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Strategic marketing planning
The document discusses marketing processes and strategic marketing planning. It covers defining a corporate mission and goals, establishing business units, conducting SWOT and environmental analyses, developing marketing strategies using frameworks like Ansoff's matrix and Porter's generic strategies, creating a marketing plan, and analyzing marketing opportunities through internal records and market intelligence. The purpose of strategic planning and having a marketing plan is to help firms deliver targeted profits and growth.
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Strategic marketing planning
- 1. Marketing Process &Strategic Marketing Planning II Module BBA
- 2. Marketing Process ModelUnderstanding the market place and customer needs and wants Design a customer-driven marketing strategy Construct an integrated marketing program that delivers superior values Build profitable relationships and create customer delight Capture value from customers to create profits and customer equity
- 3. What is StrategicPlanning? It is the managerial process that helps to develop a strategic and viable fit between the firm’s objectives, skills, resources with the market opportunities available. It helps the firm deliver its targeted profits and growth through its businesses and products.
- 4. How to goabout it? Defining the corporate mission Establishing SBUs Allocating resources for SBUs Planning for new business
- 5. Corporate Mission Thisseeks to embody the entire goals of the organization and the objective of its existence. It seeks to provide a sense of purpose, direction and opportunity For e.g. e-bay’s mission: “ to provide a global trading platform where practically anyone can trade practically anything”.
- 6. 5 questions thatthe firm must ask itself What is our business? Who is our customer? What does our customer need? What will our business be? What should our business be?
- 7. Marketing Myopia Industryis a customer satisfying process not a goods producing process. It is important therefore how you redefine your business.
- 8. Good mission statementshave three characteristics They focus on a limited number of goals It stresses the major values and policies the firm desires It defines the major competitive scope of operation
- 9. Infosys Mission statement“ To achieve our objectives in an environment of fairness, honesty and courtesy towards our clients, employees, vendors and society at large” Google Mission “ To organize the world’s information and make it universally acceptable and useful”.
- 10. SBU It isa company within a company The business is differentiated from the rest of the company It has its own set of competitors It is a separate profit centre
- 11. The BCG MatrixMkt Share Mkt growth ??? Stars Dogs Cash Cows
- 12. SBU strategies BuildHold Harvest Divest
- 13. The GE ModelBusiness Strength Mkt Attractiveness Strong Medium Weak Strong Medium Weak
- 14. Ansoff’s Product-Market GridCurrent products New products Current Mkts New Mkts Mkt penetration strategy Mkt development strategy Product development strategy Diversification strategy
- 15. The SBU PlanningProcess Analyzing Market opportunities Developing Marketing strategies Program Formulation & Implementation Marketing Control
- 16. SWOT Analysis StrengthsWeaknesses Opportunities Threats
- 17. Porter’s Generic StrategiesOverall cost leadership Product Differentiator Focus
- 18. Overall Cost LeadershipThis strategy involves the firm winning market share by appealing to cost-conscious or price-sensitive customers. the firm hopes to take advantage of economies of scale low direct and indirect operating costs, by offering basic no-frills products and limiting customization and personalization of service.
- 19. Differentiation Strategy Differentiatethe products in some way in order to compete successfully. A differentiation strategy is appropriate where the target customer segment is not price-sensitive, the market is competitive or saturated, customers have very specific needs which are possibly under-served, and the firm has unique resources and capabilities which enable it to satisfy these needs in ways that are difficult to copy.
- 20. Focus Thefirm can choose to compete in the mass market (like Wal-Mart) with a broad scope, or in a defined, focused market segment with a narrow scope The firm typically looks to gain a competitive advantage through product innovation and/or brand marketing rather than efficiency. A focused strategy should target market segments that are less vulnerable to substitutes or where a competition is weakest to earn above-average return on investment.
- 21. The contents andstructure of the marketing plan The executive summary Situational analysis Threats and opportunity Analysis Marketing objectives Marketing strategies Marketing tactics/Action Programs Schedules and budgets Financial data and control
- 22. Why is marketingplanning necessary? Systematic futuristic thinking by management better co-ordination of company efforts development of better performance standards for control sharpening of objectives and policies better prepare for sudden new developments managers have a vivid sense of participation
- 23. Objectives of themarketing plan Acts as a roadmap assist in management control and monitoring the implementation of strategy informs new participants in the plan of their role and function to obtain resources for implementation to stimulate thinking and make better use of resources
- 24. Criticisms of marketingplanning Formal plans can be quickly overtaken by events Elements of the plan may be kept secret for no reason gulf between senior managers and implementing managers the plan needs a sub-scheme of actions
- 25. Assignment of responsibilities,tasks and timing Awareness of problems, opportunities and threats Essential marketing information may have been missing if implementation is not carefully controlled by managers, the plan is worthless!
- 26. Cautionary notes foreffective planning Don’t blindly rely on mathematical and statistical calculations. Use your judgement as well Don’t ever assume that past trends can be exploited into the future forever if drawing conclusions from statistical data, make sure the sample size is sufficiently large
- 27. Analyzing Marketing OpportunitiesThe Company’s Microenvironment The Company’s Macro environment
- 28. Micro Environment Thecompany Suppliers Marketing Intermediaries Customers Competitors Publics
- 29. Macro Environment DemographyEconomic Environment Natural Environment Technological Environment Political Environment Cultural Environment
- 30. Marketing Information systemIt consists of people , equipment and procedures to gather , sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers
- 31. Marketing Information SystemProcess Analysis Planning Implementation Control Marketing Environment Target Markets Marketing Channels Competitors Publics Macro environment Forces Assessing Information Needs Distributing & Using Information Marketing Information System Internal database Marketing Intelligence Marketing Research Information analysis Marketing Managers and other info users Developing Needed Information
- 32. Internal Records Theorder to payment cycle Sales Information Systems Databases, Data-warehousing and data-mining
- 33. Marketing Intelligence Itis a set of procedures and sources managers use to obtain everyday information about developments in the market environment. Sources: Books, newspapers, trade publications, stake holders, internet, discussion groups, blogs etc
- 34. How to improvemarket intelligence?
- 35. Train & motivatethe sales force to spot new developments Motivate intermediaries to pass information Network Externally: trade shows, conferences etc Government data resources Information from outside suppliers Online customer feedback
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