3 Strategic Planning by Top Management Business MissionStrategic Planning Matches an Organization’s Resources and Capabilities to its Market Opportunities for Long-Term Growth and Survival.SWOT AnalysisOrganizational Goals & ObjectivesBusiness PortfolioGrowth Strategies
4 Strategic Planning: Define the Business Mission How should wedevelop the firm’scapabilities?What businessare we in?A Mission Statement Describes the Organization's Overall PurposeWhat products &benefits can wecreate for ourcustomers?What customersshould we serve?
5 Strategic Planning: Evaluate the Environment: SWOT Analysis Assessment of Organization’s Internal &External EnvironmentsInternal EnvironmentIdentify Strengths & Weaknesses in Firm’sEmployees, Technologies,Facilities, Finances, etc.External Environment Identify Opportunities & Threats to a Firm From Consumers, Competitors, the Economy, etc.
6 Strategic Planning: Set Organizational Goals and Objectives Objectives (Goals) are specific accomplishments or outcomes that an organization hopes to achieve by a specific time.Direct outgrowth of the mission statement.May relate to:revenue/sales, profitability, ROI, orinnovation, customer relations, etc.
7 Strategic Planning: Establish the Business Portfolio Different Products Owned by a Larger Firm.
9 Tactical (Marketing) Planning by Middle Management Evaluate Marketing EnvironmentTactical Planning Concentrates on Developing Detailed Plans for Strategies and Tactics for the Short Term that Support an Organization’s Long-Term Strategic Plan.Set Marketing ObjectivesDevelop Marketing Strategies
10 Creating a Competitive Advantage A competitive advantage is the ability of a firm to outperform the competition, providing customers with a benefit the competition can’t. How?Step 1. Identify distinctive competency (firm’s capability superior to that of its direct competition).Step 2. Turn a distinctive competency into a differential benefit (one that is important to customers).
11 Evaluating the Marketing Environment and Setting Objectives Setting Marketing ObjectivesSales ObjectivesProduct-Oriented ObjectivesMarket Objectives
12 Developing Marketing Strategies Selecting a TargetMarketMarketing Strategies-Activities to Achieve the MarketingObjectivesDeveloping the Marketing Mix
13 Developing Marketing Mix Programs Product StrategiesPricing StrategiesDecisions about Product Design, Packaging, Branding, Positioning, and Features.Determines What Specific Price a Firm Charges for a Product.How Marketers Communicate Product Benefits and Features to Target Market.Promotion StrategiesOutlines How, When, and Where the Firm Makes the Product Available to Customers.Distribution Strategies
14 Preparing a Marketing Plan Situation AnalysisMarketing Problems and OpportunitiesMarketing ObjectivesControl PlansContingency PlansMarketing StrategiesMarketing Action PlansImplementation Plans
15 Implementing the Marketing Plan Strategies are Put Into Actionon a Day-to-Day Basis Through:Marketing BudgetsTotal amount of moneyspent on marketing, andAllocation of money foreach activity under themarketer’s control, suchas for:product developmentpromotional activitiesOrganizing theMarketing FunctionFunctional StructureGeographic StructureProduct Structure
16 Controlling the Marketing Plan Measuring Actual Performance, Comparing it to Planned Performance, and Making Necessary Changes in Plans and Implementation.Trend AnalysisMarketing ResearchMarketing Audit