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by: Carli Ward

Chapter3.pdf MKT 230

Carli Ward
Intro to Marketing Management

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Review the questions for each section in the notes, and go over additional vocabulary words.
Intro to Marketing Management
Class Notes
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This 4 page Class Notes was uploaded by Carli Ward on Thursday September 3, 2015. The Class Notes belongs to MKT 230 at Illinois State University taught by Attaway in Fall 2015. Since its upload, it has received 26 views. For similar materials see Intro to Marketing Management in Marketing at Illinois State University.

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Date Created: 09/03/15
Chapter 3 Strategic Market Planning Solomon 2015 What is Long process of decision making for rms that business guides them into two terms long and short planning quotPlanning means that an organization develops objectives before it takes actionquot Three levels of Three levels of planning business 1 Strategic quotmanagerial decision process that planning matches the rm s resources and capabilities to its market opportunities for long term growthquot Typically it is the top manager that de nes the rm s purposes Some larger rms have SBU s strategic business units which are smaller units within the rm that typically work as its own business 2 Functional a developed detailed plan for the short term that support the long term in the strategic planning 3 Operational detailed daytoday planning All three levels must work together to make the rm s marketing plan as a whole very strong Strategic 1 De ne the mission planning Mission statement document that describes an organizations overall plans that meet their goals What are the 5 as far as the customers product and resource steps in 2 Evaluate internalexternal environment strategic Situation analysis is the assessment of the two planning How environments are they useful Internal environment the controllable elements and affective in that in uence the operation of a rm strategic External environment outside effects of the rm planning for that can be positive or negative rms SWOT analysis analysis of the organizations strengthsweaknesses opportunitiesthreats that pertain to the external environment 3 Set organizationalSBU objectives Objectives must be sustainable measurable attainable and speci c in order to be effective in this set Reaching objectives can be obtained by quotincreasing productivity reducing costs or selling off unpro table divisionsquot 4 Establish business portfolio SBU s also have their own portfolios which includes their own speci c costs revenues and What are the vertical and horizontal axes and what are they a measure of and why is that important What are the 4 categories of the quadrant grid What do they mean Why are they important in this speci c planning What are the growth strategies Why are they important What changes can they make in a rm pro ts Portfolio analysis are important because they asses the potential of a rm s portfolio also decides how much of the businesses resources should or shouldn t be given to the SBU s Vertical vs horizontal axis vertical attractiveness of the of a market horizontal current strength in the market The two axes make up a quadrant grid 4 categories a Stars SBU s with a market share in high growth markets and dominate in it Dominant share of the market means a large revenue also requires large amount of funding to keep up with the demands for production and promotions Any pro t generate by a 39star is reinvested back into it b Cash cows market share in low growth potential market quotMilking a cowquot of its funds in order to fund the SBUs Too many cash cows with little to no growth potential will make it a liability c Question marks aka problem children low market shares in fast growth market Can it be transformed into a star d Dogs has a small share of slow growth markets quotOffered specialized markets products in limited markets tat aren t likely to growquot Larger rms sell the SBU or take the SBU off the market when things don t go well 5 Develop growth strategies The market growth matrixpage 79 it is used to analyze growth strategies Horizontal axis quotis the rm better off putting its resources into existing products or should it acquire new productsquot Vertical axis quotopportunities for growth in either the existing or new marketquot Matrix has 4 marketing strategies A Market penetration The idea to increase the sales of an existing product to an existing market What do you need to knowhave when it comes to strategic B Market development Introducing existing products to new markets Expand your product globally C Product development Sell new products in an existing market ie seing different varieties of a product in the market altering the product D Diversi cation New product new market Strategic planning is by going by the rules quotmission statement assessing the internal and planning external environment setting objectives establishing the business portfolio developing growth strategiesquot Market Using the 4 P s requires a lot of market planning Planning 4 steps in market planningquot 1 Perform a situation analysis Analyze the market environment which includes the SWOT analysis 2 Set marketing objective Know the difference bw the marketing objectives and corporate objectives Marketing objective speci c to the rm states what the function of the market should look like and state its accomplishments Businesscorporate quotguide the entire rmquot 3 Develop marketing strategies Decide what decisions need to be made to meet the objectives of the market They need to know how consumers feel about their products compared to the competition the 4 P s a Know that the product is the fundamental element of a marketing mix b Set a price that you know customers are willing to pay a fair price c Know how to communicate with your target market in order to get them on your side and buy your product d Know where and how to make your product available to your target market 4 Implement and control the marketing plan CONTROL the performance and achievement of your objective Has 3 steps 1 Measure the performance 2 Compare the performance to the objective 3 Make adjustments according to the performance and your objective What is ROMI ROMI return on marketing investment quothow an What does it investment in marketing has an impact on the firm s mean successquot and not just nancially This is considered the revenuepro t margin at a risk level 3 steps to ROMI in an example from the book a Know the appropriate amp consistent measure that needs to be applied b Combine the review of the ROMI to other marketing measures c Consider the long term impact of the ROMI acUons What is an Action plan quotmarketing programsquot individual action plan support plan that acts as a guide in the When is it implementation and control marketing strategy important when Most important in the implementation and control it comes to step marketing In an action plan you want to assign responsibility give employees certain task to achieve your objective create a time line deadlines Set a budget and decide on measurements and controls Operational plans day to day plan that focuses on the marketing plan


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