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MR1100 Linking Marketing to Corporate Strategies

MR1100 Linking Marketing to Corporate Strategies . Chapter 2. In this Section we will:. Define Corporate Strategy Define Business Unit Strategy Explain why Business Mission, Values, Culture and Goals are important to organizations.

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MR1100 Linking Marketing to Corporate Strategies

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  1. MR1100Linking Marketing to Corporate Strategies Chapter 2

  2. In this Section we will: • Define Corporate Strategy • Define Business Unit Strategy • Explain why Business Mission, Values, Culture and Goals are important to organizations. • Effectively use strategic planning tools such as the SWOT analysis, Business Portfolio Analysis and the Market Product Analysis to assess strategic options. • Work through the strategic marketing process through the planning, implementation and control phase.

  3. Strategy • Strategy involves the planning and the execution of the planning. • Strategic planning is a process that plans for the Long-Term. • Strategic planning can take place at two levels: • The Corporate Level - Strategic Corporate Planning • The Product Level - Strategic Marketing

  4. Strategic Corporate Planning

  5. Strategic Corporate Planning • Steps taken at the corporate (top) level to develop long-run approaches to corporate survival and growth. • Steps: • Establish Core Values – enduring principles that the firm lives by. • Define the corporate Mission -- What is it we do, to whom to we do it, How we do it and why we do it. • Develop a complementary Organizational Culture, that supports the Core Values and Mission.

  6. Strategic Corporate Planning • Set specific and measurable Goals & Objectives, or targets to be met my the organization. • These objectives may include such things as Survival, Profit, Market Share, Unit Sales, Quality, Employee Welfare, Social Responsibility, Shareholder value, Customer Value

  7. Strategic Corporate Planning • Assess: • #1 - Where are we now? • Who are our Customers? • What do we do well (Competencies)? • What do we do better than anybody else? (Competitive Advantage) • Who are our Competitors?

  8. Strategic Corporate Planning • Assess: • #2 - Where do we want to go? • Boston Consulting Group Matrix

  9. Strategic Corporate Planning • Assess: • #2 - Where do we want to go? • Market-Product Grid

  10. Strategic Corporate Planning • Seize Organizational Opportunities. • Key opportunities exist in fields where the organization is better than its competitors - so called Distinctive Competencies. • The organization should attempt to seize opportunities in areas that not only is it better than its competitors in, but in areas where they will/can retain their advantage - so called Sustainable Competitive Advantages

  11. Strategic Marketing

  12. Strategic Marketing • A process directed at the product and market levels so as to allocate resources to viable marketing opportunities. • Includes Planning, Implementation and Control. • This process yields a MARKETING PLAN

  13. Key Questions to ask at the Strategic Marketing level: • Where are we now? • Where do we want to go? • How do we allocate resources to get to where we want to go? • How do we convert our plans into actions? • How do our results compare with our plans, and do deviations require new plans of action?

  14. Key Steps in the Marketing Plan • STEP 1 - A Situational Analysis & SWOT • Asks: What is the current situation with the market or the product? • There are many internal and external sources from which to draw this information. • The SWOT analysis is a key tool to determining the answer to: What is the current situation with the market or the product?

  15. SWOT Analysis • A Strategic planning tool used to detect key opportunities. • Analysis of key: • Internal Strengths (Within the orgs. control) • Internal Weaknesses (Within the orgs. control) • External Opportunities (Can be acted upon) • External Threats ( Things to be watched) • From the SWOT process plans can be made to build on/improve strengths, detect and fix weaknesses, seize opportunity, and be aware of potential threats.

  16. SWOT Analysis

  17. SWOT Analysis Want to read more about SWOT? Click here

  18. Key Steps in the Marketing Plan • STEP 2 - Set Marketing Goals and Objectives • Marketing objectives must be clear, attainable and measurable targets. • Key objectives centre around Sales, Market Share and Customer satisfaction. • Develop a Strategy to achieve the marketing objectives. • Key strategies centre around reducing cost or increasing revenues.

  19. Key Steps in the Marketing Plan • Typical Marketing strategies in order to increase revenues • Product Development: Develop a new product for an existing market. • Market Development: Enter a new market with an existing product. • Market Penetration: Sell more of a current product to your existing market. • Diversification: Sell a new product to a new market.

  20. Key Steps in the Marketing Plan • STEP 3 - Adjust the Marketing Mix to suit the Strategy. • Determine the best product, the best price, the best promotion and the best distribution methods to meet the objectives. • Set the Budget • Plan for the costs of implementing the strategy

  21. Key Steps in the Marketing Plan • Implement and Control the Strategy: • Hire the right people for the job and assign their roles. • Design, Schedule and Execute the planned activities • Evaluate the Strategies effectiveness in achieving the set objectives. • Sometimes, especially if the time from situational analysis to planning to implementation is long there will be a gap created into what is sold versus what could have been sold if the required changes (implementation) could have been made sooner. This situation is known as the Planning Gap.

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