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What is strategic planning?
It's the process of creating and maintaining a fit between the organizations objectives and resources and evolving market opportunities
What is the purpose of a marketing plan?
- Where are we?
- Where do we want to go?
- How do we get there?
- How do we know got what we wanted?
Marketing Plan Structure
- Business mission statement.
- Space situation or swot analysis.
- Marketing strategy.
- Implementation evaluation control.
What is the mission statement?
- The mission statement needs to state what business we are in.
- It should also focus on the market that will serve and the benefits that we will offer it needs to be just right.
- If it's too broad personal guidance to narrow this a marketing myopia
What is marketing myopia?
Example: the railroad industry, saw themselves as just a railroad business rather than in the transportation business.
What is the purpose of a SWOT analysis?
Its the situation analysis where the company determines where stands on four key strategic areas to better determine what changes to make.
What are the four factors of the swot analysis?
- Are they internal or external? Favorable or unfavorable?
What are some of the organizational analysis? Weaknesses and strengths we can examine.
- Value of the brand and customer base.
- Products service portfolio.
- Financial resources.
What does it mean to have a competitive advantage?
It's how we can be perceived as better than the competition.
What are the sources of competitive advantage?
- Niche strategy
What is marketing plan objectives?
Objectives give direction and strategy plan and provide a yardstick for follow-up.
What are the requirements for good objectives?
- time specific
- compared to a benchmark
What is an example of an objective?
toyota for 50% of the global automobile market by 2010
What is a marketing strategy?
Market strategy focuses on who we should target and how to appeal to that target market. We create a competitive offering using the marketing mix elements of four p's
What is the implementation stage?
Is the process of developing specific marketing actions based on the strategy and objectives. detailed job assignments, timelines, and budgets should be documented.
During the implementation stage what should be documented?
- Job assignments
Why is the evaluation and control stage necessary?
It is necessary to ensure the objectives are reached
In the evaluation and control stage what should happen?
There should be continuous follow-ups and marketing audits.
What is the purpose of the strategic opportunity matrix?
The purpose is to identify growth opportunities.
What is the purpose of the BCG portfolio matrix?
The purpose is to analyze the performance of the company's different units and to determine in which to invest more or less.
What are the four components of the Strategic Opportunity Matrix?
- Market Penetration
- Product Development
- Market Development
Why Enviromental Scanning?
SWOT analysis needs to be based on thorough and up to date understanding of the environment.
What are the environmental forces?
- Social factors
- demographic factors
- economic factors
- psychological factors
- political and legal factors
- competitive factors
What are social and cultural factors?
Values: strongly held and enduring beliefs. Example environmentalism
Attitudes: position toward specific objects and issues. Example fast food is bad.
Lifestyles: how we live our lives. Example active outdoors lifestyle
What are component lifestyles?
Component lifestyles is the practice of choosing goods and services that meet was diverse needs and interests rather than conforming to a single traditional lifestyle.
What are demographic factors?
Vital statistics describing people such as age, gender, race, ethnicity,occupation and location.
Are demographics good?
They are good but not perfect. They are only predictors of consumer buying behavior
Americans reaching higher levels of education is what?
It is a demographic trend.
Households becoming smaller more single person households is what?
It is a demographic trend.
What are economic factors?
- Employment level,
- income levels,
- state of the economy(GDP),
- purchasing power
Economic factors answer what question?
How much consumers willing to spend.
Employment levels, income levels, state of the economy, purchasing power are factors of what?
Economic factors, which answer how much consumers willing to spend
What are technological factors and what can you technology do?
- New technology can
- improve a company's products,
- enable new products,
- make some products obsolete,
- improve how marketers interact with consumers
What does the FDA do?
The FDA enforces regulations against selling hazardous foods and drug products.
What does the CPSC do?
The Consumer Product Safety Commission protects consumers in and and around their homes. They can set mandatory safety standards. They can fine companies and ban products.
What does the FTC do?
The goal of the Federal Trade Commission is to prevent unfair methods in competition.
In competitive factors how can companies avoid marketing myopia?
Companies need to analyze competitors from the consumer viewpoint.
A competitive analysis should include both direct and indirect competitors. true or false?
When considering competitive factors, what should we ask about each competitor?
We need to analyze their size, strength, weaknesses, growth rate and competitive edge