services and using some of the available funds for marketing activities. Choose low-cost activitiesintranet postings, email messages, letters to new employees, orientation sessions for new hires, and announcements in internal newsletters.

MONITORING AND CONTROL ELEMENTS One of the best methods of evaluating whether performance standards have been achieved is to use a marketing audit to examine the firms marketing objectives, strategy, and performance. The primary purpose of a marketing audit is to identify problems in ongoing marketing activities and to plan necessary steps to correct these problems. Marketing audit should aid the firm in evaluating marketing activities by: 1. Describing current marketing activities and their performance outcomes. 2. Gathering information about changes in the external or internal environments that may affect ongoing marketing activities. 3. Exploring different alternatives for improving the ongoing implementation of marketing activities. 4. Providing a framework to evaluate the attainment of performance standards, as well as marketing goals and objectives. A marketing strategy can achieve its desired results only if implemented properly. This means that there can be difference between actual performance and expectations. To reduce the difference between what actually happened and what the company expected- marketing activities must be evaluated and controlled on an ongoing basis. A system of marketing controls allows the firm to spot potential problems before they cause real problem. There are two types of marketing controls: formal controls and informal controls. Formal marketing controls Formal marketing controls are activities, mechanisms or processes designed by the firm to help ensure the successful implementation of the marketing strategy. The elements of formal control influence the behaviors of employees before and during implementation, and are used to assess performance outcomes at the completion of the implementation process. These elements are referred to as input, process, and output controls. Informal marketing controls Informal marketing controls are unwritten, employee-based mechanisms that subtly affect the behaviors of employees, both as individuals and in groups.

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If performance is greater than expected, the marketing manager will attempt to uncover the reasons and act to exploit them. If performance fails to meet expectations, managers need to take corrective actions so the program can achieve the planned objectives. ABOUT TASK 1.2 This task is concerned with the processes involved in strategic marketing. It examines the strategic marketing planning process. STRATEGIC MARKETING PLANNING PROCESS The overall purpose of strategic marketing planning, and its principal focus is the identification and creation of sustainable competitive advantage. It is a way to identify long-term goals with a method to direct a company toward fulfilling these goals. (Kat Consodor) A strategic marketing plan is an important tool for any company. It lays out, in a formal fashion, the overall goal and accompanying objectives, strategies and tactics designed to be implemented in the support of the goal. Having a formal plan will ensure that everybody in the organization knows what is going to be done when and why. (Leigh Richards) A marketing plan has been defined as: A written statement of the marketing aims of a company, including a statement of the products, targets for sales, market shares and profits, promotional and advertising strategies, pricing policies, distribution channels etc. with precise specification of timescales, individual responsibilities etc. (Masner, 1988) To achieve this marketing plan, the organization will have to go through a number of stages.

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Strategic marketing planning process; Malcolm McDonald; pg 39

The steps of A Strategic Marketing Plan are: 1. Mission statement The first step is to identify the desired outcome/goal. The mission statement guides the actions of the organization. The following should appear in a mission statement: Role or contribution Business definition Distinctive competences Indications for the future 2. Setting the corporate objectives Setting of corporate objectives involves the formulation of marketing objectives, distribution objectives, financial objectives and personnel objectives. And also other corporate objectives such as social responsibility, corporate image, stock market image, employer image, etc. 3. The Marketing Audit A marketing audit is a systematic appraisal of all the external and internal factors that have affected a companys commercial performance over a defined period. Any company carrying out the audit will face two kinds of variable. First, there is the kind over which the company has no

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direct control, e.g. economic and market factors. Second, there are those over which the company has complete control, the operational variables, which are the firms internal resources. 4. SWOT analyses An analysis of strengths, weaknesses, opportunities and threats -- the SWOT analysis -- provides an important input into the marketing planning process. The information gathered through market overview process is used in the development of SWOT- a look at your organizations marketing efforts and the strengths, weaknesses, opportunities and threats that you are facing. These SWOT analyses should contain just a few paragraphs of commentary focusing on key factors only. They should highlight internal differential strengths and weaknesses vis.- a -vis. competitors and key external opportunities and threats. A SWOT should answer such questions as: What do customers need? How do they buy? What are our competitors doing? How well are we performing against customer needs? What are the key opportunities and threats? 5. Assumptions After the completion of marketing audit and SWOT analyses , fundamental assumptions on future conditions can be made relating to each product/ market segment under consideration. Assumptions must be few and key in number. 6. Marketing objectives and strategies The objectives should always be SMART- (Specific, Measurable, Achievable, Realistic and Time bound). The marketing objectives must be based on the organizations strengths and weaknesses and business environment it operates in. The marketing strategy sets your marketing goals, defines your target markets and describes how you will go about positioning the business to achieve advantage over your competitors. Marketing strategy is the means by which a goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. The various marketing strategies could be: market penetration strategy, market development strategy, product development strategy and diversification strategy. 7. Estimate the expected results 8. Identify alternative plans and mixes 9. Budget

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The resources in human, money and technology should be identified. Forecasting and budget plan must be made. Budget should be developed by estimating revenues, expenses and profits. The budgeting process starts with a sales forecast estimating units to be sold by month, quarter, and year. Estimated expenses for the marketing mix activities are balanced against expected revenues to estimate the programs profitability. 10. Establish first year implementation programmes It is an important last step to develop a plan to measure effectiveness and ensure that follow up reporting activities will take place so as to monitor success and make any changes to the plan as necessary. CONCLUSION The strategic marketing planning process is a series of logical steps that have to be worked through in order to arrive at a marketing plan. The contents of a strategic marketing plan are: 1. 2. 3. 4. 5. 6. 7. 8. Mission statement Financial summary Market overview SWOT analyses Portfolio summary Assumptions Marketing objectives and strategies Forecasts and budgets

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Malcolm McDonald Pg 47

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ABOUT 1.3 This task evaluates the link between marketing strategy and corporate strategy. Kenneth Andrews (1987), defines corporate strategy as "...a pattern of decisions ... (which represent) ...the unity, coherence and internal constituency of a company's strategic decisions that position a company in its environment and give the firm its identity, its power to mobilise its strengths, and its likelihood of success in the marketplace." Marketing strategies are the courses of action that may let the companies to ponder its controlled resources on the most favorable opportunities to raise sales and accomplish the steady competitive goals. Marketing strategies are the procedures that can let a business firm to focus its restricted resources on the biggest opportunities to enhance profits and receive an incessant benefit from competition. Marketing strategies are the most useful when they are the integral parts of the business strategies by describing the way any company will effectively involve competitors, prospects and customers in the field of business. Some parts of the marketing strategy are deduced from more expansive corporate strategies, corporate assignments and business goals. Marketing strategy is intimately related with sales as the customer is the primary basis of the revenues earned by as a business. A key factor of the marketing strategy is frequently to keep the level of marketing parallel to that of the dominant mission statement of a business. (Deb; 2008)

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OUTCOME 2 Summary This part of the report is concerned with understanding the tools used to develop a strategic marketing strategy. It assesses the value of the models used in strategic marketing planning. It examines the link between strategic positioning and marketing tactics. The report also analyzes the merits of relationship marketing in strategic marketing. ABOUT 2.1 This task assesses the value of different models used in strategic marketing planning. It particularly examines the Porters five forces model, SWOT analysis, STEEPLE analysis and the Portfolio analysis techniques such as the BCG matrix, Product Lifecycle model and Ansoff matrix in relation to Deloitte. When creating a strategic marketing plan, it is necessary for the organization to assess the external environment along with its internal operating environment. Looking at the external environment is an essential element of an organizations marketing research. Assessing the environment means identifying factors which either constitutes threats or opportunities. A variety of techniques are available for the analysis. I. Porters Five Forces Model

Porters five forces is a model devised by Harvard professor Michael E Porter. This was initially used to analyse the competitive forces affecting an entire industry. The tool is used to identify whether new products, services or businesses have the potential to be profitable. Porter explains that there are five forces that determine industry attractiveness and long-run industry profitability. 1) Forces of Rivalry The forces of rivalry between existing players in an industry will be strong (or intensifying) if: a. There are numerous or equally balanced competitors. Deloitte has numerous competitors: McKinsey & Co.; BCG; Accenture; IBM; Infosys consulting; TATA consultancy services; KPMG; Oracle and SAP. b. There is slow growth or the industry is static. c. There is low differentiation between products as perceived by the customer, or it costs little to switch from one to the other. The services provided by all the consulting groups are almost same such as Deloitte. Thus, there is low differentiation between them.
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d. There are high strategic stakes The cost of failing to compete can be a threat to Deloittes survival itself. e. The barriers to exit are high, so that it is difficult to leave an industry and move into another one. 2) Threat of New entrants New entrants to an industry can raise the level of competition, thereby reducing its attractiveness. The threat of new entrants largely depends on the barriers to entry. High entry barriers exist in some industries whereas other industries are very easy to enter. The threat of new entrants is reduced by the following barriers to entry: a. Existing players enjoy the benefit of economies of scale b. There is a high product differentiation and thus high customer loyalty c. Becoming part of the industry entails large capital (i.e. funding) requirements. d. There is a lack of access to distribution channels for new entrants. e. There are cost disadvantages irrespective of scale f. Government policy prohibits new entrants 3) Threat of Substitutes The presence of substitute products can lower industry attractiveness and profitability because they limit price levels. The threat of substitutes is strong if: a. Substitutes are becoming more attractive in terms of price, performance or both b. The substitutes are being produced by an already profitable industry or player, which can afford to engage in a price war c. If the costs of switching to substitutes is low 4) Bargaining Power of Suppliers Suppliers are the businesses that supply materials & other products into the industry. The cost of items bought from suppliers can have a significant impact on a company's profitability. If suppliers have high bargaining power over a company, then in theory the company's industry is less attractive. The power of suppliers is strong if: a. b. c. d. There are many buyers and few dominant suppliers The suppliers products are highly differentiated or extensive switching costs are built in Suppliers threaten to integrate forward into the industry The industry is not an important customer of the supplier group

5) Bargaining Power of Buyers Buyers are the people / organisations who create demand in an industry. The power of buyers is strong if they can compete with the industry to force prices or goal efficacy down because:
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There are few dominant buyers and many sellers in the industry The products purchased are a significant proportion of the buyers costs; The buyer poses a threat of moving into the industry: backward integration Products are standardized and entail few switching costs. e. The buyer has access to considerable information on possible alternatives to the industrys products. The main purpose and aim of five forces analysis is to : Identify where and which forces are strong and indicate what marketing strategy might be appropriate to counter the impacts Identify where and which forces are weak and show some strategic thought to gan competitive advantage over the rivals. Callon (1996) summarizes the use of five forces model as follows: Build barriers to prevent an organization entering the industry. Deloitte should build entry barriers to prevent easy entry of further organizations into the industry. Build costs that would make it difficult for the customer to switch to another supplier Change the basis of competition within an industry Change the balance of power that an organization has with its customers or suppliers Provide the basis for new products or services or markets or other new business opportunities. SWOT ANALYSIS SWOT analysis is an extremely useful tool in gathering, structuring, presenting and reviewing extensive planning data for strategic planning, competitor evaluation, marketing, business and product development and research reports. SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. Strengths and weaknesses are internal factors of the organization while threats and opportunities are external factors to be considered. SWOT analysis of Deloitte STRENGTHS

a. b. c. d.

WEAKNESSES

Value-driven approach Business-led, IT enabled approach to engagements Depth in vertical industries and business processes Ability to invest in growth Stability and capability from audit business Trusted brand Breadth of service and skills

Brand awareness limited to only some executives in client enterprise Global association structure Relative immaturity of global delivery capability Under penetration into Asia Limitation of market opportunity due to audit

OPPORTUNITIES

Change in economic and business environment

THREATS More focused competitors from IT heritage


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Green agenda National infrastructure investments and reaction to the global financial crisis Pattern-based strategy Midmarket penetration Other high growth sectors

IT providers with business capability Software brands

STEEPLE ANALYSIS STEEPLE analysis of any industry sector investigates the important factors that are affecting the industry and influencing the companies operating in that sector. STEEPLE analysis is a technique used for identifying changes that are taking place within that environment. These changes may result in new opportunities for a business. Equally the changes may pose threats to the viability of a business. STEEPLE is the acronym for Social factor, Technological factor, Economical factor, Environmental factor, Political factor, Legal factor and Ethical factor. The following pages analyze the STEEPLE factors of India. Social Factors Social factors often look at the cultural aspects and include health consciousness, population growth rate, age distribution, changes in tastes and buying patterns, etc. The organization is associated with the society and the social factors deal with the social responsibilities. India is a country of unity in diversity. It is the second most populous nation in the world. This population is divided in the following age structure: 0-14 years 31.8%, 15-64 years 63.1% and 65 years and above 5.1%. Literacy rate, customs, values, beliefs, lifestyle, demographic features and mobility of population are part of the social environment. The social factors of India affecting the IT industry range from language barriers, race, caste, nationality of company and other issues. Working age population also affects the industry a lot because every person has different value, lifestyle, attitude and also satisfaction level. India has an increasing share of working population and there is great availability of skilled and unskilled workers. Changes in social trends can impact on the demand for a firm's products and the availability and willingness of individuals to work. It is important for managers to notice the direction in which the society is moving and formulate progressive policies according to the changing social scenario. Technological Factors The technological change in India is always on a lower basis and it doesnt effect on country as a whole. New technologies create new products and new processes. Technology can reduce costs,
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improve quality and lead to innovation. These developments can benefit consumers as well as the organisations providing the products. The technological factors include R&D activity, rate of technological change and automation. Economical Factors The economical factors of a country affect the business to a great extent. The various factors affecting IT industry include rise in work pay, global recession, competition, contract availability and fees. Recession caused low attrition rate due to job layoffs and job cuts. Currency fluctuations have affected the industry. High inflation rate has resulted in greater rental expenditure forcing customers to leave luxury goods that require software to work. The other economical factors are: Current and projected economic growth, inflation and interest rates; Levels of disposable income and income distribution; Unemployment and labor supply. Environmental Factors Environmental protection and conservation is an issue which has gained prominence because of deteriorating environmental balance which is threatening the sustainability of life and nature. Businesses are largely held responsible for such situations as emissions from industries polluting the air, chemical effluents drained in water resulting in water pollution, usage of bio-non degradable resources adversely affecting the bio-chain and exposure of employees to hazardous radiations bringing their life in danger. Weather-related incidents (eg flooding, storms) and major chemical/biological incidents can have a sudden and dramatic impact on our resources both in terms of our ability to respond to them and the resultant financial cost. The industry is concerned with the issue of global warming. Many companies have introduced measures to help in the reduction of carbon emission, by reducing water consumption and electricity utilization. Political Factors The political factors which affect a business can be government rules and regulations, political stability and tax benefits. For IT industry the Indian political structure is stable. The other political factors to be considered are: trade policies, import-export quotas, international trade regulations and political party changes. Legal Factors Legal factors play an important role in the development and sustenance of the capital market. Legal issues relating to any industry or firm decides the fate of the capital market. If the government introduces a new law that affects the running of the industry then the industry will be de-motivated and this demonization will lead to the demonization of the investors. The legal factors include environmental regulations, employment laws, contract laws, labor laws, consumer protection laws and corporate governance laws. Ethical Factors The ethical factors include bribery, reputation of business and business ethics.
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PORTFOLIO ANALYSIS BCG Matrix The Boston Consulting Group (BCG) Matrix is a simple tool to assess a companys position in terms of its product range. It is the most renowned corporate portfolio analysis tool. It helps a company think about its products and services and make decisions about which it should keep, which it should let go and which it should invest in further. According to this matrix, business could be classified as high or low according to their industry growth rate and relative market share. BCG matrix has four cells, with the horizontal axis representing relative market share and the vertical axis denoting market growth rate. The four cells of this matrix have been called as stars, cash cows, question marks and dogs. Each of these cells represents a particular type of business. Stars- Stars represent business units having large market share in a fast growing industry. They may generate cash but because of fast growing market, stars require huge investments to maintain their lead. Cash Cows- Cash Cows represents business units having a large market share in a mature, slow growing industry. Cash cows require little investment and generate cash. Question Marks- Question marks represent business units having low relative market share and located in a high growth industry. They require huge amount of cash to maintain or gain market share. Dogs- Dogs represent businesses having weak market shares in low-growth markets. They neither generate cash nor require huge amount of cash. Due to low market share, these business units face cost disadvantages.

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PRODUCT LIFECYCLE MODEL All products and services have certain life cycles. The life cycle refers to the period from the products first launch into the market until its final withdrawal and it is split up in phases. The understanding of a products life cycle, can help a company to understand and realize when it is time to introduce and withdraw a product from a market, its position in the market compared to competitors, and the products success or failure. The products life cycle - period usually consists of five major steps or phases: Product development, Product introduction, Product growth, Product maturity and finally Product decline.

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1. PRODUCT DEVELOPMENT PHASE Product development phase begins when a company finds and develops a new product idea. This involves translating various pieces of information and incorporating them into a new product. During the product development phase, sales are zero and revenues are negative. It is the time of spending with absolute no return. 2. INTRODUCTION PHASE The introduction phase of a product includes the product launch into the market. During the Introduction phase, there are heavy promotional and advertising activities to raise awareness of the new product. 3. GROWTH PHASE This phase is characterized by increasing sales and the emergence of competitors. Promotion and advertising continues but not in the extent of introductory phase. This period is the time to develop efficiencies and improve product availability and service. 4. MATURITY PHASE In this phase market share growth is at the expense of someone elses business, rather than the growth of the market itself. This period is the period of the highest returns from the product. This stage is evident when competitors leave the market, sales velocity is dramatically reduced, and sales volume reaches a steady state. At this point in time, mostly loyal customers purchase the product.
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5. DECLINE PHASE Usually a product decline is accompanied with a decline of market sales. This is the time to start withdrawing variations of the product from the market that are weak in their market position. ANSOFF MATRIX The Ansoff Matrix was first published in the Harvard Business Review in 1957 in an article called 'Strategies for Diversification'. Ansoff's matrix offers strategic choices to achieve the objectives for growth. Ansoffs product/market growth matrix suggests that a business attempts to grow depend on whether it markets new or existing products in new or existing markets.

Market penetration Market penetration is the growth strategy where the business focuses on selling existing products into existing markets. Market penetration can be implied to achieve four main objectives: Maintain or increase the market share of current products Secure dominance of growth markets Restructure a mature market by driving out competitors Increase usage by existing customers

Market development

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Market development means the business seeks to sell its existing products into new markets. There possible ways of approaching this strategy are: New geographical markets New distribution channels Different pricing policies to attract different customers or create new market segments

Product development Product development is the name given to a growth strategy where a business aims to introduce new products into existing markets. This strategy may require the development of new competencies and requires the business to develop modified products which can appeal to existing markets. Diversification Diversification as the name suggests is a growth strategy where a business introduces new products in new markets. There are two types of diversification, namely related and unrelated diversification. Related diversification means that the business introduces a new product but related to the same industry. Unrelated diversification is where the business introduces a product in an unfamiliar industry. ABOUT 2.2 This task discusses the link between strategic positioning and marketing tactics. It explores the role of customer loyalty schemes. Strategic positioning is the positioning of an organization (unit) in the future, while taking into account the changing environment, plus the systematic realization of that positioning. The strategic positioning of an organization includes the devising of the desired future position of the organization on the basis of present and foreseeable developments, and the making of plans to realize that positioning. Research shows that companies follow six principles to maintain a distinctive strategic position. 1. The company must have the right goal. 2. A companys strategy must enable it to deliver a value proposition, or set of benefits, different from those that competitors offer. 3. Third, strategy needs to be reflected in a distinctive value chain. To establish a sustainable competitive advantage, a company must perform different activities than rivals or perform similar activities in different ways. 4. Fourth, robust strategies involve trade-offs. A company must abandon or forgo some product features, services, or activities in order to be unique at others.
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5. Fifth, strategy defines how all the elements of what a company does fit together. 6. Finally, strategy involves continuity of direction. MARKETING TACTICS A tactic is an action to execute the strategy. Marketing tactics involve the four Ps: product tactics, price tactics, promotion tactics and place tactics. Promotion tactics There are many promotional tactics a company exercises to accomplish its marketing objectives. A partial list of the various promotional tactics is: Advertising Print advertising Outdoor advertising Broadcast advertising Direct mail

Marketing collateral Brochures Newsletters Flyers Posters

Promotional activities Sponsorships for special events Trade shows Coupons and free samples Conducting contests Customer loyalty schemes

CUSTOMER LOYALTY SCHEMES In the 1970s European researchers studying business-to-business marketing discovered that suppliers who formed close working relationships with their customers tended to have better customers. Subsequent research by consultants such as Bain & Company claimed that loyal customers are more profitable to a firm. (Grahame;2008) These are programmes that use fixed or percentage discounts, extra goods or prizes to reward customers for behaviour that benefits your business. They can also be used to persuade
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customers to give you another try if you feel you have successfully tackled past problems with your customer service (businesslink.gov) Customer loyalty schemes is an effective way for the organizations to strengthen relationships with customers and improve customer-retention levels. In a competitive marketplace, where customers find it easy to switch suppliers, loyalty schemes are an effective way to increase customer retention and improve profitability. A loyalty scheme can be used to incentivize and delight the most valued customers. A company can offer rewards on the basis of the following: repeat custom cumulative spend orders for large quantities or with a high value prompt payment length of relationship

A recent Maritz Poll of consumers found that 80 percent of Americans participating in a loyalty program said their membership in the program impacts their purchasing decisions. In order to be effective, a loyalty programs structure, reward offerings, and communications must be relevant and specific to the targeted audience, based upon their attitudes, behaviors, and demographics. The success of any loyalty program depends to a great extent on the quality of the benefits it offers. The customer loyalty programs must offer a powerful package of advantages consisting of hard and soft benefits (financial and non-financial).

A loyalty reward program must have the following characteristics to attract, retain and grow the customer base:

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Quality Offering: Matching the quality of the reward to the expected quality of the brand. Cash Value: Establish the value of a reward as a percentage of what the customer spends to earn the reward. Perceived Value: The perceived value of rewards may vary from person to person, but the total reward mix should be perceived as having high value. Aspirational Value: Offer rewards that motivate customers to change their behavior and increase spending to reach a certain level of rewards. Redemption Choice: Offer a variety of reward items within a volume tier. Convenience: Once earned, make it easy for the customer to redeem, obtain, or use their reward. Relevance: The perception that the reward level is achievable. The most profitable customers should accumulate enough points within 3-6 months to redeem for a reward. This will get them engaged early in the program, thereby increasing retention. Unique: Your overall reward mix should be unique and difficult to duplicate. Communication: Create better-targeted offers, messaging, rewards, and services relevant to individual customers based on the subtle differences in attitudes, preferences, and intent.

ABOUT 2.3 This task of the report analyses the merits of relationship marketing. It evaluates the importance of direct response marketing and Payne and Ballantynes six markets model. RELATIONSHIP MARKETING The term relationship marketing was popularised in the 1980s when the focus of marketers started to switch from customer acquisition to customer retention. Relationship marketing is cross-functional and is organised around processes that involve all aspects of an organisation. Relationship Marketing is a marketing strategy whose objective is to establish and maintain a profitable, long-term relationship with a customer. Relationship marketing involves an understanding of customers' needs and wants through their lifecycle and providing a range of products or services accordingly. (iclployalty.com). The goal of relationship marketing is to increase customer loyalty. Relationship marketing is all about customer retention and key aspects are: Exceed client satisfaction Customer value orientation Think long timescales High degree of emphasis on customer service High amount of customer contact Quality is concern of all
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According to the Direct Marketing Association (DMA), direct response marketing is defined as the interactive use of media and communication which stimulates immediate behavior modification in such a way that this behavior can be tracked, recorded, and analyzed then stored in a database for future retrieval and use. The top channels are direct mail, telesales, catalogs, email marketing, DRTV, search engine marketing, insert media, and some ROP print ads. Merits of Direct Response Marketing Direct response marketing is the easiest way to effectively communicate what is unique about the product and service and why it is better than any other product sold. It is the fastest way to create a dialogue with a consumer about your product and company that can also create a longer-term consumer relationship. Direct Response Marketing gives you virtually instant access to the results of your campaign. It accomplishes this by using dedicated toll free numbers, and/or unique URLs to provide quantitative data. Another important benefit of direct response marketing is that it will provide the organization with reliable information to take important marketing decisions. The business will know exactly how many phone calls came from each media station on each given advertisement. Of those calls, how many were actually converted into sales. A benefit of direct response marketing is that it also keeps a company's advertising agency fully accountable. Ad agencies, stations, call centers, or direct response agencies are completely on-the-hook to deliver the results they promised. Another benefit of Direct Response Marketing is that it's very affordable in comparison to the typical brand marketing approach. This is because direct response marketing is measurably self-funding Direct Response Marketing allows you to actually increase your revenue as you build your brand awareness The ability to track data, and make informed decisions, with direct response marketing, gives businesses the chance to test and optimize creative ads and media as often as needed to achieve desired results An important benefit of direct response marketing enables the company to make wise advertising investments guided by verifiable data. This is an especially important benefit for businesses that absolutely need their marketing efforts to be profitable quickly, and don't have the time or resources to wait for traditional brand-building efforts to increase their bottom line.

PAYNE AND BALLANTYNES SIX MARKETS MODEL The six markets model was first proposed by Christopher, Payne and Ballantyne (1991). The model consists of six role-related domains or markets each representing dimensions of
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relationship marketing and involving relationships with a number of parties- organizations or individuals- who can potentially contribute, directly or indirectly to an organisations marketing effectiveness (Peck 1996) In its first inception, the six markets model of Christopher, Payne and Ballantyne (1991), was centred on the internal market. However, placing internal markets at the centre of relationship marketing moves the emphasis away from the main issue in marketing the customer.

This has led to a reshuffling of the six markets model, placing the customer at the centre of the model.

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Customer Markets Customer relationships should still remain the focus of all companys activities. The six-markets model (Christopher, Payne & Ballantyne 1991) therefore places the customer market in the centre, surrounded by the other five markets. With the effective customer relationship approach and practices; it becomes possible for companies to create perfect customer experiences for their customers, retain the current customers and add new customers to the current customer portfolio. In Deloitte, their goal is to ensure that customers maximize their profits by using their resources most effectively. Deloitte has a customer oriented focus and proposes to increase both the shareholder value of customers and the value created by Deloitte customers to their customers. Supplier markets In the literature, these bonds are called business-to-business (B2B) relationships. (e.g. Egan 2001). They can also be described, according to Palmer (2000, p.689), as vertical relationships: they integrate all, or part of the supply chain. The services of Deloitte in this scope aim to help customers to manage customer contact channels effectively in order to maximize shareholder value. Their first goal is to show way to their customers to build profitable and sustainable relationship with their own customers. Internal market The internal market consists basically of the employees. They are important for marketing, as a firms employees are the ones who create and foster trust and relationship with the customers. (Parasuraman et al. 1991, p. 43) Hence, there needs should be regarded, Shershic (1990, p. 45) argues, meeting the needs of the employees is the basis to meet the customers needs. Deloitte understands the significance of having and retaining the right employees. The employee strategy of Deloitte is: Identifying the right people Selecting the right people Aligning the right people Developing the right people Rewarding the right people

Recruitment Market As your staff is arguably the most valuable asset to your business it is key to involve the providers of staff. Influence markets
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This encompasses all the external bodies that influence your business environment and is usually to focus on your public relations. Influence markets are important to an organisation in terms of relationship marketing as members of this market include bodies that directly impact on the organisation. It is therefore essential that organisations identify the main influencers to its markets in order to protect and progress core business (Cranfield School of Management 2000, p.23). Referral markets Referral marketing is the production and implement of a word of mouth marketing plan to generate referrals. Increasingly this is probably the most effective use of resources in generating business. According to the Cranfield School of Management organisations need to consider both existing customers and intermediaries as sources of future business (Relationship Marketing: Marketing Multiple Markets 2000). This is due to the fact that satisfied customers will recommend and refer a companys product(s) to others, in effect becoming advocates for the organisation. It is therefore important that an organisation such as Deloitte cultivates this market through excellent service delivery in order to retain satisfied customers, which will encourage them to refer Deloitte to other potential customers. CONCLUSION Strategic Marketing Management provides a comprehensive examination of the major components of marketing strategy and their integration. This report discussed the various roles of strategic marketing. The strategic role of marketing and marketing management are now in a period of considerable change and evolution. These changes are due to a number of important environmental phenomena that are affecting the way many firms do business.

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