Foundations

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Strategic Marketing Mangement

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Foundations

  1. 1. FOUNDATIONS OF STRATEGIC MARKETING MANAGEMENT Marketing 3349
  2. 2. Strategic Marketing Management <ul><li>Defining: </li></ul><ul><ul><li>A Company’s Business </li></ul></ul><ul><ul><li>A Company’s Mission </li></ul></ul><ul><ul><li>A Company’s Goals </li></ul></ul>
  3. 3. A Company’s Business <ul><ul><li>Types of Customers </li></ul></ul><ul><ul><li>Needs of Customers </li></ul></ul><ul><ul><li>Means or Technology </li></ul></ul><ul><ul><li>Customer Satisfaction Focused </li></ul></ul>
  4. 4. A Company’s Mission <ul><ul><li>Written Statement </li></ul></ul><ul><ul><li>Scope of Operation </li></ul></ul><ul><ul><li>Management’s Vision </li></ul></ul><ul><ul><li>Guidance for Market and Product Evaluation </li></ul></ul><ul><ul><li>Inspire and Challenge Employees </li></ul></ul>
  5. 5. A Company’s Business Goals <ul><ul><li>Converts Mission into Tangible Action </li></ul></ul><ul><ul><li>Three Types: </li></ul></ul><ul><ul><ul><li>Production </li></ul></ul></ul><ul><ul><ul><li>Marketing </li></ul></ul></ul><ul><ul><ul><li>Financial </li></ul></ul></ul><ul><ul><li>Problem Centered and Future Oriented </li></ul></ul><ul><ul><li>Arise from Situation Analysis </li></ul></ul>
  6. 6. Converting Opportunities <ul><li>What Might We Do? </li></ul><ul><ul><li>Environmental Opportunity </li></ul></ul><ul><li>What Do We Do Best? </li></ul><ul><ul><li>Distinctive Competency </li></ul></ul><ul><li>What Must We Do? </li></ul><ul><ul><li>Success Requirements </li></ul></ul>
  7. 7. S.W.O.T. Analysis <ul><li>Strengths </li></ul><ul><ul><li>Distinctive Competency </li></ul></ul><ul><li>Weaknesses </li></ul><ul><ul><li>Obstacles to Opportunities </li></ul></ul><ul><li>Opportunities </li></ul><ul><ul><li>Environmental Opportunity </li></ul></ul><ul><li>Threats </li></ul>
  8. 8. Product-Market Strategies <ul><li>Market-Penetration </li></ul><ul><ul><li>Expand Market Share </li></ul></ul><ul><li>Market-Development </li></ul><ul><ul><li>Enter New Markets </li></ul></ul><ul><li>Product-Development </li></ul><ul><ul><li>New Product Offerings </li></ul></ul><ul><li>Diversification </li></ul><ul><ul><li>Create or Acquire New Products/Service </li></ul></ul><ul><ul><li>Offer to New Markets </li></ul></ul>
  9. 9. Bases for Strategy Selection <ul><li>Market Data </li></ul><ul><ul><li>Size </li></ul></ul><ul><ul><li>Buying Behavior </li></ul></ul><ul><ul><li>Requirements </li></ul></ul><ul><li>Environmental Forces Data </li></ul><ul><ul><li>Social (women in workforce) </li></ul></ul><ul><ul><li>Legal (new legislation) </li></ul></ul><ul><ul><li>Political (deregulation) </li></ul></ul><ul><ul><li>Economic (shifts in income) </li></ul></ul>
  10. 10. Bases for Strategy Selection <ul><li>Competitive Activity </li></ul><ul><ul><li>Evaluate Current Strategies </li></ul></ul><ul><ul><li>Consider Alternative Strategies </li></ul></ul><ul><li>Cost/Benefit Analysis </li></ul><ul><ul><li>Cost to Implement Strategy </li></ul></ul><ul><ul><li>Benefit of Strategy </li></ul></ul><ul><ul><li>Probability of Success </li></ul></ul>
  11. 11. Strategy Selection <ul><li>A.T. Kearney Probabilities </li></ul><ul><li>Decision Tree Analysis </li></ul><ul><ul><li>Possible Actions </li></ul></ul><ul><ul><li>Competitive Reactions </li></ul></ul><ul><ul><li>Resultant Outcomes </li></ul></ul>
  12. 12. Designing The Marketing Mix <ul><li>Kind of Product </li></ul><ul><li>Marketing Communications </li></ul><ul><li>Channel Strategy </li></ul><ul><li>Pricing Strategy </li></ul>
  13. 13. Budgeting of Resources <ul><li>Operating Budget </li></ul><ul><ul><li>Pro-Forma Income Statement (In the Future) </li></ul></ul><ul><ul><li>Revenues, Expenses and Profits </li></ul></ul><ul><li>Financial Budget </li></ul><ul><ul><li>Impact on Corporate Cash </li></ul></ul><ul><ul><li>From Operations </li></ul></ul><ul><ul><li>Capital Expenditures </li></ul></ul>
  14. 14. Budgeting of Resources <ul><li>Special Budgets </li></ul><ul><ul><li>Sales Forecast </li></ul></ul><ul><ul><li>Marketing Communications </li></ul></ul><ul><li>“ What-If” Scenarios </li></ul><ul><ul><li>Budget Variations tied to Different strategies </li></ul></ul><ul><ul><li>Demonstrate Varying Outcomes </li></ul></ul><ul><ul><li>Help Support Strategy Selection </li></ul></ul>
  15. 15. Reformulation and Recovery Strategies <ul><li>Strategies often Must Change in Mid-Course </li></ul><ul><li>The Marketing Audit </li></ul><ul><ul><li>Comprehensive and systematic Review </li></ul></ul><ul><ul><ul><li>Marketing Environment </li></ul></ul></ul><ul><ul><ul><li>Objectives and Strategies </li></ul></ul></ul><ul><ul><ul><li>Tactical Activities </li></ul></ul></ul><ul><ul><li>Discovering Problem Areas and Opportunities </li></ul></ul>
  16. 16. Reformulation and Recovery Strategies <ul><li>The Marketing Audit </li></ul><ul><ul><li>Recommend a Plan to Improve Performance </li></ul></ul><ul><li>Strategic Fit and Operational Performance </li></ul><ul><ul><li>Are we doing the right things? </li></ul></ul><ul><ul><li>Are we doing things right? </li></ul></ul>
  17. 17. Reformulation and Recovery Strategies <ul><li>Forces Consideration of “What-Ifs” </li></ul><ul><ul><li>Impact on Strategy of Internal and External Changes </li></ul></ul><ul><ul><li>Relationship of Assumptions to Results </li></ul></ul><ul><li>Leads to Contingency Plans </li></ul><ul><ul><li>Speeds Reaction Time </li></ul></ul>
  18. 18. Ethics and Social Responsibility <ul><li>Just Because It’s Legal… </li></ul><ul><li>Executives Serve Many Stakeholders </li></ul><ul><li>All Marketing Strategy Has an Element of Moral Judgement </li></ul>

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