[6] Market Planning Flashcards
Market Planning Def
A framework which aims at providing direction to the company so that the company’s activities constantly meet high performance objectives
The Market Planning Process [x8]
BUSINESS LEVEL: 1 Business Mission 2 Marketing Audit 3 SWOT Analysis 4 Marketing Objectives (Business & Product)
PRODUCT LEVEL: 5 Core Strategry 6 Marketing mix decisions 7 Organisation and Implementation 8 Control
1 Business Mission Def [author]
A broadly defined, enduring statement of purpose that distinguishes a business from others of its type (Ackoff 1987)
1 Business Mission
- Involves (x2)
- Explains … [author]
- It involves defining the scope and activities of the company
- It also involves taking environmental change under consideration
-It explains the reason for the company’s existence
It may include a statement of market, needs and technology (Abell 1980)
A good business mission is …
… Market-focused rather than product-focused
Business Mission
specific eg.. [prev, present]
IBM Prev:
Pc Manufacturer
Narrow
Too reliant on 1 product
IBM present – Provider of IT solutions Broader More encompassing Allows to seize new markets
Marketing Audit
Systematic examination of a business’s marketing environment, objectives, strategies and activities
Internal Aspects of Marketing Audit [x3]
Firm’s past performance (e.g. profits, share value)
Firm’s Market Orientation level
Firm’s systems - e.g. Marketing Information System
External aspects of marketing environment [x2 generic, deets for each (5,4)]
Macroenvironment (PEEST)
Microenvironment (customers, competition, distributors, suppliers)
x3 Reason for conducting a marketing audit
Key strategic issues
Problem areas
Opportunities
SWOT Analysis following Marketing audit:
- Whats Controllable/Uncontrollable?
- Conversion Strategies x2
- Matching strategy x1
Internal(controllable)
External(uncontrollable)
Conversion Strategies [w -> S & T -> O]
Matching strategy [S -> O]
Defining Marketing Objectives:
x2 Qs to ask
x2 variable often involved
Which product(s) should the firm sell?
In which markets should the firm sell such product(s)?
e.g. geographical markets, business segments
Core Strategy [x3 w/ Qs]
Target Markets: in which markets should we sell each product?
Competitor Targets: which companies should we compete with?
Competitive Advantage: how are we going to differentiate from competitors? (perceived benefits - perceived sacrifice)
Marketing mix decisions [x2]
x4 P’s
Common Mistake?
Should be consistent with the core strategy
Should deliver superior value to the customer
(product, price, place, promotion)
Common mistake: keeping the same marketing mix when moving from one target segment to another
Organisation and Implemenation Problems x3
A firm must be able to transform the plan into action
Organisational weaknesses may hinder full implementation of the marketing plan
Resistance may occur due to internal conflicts and power struggles
