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strategic market planning

strategic market planning

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  • 1. Chapter 20 Strategic Marketing Planning Basic Marketing Presentation by Muhammad Faisal Preston University, Islamabad
  • 2. Chapter Goals
    • To gain an understanding of:
    • The nature and scope of planning and how it fits within the management process
    • Similarities and differences among mission, objectives, strategies and tactics
    • The essential difference between strategic company planning and strategic marketing planning
    • The steps involved in strategic marketing planning
    • The purpose and contents of an annual marketing plan
    • How planning models can be useful aids in developing a marketing program
  • 3. PLANNING Analyze situation Set goals Select strategies and tactics IMPLEMENTATION Organize Staff Direct EVALUATION Compare performance with goals Feedback, so management can adapt future plans and their implementation to the changing environment The Management Process
  • 4. Strategic Marketing Management
    • strategic management involves planning, implementation, and evaluation
    • implies ongoing revision of the marketing program, based upon feedback
    • consistent with the firm’s mission statement and based upon clear goals and objectives
    • strategies suggest how firm will reach its goals
    • tactics relate to how strategies will be implemented
    • policies guide how the firm does business
  • 5. Strategic company planning 1. Define org. mission 2. Conduct situation analysis 3. Set org. objectives 4. Select appropriate strategies Strategic marketing planning 1. Conduct situation anal. 2. Develop marketing obj. 3. Determine positioning and differential advantage 4. Select target markets, measure market demand 5. Design strategic marketing mix Annual marketing planning Prepare annual marketing plan for each major product and company division PLANNING SEQUENCE IMPLEMENTATION AND EVALUATION
  • 6. Strategic Marketing Planning
    • strategic planning is based upon what is happening in the firm’s environment
    • matches resources with the opportunities, changes, and characteristics of the marketplace
    • must be consistent with the firm’s mission
    • objectives must be actionable and measurable
    • formulation of objectives is often based upon an analysis of strengths, weaknesses, opportunities, and threats (SWOT)
  • 7. The Planning Process
    • involves carrying out a situational analysis; often including a SWOT analysis
    • setting realistic marketing objectives
    • determining strategies for positioning and for gaining a differential advantage on competitors
    • selection of appropriate target market segments and an assessment of market demand
    • identifying a strategic marketing mix that will appeal to the target segments
  • 8. Annual Marketing Planning
    • short-term plan prepared for a firm’s major functions
    • summarizes strategies that will be used to achieve specific objectives over the year
    • points out other activities that must be performed in implementation and evaluation
    • outlines who is responsible and what resources are to be made available
    • represents a “road map” to guide marketing activity over the coming year
  • 9. Contents of the Annual Plan
    • executive summary
    • situation analysis -- including resources
    • objectives tailored to organizational goals
    • strategies relating to segments and marketing mix
    • tactics --activities to carry out strategies
    • financial schedules -- projections
    • timetable to guide implementation
    • evaluation of performance against goals
  • 10. Strategic Business Units (SBU)
    • To make planning more effective, a large, diverse organization may divide itself into smaller planning units called Strategic Business Units
    • The unit should:
      • Be a separately identifiable business
      • Have a distinct mission
      • Have separate competitors
      • Have a separate group of executives charged with profit responsibility
      • Have its own strategic plan
  • 11. The Boston Consulting Group Matrix
    • Using this model, a strategic business unit (SBU) can be classified according to two factors: its market share relative to competitors, and the growth rate of the industry in which the SBU operates.
    • The resulting 2 x 2 grid has 4 quadrants that represent distinct categories of major products.
    • Each category is assigned a name that reflects its market share, industry growth rate, cash needs, and appropriate strategies.
  • 12. Stars Cash cows Dogs Question marks High Low High Low COMPANY’S MARKET SHARE INDUSTRY GROWTH RATE
  • 13. Product-Market Growth Matrix
    • growth requires examination of both products and markets; what needs changing?
    • Should you stay and fight? Or should you forge an alliance to meet the challenge?
      • market penetration : sell more of present products/services to present markets
      • market development : sell present products to new markets or segments
      • product development : new products/services for existing markets
      • diversification : new products to new markets
  • 14. PRESENT PRODUCTS PRESENT MARKETS NEW PRODUCTS NEW MARKETS Market penetration Market development Product development Diversification The product-market growth matrix depicts the options available in considering markets and products. Product Market Growth Matrix