This document summarizes the key steps in developing and implementing a marketing strategy and plan. It outlines the strategic planning process, including defining the company mission through SWOT analysis, formulating goals and strategies using frameworks like Porter's generic strategies and the BCG matrix, developing an integrated marketing mix, and creating a marketing plan with objectives, tactics, budget, and controls. The overall process results in a written marketing strategy and time-related plan to carry out the strategy.
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Chapter2
1. MARKETING MANAGEMENT
Chapter 2
Developing and
Implementing
Marketing
Strategies and
Plans
(Chapter 2&3 in text book)
2. Chapter Questions
What is a strategic plan?
What is SWOT analysis and what are
some of the environmental forces that
shape marketing strategy?
What are some of the marketing
strategies and competing forces that
shape them?
Where does integrated marketing fit in?
2-2
4. Step 1: Defining The Company Mission
• Mission: a statement of the organisation’s purpose –
what it wants to accomplish in the larger
environment (the firm’s overall justification for
existing)
• Defining a business: What is our business? Who are
our customers? Who should our customers be?
What needs do we meet? How do we meet these
needs?
• Google: “To organize the world’s information and
make it universally accessible and useful”
2-4
7. The Five Competitive Forces that Shape Strategy
(The Reading)
What are Porter’s competitive forces?
◦ The power of suppliers
◦ The power of buyers
◦ The threat of substitutes
◦ Rivalry among existing competitors
◦ Barriers to entry
What do these forces impact and how?
What are the implications for strategy?
2-7
8. Portfolio Assessment Tool: BCG matrix
Market Growth Rate
Stars Question Marks
High
?? ?
??
Cash Cows Dogs
Low
High Low
Relative Market Share
9. Step 3: Goal Formulation
To be effective, goals must be:
◦ Ordered in terms of priority (hierarchical)
◦ Stated quantitatively
◦ Realistic
◦ Consistent
Increase our market share by 10% compared to
Competitors over the next five years
Increase our profits by 5% every year during the
next five years
2-9
11. Growth Strategies: Ansoff’s Growth Vector Matrix
PRODUCTS / SERVICES
Present New
Present
Product / Service
MARKET
Market penetration
development
Market
New
Diversification
development
13. Step 6: Program Formulation and Implementation
Break every program into its component
activities
Identify associated costs
Estimated involved time
Set up responsibilities
2-
13
14. Step 7:Tracking Performance
Setperformance
objectives
◦ Market share, Profitability,
Return on net worth,
Customer satisfaction
Select
method (s) for
evaluation
◦ Financial analysis, Market
research
2-
14
15. The Marketing Plan
A written statement of a marketing
strategy and the time-related details for
carrying out the strategy
◦ Executive summary
◦ Introduction and situation analysis (SWOT,
Portfolio assessment)
◦ Defining objectives
◦ Strategic options and selected strategy
◦ Tactical elements: the marketing mix
◦ Budget and timing
◦ Control procedures
15
16. For Next Week
Reading 3 (Blue Ocean Strategy)
2-
16
Notes de l'éditeur
The Business Portfolio This CTR corresponds to Figure 2-4 on p.43. and relates to the discussion on pp. 43-44. Designing the Business Portfolio The business portfolio is the collection of businesses and products that make up the company. In portfolio analysis, management evaluates the businesses for their strategic fit in meeting company objectives. Strategic Business Units (SBUs) consist of separate units of the company that can be planned independently from other company businesses. The BCG Matrix Stars. High growth, high share businesses. Stars often require heavy investment to build/maintain share in rapidly expanding markets. You may wish to discuss the importance of market share to product profitability at this point. Cash Cows . Low growth, high share businesses. Cows generate profits for investment in other businesses. Question Marks. High growth, low share businesses. Strategy must decide between further investment to move question marks to star status or phasing the product out. Dogs . Low growth, low share. Dogs are often targets for divestment, but may still be profitable and/or contribute to other organisational goals.