Benihana Case Study

merchandise Management Class Notes 1/16/13 merchandises * Consumer martB2C * Business marketB2B * Global market (? ) * Not-for-profit market mustiness(prenominal) throw off higher revenues than represent to survive * ex health-care hospitals need 7% to a greater extent revenues than expenses to survive * Government market Core opinions * needs, demands, and demands * segmentation, target markets, positioning * offerings and brands judge and satisfaction * relationship merchandising * trade channels * supply stove * rival * marketing environment merchandising mix4 Ps * Productgood, proceeds, idea, get laid, place, person, etc. * Priceabove, at, or below market * home baseretail location, channel of distribution * Promotionadvertising, personal selling, sales promotion, PR/realityity Shifts in marketing management in past marketing does marketing directly everyone does marketing * organized by product units direct organizing by customer segments * using many suppliers now using fewer suppliers who are partners * ex Wal-Mart and Procter & Gamble pampersno longer places orders for pampers now P&G brand manager manages Wal-Mart shelf of pampers * emphasizing tangible assets now emphasizing intangible assets * build brands through advertising now building brand through mathematical operation and integrated communication * good experience= announce 5 other people ad experience=tell 9 other people * now even more immutable with online ratings * shotgun (dispersed) v. rifle (accurate) * avoid shotgun (avoid developing product/service that would appeal to everybody) * relying on old markets now uncovering new markets * direction on profitable transactions now customer lifetime prise * major destinations of increasing revenue and market apportion v. now must be responsible for return on marketing investment (ROMI) * topical anesthetic now glocal (local and global) * focus on shareholders now focus on stakeholders What do marketers do? develop mar keting strategies and plans * generate/collect marketing information (research) * connect w/ customers * develop market offerings * build brands * delivery and progress nurture * create long-term process * ex ivory 1879 and unruffled going New Marketing capabilities * use of internet for info and sales * easily gather info about * customers, prospects, markets, competitors * social media * facilitate and accelerate communication w/ customers * personal marketing (thru email) * mobile marketing for customers on the go * mass customization * bit of an oxi-moron * ex Levis jeans made to coat measurements use internet internally and for other than marketing Evolution of the Marketing Concept * Production Conceptproduction efficiency, low costs, mass dist. consumers want the most quality, performance, or innovative features (more, break out, faster) * Stool made in bungalow indus screenindividuals made them at home w/ tools on handindustrial rotationfactories, standards, conform ity, production concept emerged * Selling Conceptconsumers will buy just if the company aggressively promotes/sells these products * Too many stools produced and no one is purchasing themhow to sell them? must aggressively sell and advertise * Marketing Conceptfocuses on needs/wants of target markets and delivering value better than competitors * Quit devising stools that people dont need or want * must determine how many stools the customer wants first before making them * The Marketing ConceptsThree Pillars * Customer orientation * Integrated marketing effort** * remit 1. 1 on p. 23 * integrated w/ other departments b/c marketing interacts w/ customers * Emphasis on profitable sales (not all sales are worth pursuing) * Pillsbury Ex 1. We make flourhow do we make the flour faster and better * 2. We sell flourhired sales people and started advertising * 3. What do customers want that has flour in itexpanded product lines Burger King ground beef buns, pie shops, refrigerated doug h products Ch. 2 Developing Marketing Strategies and Plans * Valuethe gist of features and characteristics of a product or service compared to its costs * Determinant of Cust0mer determine * Customer perceived value * total customer value * go steady value * Personal value * services value * product value vs. total customer cost * Monetary cost * time cost * energy cost * psychic cost * in mind at a time assessing value and weighing it against cost Creating value * satisfy needs * more than one org * functions of marketing creates value Generic value drawstring beat-to doe with in chain consists of * Primary activities inbound logistics, operations, out-bound logistics, marketing and sales, service * acquit activities firm infrastructure, HR management, technology development, procurement (purchasing) * margin-includes profitability Ex Levi Jeans Value-Delivery cyberspace Dupont fibersMilliken fabricsLevis apparelSears retailcustomer * each is a link in the value chain When v alue is not provided * lost sale * lost customerone hundred fifty-five (accounting for the number of years person would have been a customer) Competitive receiptssomething a co. has that no other co. has * obtaind through * 1. core competenciessource of comp. advantage, application in wide variety of markets, and difficult for competitors to imitate * 2. distinctive capabilities justice in broad business practices * involve multiple levels of people ex ability to innovate, ability to understand your customer, understanding the market Marketing goal=competitive advantage * must be something significant to customers * important in a variety of markets * difficult to imitate Strategic planning * Corp. deputation * Marketing Myopiasee close but dont see far away * Railroads thought they were in the railroad business, had they recognise they were in the transportation business they could have expanded line to railway car or plane * What business are we in? * growth opportunities * g rowth matrix * SBUStrategic Business Unit * ResourcesS/W perspicacityO/T * goalsstrategies to achieve goalstactical plans to achieve strategies Good Mission parameter * exs in the book Table 2. 5 * put * target customers and markets * principle services delivered * org. philosophy * desired self/public image * Mission statementwhat the co. does Vision statementhope for future day Goals and Objectives * goalsumbrella hierarchical (at different levels) * provide broad direction * objectives intellectual * Specific * Measurable * movementable * Realistic * Time boundfor marketing plan, usually a year * for new product, maybe 6 months doorkeepers Generic Strategies * 1.Overall cost leadershiplow cost supplier can make stuff at the lowest cost (will have higher margins and more choices) * 2. Differentiationdevelop competitive advantages that are diff. from competition * Focussegment * niche market focus that has either boilersuit cost leadership or differentiations Ansoffs Product/ Market working out Grid Existing products New products Existing markets Market Penetration * advertising, arduous price, increasing sales personnel, * take existing pie of market share and try to get bigger piece of the pie Product development New markets Market development * ex co. hat made lawnmowers B2B (golf courses) decided they could sell those lawnmowers to consumers variegation Boston Consulting Groups Growth Share Matrix relatively high market share Relatively low market share High market growth rate Stars Question marks (aka caper childrendont know how they are going to turn out) beginning market growth rate Cash cowsproducts youve had for a relatively long time but they have slow growth Ex Coke for Coca-Cola Dogs ImplementationplansEvaluation and Control * Set objectives (to be measured) * measure performance against objectives * understand deviationswhy didnt you achieve what you set out to achieve * set new objectives Marketing Plan Parts * Exec. Summary * Ta ble of Contents * Situational Analysis External Analysis * Situational Analysis internal digest * SWOT critical success factors * Goals/objectives * Strategy4 Ps * Action programs * Financial implications * Controls Case Analysisslides being sent via email