Strategic Marketing Planning Flashcards
What does marketing planning include?
- strategic planning
- operational planning
- resource planning
- assigning responsibilities and inter- functional communication
What is strategic planning?
- the managerial decision process that matches the firms resources and capabilities to its market opportunities for long term growth
What are the included steps in the strategic planning process?
(1. Define the mission
2. Evaluate internal and external environments
3. Set organizational or business unit objectives
4 develop growth strategies )
- vision and mission are reconfirmed
Situational analysis: in-depth analysis of the organizations internal and external environments. It focuses on the firms resources, strengths and capabilities vis-a-vis competitive, customer and environmental issues.
- based on this the firms establishes its goals and objectives.
- Followed by a discussion of the corporate or business unit strategy
- Implementation of marketing plan and execution
What is functional planning and what steps are included?
- based In functional areas
- marketing planning by top level function management
- perform a situational analysis
- Set marketing objectives
- Develop marketing strategies
- Monitor and control marketing strategies
What does the marketing audit/situational analysis make up?
- It is a structured approach to the collection and analysis of data and information in the complex business environment
- an essential prerequisite to problem solving
- internal and external audits
What forces make up the macro marketing environment?
- social, physical, economic, political, technological and legal
What forces make up the micro environment?
Competitors, suppliers, distributors and customers
What is at the core of the marketing environment?
The firm
What are the challenges in today’s environment for marketing?
- Power shift to customers: customers can manipulate companies due to their access to information (ability to compare and control over spending)
- Massive increase in product selection: variety and assortments of goods and services offered on the Internet and in stores is staggering. Countless options for customers.
- Audience and media fragmentation: changes in media usage and the availability of new media outlets have forced marketers to rethink the way they communicate with customers.
- Changing value propositions: due to economic hardships consumers have and business buyers have been forced to rethink value propositions and focus on importance of frugality.
- Shifting demand patterns: changes in technology has shifted customer demand for certain product categories, such as news, music and video.
- Privacy, security and ethical concerns: changes in technology has made society much more open. Forcing marketers to address real concerns about security and privacy both online and offline.
- Unclear Legal jurisdiction: involve taxes, protection differences by country
What does SWOT represent?
Strengths
Weaknesses
Opportunities
Threats
What does a pestle analysis represent?
Political Economic Social Technological Environment Legal
Define market
The aggregation of all the alternative products which customers regards as being capable of satisfying the same customer need
In order to define the market the following steps must be included:
- market share measurement
- growth measurement
- specifying target consumers
- recognition of relevant competitors
- formulation of objectives and strategies
What is fair trade? Who purchases fair trade?
Trade between companies in developed countries and producers in developing countries in which fair prices are paid to the producers
- bought by all socio-economic groups
- ABC1 heaviest and most frequent users
- young families are also big users
Why?
- pester power
- many buy fair trade without knowing why
What is the Boston consulting group matrix?
A corporate planning tool which is used to portray firms brand portfolio or SBUs on a quadrant along relative market share axis (horizontal) and speed of market growth (vertical)
Question marks: low market share and high market growth
Stars: high market share and High market growth
Dogs: low market share and low market growth
Cash cows: high market share and low market growth
What is the Ansoff Matrix?
A strategic planning tool that provides a framework to help executives, senior managers and marketers devise strategies for future growth. Consists of new vs existing markets on the vertical axis and new vs existing products in the horizontal axis.
- market penetration: existing product and existing market
- product development: new product on existing market
- diversification: new product on new market
- market development: existing product in new market
