Principles of Marking Week 2 Notes
Principles of Marking Week 2 Notes MARK 30653
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This 6 page Class Notes was uploaded by Emily Tall on Friday January 29, 2016. The Class Notes belongs to MARK 30653 at Texas Christian University taught by Mr. Freling in Spring 2016. Since its upload, it has received 17 views. For similar materials see Principles of Marking in Marketing at Texas Christian University.
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Date Created: 01/29/16
▯ 1/19/16 ▯ ▯ Chapter 2: Strategic Planning ▯ What is Strategy? Strategy is an organization’s long term course of action designed to deliver unique customer experience while achieving its goals o Plan, roadmap o Mission/visionActions/tactics ▯ Components of Strategy Mission (articulates the business, what business they’re in) Vision (how are we perceived) Goals (one step on the path toward the vision) Subgoals (how do we achieve that goal) Milestones (marker, one thing that needs to be done to achieve goals) Actions Steps (concrete things we’re doing) ▯ Strategic Planning Companies engage in strategic planning to manage the strategic direction of their business Strategic planning creates and maintains a fit between the organization’s resources and objectives and the evolving market opportunities o The goal is to sustain and increase long-run profitability and growth o Strategic decisions require long-term commitments of resources What is the organization’s main activity? How will it reach its long term goals? o By examining SBUs o Strategic alternatives o The marketing plan A Strategic Business Unit (SBU) o Has a distinct mission and its own target market o Has its own competitors o Controls its own resources o Plans independent of other SBUs o EX: Johnson & Johnson has sub categories (Consumer Healthcare vs. Medical Devices vs. Pharmaceuticals) ▯ Strategic Marketing Plan Business Mission Statement Situation Analysis Objectives ▯ Setting Strategic Directions: Where are We Now? Competencies Customers Competitors ▯ Strategic Alternatives Analysis o Ansoff’s Strategic Opportunity Matrix Markets Products Current New Current Market Penetration Product Development New Market Development Diversification o o The Boston Consulting Group (BCG) Model Portfolio Matrix (High) STAR! ???? Market Growth Cash Cows Dog (Undesirable market) (Low) (High) Market Share (Low) Resource Allocation Strategies Building Holding Harvesting Divesting o The General Electric (GE) Model ▯ ▯ 1/21/16 ▯ ▯ General Electric Model Market attractiveness vs. Business position (low, medium, and high on both scales) ▯ Fourth model Market vs. product (similar to Ansoff) o Arched rainbow instead of squares ▯ Situation Analysis Strengths: Things the company does well (internal) Weaknesses: things the company does not do well (internal) Opportunities: conditions in the environment that favor strengths (external) Threats: conditions in the environment that don’t relate to existing strengths or favor areas of current weakness (external) Examining internal strengths and weaknesses involves assessing: o Production costs o Marketing skills o Financial resources o Company or brand image o Employee capabilities o Technology Examining external opportunities and threats involves assessing: o Social factors o Demographic factors o Economic factors o Technological factors o Political/legal factors o Competitive factors Performing a SWOT analysis allows a firm to identify a competitive advantage – a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition o Types of competitive advantage Cost Product Differentiation Niche A sustainable competitive advantage is an advantage that cannot be copied by competitors o Sources of competitive advantage Patents Copyrights Locations Equipment Technology Customer service Promotion ▯ Marketing Planning involves designing activities relating to marketing objectives and the changing marketing environment ▯ Marketing Objective is a statement of what is to be accomplished through marketing activities Useful marketing objectives o Are realistic o Can be quantitatively measured o Specify a time frame o Specify a benchmark SMART Goals o Specific o Measurable o Attainable o Realistic o Timely ▯ A Marketing Plan is a written document tat acts as a guidebook of marketing activities for the marketing manager A good marketing plan provides: o A basis for comparison of actual vs expected performance o Clearly stated activities to work toward common goals o An assessment of the marketing environment o A reference for the success of future activities o Greater awareness for entry into the marketplace ▯ Marketing Strategy is the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
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