Chapter 2

Chapter 2 - It is necessary to discuss strategic market...

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Unformatted text preview: It is necessary to discuss strategic market planning and marketing early in the course. A strategic market plan gives direction to a firm's efforts and better enables it to understand the dimensions of marketing research, consumer analysis, and product, distribution, promotion, and price planning, which will be discussed in later classes. We will look at an overview of the strategic marketing process including the development of: SWOT Analysis Mission Statement Organizational Goals Corporate Strategy Marketing strategy The strategic market plan is not a marketing plan, it is a plan of all aspects of an organizations strategy in the market place. The process of strategic market planning yeilds a marketing strategy(s) that is the framework and the development of the marketing plan. Developing a marketing plan is your group project assignment. A marketing plan deals primarily with implementing the market strategy as it relates to target market(s) and the marketing mix . Strategic Market Planning A Strategic marketing plan is an outline of the methods and resources required to achieve organizational goals within a specific target market(s). "Describes the direction [an organization] will pursue within its chosen environment and guides the allocation of resources and effort" - Peter Bennett, Dictionary of Marketing Terms, AMA 1988 Strategic planning requires a general marketing orientation rather than a narrow functional orientation. All functional areas must include marketing and must be coordinated to reach organizational goals. It is a heirarchal process, from company wide to marketing specific. (Marketing concept, implemented from top down.) Company wide, SBU specific A firm can be broken down into several strategic business units. Each SBU is a division, product line, or other profit center within the parent company. An SBU has its own strategic plan and can be considered a seperate business entity competing with other SBU's for corporate resources. For example Pepsico Companies SBUs include: KFC Taco Bell Pizza Hut Mountain Dew Lipton Tea Brands Frito Lay IE The College of Business and Economics is an SBU of the University of Delaware....
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Chapter 2 - It is necessary to discuss strategic market...

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