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
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
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.