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Strategic Planning and the Strategic Marketing Process

Strategic Planning and the Strategic Marketing Process. I. What is Strategic Planning?. The process of developing and maintaining a viable fit between the organization’s objectives and resources and its changing environment. It involves developing a: clear mission supporting objectives

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Strategic Planning and the Strategic Marketing Process

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  1. Strategic Planning and the Strategic Marketing Process

  2. I. What is Strategic Planning? • The process of developing and maintaining a viable fit between the organization’s objectives and resources and its changing environment. • It involves developing a: • clear mission • supporting objectives • supporting strategies

  3. II. Different Levels of Planning • Corporate Level • Business Unit Level Strategic Business Units (division within the organization that markets a set of related products to a clearly defined group of customers) • Functional Level

  4. III. Components of the Strategic Plan • Organizational Mission defines the core purpose of the organization – why it exists. • Organizational Objectives statements of what the organization wishes to accomplish in the on-going, long-run operation of the firm. Profits sales market share customer satisfaction • Organizational Strategies major directions the organization will take in pursuing its objectives. Business Portfolio Analysis Market-Product Analysis

  5. WHERE CAN AN “A” IN A COURSE IN ICE CREAM MAKING LEAD? Slide 2-5

  6. Business Portfolio Analysis • A technique which uses market growth rate and relative market share to identify what combination of SBUs will best achieve organization objectives. • Market growth rate – annual rate of sales growth of the SBU’s industry. • Relative market share – the sales of the SBU divided by the sales of the largest firm in the industry.

  7. FIGURE 2-3Boston Consulting Group portfolio analysis for Kodak, as it might appear in 2004 Kodak digitalcamera Kodak digitalphoto printer Kodak film sales: US,Canada, & W. Europe Kodak self-service kiosk Slide 2-21

  8. Business Portfolio Analysis (cont.) • Cash Cows – SBU’s that have a high market share of a low sales growth market. • Stars – SBU’s that have a high market share of a high sales growth market. • Question marks – SBU’s that have a low market share of a high sales growth market. • Dogs – SBU’s that have a low market share of a low sales growth market.

  9. Market-Product Analysis • Indicates that a firm can grow in a number of ways either by concentrating on current or new products; or on current or new customers. • Four strategies: market penetration, market development, product development, product diversification

  10. FIGURE 2-4Four market-product strategies: alternative ways to expand sales revenues for Ben & Jerry’s Slide 2-27

  11. IV. Strategic Marketing Process Process whereby an organization allocates it marketing mix resources to reach its target markets. Planning Implementation Evaluation

  12. Planning Phase – Situation Analysis • This is a complete analysis of the firm’s situation which assesses internal strengths and weaknesses and external threats and opportunities (SWOT) • Internal analysis (controllable factors) – assess the firm itself to identify strengths and weaknesses • External analysis (uncontrollable factors) – assess the firm’s external environment to identify opportunities and threats

  13. FIGURE 2-6Ben & Jerry’s: a SWOT analysis to get it growing again Slide 2-34

  14. Planning Phase – Marketing Objectives • Specific levels of performance desired for a product or product line to be achieved by a given date. • Stated in terms of market share, sales, profit • Should be measureable, attainable, specific, and consistent with organizational objectives

  15. Planning Phase – Target Market • One or more specific groups of potential consumers toward which an organization directs its marketing program. • Market segmentation is used to identify target markets. • Why focus on the needs of a subgroup of a market rather than the entire market?

  16. Planning Phase: Product Positioning • The process where marketers try to create a product image or identity in the minds of their target market relative to competitive products.

  17. Planning Phase: Marketing Mix Program • Product – good, service, or idea to satisfy the consumer’s needs. • Price – what is exchanged for the product. • Promotion – means of communication between the seller and buyer. • Place – means of getting the product to the consumer • Marketing mix decisions are based on the needs of the target market and the positioning strategy.

  18. FIGURE 2-7Elements of the marketing mix that comprise a cohesive marketing program Slide 2-40

  19. Implementation Phase • Process of putting the marketing plan into action. • Involves great attention to detail

  20. Evaluation • Involves measuring the results of the actions from the implementation phase and comparing them with goals set in the planning phase. sales analysis market share analysis expense to sales analysis

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