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Monday, October 22, 2012 12:12 PM
Competitive strategy options/mix - Cost Leadership – lowest COSTS (not prices), Differentiation – provide unique goods or services with features, Focus(or niche) pushes either cost of differentiation advantage, but in a limited narrow customer group. Focus strategy concentrates on serving a specific market niche.
Situational analysis (SWOT) – Internal/External Strengths, Weaknesses, Opportunities, Threats – helps organize the results of situational analysis and useful in beginning to brainstorm marketing strategices that might be appropriate.
• Develop market strategies (note the top right cell on Ansoff's Product-Market Matrix page 48 is wrong. It should read “product development” instead of “market development”) – Marketing Penetration Strategy – investing in existing customers to gain additional usage of existing products, Product Development Strategy - invest in new products that will increase usage from the current customer base, Market Development Strategy, -allows for expansion of firm’s product line into heretofore untapped markets, often internationally - Diversification Strategy – seize on opportunities to serve new markets with new products.
4 • CRM definitions – Bob Thompson – CRMGuru.com - CRM is a business strategy to select and manage customers to optimize long-term value. CRM requires a customer-centric business philosophy and culture to support effective marketing, sales and service processes. Current - A comprehensive business model for increasing revenues and profits by focusing on customers. Glazer (1997)- CRM is an enterprise approach to understanding and influencing customer behavior through meaningful communication to improve customer acquisition, customer retention, customer loyalty, and customer profitability. George Day - CRM is a cross functional process for achieving: A continuing dialogue with customers Across all their...
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