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Strategic Elements of the Marketing Plan
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What is strategic planning? Strategy = a plan: –To achieve a desired end, an anticipated outcome –A process that is disciplined and analytical Let’s climb a mountain.Hike to top of South Sister & back in one day.
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How to approach strategic planning? Start with a vision…
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Why plan? Enhanced efficiency of entries into foreign markets Foresee threats, challenges, opportunities Communicate a common direction; ensure everyone is working toward the same goal LZB Wrong LZB Right
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The Strategic Planning Process Assessment (Situation Analysis) Foreign Market/Competitive Analysis - Internal Analysis Assessment (Situation Analysis) Foreign Market/Competitive Analysis - Internal Analysis Country Selection Select Target Market Product, Distribution, Promotion & Price decisions
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Country-Market Selection (Assignment 2) Factors in country market selection The attractiveness of the market Strategic importance of the market Possible synergies offered by the market
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Before making marketing mix decisions, we must understand our environments… External Environment: What’s working in our favor? What’s working against us? Internal Environment: What do we do well? What do we do not-so-well?
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The is often called a… Internal Strengths & Weaknesses External Opportunities & Threats
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Market/Competitive Analysis (Assignment 1) What forces will drive competition and determine profitability?
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Internal Analysis (Assignment 2) SBU – Strategic Business Unit; Dean Foods Company: –Dairy Group, Branded Products Group and Specialty Foods Group Branded Products Group –Silk® soymilk, Horizon Organic® dairy products, juices and infant formula, Hershey’s® milks and milkshakes, Land O’Lakes® Dairy Ease® and Land O’Lakes® creamers, Marie’s® salad dressings
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Internal Analysis (Assignment 2) Examine the readiness and capability of the SBU/firm to undertake strategic moves with its current resources. Resources: –Financial –Foreign market expertise –Overall strength of management in running the company –Product, price, distribution & promotion expertise in home country
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