Chapter 15 - Strategic Marketing Planning Flashcards
Organizing structure and strategy
Marketing strategy needs to be linked to the social goals of the company’s mission statement
(Business firm, not for profit organization)
Types of organizations
Not for profits
Business firms
Firm
Company
Organization
Cooperation
Strategy
An organizations long term course of action
How to apply limited resources
Business Plan
Converts the value of your company
Identifies SWOT elements
Helps develop accurate forecasts
Strategy issues
The business
Th Mission
The Goals
The budgets and financials
Strategy issues: Mission
A statement of the organizations scope, often identified its customers, markets, products, technology, and values.
Inspirational theses- that can ignite the loyalty of customers, employees, stakeholders, and others with whom the organizations comes in contact
Strategy issues: Goals
Profit
Sales
Employee welfare
Social responsibility
Market share
Customer satisfaction
Quality
Strategy issues: Budgets and Financials
Marketing plans need to generate sales forecasts that lead to determining a companies cash flow
Consider realistic (expected), optimistic (best case), and pessimistic (worst case) forecasts
Review last resales, upcoming contracts, and market predictions on emerging trends
Tracking strategic performance
Once the marketing plan is put into practice, it is immediately evaluated, and adjusted if needed.
Marketing dashboards
Visual computer display of the essential information relative to achieving a marketing objective
The marketing Plan
A road map for the marketing activities of an organizations for a specific future Period of time (ex. One year, five years, etc,)
Planning to implementation to evaluation
The planning phase of the marketing plan steps
- Situational Analysis (“where are we now.”)
- Market product focus and goal setting (“where do we want to go.”)
- Marketing Program (“how will we get there.”)
Step 1 of the planning phase in the marketing plan - Situational Analysis
“Where are we now”
taking stock of the products past performance, where it is now, and where it is heading.
SWOT Analysis
customer - provide value and benefits to customers new and old
competencies - special distinguishable capabilities
competitors- external analysis
Step 2 of the planning phase in the marketing plan- Markel-Product Ficus and Goal Setting
“Where do you want to go.”
Set market and product goals
Select target market
Determine competitive advantages (characteristics of a product that make is superior to competing substitutes)
Position the product
competitive advantages
characteristics of a product that make is superior to competing substitutes
The planning phase: Business Portfolio Analyisis
Used performance measures and market growth rates to analyze a firms SBUS
Step 3 of the Planning Phase of marketing Plan - Marketing Program
“How will we get there?”
4 Ps - product , price, place, promotion
The planning phase - Strategic Marketing Process
How an organization allocated its marketing mix to reach its target markets and achieve its goals
How to allocate resources
How to convert plans into actions
How to compare with plans, and whether deviations require new plans
The Implementation Phase
Obtaining resources
Designing the marketing organization
Developing schedules
Executing the marketing program
Marketing tactics
Details day to day operational decisions
The evaluation Phase
Compare results either plans to identify deviations. Use marketing dashboard.
Act to correct negative deviations and exploit positive ones
“How did we do compared to our goals?”
“What do we need to fix? “
Three organizational levels of Marketing
Corporate, business, and functional levels
Corporate level of Marketing
Focus on overall direction and vision of the organization as a whole.
Makes strategic decisions for the ENTIRE company.
Defining company’s mission, goals, and values, setting long term objective to guide the organization.
Maintain a strong cooperate identity
Business level of marketing
Focuses shifts to individual business units (SBUs - strategic business units.)
Each have their own goals, competitors, and market strategies.
Analyse competitors, market trends, and customer needs within SBU.
Develop strategic plans tailored to the specific business units goals.
Identifying which customers and markets to target.
Ex. Samsung has mutation SBUs like mobile devices, home appliances, and semiconductors, each each SBU has its own marketing strategy to address specific customer needs and competitive environments
