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V47 Ch2 Dev Marketing Strategies Lesley Yu

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  • 1. Chapter 2 Developing Marketing Strategies and Plans - - - - - - - - - Marketing and Customer Value Marketing is about satisfying consumer’s needs and wants.. 1) A new view in business process that places marketing at the beginning of planning. Companies see themselves as part of the value delivery process, which consists of 3 phases. Choosing the Value, Providing the value and Communicating the value. 2) The Value Chain is a tool for identifying ways to create more customer value. The success of a firm not only depends on how well a department performs together but also its ability to look for competitive advantages beyond its own operations. Firms partner with other companies to create a supply chain. 3) Core Competencies results in core products that enable value creation in the end products. Core competencies arise from the integration of multiple technologies and the coordination of diverse product skills. 4) A holistic marketing framework integrates 3 key elements; Value Exploration, Value Creation and Value Delivery. 5) The Marketing Plan is the central instrument for directing and coordinating the marketing efforts. The marketing plan operates at 2 levels; Strategic and Tactical. - - - - - - - - - Corporate & Division Strategic Planning 6) All companies undertake 4 planning activities to set their goals and strategies. Defining the Corporate Mission, Establishing strategic business units (SBU), Assigning resource to each SBU, Assessing growth opportunities. 7) A company’s organization consists of its structures, policies and corporate culture. Adapting the culture is often the key to successfully implementing a new strategy. 8) Innovation in marketing is critical in finding new imaginative ideas on strategy making. Fresh ideas can be generated from 3 groups of people that are underrepresented. Employees with youthful perspectives, employees that are removed from company headquarters, and employees who are new to the industry. - - - - - - - - - Business Unit Strategic Planning 9) The business unit strategic -planning process consists of 7 steps. The Business Mission, SWOT Analysis, Goal formulation, Strategy formulation, Program formulation, Implementation and Feedback and Control. - - - - - - - - - Product Planning 10) Product Planning requires a marketing plan for each individual product for it to be able to reach its product objectives. A marketing plan contains; Executive summary and table of contents, Situational analysis, Marketing strategy, Financial projections, and Implementation controls.

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