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MSU / Marketing / MKT 3013 / What are the roles of marketing in strategic planning?

What are the roles of marketing in strategic planning?

What are the roles of marketing in strategic planning?

Description

School: Mississippi State University
Department: Marketing
Course: Principles of Marketing
Professor: Melissa moore
Term: Spring 2017
Tags: Marketing
Cost: 25
Name: Marketing Chapter 2
Description: Class notes for chapter 2
Uploaded: 01/28/2018
3 Pages 112 Views 5 Unlocks
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Marketing Ch.2 


What are the roles of marketing in strategic planning?



Strategic Planning 

●  The process of developing and maintaining a strategic fit between the organization’s  goals and capabilities and its changing marketing opportunities

Roles of Marketing in Strategic Planning 

● Provides a guiding philosophy 

● Provides inputs to strategic planners 

Partnering with Other Company Departments 

Value Chain: Series of Internal departments that carry out value­ Creating activities. Firm’s success depends on how well departments coordinate their activities! ● IMPORTANT 

Marketers should ensure all the departments and customer­ focused and develop a smooth functioning value chain.


What is the value chain?



● The most important contribution the marketing department can make is to be….. “Exceptionally clever in getting everyone else in the organization to practice marketing”  ­Leonard L. Berry

Partnering with others in the Marketing system 

Companies should access: 

● Their internal value chains 

● As well as the value chains of their suppliers, distributors, and their customers which is  called:

● Internal chain, Value delivery network  

Steps in Strategic Planning 

1. Defining company mission. 

2. Setting company objective and goals. 

3. Designing the business portfolio. 

4. Planning marketing and other functional strategies. 


What are the steps in strategic planning?



Mission Statement 

● Statement of the organization's purpose 

● What it wants to accomplish in the larger environment We also discuss several other topics like Identify the four major ocean basins.

● Market oriented and defined in terms of satisfying basic customer needs ● Emphasized the company strengths. 

● Focuses on customers and the customer experience the company seeks to create. ● The mission should be converted to supporting objectives at each level of management. Business Portfolio 

● Collection of businesses and products that makeup the company. 

Steps in business portfolio planning: 

● Analyze the firm’s current business portfolio 

● Develop growth strategies and downsizing to shape the future portfolio.

Portfolio analysis 

Steps: 

● Identifying the strategic business units (SBUs) 

● Assessing SBU attractiveness 

● The purpose is to direct resources toward more profitable businesses while phasing out or dropping weaker ones.

Downsizing 

● Reduces the business portfolio by eliminating products or business units that are not  profitable or that no longer fit the company’s overall strategy If you want to learn more check out What technique is invasive?

Reasons for downsizing: 

Product/ Market Expansion Grid 

Existing Markets            Existing products                New Products 

Market penetration

Product development

Market development

Diversification (Most Expensive)

New markets 

Marketing Strategy 

● Marketing logic by which the company hopes to create customer value and achieve  profitable customer relationships

● Marketing mix: Integration of product, place, price, and promotion 

Activities for best marketing strategy and mix involve: 

● Marketing analysis, planning, implementation, and control (4 steps) 

2 Key questions 

1. Which customers will we serve? 

Segmentation and targeting If you want to learn more check out What principle requires that expenses be recorded at the same time as the revenue it helped generate?

2. How will we create value for them? 

Differentiation and positioning 

Market Segmentation and Market targeting 

● Market segmentation­ Dividing a market into distinct groups of buyers who have  different needs, characteristics, or behaviors, and who might require separate products or  marketing problems.

● Market segment­ Group of consumers who respond in a similar way to a given set of  marketing efforts.

● Market targeting­ Evaluating each market segment’s attractiveness

Positioning 

● Arranging for a product to occupy a clear, distinctive, and desirable place relative to  competing products in the minds of target consumer. If you want to learn more check out What is the difference between the north atlantic slave trade and african slavery?

Begins with….. 

● Differentiation: Differentiating the market offering to create superior customer value ● The entire marketing program should support the chosen positioning strategy. SWOT Analysis: Strengths (S), Weaknesses (W), Opportunities (O), and Threats (T) 

Internal                                   Positive                                              Negative 

Strengths­ Internal capabilities  that may help a company reach  its objectives

Weaknesses­ Internal limitations that may  interfere with a company’s ability to  achieve its objectives

Opportunities­ External factors  that the company may be able to exploit to its advantage.

Threats­ Current and emerging external  factors that may challenge the company’s  performance.

We also discuss several other topics like What are the three main kinds of neurons that carry information?
If you want to learn more check out How does the hydrophobic effect work?

External               

Contents of a Marketing Plan 

Market Implementation 

● Turning marketing strategies and plans into marketing actions to accomplish strategic 

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