MK Chapter 2 Flashcards
Components of Strategic Planning
• Analysis of organization’s strengths &
weaknesses
• Identification of organization’s opportunities &
threats
• Organizational mission & goals
• Corporate & business-unit strategies
Corporate & business-unit strategies
- Marketing
- Production
- Finance
- Human Resources
Marketing
- Objectives
- Strategy
- Marketing plan
Production
- Objectives
- Strategy
- Production plan
Finance
- Objectives
- Strategy
- Finance plan
Human Resources
- Objectives
- Strategy
- Human Resources plan
Marketing Strategy
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
Marketing Plan
A written document that specifies the activities to be performed to implement and control an organization’s marketing activities
The Four-Cell SWOT Matrix
- (S)trength–>match
- (W)eakness–>convert
- (T)hreat–>convert
- (O)pportunity–>match
Establishing an Organizational Mission and Goals
Mission Statement
•A long-term view, or vision, of what the
organization wants to become
•Mission statement answers two questions:
•Who are our customers?
•What is our core competency?
Levels of Strategic Planning
- Mission statement
- Corporate strategy
- Business-unit strategy
- Marketing strategy
- Marketing mix elements
* Product
* Distribution
* Promotion
* Pricing
Corporate Strategy
Issues Influencing Corporate Strategy Development
•Corporate culture
•Competition
•Differentiation
•Diversification
•Interrelationships among business units
•Environment concerns and social issues
Growth-Share Matrix Developed by the Boston Consulting Group
- Production-market growth
- High
- Star
- Question Mark
- High
- Relative market share
- Low
- Cash Cow
- Dog
- Low
Marketing Strategy
Target Market Selection
Creating the Marketing Mix
Target Market Selection
Defining/understanding the target market by
• focusing on specific profitable customer
groups/market segments.
• recognizing changes occurring in the market.
Creating the Marketing Mix
• Analyze customer needs, preferences, and
behavior
• Have the skills and resources required for
product
design, pricing, distribution, and promotion
• Maintain strategic consistency and flexibility in
marketing mix decisions
Components of the Marketing Plan
Executive summary Environmental Analysis SWOT Analysis Marketing Objectives Marketing Strategies Marketing Implementation Evaluation & Control
Executive summary
One-to-page synopsis of the entire marketing plan
Environmental Analysis
Information about the company’s current situation with respect to the marketing environment
SWOT Analysis
Assessment of the organizations strengths, weaknesses, opportunities, and threats
Marketing Objectives
Specification of the firms marketing objectives
Marketing Strategies
Outline of how the firm will achieve its objectives
Marketing Implementation
Outline of how the firm will implement its marketing strategies
Evaluation & Control
Explanation of how the firm will measure & evaluate the results of the implemented plan
