Marketing & Strategy Chapter 2

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

Strategic Planning & Marketing Mission Statement Situation Analysis Objectives Marketing Strategy Planning Market planning Market plan

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

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

Conduct a Situation Analysis Environmental Scanning SWOT Analysis

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

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

Evaluate Strategic Alternatives Market-Product Analysis Market penetration Product development Market development Diversification

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

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

Describe Target Market Market Strategy How can we segment?

Adjust Marketing Mix Product Price Place Promotion

Following Up Implementation Evaluation Control