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Helps planners compare internal organizational strengths and weaknesses with external opportunities and threatsCore Competencies: what it does wellStrengths (vulnerabilities):cost advantages, financial resources, customer loyalty- internal Weaknesses (constraints): too narrow product line, lack of management depth, weak image - internal Opportunities (Constraints):add to product line, enter new markets - externalThreats (Vulnerabilities):Changing buyer tastes, likely entry of new competitors- external The Strategic WindowLimited periods when key requirements of a market and a firms particular competencies best fit togetherRequires a thorough analysis of:-Current and projected external environmental conditions-Current and projected internal company capabilities-How, whether and when the firm can reconcile environmental conditions and company capabilitiesElements of a Marketing StrategyTarget market: the group of people toward whom the firm directs its marketing efforts and merchandise-Example: bombardier markets most of their products to business buyers-Diversity plays a critical role: the growing Chinese’s and south Asian population in Canada Marketing mix variables -Marketing mix: blending of the four strategy elements to fit the needs and preferences of a specific target market- The four P’s: product, distribution (place), promotion, pricingProduct Strategy: Decisions about what goods or services a firm will offer its customers; also includes decisions about customer service, packagingDistribution Strategy:Planning that ensures that consumers find their products in the proper quantities at the right times and places
Promotion:Communication link between buyers and sellers. Function of informing persuading and influencing a consumers purchase decision Pricing Strategy:Methods of setting profitable and justifiable pricesStrategic Business Units: Key businesses units within diversified firms Strategic Market ShareStrategic Growth Opportunity Analysis:An analysis of potential growth opportunities based on existing or new customers and existing or new products Market penetration: a strategy that a company uses when it attempts to build market share by selling existing products to existing customersMarketing Development: when a company tries to attract new customers for its existing products, sometimes by geographic expansion Product Development: when a company develops a new product that it hopes to sell to existing customersDiversification: the most risky, companies attempt to sell new products to new markets that they have little experience withMonday September 16th2013Chapter 3Environmental Scanning and Environmental ManagementEnvironmental Scanning: Process of collecting info about the external marketing environment to identify and interpret potential trendsEnvironmental Management:Attainment of organizational objectives by predicting an influencing the