Strategic Planning: Developing and Implementing a Marketing Plan
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Transcript of Strategic Planning: Developing and Implementing a Marketing Plan
Strategic Planning:Developing and Implementing a Marketing Plan
Learning Objectives
Understand the importance of strategic marketing and know a basic outline for a marketing plan
Develop an appropriate business mission statement
Describe the criteria for stating a good marketing objectives
Explain the components of a situation analysis Identify strategic alternatives and describe tools
used to help select alternatives
After this report, you should be able to:
Discuss the target market strategies Describe the elements of marketing mix Explain why implementatation, evaluation,
and control of the marketing plan are necessary
Identify several techniques that help make strategic planning effective
The Nature of Strategic Planning
What is Strategic Planning?Strategic Planning
the managerial process of creating and maintaning a fit between the organization's objective and resources and the evolving market opportunities.
Goallong run profitabilitygrowth
Strategy
Some example of Strategic Decisions
How do companies go about strategic marketing planning?
How do employees know how to implement the long term goals of the firm?
Marketing Plan
The answer is.....
What is a Marketing Plan?Planning...
the process of anticipating future events and determining strategies to achieve organizational objectives in the future.
Marketing Planningdesigning activities relating to marketing
objectives and the changing marketing environment.
Marketing Plana written document that acts as a guidebook
of marketing activities for the marketing manager.
Why write a Marketing Plan???
Because.....it provides the basis by which actual and expected
performance can be comparedit provides clearly stated activities that help
employees understand and work toward common goals
it allows you to examine the marketing environment in conjunction with the inner workings of the business
it allows the marketing manager to enter the marketplace with an awareness of possibilities and problems
"PepsiCo's overall mission is to increase the value of our shareholder's investment. We do this through sales growth, cost controls and wise investment of resources. We believe our commercial success depends upon offering quality and value to our consumers and customers; providing products that are safe, wholesome, economically efficient and environmentally sound; and providing a fair return to our investors while adhering to the high standards of integrity."
What business are we in?
Where are we going? The answer is the
firm's...
Define the Business MissionMission Statement
the firm's long term vision based on a careful analysis of benefits sought by present and potential customers and analysis of existing and anticipated environmental conditions
It's definition profoundly affects... long-run resource allocationprofitabilitysurvival
What if the Business Mission Statement are stated too narrowly?it suffers from Marketing myopia
Marketing myopiathe business is defined in terms of goods and
services rather than in terms of benefits that customers seek
Myopia means...narrowshort term thinking
Set Marketing Plan Objectives
Is setting a Marketing Objectives is important?answer........YES!
Why?without objectives there is
no basis for measuring the success of marketing plan activities
Marketing Objectivea statement of what
is to be accomplished through marketing strategies
Criteria:realistic, measurable,
and time specificconsistent and
indicates the priorities of the organization
"SMART" Approach
SMART stands for:SpecificMeasurableAchievableRealisticTime Specific
Poorly Stated Objectives Well-Stated Objectives
Our objective is to be a leader in the industry in terms of a new product development.
Our objective is to spend 12 percent of sales revenue between 2013 and 2014 on research and development in an effort to introduce at least five new products in 2014.
Our objective is to maximize profits. Our objective is to achieve a 10 percent return on investment during 2013, with a payback on new investments of no longer than four years.
Our objective is to better serve customers.
Our objective is to obtain customer satisfaction ratings of at least 90 percent on the 2013 annual customer satisfaction survey, and retain at least 85 percent of our 2013 customers as repeat purchasers in 2014
Our objective is to be the best that we can be.
Our objective is to increase market share from 30 percent to 40 percent in 2013 by increasing promotional expenditures by 14 percent
Carefully specified objectives serve several functions...communicatemotivatorsclarifycontrol
Before marketing activities can be define, what do marketers must understand???
"The current and potential environment that the product or service will be marketed in."
Now.......how can they do that???
Conducting a Situation Analysis
Conduct a Situation Analysis
SWOT Analysisidentifying internal strengths(S) ,
weaknesses(W), external opportunities(O), and threats(T)
How to examine Internal Strengths and Weaknesses
Production Costs Marketing Skills Financial Resources Company or Brand
Image Employee Capablities Technology
How to examine External Opportunities and Threats
Environmental Scanningthe collection and interpretation of
information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.
Types of Organizational response to the External Environment
ProspectorReactorDefenderAnalyzer
Strategic Window
The limited period during which the 'fit' between the key requirements of a market and the particular competencies of firm are at an optimum
Four Strategic Alternatives
Market PenetrationShare
Market DevelopmentCustomers
Product DevelopmentProduct
DiversificationNew Product + New Market
Selecting a Strategic Alternative
A. PORTFOLIO MATRIXA tool for allocating resources among
products or strategic business units on the basis of relative market share and market growth rate.
Strategic Business Unita subgroup of a single business or a
collection of related business within the larger organization
SBU's Categories
StarsCash cowsProblem ChildrenDogs
SBU's Basic Strategies
BuildHoldHarvestDivest
B. Market Attractiveness/Company Strength Matrix tool for allocating resources among
strategic business units on the basis of how attractive a market is and how well the firm is positioned to take advantage of opportunities in that market.
Differential Advantage one or more unit aspects of an
organization that cause target consumers to patronize that firm rather than competitors.
Basic sources of differential advantage:Superior SkillsSuperior Resources
Describe the Marketing Strategy
Marketing Strategyactivities of selecting and describing one
or more target markets and developing and maintaining a market mix that will produce mutually satisfying exchanges with target market.
The process begins with:MOA (Market Opportunity Analysis)
The Marketing Mix
Marketing Mixa unique blend of product, place,
promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
Four P'sProductPlacePromotionPrice
Following up the Marketing Plan
IMPLEMENTATIONprocess that turns a marketing plan into
action assignments and ensures that this assignments are executed in a way that accomplishes the plan's objective
EVALUATION and CONTROLEvaluation
gauging the extent to which the marketing objectives have been achieve during the specified time period
Controlprovides the mechanism for evaluating
marketing results in light of the plan's goals and for correcting actions that do not help the organization reach those goals within budget guidelines.
Marketing Audita thorough, systematic, periodic evaluation
of the goals, strategies, structure, and performance of the marketing organization.
Four characteristics of Marketing AuditComprehensiveSystematicIndependentPeriodic
Effective Strategic Planning
Continual Attention Creativity Management
Commitment
MEMBERS
Marjorie RiceAriane Rose GardeLeah JimenezTricia IcabandiChrisol Cuanico
Finished on : December 1,2013 (4:00 p.m.)