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MKTG 2101, Week 2 Notes

by: haemily

MKTG 2101, Week 2 Notes MKTG 2101

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About this Document

Chapter 3: Strategic Market Planning
marketing management
Craig Atwater
Class Notes
Marketing, SWOT, BCG growth-share matrix, ROMI




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This 4 page Class Notes was uploaded by haemily on Friday January 22, 2016. The Class Notes belongs to MKTG 2101 at Temple University taught by Craig Atwater in Fall 2015. Since its upload, it has received 151 views. For similar materials see marketing management in Marketing at Temple University.


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Date Created: 01/22/16
Chapter 3: Strategic Market Planning    Objective #1 Biz Planning + the Three Levels     Business Planning: Compose the Big Picture  ★ good planning enables a firm to speak clearly so that customers understand ​ what the firm is and  what sets it apart from competitors   ★ a marketing plan is the most important step, it describes  ○ where you want the firm to go  ○ how it will get there  ○ and if the biz is on track   ★ market plan = road map  ★ business planning​ : ongoing long + short term decision making  ★ planning ↑ your chances of success     biz plan  marketing plan  specifies the decisions that guide the org.  ­ describes the environment  ­ outlines the objectives + strategies  ­ identifies who​ will be responsible for the  carrying out the strategies     Three Levels of Biz Planning    ★ all three levels work together to achieve the organization’s mission and objectives, planners need  to keep big picture in mind    1) Strategic   2) Functional  3) Operational   1) define mission  1) perform situation anal.  1) plan to implement marketing  2) eval. internal + external  2) set marketing objectives  plan  environment  3) devel. marketing strategies  2) monitor marketing plan w/  3) strategic biz units (SBUs)  4) implement marketing  marketing metrics   4) biz portfolio (if applicable)  strategies   5) develop growth strategies   5) monitor + control marketing  strategies     ★ top­level planning: strategic   ○ top management (CEO, president, etc.)   ■ define purpose + specify goals   ■ match resources + capabilities to market opportunities for long­term growth   ○ strategic biz units (SBUs): associated w/ large firms // separateunits within a firm that  have their own mission, objectives, resources, managers, and competitors   ★ second­level planning: functional planning aka market planning  ○ involves marketing, finance + HR // done by VPs and functional directors   ■ create 1) detailed annual plan and 2) broad 3­5 year plan to support long­term  strategic plan   ★ third­level planning: operational planning  ○ third level managers (sales managers, marketing comm managers, brand managers,  market research managers)   ○ develop plans forday­to­day activitie that achieve functional plans    Objective #2 Steps in Strategic Planning    Strategic Planning: Frame the Picture  ★ bc it is risky to rely on only one product, large firms turn into multiproduct companies with SBUs  focused on specific products or brands  ○ ex: Disney  ○ small firms w/o SBUs do strategic planning at a firm­wide level   ★ Step 1: Define the Mission  ○ mission statement: statement found in org’s strat. plan that describes the org’s overall  purpose​ andwhat it wants to d in terms of 1) customers 2) products and 3) resources  ○ good mission statement = clear (not too broad, not too narrow)  ★ Step 2: Eval. Internal + External Environment  ○ situation analysi (aka environmental analysis or biz. review): looks at internal + external  environments    internal environment   external environment  (strengths + weaknesses)  (opportunities + threats)  ­controllableelements inside an org that  uncontrollable elements outside an org that  management can ​ directly respon to  managers ​respond to through planning  ­strengths + weaknesses of a org = employees  ex: economy, competition, technology, law,  ex: culture, assets, structure  ethics, sociocultural trends    ○ SWOT analysis​ : document that summarizes situation analysis   ★ Step 3: Set Org/SBU Objectives  ○ goals inspired by the mission statement achievable within the time­frame of the long­term  biz plan  ○ goals should be 1) specific 2) measurable 3) attainable 4) sustainable  ★ Step 4: Establish Biz Portfolio  ○ SBUs (strat. biz. units) = independent biz within the bigger biz // have their own 1) plan  2) target market and 3) strategies and are responsible for their own 1) costs 2) revenues  and 3) profits  ○ biz portfoli: the diff. businesses/products/brands a firm owns described by  income­generating and growth capabilities   ■ diverse biz portfolio ↓ risk  ○ portfolio analys: used by management to assess biz portfolio  ■ BCG growth­market share matrix​ :  determines cash generating potential of SBUs  for investment purposes // tells managers which SBUs to invest in  ● star: dominate, high growth // generates large revenues, but require large  amounts of funding to maintain growth  ● cash cows​: dominate, low growth // requires minimal funding   ○ Apple iPhone  ● question marks​: low market share, high growth // has potential to be  turned into a star with more investment + marketing  ● dogs​: low market share, low growth // no one wants it, large firms can  sell to small firms   ★ Step 5: Develop Growth Strategies  ○ how to make growth happen  ○ Product Market Growth Matrix: analyze growth strategies    Market Penetration  Market Development  Product Development  Diversification  ↑ sale ofexisting  intro.xisting products  sellnew products​ to  new products tonew  products​ toexisting  tonew markets  existing markets  markets  markets      new variations of  existing market = users,  existing products //  nonusers, users of  adjustments to ↑  competing products  performance       Objective #3 Steps in Market Planning    Market Planning: Develop + Execute Marketing Strategy  ★ strategic plan = broad, big picture   ★ market planning = detailed way to achieve org/SBU objectives   ★ marketing mix = product, promo, price, place  ★ Step 1: Perform a Situation Analysis  ○ build on SWOT  ○ understand the marketing environment, not just the target market  ○ know how competitors market to customers  ★ Step 2: Set Marketing Objectives    Marketing Objectives  Biz Objectives  specific to a firm, states the marketing function, broad, guides all the firm’s orgs  helps achieve the biz objectives     ★ Step 3: Develop Marketing Strategies: Target Markets + the Marketing Mix  ○ use marketing mix to decidhow to position produ in comparison to competitors   ■ product strategies  ● design, packaging, branding, support (ex: AppleCare)   ■ pricing strategies  ● price charged to customers, wholesalers + retailers  ● based on cost, demand and competing products  ■ promo strategies  ● communicate value  ● ads, sales, PR, publicity  ■ distribution strategies  ● direct to consumers or through retailers and wholesalers  ● how, when, where  ★ Step 4: Implement and Control the Marketing Plan   ○ Control: actual performance vs marketing objectives + adjustments   ■ marketing plans need to be flexible  ○ metrics determine how successful the marketing strategy is whether or not it needs to be  changed   ■ focused onwhy   ○ marketing control and performancshould be sustainab, keeping in mind ethics, the  environment, and social responsibility, not just profitability   ○ return on marketing investment (ROMI: how marketing contributed to the firm’s  success/bottom line  ■ ROMI = revenue created by investment in marketing / cost   ○ marketing is an investment, not an expense     ROMI example  ­a marketing campaign costing $30,000 generated $150,000 in rev.  ­ROMI = rev / cost  ­ROMI = $150,000 / $30,000  ­ROMI = 5  ­if the marketing budget was $250,000 and the objective was $1M in revenue  ­ROMI = rev / cost  ­ROMI = $1,000,000 / $250,000  ­ROMI = 4       ­minimum goal = $4.00 in rev for every $1 in marketing expenditure        ­ROMI benchmark/hurdle rate = $4       ­each marketing campaign should have a ROMI >4  ­the $30,000 marketing campaign that generated $150,00 in rev. had a ROMI of 5, which exceeds the  ROMI hurdle rate of 4 and is therefore, a sound investment    


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