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FIGURES

This document contains the figures included in Strategic Marketing Management


(8th Edition). The figures included in this document are in a format appropriate for
use with a word processing program (e.g., Microsoft Word). For use with
presentation programs (e.g., PowerPoint and Keynote) use the editable version of
these figures.

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 1-1: The Role of Frameworks in Marketing Management
Framework

Typical Typical
problem solution

Abstraction Application

Specific Specific
problem solution

Trial & error

Figure 2-1: Identifying the Market: The 5-C Framework

Co
ny

lla
a

bo
mp

ra
Co
Customers

to
rs
Competitors

Context

Figure 2-2: Defining the Value Exchange: The 6-V Framework

Company
Company
Value Value value exchange

Value
Customers Collaborators
Value
Value Value Competitive
value exchange
Competitors

Context

Figure 2-3: The Optimal Value Proposition (OVP)

Company The optimal value


value proposition (OVP)

OVP
Customer Collaborator
value value

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 2-4: The 7 Tactics Articulating the Offering’s Value Proposition

Company
value

OVP Strategy
Customer Collaborator
value value

Product Service Brand

Price Incentives Tactics


Communication Distribution

Figure 2-5: Marketing Tactics as a Process of Designing, Communicating, and Delivering Value
Designing Communicating Delivering
value value value

Product

Service

Brand

Price

Incentives

Figure 2-6: Strategies for Generating a Business Model

Marketing strategy
Top-down (value analysis) Bottom-up
business model business model
generation Marketing tactics generation
(offering design)

Figure 2-7. The 7-T and the 4-P Frameworks


Product

Product Service Brand

Incentives Value Price Price


Promotion

Communication Distribution Place

Figure 2-8. The Five Forces of Competition1

New entrants

Suppliers Competitors Buyers

Substitutes

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 3-1: The G-STIC Framework for Market Planning and Analysis

Goal

Strategy
Business
model
Tactics

Implementation

Control

Figure 3-2. The G-STIC Action-Planning Flowchart


Goal The ultimate criterion
Focus Benchmarks for success

Strategy
The logic of the value-
Target Value creation model
market proposition

Tactics
Product Service Brand The specifics of the
Incentives Price market offering

Communication Distribution

Implementation
Organizational Business The logistics of developing
infrastructure processes the offering
Implementation schedule

Control
The process of evaluating
Evaluate Monitor the goal progress
performance environment

Figure 3-3. The Marketing Plan

Executive summary

Situation analysis

Goal

Strategy

Tactics G-STIC

Implementation

Control

Exhibits

Figure 4-1. Segment-Based Targeting

Segment A (target)
Segment B (nontarget)
Segment C (nontarget)

Unsegmented Segment-based
market target identification

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 4-2: The Key Targeting Principles
Target
Company attractiveness Customer
goals resources
Target
Company compatibility Customer
resources needs
Company analysis Customer analysis

Figure 4-3: The Resource Advantage Principle


Unutilized company
resources

Company’s ideal Company Competitive


target customers resources wasteland
Target
Unmet Unutilized
Customer Competitor competitor
customer needs resources
needs resources
Intense
competition
Competitors’ ideal
target customers

Figure 4-4: The Customer Identification Process


Strategic Tactical
targeting targeting

Value- Channel-
based analysis based analysis

Figure 4-5: Strategic and Tactical Targeting: Linking Customer Value and Profile
Target
attractiveness
Value
Target
compatibility

Target Customer Strategic targeting


customers identification
Demographic
factors
Profile
Behavioral
factors
Tactical targeting

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 4-6. Targeting Efficiency

A. “Sniper” targeting B. “Shotgun” targeting C. Oversegmentation D. Shot-in-the-dark


(perfect fit) (broad) (narrow) (misaligned)

Value-based segment (unobservable)


Profile-based segment (observable)

Figure 4-7. Targeting Multiple Segments

Segment A (target)
Segment B (target)
Segment C (nontarget)

Offering A Offering B

Figure 4-8. Segmentation as a Process of Differentiation and Agglomeration


Mass market Segmented Idiosyncratic market
(unsegmented) market (unsegmented)

Differentiation Agglomeration

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 4-9. Segmentation and Targeting: The Big Picture
Strategic segmentation Tactical segmentation
(value-based) (profile-based)

Divide Identify the


customers into behavioral and
segments based demographic
on their needs profile of target
and resources customers

Decide whom Strategic targeting


to target Channel A Channel B
(value-based)
Channel C
Decide how to reach target
customers to communicate Tactical targeting
and deliver the offering (profile-based)

Figure 4-10. Key Segmentation Principles

A. Correct B. Incorrect C. Incorrect D. Incorrect E. Incorrect


(irrelevant) (heterogeneous) (not exclusive) (not exhaustive)

Figure 5-1: Identifying Target Customers, Developing a Value Proposition, and Positioning

Value Primary
benefit

Identifying Developing a Positioning


target customers value proposition

Figure 5-2: Value as a Function of Customer Needs and Offering Attributes

Customer Customer Company


needs value offering

Figure 5-3: Dimensions of Customer Value

Functional
value

Customer Psychological
value value

Monetary
value

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 5-4: Reference-Point Dependence
Value

Gains
Reference
point

Performance
Losses

Figure 5-5: Loss Aversion


Value

Value of
a gain

Performance

Value
of a loss

Figure 5-6: Diminishing Marginal Value

Marginal
increase
in value

Marginal
increase
in value

Marginal Marginal
increase in increase in
performance performance

Figure 5-7. Creating Superior Customer Value

Company Competitive Competitive


offering advantage offering

Value Value

Customer
needs

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 5-8: Competitive Value Map

Customer Competitive
parity
value
Company offering
Competitive offering A
Competitive
disadvantage Competitive offering B
Competitive
advantage

Attribute 1 Attribute 2 Attribute 3 Attribute 4 Attribute 5

Figure 5-9: Single-Benefit Positioning

Primary Key reason


Benefit 1
benefit for choice
+
Benefit 2

Secondary Benefit 3
benefits Benefit 4
Benefit 5

Figure 5-10: Dual-Benefit Positioning

Primary Benefit 1 Key reason


benefits for choice
Benefit 2
+
Benefit 3
Secondary Benefit 4
benefits
Benefit 5

Figure 5-11: Holistic Positioning


Benefit 1
Benefit 2
Benefit 3 Overall Key reason
benefit for choice
Benefit 4
Benefit 5

Figure 5-12. The Value Function2


Value

Performance
Reference
point

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 5-13. Positioning Map
Attribute 1
● Offering A

● Offering B
● Offering C

Attribute 2

● Offering D
● Offering E

Figure 6-1. The Three Dimensions of Company Value

Monetary Monetary
value goals

Company Functional
value value
Strategic
Psychological goals
value
Figure 6-2. The Key Profit Drivers

Price
Current
Revenues
customers
New to the
Volume
New category
customers
Competitors’
Net income
Cost of customers
goods sold

Research &
Costs development

Marketing

Other costs

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 6-3. Strategies for Growing Sales Volume
New customers

Customers new Market-growth


to the category strategy

Competitors’ Steal-share
Sales volume strategy
customers

Current Market-penetration
customers strategy

Figure 6-4. Economic Value Analysis

Monetary
value
Monetizing
functional value
Company Functional
value value Monetizing
psychological value
Psychological
value

Strategic value

Figure 6-6: Calculating Distribution Channel Margins


Manufacturer cost: $3
Manufacturer Selling price to wholesalers: $10
Margin ($): $7
Margin (% of selling price): $7/$10 = 70%
Purchase price from manufacturer: $10
Selling price to retailers: $15
Wholesaler Margin ($): $5
Margin (% of selling price): $5/$15 = 33%

Purchase price from wholesalers: $15


Retailer Selling price to customers: $20
Margin ($): $5
Margin (% of selling price): $5/$20 = 25%

Customer Purchase price: $20

Figure 7-1. Conflicts in Vertical Collaboration

Manufacturer Manufacturer

Distributor Distributor A Distributor B

Customer Customer

Vertical channel conflict Horizontal channel conflict


Figure 7-2. Conflicts in Horizontal Collaboration

Company Collaborator

Customer

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 8-1. Product and Service Management as a Value-Creation Process

Company

Company
value
Customers Collaborators
Product
OVP
Service Customer Collaborator
value value

Competitors Context
The optimal value
proposition

Decision factors Decision criteria

Figure 9-1. Branding as a Value-Creation Process

Company

Company
value
Customers Collaborators
Brand OVP
Customer Collaborator
value value

Competitors Context
The optimal value
proposition

Decision factors Decision criteria

Figure 9-2. Vertical Brand Extensions


Price
Upscale
Price tier A offering

Price tier B Core


offering

Downscale
Price tier C offering

Benefits

Figure 9-3. Horizontal Brand Extensions


Price

Offering Core Offering


A offering C

Category Category Category


A B C

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 10-1. Pricing as a Value-Creation Process

Company

Company
value
Customers Collaborators
Price OVP
Customer Collaborator
value value

Competitors Context
The optimal value
proposition

Decision factors Decision criteria

Figure 11-1. Managing Incentives as a Value-Creation Process

Company

Company
value
Customers Collaborators
Incentives OVP
Customer Collaborator
value value

Competitors Context
The optimal value
proposition

Decision factors Decision criteria

Figure 11-2. Push and Pull Promotion Strategies

Manufacturer Manufacturer

Demand Communication
Incentives Demand

Retailer Retailer Communication


Incentives
Communication
Demand Demand
Incentives

Customer Customer

Push strategy Pull strategy

Figure 12-1. Communication as a Value-Creation Process

Company

Company
value
Customers Collaborators
Communi-
OVP
cation
Customer Collaborator
value value

Competitors Context
The optimal value
proposition

Decision factors Decision criteria

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 12-2. Developing a Communication Plan

Goal

Strategy

Message

Media Tactics

Creative solution

Implementation

Control

Figure 13-1. Distribution as a Value-Creation Process

Company

Company
value
Customers Collaborators
Distribution OVP
Customer Collaborator
value value

Competitors Context
The optimal value
proposition

Decision factors Decision criteria

Figure 13-2. Distribution Channel Structure

Company

Wholesaler

Retailer Retailer

Customer Customer Customer

Direct channel Indirect channels

Hybrid channel

Figure 14-1. Steal-Share Strategy

Current users

New users

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 14-2. Market-Growth Strategy

Current users

New users

Figure 14-3. Market-Growth Strategy for an Offering with a Superior Value Proposition

Current users

New users

Figure 14-4. Market-Innovation Strategy

New users
Current users

Current market New market

Figure 14-5. Defensive Market Strategies3

Customer Launch
costs premium
Move offering
upscale
Do
nothing Increase
benefits
Move
downscale

Reduce
Launch costs
economy
offering

Customer benefits

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 14-6. Product–Market Growth Matrix
Current customers New customers

Current Market Market


products penetration development

New Product
products development Diversification

Figure 14-7. The SWOT Framework4


Favorable Unfavorable
factors factors
Internal Company
Strengths Weaknesses
factors analysis

External Market
Opportunities Threats
factors analysis

Figure 15-1. Managing Sales Growth


New Managing
customers adoption
Sales volume

Current Managing
customers usage

Figure 15-2: The Adoption Funnel

Awareness

Attractiveness

Affordability

Availability

Purchase

Figure 15-3: Identifying Adoption Gaps

All target Aware of Perceive the Perceive the Have Purchase


customers the offering’s offering to be offering to be access to the offering
existence attractive affordable the offering

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 15-4: Key Factors Influencing Consumption Quantity

Satisfaction

Usage
frequency
Usage
Purchase quantity Repurchase

Replacement
frequency

Availability

Consumption
variables

Figure 15-5: Identifying Consumption Gaps

Satisfaction Usage Usage Replacement Availability


frequency quantity frequency

Figure 16-1. New Product Adoption


Total New
adoptions adoptions

Inflection
Speed of point
Inflection Market
diffusion point potential

Time Time
A. Total adoptions B. New adoptions

Figure 16-2: The Stage-Gate Approach for Minimizing Risk in New Product Development

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6

Idea Concept Business Product Market Commercial


generation development analysis development testing deployment

Gate 1 Gate 2 Gate 3 Gate 4 Gate 5


Idea Concept Business Product Market
screening screening review review review

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 16-3. Managing the Product Life Cycle5
Sales

Introduction Growth Maturity Decline Time

Market size Small Moderate Large Moderate/Small


Market growth Low High Low Negative
Competition Low Moderate High Moderate/Low

Figure 16-4. Extending Product Life Cycle through Innovation6


Sales
revenues

Third
generation

Second
generation

First
generation

Time

Figure 16-5. Rogers’ Categorization of Customers Based on the Time of Adoption of Innovation

Number of
adoptions

2.5% 13.5% 34% 34% 16% Time


Innovators Early Early Late Laggards
adopters majority majority
(x-2SD) (x-SD) (x) (x+SD)

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 16-6. Moore’s Application of Rogers’ Model to Technology Markets
Number of
adoptions

The chasm

Enthusiasts Visionaries Pragmatists Conservatives Skeptics Time

Early market Mainstream market

Figure 17-1. Product-Line Positioning Map


Attribute 1

● Offering A
Target A
● Offering B
● Offering C
Target B Target C
Attribute 2

● Offering D
Target D
● Offering E

Target E

Figure 17-2. Product-Line Attribute Value Map


Value

Attribute 1
Attribute 2
Attribute 3
Attribute 4

Offering A Offering B Offering C Offering D Offering E Product


lilne
(Target A) (Target B) (Target C) (Target D) (Target E)

Figure 17-3. Vertical Product-Line Extensions


Price

Upscale
offering

Downscale
offering

Benefits

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 17-4. Horizontal Product-Line Extensions
Price

Offering A Offering B

Benefits

Figure 17-5: Product-Line Cannibalization


Existing Existing Existing Loss of share due
offering offering offering to cannibalization

New New
offering offering

Competitive Competitive Competitive


offerings offerings offerings

A. Single-offering scenario B. Dual-offering scenario C. Dual-offering scenario


without cannibalization with cannibalization

Figure 17-6: Product-Line Cannibalization and the Price-Benefit Tradeoff


Price Value-equivalence line

D B E

C F

Benefits

Figure 17-7. The Fighting-Brand Strategy


Price
Quality

Incumbent
brand

Low-price
competitors

Fighting brand

Time

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 17-8. The Sandwich Strategy
Price
Quality
Incumbent Premium brand
brand

Low-price
competitors

Fighting brand

Time

Figure 17-9. The Good-Better-Best Strategy


Price
Quality
Incumbent Best
brand

Better
Low-price
competitors

Good

Time

Figure 18-1. Identifying Target Customers: Key Steps

Step 1 Define tentative customer segments

Step 2 Define the value drivers for the category


Segmentation
analysis
Step 3 Define the needs of each segment

Step 4 Validate the tentative segmentation

Step 5 Assess segment attractiveness

Step 6 Identify the key competitors


Strategic
target analysis
Step 7 Assess segment compatibility

Step 8 Identify the strategically optimal segment

Step 9 Define the profile of the target segment


Tactical
target analysis
Step 10 Assess the tactical viability of this segment

Step 11 Commit to targeting a particular segment


Customer
strategy
Step 12 Develop a value proposition and positioning

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 19-1: The Business Model as a Value-Creation Process

Company
value

OVP
Customer Collaborator
value value

Customer Collaborator Company


value model value model value model
Strategy Strategy Strategy
Tactics Tactics Tactics

Figure 19-2: The 5-C Framework for Defining the Target Market

Co
y
an

lla
bo
mp

ra
Co

Customers

to
rs
Competitors

Context

Figure 19-3: Customer Value Model

Customer
value

Value proposition

Product Service Brand

Price Incentives

Communication Distribution

Figure 19-4: Collaborator Value Model

Collaborator
value

Value proposition

Product Service Brand

Price Incentives

Communication Distribution

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.
Figure 19-5: Company Value Model

Company
value

Value proposition

Product Service Brand

Price Incentives

Communication Distribution

References

1Adapted from Porter, Michael E. (1979), “How Competitive Forces Shape Strategy,” Harvard
Business Review, 57 (March–April), 137–145.
2 Adapted from Kahneman, Daniel and Amos Tversky (1979), “Prospect Theory: An Analysis of
Decision under Risk,” Econometrica, 47 (March), 263–91.
3Adapted from Hoch, Stephen J. (1996), “How Should National Brands Think about Private Labels?”
Sloan Management Review, 37 (2), 89–102.
4 Ansoff, H. Igor (1979), Strategic Management. New York, NY: John Wiley & Sons.
5 Adapted from Levitt, Theodore (1965), “Exploit the Product Life Cycle,” Harvard Business Review, 43,

(November–December), 81–94.
6Adapted from Christensen, Clayton (1997), The Innovator's Dilemma: When New Technologies Cause
Great Firms to Fail. Boston, MA: Harvard Business School Press.

© Alexander Chernev 2014. All figures are subject to copyright by the author
(except when noted otherwise) and must be properly referenced as follows:
Chernev, Alexander (2014), Strategic Marketing Management, 8th Edition. Chicago,
IL: Cerebellum Press.