Strategic Market Planning Flashcards
What is Strategic Plan ?
3/5 years perspective.
- it’s a process where organisation’s leaders define their vision for the future and identify their org’s goals and objectives
- the process includes : establishing the sequence in which the goals should be realized so that the organization can reach its stated vision
What is a Business plan ?
2/3 years perspective
- written document
- presents targeted market and how each department plan to act in order to achieve it
- Operational and financial perspective
What is Strategic Market Plan
12/18 months perspective
- roadmap that business use to organize, track and execute their mkg strategy and tactics over a given period
- sales forecast for operational budget
- market research and analysis
What are the 2 key components incorporated in mkg strategy ?
POIC : P>O>I>C
Plan
Organize
Implement
Control
POIC approach as a process
What is plan ?
Situation
targets
strategies
execution
What is Organization ?
structure
culture
harmonization
What is Implement ?
activities
programs
systems
policies
What is Control ?
strategic orientation
productivity
activities and programs
systems and politics
What is the 5 Ps
Product/Service
Price
Place
Promotion
People
Product / Service (quality) ?
- refers to the actual product / services a business offers to its customers
- consider abt product designs, features, quality and differentiation from competitors
- basic offer
- inrersent and needs of customers on market (B2B, etc)
Price
- Economic value
- Perceived value added to customers
- end users
-3 criteria’s : cost, demadn, competition - Right price for a win-win commercial exchange
-how the product or service is priced in the market. - setting the right price point to attract customers, compete effectively, and achieve profitability.
Place
- Distribution channel, e-commerce
- Logistic supply chain
- Order processing, transport, warehousing
Promotion
- inform and promote our value propositin (offer) by mix communication in and out the organisation
- Publicity, sponsorship, sales promotion, environment, public relation, direct marketing. Digital marketing, sales, customer service
People
sales, customer support, relationship marketing : before, during and after decision process
- the individuals who work within the organization, as well as the interactions between employees and customers
What is the most valuable competitive advantage of a strategic market planning ?
The effective creative aspect
Why must we developp a strategic mkg plan ?
To developp our vision in term of activities and programms to make our future possible and reachable
- we must identify and define a plan to achieve it
Benefits of strategic market plan ?
- objectivity and to be organized
- Strategic directions for P/S
- The must considering business environment
- Alignment on department harmony and motivation
Inconvenienceof strategic market plan ?
- Costs, time availability, efforts
- Discipline and focus, being rigorous
5 Conditions to succeed ?
1- Market
2- Targets
3- Creativity
4- Process
5- Execution and Control
What is the relation >< Strategic Mkg plan and Business plan ?
- harmonization : market and business plan
- Both plan according the POIC approach must be synchronized especially when executed
What are the expectations of other departments for marketing ?
Sales forecast (=prediction or estimate of the future sales of a product or service)
Specific mkg targets on ?
- new customers
- customers satisfaction and retention
- market shares
- budgets
What is the Marketing plan process ?
SOCE method :
Situational analysis
Orientation
Creativity
Execution
what is Situational analysis ?
- Internal environment : results, corporate performance
- External environment : macromarketing and micromarketing
- corporate stakes (SWOT)
(=mis a process of evaluating and understanding a situation or problem by examining its internal strengths and weaknesses and external opportunities and threats)
What is Orientation ?
- Vision, mission, values (VMV)
- Organisational structure
- Marketing targets, goals
What is Creativity ?
-mix marketing (activitites and programs), strategies, targets, budget.
what is Execution ?
- structure
- implementation
- control
What is the management approach ?
According to our management philosophy :
how we structure and manage our relationship >< the org and our custoemrs
Management approach of marketing ? (POIC)
- According to our expertise our knowhow
- Coordination, harmonization >< departments
To be operational, the marketing plan has to be ?
- Realistic
- Executory
- Controlled and monitored
Kind of definition for management approach of marketing ?
- to set up an administrative structure for coherent unity
- to arrange elements into a whole of independent parts
Marketing Organisational Structure : evolution over time and growth
- Sales structure
- Sales supported by marketing
- Independent marketing department
- Integrated marketing
What is sales structure ?
- in small and medium-sized businesses
- it is often simple, with small sales team
- may be managed by business owner or sales manager
What is Sales supported by marketing ?
- in small businesses
- mkg efforts may be limited or basic
- sales teams primarily focus on selling
What is Independent marketing department ?
- in medium-sized businesses
- may be handled by a few individuals or outsourced to external agencies
- as business expand : establish independent mkg department
Responsible for : strategic mkg planning, advertising, promotions, brand management.
What is Integrated marketing ?
- in global organizations
- greater emphasis on integrated mkg
- mkg and sales teams work collaboratively and cohesively to create a seamless customer experience
- Marketing supports sales with lead generation, data analysis, and market research
- Sales teams provide feedback to marketing for targeted campaigns.
How do we control evaluate, know that we are getting where we want to be ?
- Performance auditing
- Strategic orientation control
- Productivity (performance) control
- Mix mkg control (activities and programs)
- Validation of our criteria’s
What is Performance auditing ?
- systematic and independent evaluation or assessment
- to determine how well it has achieved its objectives and whether it has operated efficiently and effectively.
- conducted by government agencies, internal audit departments, or independent audit firms.
What is Strategic orientation control ?
Strategic monitoring (=refers to the ongoing process of tracking and assessing the progress of an organization’s strategic initiatives, goals, and objectives. )
What is Productivity (performance) control ?
Accounting system
What is Mix marketing control (activitites and programs)
Are we effective ?
What is Validation of our criteria’s ?
Results/targets
identify a problem
identify a fix act
Strategic Market Implementation Approac
evolution over time ad growth (small, medium businesses to global organisation)
We can adopt different types of mkg organisation by ?
Department : sales, customer service, mkg research, new products, publicity and promotion
Markets : consumers, businesses, commercial, industrial, institutional
Regions : provinces, countries, geographic regions
Products, groups of products, services, brands : debit cards, credit cards, loans, saving, mortgages
Projects : (special market development)
