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Internal analysis:Identifyourstrengths and weaknesses What are our strategies, performance, costs, points of differentiation, strategic problems and culture (marketing audit)?What is our existing portfolio (SBU or product market level) and is it appropriate Key success factors:Identification of the key strategic factors necessary for competitive advantage in the marketoE.g. a strong brand, superior channel support, constant innovation in the offer, high level of promotion activity
MKF1120 NotesoClosing the gap: To improve profit, either look at:Sales growth: oMarket penetrationoMarket developmentoProduct developmentProductivity improvement:oIncrease priceoImprove product sales mixoProduct developmentModels that guide strategy and evaluate performance oBCG Product Portfolio Model: Managing resource allocations to various SBUs and product lines oGE/McKinsey Market Attractiveness Matrix: Multifactor model examining investment into SBUs and product lines oAnsoff’s Gap Analysis and Matrix: Model examining ways to close gap between desired and current performance of an SBU or company SWOTis done after analysisoInternal: Strengths+ WeaknessesoExternal: Opportunities + Threats From analysis to planning:oOrganisations should develop a formal statement of the goals and objectivesto be achieved over the planning cycle Financial Profits, cash flow, ROI, ROS Marketing Unit sales volume increase, market share increase, increase in distribution penetration, number of new products to launch, increase price SMART objectives: Specific, measurable, actionable, reasonable and timely To achieve organisational objectives:oTarget customersWhich segment(s) in which market
MKF1120 NotesoMarket Positioning Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers; formulating a competitive positioning for a product and creating a detailed marketing mixImplement Marketing Control:oRegular, systematic monitoring and controlling of the marketing effort Development of action plans Revolve around the marketing mixObjective, Strategy, Tactic, How, When, Where, Who, $Use of MIS to monitor progress Contingency planningoMaking implementation happen:Poor ImplementationIsolated planning Short term – Long term trade-offs Resistance to change Lack of financial and marketing integration Overemphasis on the document Factors for Success Detailed action plan Organisational structure Decision and reward systems HRM – market orientation Fit between company culture and marketing strategiesoThe control process:Summary:oTo effectively provide value to customers, organisations mustUnderstand the environment Understand the segments that exist in the market and their particular needs, wants andbuying behaviour of the segment(s) they choose to target Develop a marketing mix that satisfies these needs Manage the process to ensure that the organisational (and marketing) goals are achieved.