*Reference: From Chapter 1 Take-Aways in Mullins, J., Walker, O., & Boyd, H. (2013). Marketing management: A strategic decision-making approach. (8th ed.) New York: McGraw-Hill Irwin.
In this discussion, address the following:
- Analyze the above strategic marketing concept by applying it to a company that you made a recent purchase from.
Part 1: Review Questions
- Customers buy benefits, not products. Explain why this is true.
- Delivering superior value to one’s customers is the essence of business success. Explain the concept of superior value and provide an example of a company that you feel meets this requirement.
- Satisfying customer needs and wants is said to be related to technological innovation. Assuming this is true, how can companies plan for innovation to stimulate growth?
- Explain in detail each of the elements of the marketing management process.
- Marketing decisions—such as (1) choices about what goods or services to sell, (2) to whom, and (3) with what strategy—are made or approved at the highest levels in most firms, whether large or small. Assume you are a marketing manager for collection of small retailers located in a major airport concourse. Discuss how you might make marketing decisions related to each of these three categories.
Part 2: Strategic Marketing Planning in the Airlines Industry- Market Opportunities
Understanding the nature and attractiveness of any business opportunity requires an examination of the external environment, including the markets to be served and the industry of which the firm is a part. Based upon the Chapter 1 (Mullins and Walker, 2013) reading, choose an airline company that you are familiar with and conduct a preliminary market opportunity analysis. Write your answer in at least two paragraphs regarding the market opportunities for your chosen airline. Explain how and why you identified these opportunities.
- Do you agree with the statement below? Why or why not?
A good way to identify the most suitable definition of the your industry is to compare your company with other companies in the following key categories:
- types of suppliers;
- types of buyers; and
- processes by which value is added to your primary products or services.
Part 1: Review Questions
- What is an SBU? Describe an SBU found in the airlines industry. One example is Virgin Airlines. Identify another.
- A well-thought-out mission statement guides an organization’s managers as to which market opportunities to pursue and which fall outside the firm’s strategic domain. Explain why this is true. Defend your answer with examples.
- List the Five Forces of Michael Porter’s theory and apply to an airline that you are familiar with. Provide a rationale and then create a diagram showing each of the five forces in your analysis.
- Understanding market opportunity is about more than just understanding customers, competitors, and the environmental context. Do you agree or disagree with this statement? Defend your answer. Provide examples where appropriate.
Part 2: Company Level Competencies in the Airlines Industry
Based upon the Chapter 2 (Mullins and Walker, 2013) readings, choose an airline that you are familiar with and analyze the company-level competencies primarily responsible for generating the benefits and value that customers receive from its various product offerings.
Write your answer in at least two paragraphs. In your answer, include why you chose these competencies.