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Strategic marketing planning

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  • Movies – entertainment Cars – transportation Cosmetics - hope
  • Scope – industry, product and applications,competence,market segment,vertical,geographical
  • Transcript

    • 1. Marketing Process & Strategic Marketing Planning II Module BBA
    • 2. Marketing Process Model Understanding 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 Strategic Planning?
      • 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 go about it?
      • Defining the corporate mission
      • Establishing SBUs
      • Allocating resources for SBUs
      • Planning for new business
    • 5. Corporate Mission
      • This seeks 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 that the 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
      • Industry is a customer satisfying process not a goods producing process.
      • It is important therefore how you redefine your business.
    • 8. Good mission statements have 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 is a 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 Matrix Mkt Share Mkt growth ??? Stars Dogs Cash Cows
    • 12. SBU strategies
      • Build
      • Hold
      • Harvest
      • Divest
    • 13. The GE Model Business Strength Mkt Attractiveness Strong Medium Weak Strong Medium Weak
    • 14. Ansoff’s Product-Market Grid Current products New products Current Mkts New Mkts Mkt penetration strategy Mkt development strategy Product development strategy Diversification strategy
    • 15. The SBU Planning Process
      • Analyzing Market opportunities
      • Developing Marketing strategies
      • Program Formulation & Implementation
      • Marketing Control
    • 16. SWOT Analysis
      • Strengths
      • Weaknesses
      • Opportunities
      • Threats
    • 17. Porter’s Generic Strategies
      • Overall cost leadership
      • Product Differentiator
      • Focus
    • 18. Overall Cost Leadership
      • This 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
      • Differentiate the 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
      • The firm 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 and structure 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 marketing planning 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 the marketing 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 marketing planning
      • 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 for effective 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 Opportunities
      • The Company’s Microenvironment
      • The Company’s Macro environment
    • 28. Micro Environment
      • The company
      • Suppliers
      • Marketing Intermediaries
      • Customers
      • Competitors
      • Publics
    • 29. Macro Environment
      • Demography
      • Economic Environment
      • Natural Environment
      • Technological Environment
      • Political Environment
      • Cultural Environment
    • 30. Marketing Information system
      • It 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 System Process 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
      • The order to payment cycle
      • Sales Information Systems
      • Databases, Data-warehousing and data-mining
    • 33. Marketing Intelligence
      • It is 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 improve market intelligence?
    • 35.
      • Train & motivate the 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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