Strategic planning involves determining long-term objectives and courses of action at the top management level, while tactical planning focuses on shorter-term and more specific activities overseen by middle management. Marketing planning begins with establishing a mission statement and objectives at the corporate level before assessing strengths, weaknesses, opportunities, and threats through a SWOT analysis. An effective marketing strategy identifies a target market and uses elements of the marketing mix like product, distribution, promotion, and pricing to satisfy customer needs.

1. Strategic Planning in Contemporary MarketingChapter 2Intro to Marketing

2. StrategicDetermining the primary objectives then adopting courses of actionLong term plansTop management involvedTacticalSpecific activitiesShorter term – quarterly or semi annuallyMiddle managementOperationalDaily and weekly plansSupervisorsStrategic vs. Tactical Planning

3. Implementing planning activities devoted to achieving marketing objectivesEstablishes the basis for any marketing strategyMarketing Planning

4. Begins at the corporate level with the Mission StatementMission is the reason for being in businessDetermine Organizational ObjectivesExample: 12% increase in sales by 2014Assessing Organizational Resources & Evaluate Risks and OpportunitiesSWOT AnalysisStrategic WindowSteps in the Marketing Process

5. The idea that the first company to offer a product in a marketplace will be the long-term market winner.Second Mover StrategyThey observe first movers, and improve on them1st Mover Strategy

6. Target MarketThe group of people toward whom the firm decides to direct its marketing efforts, goods, and servicesHow does a company satisfy their target market?Elements of a Marketing Strategy

7. Marketing Mix VariablesProduct StrategyThe good, service or ideaThe package design, brand name, warrantiesFirst mover StrategyDistribution StrategyModes of transportation, selection of marketing channelTechnology has opened new channels of distribution

8. Marketing Mix VariablesPromotional StrategyMessages through salespeople, ads, or other promotionsMust match the target marketPricing StrategySetting profitable and justifiable pricesSubject to public scrutiny