Chapter 3 Flashcards
Importance of strategic planning
setting objectives and finding the path to succeed in them
3 levels of strategic planing
Corporate
Business
Marketing
Corporate level
mission statement, opportunities, resource allocation
Business level
strategic business unit (SBU)
gain a competitive advantage
Marketing Level
Target market and marketing mix activities
Strategic decisions
Made at all three levels
more generalized
affects long run and financial success
Tactical decisions
operational (Business) and marketing levels
more specific
short-term
limited on long time profitability
directed by strategic decisions from corporate
Developing strategic marketing
Corporate strategy
Set strategic directions
Business strategy
Marketing strategy (4Ps) Implement, evaluate ,control
Mission statement
what value do we provide
SWOT
internal and external factors are:
Strenthg
Weaknesses
Opportunities
Threats
Asnoffs analysis measures what
market penetration
diversification
product development
market development
Ansoff’s strategy
Y- axis
Current market
New market
X axis
Current product
new product
Competitive advantage
unique features that seem better to the customer than your competitor
Product advantage
unique + value to consumer = product differentiate
Niche competitive adv
serves needs for growth potential that is not crucial to other competitors
Sustainable competitive advantage
Advantage that cannot be copied
Marketing Plan objectives
Specific Measurable Achievable Realistic Time-bound
Target market strategy
begin with an MOA (Marketing opport. analysis)
Marketing Mix
4ps
product
place
promotion
price
Product strategies
brand name warranty image value quality
Pricing strategies
what consumer is willing to give up for value
Place strategies
Making it available when and where the customer wants them
storing
transporting
Promotion strategies
PUBLIC RELATIONS
ADVERTISING
DIRECT MARKETING
SALES PROMOITON
Implementation
actually doing the plan in action
Evaluation of marketing audits
Gauging what you can achieve with your objectives
Control of marketing audits
Formal and informal controls will be efficient
Effective strategic planing
creativity,
continual attention
management
