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Marketing & Strategy

Understand the strategic planning process in marketing, from defining the business' mission to adjusting the marketing mix. Learn about the importance of conducting a situation analysis, establishing objectives, and evaluating strategic alternatives.

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Marketing & Strategy

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  1. Marketing & Strategy Chapter 2

  2. Strategic Planning • What is it? • “The managerial process of creating and maintaining a fit between organizational objectives and resources, and the evolving market opportunities” • Why is it important?

  3. Strategic Planning & Marketing • Planning • Market planning • Market plan

  4. The Strategic Planning Process • Define the Business’ Mission • Conduct a Situation Analysis • Establish Marketing Plan Objectives • Determine Competitive Advantage • Evaluate Strategic Alternatives • Describe Target Market • Adjust Marketing Mix • Follow-up

  5. Define the Business’ Mission • Mission statement • What does it do? • Examples: • Profit v. Nonprofit companies • Three organization levels • Corporate • Business unit • Functional

  6. Mission Statements “To bring inspiration and innovation to every athlete in the world. .” “to organize the world's information and make it universally accessible and useful.” “We save people money so they can live better.” “To refresh the world...to inspire moments of optimism and happiness...to create value and make a difference.” “To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.”

  7. Conduct a Situation Analysis • Environmental Scanning • SWOT Analysis

  8. Establish Marketing Plan Objectives • What are you wanting to accomplish? • Marketing objectives • Realistic • Measurable • Time specific • Benchmarked

  9. Determine Competitive Advantage • Competitive Advantages • Three basic types • Cost leadership • Differentiation • Niche • Sustainable competitive advantage

  10. Evaluate Strategic Alternatives • Market-Product Analysis • Market penetration • Product development • Market development • Diversification Source: www.hunt4freebies.com

  11. Evaluate Strategic Alternatives ? • BCG Analysis • Two dimensions • Four classifications • Cash Cows • Stars • Question marks • Dogs Source: www.clker.com

  12. Evaluate Strategic Alternatives • Four strategies • Build • Hold • Harvest • Divest Source: http://www. cocacolasabco.com Source: http://www.designfloat.com

  13. Describe Target Market • Market Strategy • How can we segment?

  14. Adjust Marketing Mix • Product • Price • Place • Promotion

  15. Following Up • Implementation • Evaluation • Control

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