Benihana Case Study

market place Management Class Notes 1/16/13 Markets * Consumer marketB2C * Business marketB2B * Global market (? ) * Not-for-profit market moldiness have higher tax revenues than constitute to run short * ex health-c atomic number 18 hospitals need 7% more revenues than expenses to survive * Government market center field innovations * needs, destinys, and demands * segmentation, target markets, positioning * offerings and brand names repute and comfort * relationship merchandise * merchandising channel * supply cooking stove * challenger * merchandising environment selling mix4 Ps * merchandisegood, serve well, idea, hold out, place, person, etc. * gradeabove, at, or be low-spirited market * onlytocksretail location, channel of distri only ifion * promotionadvertising, face-to-face selling, gross gross sales promotion, PR/ forwarding Shifts in marketing management in past marketing does marketing instantaneously every wizard does marketing * organized by harvest-tide units direct organizing by customer segments * victimization legion(predicate) suppliers this instant using few suppliers who are partners * ex Wal-Mart and Procter & happen pampersno longer places orders for pampers now P&G brand motorbus manages Wal-Mart shelf of pampers * emphasizing tangible as nocks now emphasizing intangible assets * building brands by means of advertising now building brand through performance and integ grazed conversation * good experience=tell 5 opposite good deal ad experience=tell 9 separate lot * now even more steadfast with online ratings * shotgun (dispersed) v. rifle (accurate) * avoid shotgun (avoid build uping product/service that would allurement to everybody) * relying on old markets now stripping modernistic markets * condenseing on gainful transactions now customer lifespan judge * major goals of increasing revenue and market cope v. now moldiness be responsible for return on marketing investment (ROMI) * local now glocal (local and global) * focus on conductholders now focus on s pay offholders What do marketers do? set marketing strategies and plans * generate/collect marketing info (research) * connect w/ customers * develop market offerings * build brands * delivery and intercommunicate regard as * create long-term increase * ex ivory 1879 and still discharge New merchandise capabilities * example of net for info and sales * easily insert info about * customers, prospects, markets, competitors * social media * palliate and speed communication w/ customers * personal marketing (thru email) * mobile marketing for customers on the go * flowerpot customization * bit of an oxi-moron * ex Levis jeans made to size measurements use internet internally and for other than marketing Evolution of the Marketing Concept * mathematical product Concept production efficiency, low appeals, mass dist. consumers want the most quality, performance, or innovational features (m ore, bust, faster) * Stool made in bungalow indus quizindividuals made them at nursing home w/ tools on handindustrial revolutionfactories, standards, conformity, production concept emerged * Selling Conceptconsumers impart buy only if the company sharply promotes/sells these products * Too many stools produced and no unmatchable is buying themhow to sell them? must sharp sell and advertise * Marketing Conceptfocuses on needs/wants of target markets and delivering pass judgment better than competitors * Quit making stools that people mountt need or want * must determine how many stools the customer wants first before making them * The Marketing Concepts ternary Pillars * Customer orientation * Integrated marketing effort** * Table 1. 1 on p. 23 * integrated w/ other departments b/c marketing interacts w/ customers * Emphasis on profitable sales (not all sales are worthy pursuing) * Pillsbury Ex 1. We pull out flourhow do we make the flour faster and better * 2. We sell flo urhired sales people and started advertising * 3. What do customers want that has flour in itexpanded product lines Burger Kinghamburger buns, pie shops, refrigerated earnings products Ch. 2 Developing Marketing Strategies and Plans * cheerthe come upity of features and characteristics of a product or service compared to its costs * Determinant of Cust0mer determine * Customer perceived abide by * total customer value * Image value * Personal value * services value * product value vs. total customer cost * Monetary cost * clipping cost * energy cost * psychical cost * in mind straight off assessing value and weighing it against cost Creating value * satisfy needs * more than one org * functions of marketing creates value Generic value chain contact in chain consists of * Primary activities inbound logistics, operations, out-bound logistics, marketing and sales, service * support activities firm infrastructure, HR management, technology evolution, procurement (purchasing) * m argin-includes profit mogul Ex Levi Jeans Value-Delivery earnings Dupont fibersMilliken fabricsLevis apparelSears retailcustomer * each is a link in the value chain When value is not provided * bewildered sale * lost customerCLV (accounting for the number of old age person would have been a customer) belligerent Advantagesomething a co. has that no other co. has * achieved through * 1. core competenciessource of comp. advantage, natural covering in wide variety of markets, and delicate for competitors to re-create * 2. distinctive capabilitiesexcellence in broad melodic line practices * involve fourfold levels of people ex ability to innovate, ability to assure 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. commission * Marketing Myopiasee close but dont see far away * Railroads thought they were in the pressure business, had they realized they were in the transportation business they could have expanded line to machine or plane * What business are we in? * produce opportunities * growth ground substance * SBUStrategic Business Unit * ResourcesS/W AssessmentO/T * goalsstrategies to achieve goalstactical plans to achieve strategies Good Mission Statement * exs in the book Table 2. 5 * lay * target customers and markets * principle services delivered * org. philosophical system * desired self/public get a line * Mission reportwhat the co. does Vision statementhope for future Goals and Objectives * goalsumbrella class-conscious (at different levels) * provide broad management * objectivesSMART * Specific * Measurable * actionable * Realistic * Time boundfor marketing plan, usually a year * for sassy product, maybe 6 months Porters Generic Strategies * 1.Overall cost leadershiplow cost provider can make stuff at the lowest cost (will have higher margins and more choices) * 2. speciali zationdevelop competitive advantages that are diff. from competition * Focussegment * niche market focus that has either overall cost leadership or differentiations Ansoffs intersection point/Market Expansion Grid real products New products Existing markets Market sixth sense * advertising, lowering 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) opinionated they could sell those lawnmowers to consumers Diversification Boston Consulting bases Growth Share matrix Relatively high market share Relatively low market share High market growth rate Stars Question marks (aka problem childrendont know how they are dismissal to turn out) Low 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 * solidifying 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. synopsis * Table of Contents * Situational Analysis outdoor(a) Analysis * Situational Analysis internal depth psychology * SWOT critical success factors * Goals/objectives * dodging4 Ps * Action programs * fiscal implications * Controls Case Analysisslides being direct via email