MKTG 360_Week 2_Marketing Strategy (Students, S2008)

MKTG 360_Week 2_Marketing Strategy (Students, S2008) -...

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Unformatted text preview: Market Planning Chapter 2 Overview Three Levels of a Business Plan Strategic Planning Managerial decision process that matches an organization's resources and capabilities to its market opportunities for longterm growth and survival. Functional (Marketing) Planning Decision process that focuses on developing detailed plans for strategies and tactics for the short term that support an organization's long term strategic plan. Operational Planning Decision process that focuses on developing detailed plans for daytoday activities that Five Steps in Strategic Plan 1. Define the Mission Mission Statement Formal statement in an organization's strategic plan that describes overall purpose of org. and what it plans to achieve in terms of customers, products, resources. (Examples...) YUM Brands Inc. Sample Mission Statements Washington State University As a public, landgrant and research institution of distinction, Washington State University enhances the intellectual, creative, and practical abilities of the individuals, institutions, and communities that we serve by fostering learning, inquiry, and engagement. Starbucks Establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow. Sample Mission Statements Ben and Jerry's Ben & Jerry's is founded on and dedicated to a sustainable corporate concept of linked prosperity. Product Mission To make, distribute & sell the finest quality all natural ice cream & euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the Earth and the Environment. Economic Mission To operate the Company on a sustainable financial basis of profitable growth, increasing value for our stakeholders & expanding opportunities for development and career growth for our employees. Social Mission To operate the company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally & internationally. Five Steps in Strategic Plan 1. Evaluate Internal and External Env. ~ Situation Analysis Internal Environment External Environment SWOT Analysis Five Steps in Strategic Plan SWOT Analysis identifies competitive advantage Types of competitive advantage (CA) Sustainable CA APPLICATION TO ESKIMO JOES? RIDER? SWOT Analysis Eskimo Joe's Strengths? Weaknesses? Opportunities? Threats? SWOT Analysis Rider Shoes Strengths? Weaknesses? Opportunities? Threats? Five Steps in Strategic Plan 1. Set Organizational or SBU Objectives Objectives flow from mission statement Effective Objectives Are Example Ok: Our objective is to better serve customers. Better: Our objective is to obtain customer satisfaction ratings of at least 90% in 2008, and retain at least 85% of our 2007 customers as repeat customers in 2008. Five Steps in Strategic Plan 1. Establish and Evaluate Business Portfolio Portfolio Portfolio Analysis Boston Consulting Group's (BCG) Market Share Matrix... Five Steps in Strategic Plan Boston Consulting Group's (BCG) Market Share Matrix Stars = Handhelds Strategy = invest into prod. improv., distrib., promo., efficiency Cash Cows = Laptops and personal computers Strategy = maintain price advantage, product improvement Question Marks = Integrated phone/palm device Strategy = gain market share, buy competitors, or drop SBU Five Steps in Strategic Plan Strategic 1. Develop Growth Strategies Market Penetration Market Development Product Development Diversification APPLICATION TO ESKIMO JOE'S? RIDER? Four Steps in Marketing Planning Marketing Plan = How We'll Get There Document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. 1. Perform a Situation (SWOT) Analysis Steps: Strategic Plan = Overview of Goals 2. Set Marketing Objectives (more narrowly defined than org. objectives) Four Steps in Marketing Planning 1. Develop Marketing Strategies Select a Target Market Market opportunity analysis size and sales potential of target group, and assessment of key competitors Develop Marketing Mix Strategies Product, Price, Promotion, Place of Distribution Four Steps in Marketing Planning 1. Implement and Control the Plan Action Plans = implementation of marketing strategies. Responsibilities, timeline, budget, measurement, and control Control = monitoring progress: Compare actual performance to marketing objective and adjust strategies/objectives as needed Marketing audits = evaluation of objective, strategies, structure, performance of marketing organization Should be comprehensive, systematic, independent, periodic ...
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This note was uploaded on 04/17/2008 for the course MKTG 360 taught by Professor Joireman during the Spring '08 term at Washington State University .

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