Showing posts from 2014

For Better Strategies - Ask Why?

There is a process for developing a successful Marketing Strategy. The steps outlined below describe that process: I.                State the Mission   - This is a description of the purpose of the quest. For example Coca Cola’s Mission is to: refresh the world, inspire optimism, to create value and make a difference. II.              State the Vision - This is a description of how value is created for all who participate in the quest or a business. For businesses, the Vision describes how value will be created for the customers, the collaborators and the company. III.            State the Objective – This is a description of the desired outcome of the strategy. The objective must have a quantifiable and a timing element.   An example would be “to increase sales 5% in 6 months”. IV.             Situation Analysis – This is a process to understand the current environment in which the strategy must be deployed. The situation analysis should consider: the competition, the state

Business Strategies Should Create Value For Customers, Collaborators and The Company

The graphic above, used in Alexander Chernev's Marketing Plan Handbook, is an illustration of how optimal value is created for business strategy. As the graphic suggests optimal value is created when a strategy provides adequate value for the company providing a product or service, adequate value for the customer and adequate value for any collaborators facilitating the interaction between the customer and the company. As the graphic suggests, the optimal value that insures strategic success provides success for all three participants: customers, collaborators and the company providing the service or product. Also as the graphic suggests an increase in optimal value for one of the participants can mean a reduction in the value for the other participants. For example a strategy that has too much focus on the customer can reduce the ability of the company to survive by putting undue negative pressure on profit margins. Collaborators can be critical to the succ

Low Cost MBA Consulting Team for a Semester

I teach a consulting lab at the University of Houston's C.T. Bauer College of Business. Each semester two to four companies are selected to have a team of MBA students assigned to work with key company executives on a business challenge. Each team of students is selected from a field of applicants. The students’ resumes are reviewed and the faculty makes final selection for the team. In previous semesters projects have ranged from location and market entry strategies for banks, organizational design for moving intellectual property from design to commercialization for a telemedicine collaboration and the development of space use efficiency programs for a major airport system . For the immediate future projects include a marketing strategy for an Internet of Things software company, a marketing strategy for a global writer/author association and a manpower efficiency study for a major airport system. To participate a company must complete an application (shown below) and be

Marketing Strategy for a New Product

Here is the third example of developing a marketing strategy project for a new product. This is a fictional company developed by a team of MBA students in my marketing strategy course at the University of Houston C.T. Bauer College of Business. Executive Summary Avenir is a forward thinking and progressive technology company seeking to positively impact the lives of our customers, collaborators, and shareholders through the creation of new technology.  We were established in 2001 and are proud to employ 211 hardworking individuals at our Houston, TX headquarters. Avenir designs, markets and licenses the K-1 battery, a new kinetic powered battery that will enhance cellular telephone battery life.  The K-1 battery will alleviate the need to constantly charge cellular phone batteries through electronic devices.  Our new battery offers a significant leap forward in the world of portable electronic power to the cellular customer. Our collaborators will se