Topic 2: Introduction to Strategic Marketing

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Another resource from uneOpen – the first open online site to offer credit towards a university degree. Enrol now at https://www.uneopen.com/

Another resource from uneOpen – the first open online site to offer credit towards a university degree. Enrol now at https://www.uneopen.com/

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  • 1. Week 1Week 1Topic 2:Introduction toStrategic Marketing
  • 2. “If you fail to plan, you are planning to fail.”Strategic Planning: The process of developing and maintaining a strategic fit between theorganisation’s goals and capabilities and its changing marketingopportunities.Topic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 3. 1. Mission Statement Should be market oriented rather than product oriented Focus on basic needs Should be realistic and specific. Based on distinctive competencies. Should be motivating.2. Setting company objectives and goals.Topic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 4. 3. Designing the business portfolioAnalyze the current business portfolioDevelop growth strategies for adding new products to the portfolio.a. Portfolio analysis: tools to identify each SBU and evaluate theattractiveness of various SBUs.Two dimensions – attractiveness and strength.BCG Matrix or Growth Share Matrix: SBUs follows life cycle.b. Marketing must identify, evaluate and select market opportunities andlay down strategies for capturing them.Product market expansion grid.Topic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 5. 4. Planning cross-functional strategiesMarketing’s role in strategic planning Guiding philosophy Providing input Designing strategiesMarketing and the other business functionsCross-functional conflictTopic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 6.  The Marketing Process1. Situational analysis of the marketing environment2. Setting marketing goals3. Selection of the marketing strategy4. Marketing plan implementationTopic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 7. Situational Analysis of the MarketingEnvironmentThe dimensions of a situation analysis include:1.The broad product market2.Competitor activity and offerings3.Firm’s own activity and offeringsTopic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 8. Setting Marketing Goals To be effective, the goals should be stated asspecifically as possible. Include timeframe and magnitude.Topic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 9. Selection of the Marketing StrategyA marketing strategy comprises two tiers:A general competitive marketing strategy – the upper tierFour specific sets of strategies related to each of the elementsof the marketing mix (product, price, place, and promotion) –the lower tierTopic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 10. Competitive Position and corresponding strategiesinclude:Market leader strategiesMarket challenger strategiesMarket follower strategiesMarket nicher strategiesTopic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 11. General Competitive Marketing Strategies include:Product differentiationOverall cost leadershipMarket focusTopic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 12. Marketing Plan Implementation and Feedback It is important to link strategic and tactical marketing Need to link low-tier marketing strategiesTopic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 13. Market controlOperating controlStrategic controlMarketing auditTopic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing
  • 14. Thank You!Thank You!Topic 2:Topic 2:Introduction to Strategic MarketingIntroduction to Strategic Marketing