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Marketing Industriale e
Direzione d’ImpresaLezione 22– Marketing Plan 4
Ing. Marco Greco
Tel.0776.299.3641
Analyse the information
• Descriptive statistics: synthesizes data about the
sample into indexes and figures
• Inferential statistics: hypothesis tests to estimate
characteristics of the population with a certain confidence
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Analyse the information
In a sample of n elements we measure the values of the variable xi
Mean 𝑥 = 𝑖=1𝑛 𝑥𝑖
𝑛
Sample variance 𝑠2 = 𝑖=1𝑛 (𝑥𝑖− 𝑥)2
𝑛−1
Population variance 𝜎2 = 𝑖=1𝑛 (𝑋−𝜇)2
𝑛Other central tendency measures: Median and Modal value (max frequency)
Other variability measure: variation coefficient 𝜎
𝜇 it allows to
evaluate the value dispersion regardless the measurement unit
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Analyse the information
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Analyse the information
Chi-squared test
1. Classify data according to their frequency
2. Choose a distribution that might describe the phenomenon characteristics
3. Calculate the expected value of the frequencies of data, as if they were actually distributed as hypothesized in 2.
4. Compare the observed frequencies with the expected ones by means of the following
equation: 𝜒(𝑔.𝑑.𝑙.)2 = 𝑖=1
𝑛 𝑓𝑖𝑜𝑠𝑠−𝑓𝑖
𝑎𝑡𝑡 2
𝑓𝑖𝑎𝑡𝑡
with𝑓𝑖𝑜𝑠𝑠 i-th observed frequency; 𝑓𝑖
𝑎𝑡𝑡 i-th expected frequency; d.o.f number of groups (n) - 1
If χ2 is less than the one in the χ2 table for a specific confidence level (e.g. .05) the phenomenon is distributed as expected (with an error equal to the confidence level)
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Chi-squared test
• A survey on the topic «what is your favourite pasta» returned the results in table on a sample of 244 respondents
• The marketing experts suggested that the distribution among the four groups should be uniform (each group is expected to have a frequency of 244/4 = 61) and the variations should be casual
• Is marketing experts hypothesis reasonable?
• The value is much higher than that in the χ2 table for a confidence level 0,001 The distribution is not uniform, with an error chance lower than 0,1%
Pasta type
Tortiglioni
Penne
Fusilli
Spaghetti
Observed fr.
Total
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Analyse the information
Parametric and non-parametric tests
Parametric tests can be used when:
– Samples are independent: the observations in one sample not related with those in another (e.g. comparison of group treatment A and the second group treatment B)
– Homoscedasticity: homogeneity of the variances of the errors in the two samples
– Normality of the error distribution
– … specific conditions for specific tests
Non parametric tests can be used with much fewer conditions
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Student t -test
Each family eats 25 chocolate bars per year. The chocolate producer increased the prices, and the top management wants to know whether the increase reduced the demand of chocolate. A sample of 7 families returned the following results: 22, 25, 21, 23, 24, 25, 21. Did the increase in prices reduced the sales?
For α=0,05 and 6 d.o.f. the value in the t-table is 1,943
The obtained value is higher, than H0 can be rejected
n
s
xt n
0)1,2/(
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Relation between variables
Pearson correlation (no cause-effect
relation)
Dispersion
diagram
Linear Regression (specific relation cause X –> effect Y)
a: intercept
b: expected change in y for a one-unit change in X
ε: error
Correlation and regression may also be non-parametric, regression may assume several formsand consider many independent variable
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Present the findings
• Show the most relevant information
• Use infografics
(http://neomam.com/interactive/13reasons/)
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1.3 Porter analisys
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1.4 Ansoff matrix
Encourage current customers to
buy more, attracting competitors’
customers, or convincing
nonusers to start buying products
Find or develop new markets for its current products, ore new distribution channels
Develop new products for its current markets
Develop new products for new markets
Existing
products
New products
Existing
markets
1. Market
penetration
3. Product
development
New Markets 2. Market
Development
4.
Diversification
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2. Opportunity and issue analysis
• Major opportunities and threats,
strengths and weaknesses, and
issues facing the product line or
brand.
Tools
• 2.1 SWOT analisys
• 2.2 Marketing information systems
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2.1 SWOT analysis
• Monitoring:
– Macro environment forces (demographic, economic, natural, technological, political, legal, social, cultural)
– Micro environment actors (customers, competitors, suppliers, retailers, intermediaries)
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2.1 SWOT analysis
Opportunities:
• Area of buyers’ needs in which the company can perform profitably. Opportunities can be classified according to their attractiveness and their success probability.
– Provide a product for which offer is much smaller than demand
– Provide a new or improved product• «answer to a problem» M# consumers’ needs
• «ideal product» M# consumers’ perception of the ideal product
• «usage chain» M# how the consumer’s use the product
– Develop a novel product
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2.1 SWOT analysis
Opportunities:
• Hybrid solutions (e.g. camera in the mobile phone)
• Improve the purchase process (e.g. paying parking tickets via smartphone)
• Customizability (e.g. optionals in the car)
• New functionalities (e.g. icloud)
• Improved time-to-market (e.g. next day delivery)
• Lower price for the same product (e.g. generic drug)
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2.1 SWOT analysis
Useful questions about opportunities:
– Can the benefits of the opportunity be formulated and communicated in a compelling way to the target market?
– Can the target markets be reached by means of sustainable media and distribution intermediaries?
– Does the company own the resources and the capabilities to provide benefits to the customers?
– Can the company provide benefits to the customers better than the competitors (or than potential competitors)?
– Will the return on investment be reasonable?
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2.1 SWOT analysis
Threats: a challenge posed by an unfavorable external trend or development that would lead to deterioration in sales or profit
Opportunity
matrix
Threat
matrix
2.1 SWOT analysis
Ideal business: high opportunities, low threats
Speculative business: high opportunities and threats
Mature business: low opportunities, low threats
Difficult business: low opportunities, high risks
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2.1 SWOT analysis
Strengths and weaknesses
Resources, competencies, human resources:
– What we have and what we miss
– Where can we find of what we miss
Should the company limit itself to those opportunities in
which it possesses the required strengths or consider better
opportunities to acquire or develop certain strengths?
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Fast growth
Low risks
3. Marketing and financial goals
Goals Consistent
Realistic
Quantitatively Stated
Hierarchically Arranged
Deep penetration of existing mkt
Development of new mkts
Profit goals
Non-profit goals
4. Marketing strategy
Porter’s strategies
Overall cost leadership: lowest production and distribution costs lower price than competitors
Differentiation: superior performance in an important customer benefit area
customers are willing to pay more for the extra value they receive
Focus: Specific regional mkt, product line or buyers cluster, knowing them intimately, pursuing either cost leadership or differentiation within the target segment
Dacia
Sandero,
cheapest car
in the Italian
mkt (y2013)
Audi A6,
best luxury
large car (http://usnews.rankin
gsandreviews.com/)
Tata: focus on
Indian mkt,
cost
leadershipFrosinone, 17/11/2014
4. Marketing strategy
• Strategic alliances: the company tries to become market
leader by means of alliances with other global or local
companies
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4. Marketing strategy
• Product/service alliances: licensing or conjoint production
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4. Marketing strategy
• Promotional alliances
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4. Marketing strategy
• Logistic alliances
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4. Marketing strategy
• Price alliances
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5. Action programs
• Detailed marketing programs
• Consider including stakeholders in the decision process to
collect more points of view.
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6. Projected profit-and-loss statement
• Activity based cost: will the marketing plan be
sustainable in the short and mid terms?
• Expected balance-sheets in the next year according to
your forecasts, if the marketing plan will be implemented
• Financial analysis: leverage, return on earnings, return
on assets
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7. Controls
Choose indexes to monitor:
• the brand performance (market share, power of market)
• the company’s financial performance (return on
investment, turnover)
• the effectiveness of the marketing actions implemented
(customer satisfaction, retention)
Can we justify the marketing investments?
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7 Controls
Marketing parameters
External Internal
Market share Path towards goals
Relative price w.r.t. competitors Resources
Complaints Recruitment rates
Customer satisfaction Change propensity
Availability of the products Tolerance to failure
Number of customers Human resources satisfaction
Customers loyalty Human resources competencies
Perceived quality of the product/company
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7 Controls
Customer-performance scorecard (or, similarly, stakeholder-performance scorecard)
• Year after year measures:– % of new customers
– % of lost customers
– % of regained customers
– % of very dissatisfied customers, dissatisfied customers…
– % of customers that would recommend the product
– % of customers that would buy again the product
– % of customers that know the brand
– Perception of the product quality w.r.t. the main competitor
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7 Controls
• Sale analysis: measuring and evaluating actual sales in relation to goals, also on micro-level (e.g. specific products, territories…)
• Market share analysis:– Overall market share: the company’s sales expressed as a
percentage of total market sales
– Served market share: the company’s sales expressed as a percentage of total sales to its served market (buyers who are able and willing to buy the product)
– Relative market share: the company’s sales expressed as a percentage of total sales to its largest competitor
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7 Controls
• Beware!
– The external forces do not have the same influence on different enterprises (Eg. PM vs BAT in Costa Rica)
– The results of a company should not be compared with all of its competitors, but with the closest ones
– If a new company enters the market, the market shares may physiologically decrease
– A reduction of the market share may be the output of a well-aware strategy
– The market shares may accidentally fluctuate
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Philip Morris vs BAT (Besanko et al., 2009)
• Market share in Costa Rica (‘90s)– PM=30% (middle and high price categories),
– BAT=70% (low price category)
• Industrial profit margins>50% (thanks to economic growth)
• Health concerns about cancer erosion of PM’s market share
• PM: 40% price reductionSaturday morning, January 16th
BAT: Saturday afternoon decides for a 50% price reduction (Π=0)
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References
• Anderson, D.R., Sweeney, D.J., & Williams T.A. (2008). Statistics for Business and Economics, Tenth Edition. Thomson Southwestern
• Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2009). Economics of strategy. John Wiley & Sons.
• Griffin, R. W. (2013). Fundamentals of management. Cengage Learning.
• Kotler, P. (2000). Marketing management millennium edition. Prentice Hall.
• Kotler, P., & Keller, K. L. (2013). Marketing management. Prentice Hall.
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