The document discusses business and marketing planning, noting that business planning is an ongoing process to prepare for the future and reach goals in the short and long term, while a marketing plan details marketing strategies, objectives, and responsibilities. It also discusses the importance of strategic planning in identifying opportunities and matching competencies to market needs, as well as the role of ethics and a company's mission and vision in guiding planning. The levels of planning within an organization should be integrated to benefit the whole.
The document provides an overview of Next Lifesciences, a strategic marketing firm that helps life sciences companies gain a competitive advantage. It discusses their approach of conducting primary research to understand customer needs, developing focused strategies and tactics, and executing innovative marketing plans. Examples are given of case studies where they helped clients increase funding, sales, and market share. The firm utilizes expert networks to tailor solutions for each client, and is led by the experienced president Dr. Anthony Jones.
Syed Hashmi has over 10 years of experience in business development, sales, marketing, and operations roles. His experience includes business development manager roles at Miracle Software Systems and sales promoter roles at Nokia, where he performed tasks like market research, lead generation, sales reporting, and relationship management. He also has experience in financial services roles conducting investment advice and business operations roles at Axis Arepro involving tasks like requirements gathering, purchasing, and customer service.
This document provides guidance on formulating a winning business strategy. It discusses identifying opportunities and threats, key success factors, and conducting a SWOT analysis to understand internal strengths and weaknesses. The document also outlines evaluating a company's current strategy, identifying alternatives, and choosing elements of a new strategy to maximize opportunities while building on strengths. The goal is to develop a strategy with clear goals and policies that fits the company's resources and environment to outperform competitors.
The document provides details on the person's two most recent roles and key accomplishments. As Director at Sanofi, they led new culture and value rollouts. As Associate Director at Merck, they led sales incentives, commercialization strategies, and operational excellence projects. Their accomplishments include rapid market share growth, strategy changes that increased revenue, and improving engagement survey metrics within their teams.
The document discusses Innoversant, a consulting firm that provides services to help companies enter and expand in the Indian market. It outlines the complexity of developing an effective entry strategy for India given its diverse states and regulatory landscape. Innoversant understands these challenges and works as a trusted partner with clients on business strategy, market research, sourcing, and other services to successfully establish and grow their operations in India.
Competitive environment analysis including customer usage & attitude research, measuring competitors, suppliers analysis, trends analysis
Internal analysis including operational process evaluation, customer service program evaluation, CRM evaluation
External analysis including SWOT analysis summarizing weaknesses, strengths, opportunities, threats
Core deliverable of current customer profile analysis by category
This provides a strategic diagnostic roadmap of the business climate including internal/external assessments and SWOT analysis to inform growth strategies.
The document provides details on the person's two most recent roles and leadership experience across business, sales, marketing, and people management functions. It lists responsibilities held as Director at Sanofi including new culture and values rollout, and as Associate Director at Merck including sales incentives, commercialization strategy, and operational excellence. Key accomplishments highlighted brand leadership, market share growth, strategy changes resulting in increased sales, and business and people-focused results including survey metrics improvements and cost reductions.
The document provides an overview of Next Lifesciences, a strategic marketing firm that helps life sciences companies gain a competitive advantage. It discusses their approach of conducting primary research to understand customer needs, developing focused strategies and tactics, and executing innovative marketing plans. Examples are given of case studies where they helped clients increase funding, sales, and market share. The firm utilizes expert networks to tailor solutions for each client, and is led by the experienced president Dr. Anthony Jones.
Syed Hashmi has over 10 years of experience in business development, sales, marketing, and operations roles. His experience includes business development manager roles at Miracle Software Systems and sales promoter roles at Nokia, where he performed tasks like market research, lead generation, sales reporting, and relationship management. He also has experience in financial services roles conducting investment advice and business operations roles at Axis Arepro involving tasks like requirements gathering, purchasing, and customer service.
This document provides guidance on formulating a winning business strategy. It discusses identifying opportunities and threats, key success factors, and conducting a SWOT analysis to understand internal strengths and weaknesses. The document also outlines evaluating a company's current strategy, identifying alternatives, and choosing elements of a new strategy to maximize opportunities while building on strengths. The goal is to develop a strategy with clear goals and policies that fits the company's resources and environment to outperform competitors.
The document provides details on the person's two most recent roles and key accomplishments. As Director at Sanofi, they led new culture and value rollouts. As Associate Director at Merck, they led sales incentives, commercialization strategies, and operational excellence projects. Their accomplishments include rapid market share growth, strategy changes that increased revenue, and improving engagement survey metrics within their teams.
The document discusses Innoversant, a consulting firm that provides services to help companies enter and expand in the Indian market. It outlines the complexity of developing an effective entry strategy for India given its diverse states and regulatory landscape. Innoversant understands these challenges and works as a trusted partner with clients on business strategy, market research, sourcing, and other services to successfully establish and grow their operations in India.
Competitive environment analysis including customer usage & attitude research, measuring competitors, suppliers analysis, trends analysis
Internal analysis including operational process evaluation, customer service program evaluation, CRM evaluation
External analysis including SWOT analysis summarizing weaknesses, strengths, opportunities, threats
Core deliverable of current customer profile analysis by category
This provides a strategic diagnostic roadmap of the business climate including internal/external assessments and SWOT analysis to inform growth strategies.
The document provides details on the person's two most recent roles and leadership experience across business, sales, marketing, and people management functions. It lists responsibilities held as Director at Sanofi including new culture and values rollout, and as Associate Director at Merck including sales incentives, commercialization strategy, and operational excellence. Key accomplishments highlighted brand leadership, market share growth, strategy changes resulting in increased sales, and business and people-focused results including survey metrics improvements and cost reductions.
The document discusses a strategy called the 3C Strategy to help a company maintain sustainable long-term growth. The 3Cs stand for Correct, Change, and Create. The Correct approach involves reorganizing departments. The Change approach uses a hybrid business model. The Create approach focuses on expanding into the hotel market through partnerships. The strategy aims to establish new revenue streams while enhancing operations through the 3Cs to achieve long-term growth.
This white paper discusses how to assess an organization's readiness for implementing Marketing Operations (MO). MO is an emerging discipline that can significantly increase marketing performance and accountability. The paper provides a checklist for determining if a company is a good candidate for MO based on characteristics like market dynamics, budget size, and process maturity. It also outlines common pain points MO can address, such as a lack of strategy, difficulty measuring ROI, and siloed functions. Finally, the paper presents an ideal vision of marketing's contribution with MO as a creative, results-driven function that helps define strategy and leads customer experience.
The document discusses key analyses that can help managers drive growth, including a MAP analysis to understand where growth is occurring compared to plans, a capacity vs opportunity analysis to determine if the sales organization is properly sized and structured to capture opportunities, and a territories gains vs losses analysis to identify high performing territories. The analyses require strong data and provide insights to adjust sales strategies, organizations, and execution.
This document discusses how only a small percentage of companies achieve fast growth, breaking through barriers to the next stage of development. It identifies that ambitious growth targets, product and service innovation, strong international outlook, and partnerships are characteristics of fast growing companies. The primary condition for breakthrough is excellence in attitude, market insights, and managing the growth process through clear goals and an iterative feedback loop. Growth must be carefully managed through four steps, with a focus on execution to deliver results and outperform competitors. Different growth stages require focusing on different aspects such as validating the business concept, building management capabilities, or expanding production and sales.
Here are some potential opportunities and intentions to avoid common pitfalls:
- Focus on creating unique value for customers rather than trying to be the best
- Target underserved customer needs rather than competing on price alone
- Consider all stakeholders' interests, not just power/profit battles between parties
- Leverage core competencies to their fullest rather than spreading resources too thin
- Build on existing strengths and adapt to changes, rather than disruptive transformations
- Pursue opportunities aligned with your mission that you can realistically achieve
The key is to identify opportunities where you can create differentiated value for customers in a sustainable way, given your strengths and environment, rather than unrealistic aspirations to be the best or disrupt at all costs.
1. The document discusses strategies that high-growth insurance agencies use to build a successful sales culture and high-performance sales engine, including producer recruiting, sophisticated service staff, defined agency value propositions, and clearly communicated producer expectations.
2. It recommends agencies focus on recruiting proven sales professionals from other industries, use personality testing and accountability tracking to identify the best candidates. Having a sophisticated service staff allows producers to focus on new sales.
3. Defining the agency's value proposition and communicating producer expectations are also discussed as important elements of success. The overall message is that agencies need to take control of growth rather than being passive in today's challenging economic environment.
Hena Enterprises provides retail business solutions and support for companies looking to enter the Indian market. It offers a full range of services from developing marketing strategies, partner identification and due diligence, office set up, legal entity formation, and ongoing management support. Hena Enterprises guides clients through the entire process of market entry and establishing a business presence in India.
This document provides information about sponsors and logistics for the ProductCampBoston 2011 event. It lists Platinum, Gold, and Silver sponsors. It also provides information about connecting on social media platforms related to the event and using the event WiFi network. The document promotes additional sponsors and upcoming related events.
Logica is a leading IT and business services company operating globally with 39,000 employees across 36 countries. It provides business consulting, systems integration, and outsourcing services. Logica works closely with customers to help them increase efficiency, accelerate growth, and manage risk through applying industry knowledge, technical excellence, and global delivery expertise. Logica is listed on the London Stock Exchange and Euronext. More information is available at www.logica.com.
This information outlines what it takes to make a World Class sales force by understanding the types of
salespeople and how to measure their specific sales “DNA” to optimize performance.
This document summarizes the services provided by Focus To Grow to help companies achieve sales growth. They take a holistic three-step approach using market research, inbound marketing, and sales enablement. Their services include prospect attraction planning, lead generation websites, sales enablement training, and business model innovation consulting. They have expertise across multiple industries and can help stalled companies increase their sales and leads.
The document discusses the services provided by IIHT-Friedman Group, a retail consulting and training company with a global presence. Some key points:
- IIHT-Friedman Group was founded in 1980 and offers consulting, training, and other services to retailers worldwide to increase sales and improve customer service.
- Their services include business audits, job documentation, policy writing, accountability systems, and staff evaluations to assess operations and develop customized solutions for clients.
- They have worked with retailers across 12 international markets for nearly 30 years and aim to help align operations with strategies to achieve clients' financial goals.
This document discusses strategic management and business planning. It begins by outlining the importance of writing a business plan to organize thoughts, attract investors, and understand the business. The document then defines strategic management as the art and science of formulating, implementing, and evaluating cross-functional decisions to achieve objectives. It distinguishes between strategic management, which includes strategy formulation, implementation, and evaluation, and strategic planning, which refers primarily to strategy formulation. The rest of the document provides details on key aspects of strategic management, including environmental scanning, strategy formulation, implementation, and evaluation and control.
The document outlines the key concepts and components of strategic market management. It discusses business strategy, sustainable competitive advantage, strategic business units, and the different concepts in strategic marketing management. The production concept, product concept, selling concept, marketing concept, and holistic marketing concept are explained. Finally, the components of strategic market management are listed as analyzing the current situation, assessing opportunities, identifying target markets, setting goals, developing strategies, creating an implementation timeline, and establishing a marketing budget.
The document contains checklists for creating business plans and sales plans tailored to different audiences and purposes. It provides concise guidance on conveying critical information to stakeholders regarding a company's market opportunity, team, operations, finances, and growth strategy. The checklists help increase success rates and focus on the most essential details needed for different scenarios like securing own financing, angel investing, or venture capital.
The document contains checklists for creating business plans and sales plans tailored to different audiences and purposes. It provides concise guidance on conveying critical information to stakeholders regarding a company's market opportunity, team, operations, finances, and growth strategy. The checklists help increase success rates and focus on the most essential details needed for different scenarios like securing own financing, angel investing, or venture capital.
This document provides an introduction to marketing presented by Dr. Brian Monger. It discusses:
1. MAANZ International, the organization providing the presentation, which has operated for over 25 years offering marketing courses, memberships, and publications.
2. An overview of marketing, defining it as the exchange of value between parties to satisfy human wants. Marketing plays a significant role in society and effective management is essential for organizational success.
3. The key components of any organization's business including a market, a value proposition/product, operations, and management to produce and offer a product for exchange.
This document provides guidance on creating an effective business plan. It discusses the benefits of a business plan, including focusing ideas, creating a management track, identifying milestones, and attracting investors. The business plan should analyze strengths, weaknesses, opportunities, and threats. It should also demonstrate a source of value, a team that can execute the plan, and a sustainable product/service position. Getting input from professionals can enhance the business plan and chances of success.
This is a great toolbox of slides for putting together a strategic planning or business planning presentation - either in businesses or as a consultant. It took ages to collect this all and put in one place.
The document discusses a strategy called the 3C Strategy to help a company maintain sustainable long-term growth. The 3Cs stand for Correct, Change, and Create. The Correct approach involves reorganizing departments. The Change approach uses a hybrid business model. The Create approach focuses on expanding into the hotel market through partnerships. The strategy aims to establish new revenue streams while enhancing operations through the 3Cs to achieve long-term growth.
This white paper discusses how to assess an organization's readiness for implementing Marketing Operations (MO). MO is an emerging discipline that can significantly increase marketing performance and accountability. The paper provides a checklist for determining if a company is a good candidate for MO based on characteristics like market dynamics, budget size, and process maturity. It also outlines common pain points MO can address, such as a lack of strategy, difficulty measuring ROI, and siloed functions. Finally, the paper presents an ideal vision of marketing's contribution with MO as a creative, results-driven function that helps define strategy and leads customer experience.
The document discusses key analyses that can help managers drive growth, including a MAP analysis to understand where growth is occurring compared to plans, a capacity vs opportunity analysis to determine if the sales organization is properly sized and structured to capture opportunities, and a territories gains vs losses analysis to identify high performing territories. The analyses require strong data and provide insights to adjust sales strategies, organizations, and execution.
This document discusses how only a small percentage of companies achieve fast growth, breaking through barriers to the next stage of development. It identifies that ambitious growth targets, product and service innovation, strong international outlook, and partnerships are characteristics of fast growing companies. The primary condition for breakthrough is excellence in attitude, market insights, and managing the growth process through clear goals and an iterative feedback loop. Growth must be carefully managed through four steps, with a focus on execution to deliver results and outperform competitors. Different growth stages require focusing on different aspects such as validating the business concept, building management capabilities, or expanding production and sales.
Here are some potential opportunities and intentions to avoid common pitfalls:
- Focus on creating unique value for customers rather than trying to be the best
- Target underserved customer needs rather than competing on price alone
- Consider all stakeholders' interests, not just power/profit battles between parties
- Leverage core competencies to their fullest rather than spreading resources too thin
- Build on existing strengths and adapt to changes, rather than disruptive transformations
- Pursue opportunities aligned with your mission that you can realistically achieve
The key is to identify opportunities where you can create differentiated value for customers in a sustainable way, given your strengths and environment, rather than unrealistic aspirations to be the best or disrupt at all costs.
1. The document discusses strategies that high-growth insurance agencies use to build a successful sales culture and high-performance sales engine, including producer recruiting, sophisticated service staff, defined agency value propositions, and clearly communicated producer expectations.
2. It recommends agencies focus on recruiting proven sales professionals from other industries, use personality testing and accountability tracking to identify the best candidates. Having a sophisticated service staff allows producers to focus on new sales.
3. Defining the agency's value proposition and communicating producer expectations are also discussed as important elements of success. The overall message is that agencies need to take control of growth rather than being passive in today's challenging economic environment.
Hena Enterprises provides retail business solutions and support for companies looking to enter the Indian market. It offers a full range of services from developing marketing strategies, partner identification and due diligence, office set up, legal entity formation, and ongoing management support. Hena Enterprises guides clients through the entire process of market entry and establishing a business presence in India.
This document provides information about sponsors and logistics for the ProductCampBoston 2011 event. It lists Platinum, Gold, and Silver sponsors. It also provides information about connecting on social media platforms related to the event and using the event WiFi network. The document promotes additional sponsors and upcoming related events.
Logica is a leading IT and business services company operating globally with 39,000 employees across 36 countries. It provides business consulting, systems integration, and outsourcing services. Logica works closely with customers to help them increase efficiency, accelerate growth, and manage risk through applying industry knowledge, technical excellence, and global delivery expertise. Logica is listed on the London Stock Exchange and Euronext. More information is available at www.logica.com.
This information outlines what it takes to make a World Class sales force by understanding the types of
salespeople and how to measure their specific sales “DNA” to optimize performance.
This document summarizes the services provided by Focus To Grow to help companies achieve sales growth. They take a holistic three-step approach using market research, inbound marketing, and sales enablement. Their services include prospect attraction planning, lead generation websites, sales enablement training, and business model innovation consulting. They have expertise across multiple industries and can help stalled companies increase their sales and leads.
The document discusses the services provided by IIHT-Friedman Group, a retail consulting and training company with a global presence. Some key points:
- IIHT-Friedman Group was founded in 1980 and offers consulting, training, and other services to retailers worldwide to increase sales and improve customer service.
- Their services include business audits, job documentation, policy writing, accountability systems, and staff evaluations to assess operations and develop customized solutions for clients.
- They have worked with retailers across 12 international markets for nearly 30 years and aim to help align operations with strategies to achieve clients' financial goals.
This document discusses strategic management and business planning. It begins by outlining the importance of writing a business plan to organize thoughts, attract investors, and understand the business. The document then defines strategic management as the art and science of formulating, implementing, and evaluating cross-functional decisions to achieve objectives. It distinguishes between strategic management, which includes strategy formulation, implementation, and evaluation, and strategic planning, which refers primarily to strategy formulation. The rest of the document provides details on key aspects of strategic management, including environmental scanning, strategy formulation, implementation, and evaluation and control.
The document outlines the key concepts and components of strategic market management. It discusses business strategy, sustainable competitive advantage, strategic business units, and the different concepts in strategic marketing management. The production concept, product concept, selling concept, marketing concept, and holistic marketing concept are explained. Finally, the components of strategic market management are listed as analyzing the current situation, assessing opportunities, identifying target markets, setting goals, developing strategies, creating an implementation timeline, and establishing a marketing budget.
The document contains checklists for creating business plans and sales plans tailored to different audiences and purposes. It provides concise guidance on conveying critical information to stakeholders regarding a company's market opportunity, team, operations, finances, and growth strategy. The checklists help increase success rates and focus on the most essential details needed for different scenarios like securing own financing, angel investing, or venture capital.
The document contains checklists for creating business plans and sales plans tailored to different audiences and purposes. It provides concise guidance on conveying critical information to stakeholders regarding a company's market opportunity, team, operations, finances, and growth strategy. The checklists help increase success rates and focus on the most essential details needed for different scenarios like securing own financing, angel investing, or venture capital.
This document provides an introduction to marketing presented by Dr. Brian Monger. It discusses:
1. MAANZ International, the organization providing the presentation, which has operated for over 25 years offering marketing courses, memberships, and publications.
2. An overview of marketing, defining it as the exchange of value between parties to satisfy human wants. Marketing plays a significant role in society and effective management is essential for organizational success.
3. The key components of any organization's business including a market, a value proposition/product, operations, and management to produce and offer a product for exchange.
This document provides guidance on creating an effective business plan. It discusses the benefits of a business plan, including focusing ideas, creating a management track, identifying milestones, and attracting investors. The business plan should analyze strengths, weaknesses, opportunities, and threats. It should also demonstrate a source of value, a team that can execute the plan, and a sustainable product/service position. Getting input from professionals can enhance the business plan and chances of success.
This is a great toolbox of slides for putting together a strategic planning or business planning presentation - either in businesses or as a consultant. It took ages to collect this all and put in one place.
Developing A Strategic Business Plan Part 1 (Pages 1 36)Earl Stevens
The document provides an overview of developing a strategic business plan in 3 sentences:
It discusses the importance of strategic planning, defining corporate mission and objectives, conducting environmental scans and SWOT analyses, identifying core competencies, and determining strategies to achieve a competitive advantage. Key aspects of strategic plans are setting a vision and values, assessing resources, and establishing goals and tactics to fulfill the organization's mission in a changing market.
"Translating Strategy to Measureable Actions... from PowerPoint to PracticeNidal Bitar
Be amongst 200+ senior executives who will particpate in "Translating Strategy to Measureable Actions... from PowerPoint to Practice on May 18th... for more info, please visit: www.translatingstrategy.scopi.org
Strategy Consulting provides strategic planning, management consulting, and business performance technology services. They help companies improve performance through strategic tools and the most user-friendly performance tracking software. Their services are delivered to boards, businesses, and executives in industries like consumer products, healthcare, technology, and more. They have experience working with large global companies.
Paul Writer is an advisory firm that helps clients develop marketing, branding, and communications strategies. The firm was founded by Jessie Paul, an expert in brand internationalization and frugal marketing. Paul Writer brings expertise in both offline and online marketing innovations to help reposition brands in a cost-effective manner. The firm's services include marketing strategy design, implementation reviews, professional development, and assisting with a client's marketing function. Paul Writer's approach to developing a marketing strategy involves discovery, positioning, expression, and action.
This document discusses the need for marketing accountability and outlines steps to implement it. It notes that few marketers define clear objectives for campaigns, spend time on media strategy, or generate positive ROI. Marketers are seen as unfocused and irresponsible by CEOs. The document advocates demonstrating financial ROI, being business savvy, setting KPIs, measuring performance, and learning skills to sustain accountability. It provides examples of companies with aligned marketing and sales outperforming others and lists 6 steps to implement accountability, including defining goals and metrics and setting up governance. The overall message is that accountability is needed for marketing to be an effective business driver.
When leaders confuse visions, missions, purposes, plans, or goals for the real work of strategy, they send their firms adrift. They must first address five much more fundamental--and difficult--questions. Among these: What business or businesses should your company be in? Who are your target customers? What are your value propositions to those customers? And perhaps most importantly, what will be your differentiating capabilities?
The document provides an overview of marketing concepts including definitions of marketing, the evolution of marketing approaches over time, key terminologies, and debates around whether marketing creates or satisfies needs. It discusses segmentation, targeting, and positioning (STP) as part of the marketing strategy, and the 4Ps (product, price, place, promotion). It also covers topics like SWOT analysis, situational analysis including environmental and internal analysis, marketing objectives and programs, budgets, and controls. The document is intended to educate attendees on fundamental marketing concepts and strategies over the course of a multi-hour workshop.
This presentation defines Business Strategy, explains it's importance and also outlines steps to define the same for one's organisation or client group.
It is based on Jay Galbraith's STAR Model
Not getting the results you want your design may be wrongThe BrainLink Group
Poor organisation design accounts for 50% of strategy failures. There are seven key questions to evaluate an organisation's design: 1) Do market segments reflect customer needs? 2) Do value propositions deliver outcomes for each segment? 3) Is there clear ownership of each customer segment? 4) Is there accountability for each value proposition? 5) Have you defined how the organisation is structured around customers or value propositions? 6) Should you try to create one culture or allow different cultures for different segments? 7) Is the organisation design changing as quickly as the market? Regularly reviewing these questions can help ensure the organisation is optimally configured to implement its strategy.
The document discusses marketing communication and promotional planning. It describes the traditional one-way communication model and the newer many-to-many model enabled by technology and social media. The traditional promotional mix including advertising, sales promotion, public relations, and personal selling is also covered. Finally, the document outlines the five steps of developing a promotional plan: establishing objectives and strategies, selecting target markets, determining budgets, designing the promotional mix, and evaluating effectiveness.
The document discusses key concepts in retailing including defining retailing and different types of retailers. It covers the retail life cycle and factors that influence the future of retailing like technology, demographics, and globalization. The document also examines the importance of store image and elements retailers use to create a desirable image like store design, atmospherics, layout, visual merchandising, and pricing.
The document discusses supply chain management and distribution channels. It defines supply chain management as managing flows among firms to maximize profits, and defines distribution channels as the series of firms that facilitate moving products from producers to customers. It also discusses channel functions like transportation and storage, and different types of channels like consumer and business-to-business channels. The document concludes by discussing logistics and inventory control.
The document discusses the rise of social media marketing and provides statistics on current and projected spending. It defines social media marketing and lists common goals. Examples are given of successful social media campaigns by Mountain Dew and Old Spice. Key aspects of social media marketing identified are engaging and communicating with audiences, allowing consumer feedback, and leveraging user-generated content for promotional efforts.
This document discusses marketing services and intangible offerings. It describes the key characteristics of services, including intangibility, perishability, variability and inseparability. It also discusses classifying services on a continuum from core to augmented. Measuring service quality using tools like SERVQUAL and managing the service environment or "servicescape" are also covered. The importance of effective service recovery when problems arise is also highlighted.
This document discusses product and branding strategies. It covers the product life cycle (PLC) model which explains how market response and marketing activities change over a product's lifetime. The PLC includes introduction, growth, maturity, and decline stages. Branding is also discussed as creating relationships with customers through symbols, names, and unique identifiers for products. Strong brands have high brand equity which provides a pricing premium over generic competitors. Packaging is also mentioned as an important part of branding that protects products and communicates with customers.
Chapter 13 - Advertising, PR and Consumer Sales PromotionsNicholsb1
This document provides an overview of advertising, public relations, and consumer sales promotions. It discusses the major types of advertising and the criticisms of advertising. The document describes the process of developing an advertising campaign, including setting objectives, creating the message, pretesting ads, choosing media, and evaluating the campaign. It also explains the role of public relations and the steps to develop a PR campaign. Finally, the document defines sales promotions and describes various types of consumer sales promotion techniques.
The document discusses various principles of pricing, including:
1) Pricing is the assignment of value for a good or service that customers must pay to acquire it. Price captures some of the value created and is an important marketing lever.
2) Non-monetary costs like time, convenience and psychological factors influence customer perceptions of value and must be considered in pricing.
3) Developing pricing strategies requires understanding demand, costs, competitors and evaluating the business environment. Common strategies include cost-based, demand-based, yield management and competition-based approaches.
The document summarizes key aspects of business-to-business marketing including characteristics of B2B markets and demand, different buying situations, and the business buying decision process. It describes how B2B demand differs from consumer demand in being derived, inelastic, and fluctuating. It also outlines the 5 steps in the business buying decision process - problem recognition, information search, evaluation of alternatives, selection of product/supplier, and post-purchase evaluation.
This idea may undermine the ritual and community experience that is core to Starbucks' mission and brand identity. Portable Starbucks does not seem compatible. Let's generate other ideas that enhance rather than detract from their core value proposition.
The document discusses market segmentation, targeting, and positioning. It covers identifying different customer segments based on variables like demographics, behaviors, and preferences. Marketers evaluate these segments to select the most attractive ones to target. They then develop positioning strategies to create competitive advantage by developing products and messages tailored to meet the specific needs of targeted segments. The goal is to increase long-term success and profits through customer relationship management.
The document provides an overview of consumer behavior and the factors that influence purchasing decisions. It defines consumer behavior and outlines the 5 stages of the purchase decision process. It then describes various internal factors, such as motivation, learning, perceptions, attitudes, and personal characteristics like demographics and psychographics. Finally, it discusses situational influences on consumer behavior, including physical environment, social groups, culture, rituals and values, and opinion leaders. The document is presenting information on consumer purchasing behaviors and the factors that marketers consider when developing advertising and marketing strategies.
Here are drawings of reliability and validity:
Reliability: Validity:
___________ ___________
The length and consistency of the line represents reliability - doing the same measurement repeatedly and getting consistent results.
The circle represents validity - measuring what you intended to measure. Ensuring your measurement is actually measuring the construct you want to measure.
The chapter discusses how globalization and new technologies have integrated ideas, information, products, services and cultures worldwide. It explains that the internet, advanced technologies, multiculturalism and multinational brands have contributed to a "flat world". The chapter then outlines the global market decision process firms go through, including analyzing whether to enter foreign markets and which markets to target. It also discusses factors like world trade flows, economic communities, and how the external business environment influences marketing strategies.
The document discusses the concepts of marketing, including how marketing aims to identify and satisfy customer needs and wants through products and services that provide benefits to customers, organizations, and society. It explains that marketing involves activities like product development, promotion, distribution, and pricing to create, communicate, deliver, and exchange value for all involved parties. The document also differentiates between needs, which fulfill basic physiological requirements, and wants, which are culturally and socially influenced desires to satisfy needs in specific ways.
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Easily Verify Compliance and Security with Binance KYCAny kyc Account
Use our simple KYC verification guide to make sure your Binance account is safe and compliant. Discover the fundamentals, appreciate the significance of KYC, and trade on one of the biggest cryptocurrency exchanges with confidence.
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The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
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Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
2. Objectives
• Understand what business planning means
• Understand the big picture in business and
marketing planning
• Understand the strategic planning process
• Understand the steps in marketing planning
3. Business Planning
Business planning is an ongoing process of preparing for the
future, then taking steps to reach goals in the short and long term. It
guides the entire organization.
- helps managers make decisions in a changing business environment.
A Marketing Plan is a document that details and describes the
marketing environment, marketing strategies and objectives, and
identifies who is responsible for carrying out tasks. It should cover all
of the 4 P’s.
Consider Ethical decisions up front.....
See the marketing plan outline pullout in your book!
4. Marketing Ethics
Business Ethics are basic values that guide a firm’s behavior and
influence it’s business planning.
Codes of Ethics help firms avoid confusion on the right or wrong
decision. These set of standards should be followed by everyone in the
organization.
5. Marketing Ethics
Business Ethics are basic values that guide a firm’s behavior and
influence it’s business planning.
Codes of Ethics help firms avoid confusion on the right or wrong
decision. These set of standards should be followed by everyone in the
organization.
neral
ics under the “Ge
AMA Code of Eth that
point #2, it states
Norms” section in ting
oster trust in the marke
“Marketers must f k of any marketpla
ce
thin
system.” Can you seems blurred by
a
is line
exa mples in which th duct category? Th
at
or pro
pa rticular company are any companie
s out
there
is , do you feel that ” of being trustworthy
?
there that “walk the line
6. Marketing Ethics
Business Ethics are basic values that guide a firm’s behavior and
influence it’s business planning.
Codes of Ethics help firms avoid confusion on the right or wrong
decision. These set of standards should be followed by everyone in the
organization.
Consider this...
neral
ics under the “Ge
AMA Code of Eth that
point #2, it states
Norms” section in ting
oster trust in the marke
“Marketers must f k of any marketpla
ce
thin
system.” Can you seems blurred by
a
is line
exa mples in which th duct category? Th
at
or pro
pa rticular company are any companie
s out
there
is , do you feel that ” of being trustworthy
?
there that “walk the line
7. Three Levels of
Business Planning
• Strategic Planning (including SBU’s)
• Functional Planning
• Operational Planning
All business planning is an integrated activity. This means that the organization’s
strategic, functional, and operational plans must work together for the benefit of the
whole.
10. Strategic Planning
What is strategy?
+ Identify opportunities
+ Match competencies with
market needs
11. Strategic Planning
What is strategy?
+ Identify opportunities + Long-term course of action
+ Match competencies with + Managerial Processes
market needs + Seeks long-term growth & $$
12. Strategic Planning
What is strategy?
+ Identify opportunities + Long-term course of action
+ Match competencies with + Managerial Processes
market needs + Seeks long-term growth & $$
Driven by Corporate Mission/Vision
13. Strategic Planning
What is strategy?
+ Identify opportunities + Long-term course of action
+ Match competencies with + Managerial Processes
market needs + Seeks long-term growth & $$
Driven by Corporate Mission/Vision
Dell is committed to being a good neighbor in the communities we call
home. We must continue to grow responsibly – protecting our natural
resources and practicing sustainability in all its forms – and improve
the communities where we live and work through our financial and
volunteer efforts
14. Strategic Planning
What is strategy?
+ Identify opportunities + Long-term course of action
+ Match competencies with + Managerial Processes
market needs + Seeks long-term growth & $$
Driven by Corporate Mission/Vision
Dell is committed to being a good neighbor in the communities we call
A mission describes the overall purpose of
home. We must continue to grow responsibly – protecting our natural
the organization and what it intends to
resources and practicing sustainability in all its forms – and improve
the communities where we live and work through our financial and
achieve in terms of products, customers, &
volunteer efforts
resources
15. Mission Statements
The mission of Big Brothers/Big Sisters of America is to make a positive
difference in the lives of children and youth, primarily through a
professionally-supported, one-to-one relationship with a caring adult, and to
assist them in achieving their highest potential as they grow to become
confident, competent, and caring individuals, by providing committed
volunteers, national leadership and standards of excellence
Patagonia: Build the best product, cause no unnecessary harm, use business
to inspire and implement solutions to the environmental crisis.
Google's mission: to organize the world's information and make it universally accessible
and useful.
18. Strategy & Planning
What is it we
really do?
What business are
we really in??
19. Strategy & Planning
What is it we
really do?
What business are
we really in??
20. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
What is it we
really do?
What business are
we really in??
21. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
What is it we
really do?
Specific
Measurable
What business are
we really in??
Attainable
Relevant
Time-based
22. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
What is it we
really do?profit
Specific
Measurable
What business are
we really in??
Attainable
Relevant
Time-based
23. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
What is it we
really do?profit
Mkt
Specific Share
Measurable Efficiency
What business are
we really in??
Attainable
Relevant
Time-based
24. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
What is it we
really do?profit
Mkt
Specific Share
Measurable Efficiency
What business are
we really in??
Attainable
Relevant quality
Time-based
25. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
Competencies?
What are we really
What is it we
good at?
really do?profit
Mkt
Specific Share
Measurable Efficiency
What business are
we really in??
Attainable
Relevant quality
Time-based
26. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
Competencies?
What are we really
What is it we
good at?
really do?profit
Mkt
Specific Share
Measurable Efficiency
What business are
we really in??
Attainable
Relevant quality
Time-based
27. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
Competencies?
What are we really
What is it we
good at?
really do?profit
Mkt
Specific Share
Measurable Efficiency
What business are
we really in??
Attainable
Relevant quality
Time-based
28. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
Competencies?
What are we really
What is it we
good at?
really do?profit
Mkt
Specific Share
Measurable Efficiency
What business are
we really in??
Attainable
Relevant quality
Time-based
29. Strategy & Planning
+ Identify opportunities
+ Match competencies with
market needs
Competencies?
What are we really
What is it we
good at?
really do?profit
Mkt
Specific Share
Measurable Efficiency
What business are
we really in??
Attainable
Relevant quality
Time-based
32. Steps in Strategic Planning
Internal
Where have we been,
External
and where are we
going??
33. Steps in Strategic Planning
Internal
Where have we been,
Usually @ the
functional level.
External
and where are we
going??
(marketing, finance,
logistics)
34. Steps in Strategic Planning
Internal
Where have we been,
External
and where are we
going??
35. S.W.O.T.
Strengths/weakness: are internal to the firm,
controllable factors that influence performance.
Employee capital, financial stability, customer loyalty, corporate
relationships, ability to predict market changes...
Opportunity/threat: are external to the firm,
uncontrollable environmental factors.
Economic factors, global marketplace trends, competition,
technology, laws & regulations
36. S.W.O.T.
Strengths/weakness: A are internal to the firm,
comprehensive influence performance.
controllable factors that SWOT
analysis gives you insights
Employee capital, financial stability, customer loyalty, corporate
into how to improve firmmarket changes...
relationships, ability to predict
performance and how to take
advantage of current or
Opportunity/threat: are external to the firm,
projected opportunities
uncontrollable environmental factors.
& avoid threats.
Economic factors, global marketplace trends, competition,
technology, laws & regulations
38. Strategic Planning...
Have distinct target
markets, competitors,
objectives, profits, and
competencies.
Analyze the portfolio
39. Strategic Planning...
Have distinct target
markets, competitors,
objectives, profits, and
competencies.
Analyze the portfolio
40. Strategic Planning...
Have distinct target
markets, competitors,
objectives, profits, and
competencies.
Analyze the portfolio
41. Strategic Planning...
Have distinct target
markets, competitors,
objectives, profits, and
competencies.
Analyze the portfolio
42. Strategic Planning...
Have distinct target
High
Stars Question Marks markets, competitors,
objectives, profits, and
competencies.
Market Growth Rate
Cash Cows Dogs
Analyze the portfolio
Low
High Low
Relative Market Share
43. Strategic Planning...
Have distinct target
High
Stars Question Marks markets, competitors,
objectives, profits, and
competencies.
Market Growth Rate
Cash Cows Dogs
Analyze the portfolio
iPad?
Low iPhone?
High Low MacBook Air?
Relative Market Share iPod?
44. Strategic Planning...
High
Analyzing the target
Have distinct portfolio
Stars Question Marks markets, competitors,
gives managers insights
objectives, profits, and
into the SBU’s
competencies.
performance, fit with
Market Growth Rate
missions, and needs for
Cash Cows Dogs
Analyze the portfolio
resources.
iPad?
Low iPhone?
High Low MacBook Air?
Relative Market Share iPod?
45. Strategic Planning...
Have distinct target
Stars - generate revenue, but are
Analyzing thepromote. portfolio
High costly to produce &
Stars Question Marks markets, competitors,
gives managers insights
objectives, profits, and
Cash Cows - needs minimal
into the other products.
SBU’s
funding, profits feed
competencies.
performance, fit with
Market Growth Rate
Dogs - specialized products in
missions, and needs for
limited markets, are often sold off
Cash Cows Dogs
Analyze the portfolio
resources.
Question Marks - “problem
children”, some fail to compete, but
iPad?
can be improved.. Most products
Low start here. iPhone?
High Low MacBook Air?
Relative Market Share iPod?
52. Market Planning
Set Develop Market
SWOT
Objectives Strategies
Specific to the brand Select target market
or SBU; tactical
objectives to meet the Marketing mix strategies
overall strategy Product
Price
Implement Promo
/Control Place
Monitor marketing activities Responsibility
Calculate returns (ROI) Budget
Time LInes
53. Market Planning
Set Develop Market
SWOT
Objectives Strategies
Specific to the brand Select target market
or SBU; tactical
objectives to meet the Marketing mix strategies
overall strategy Product
Price
Implement Promo
/Control Place
Monitor marketing activities A target market
Responsibility
Budget
is ??
Calculate returns (ROI)
Time LInes
54. Market Planning
Set Develop Market
SWOT
Objectives Strategies
Specific to the brand Select target market
or SBU; tactical
objectives to meet the Marketing mix strategies
overall strategy Product
Price
Implement Promo
/Control Place
Monitor marketing activities Responsibility
Calculate returns (ROI) Budget
Time LInes
59. Beyond Products
“More than half of the participants didn’t see new products or services as the basis
of their competitive advantage; instead, they look to the introduction of new
business models”
Growth: cannot come only from product
innovation. Firms must figure out how to
offer new value propositions to customers.
The reason: today’s dynamic global
economy and intense competition.
How?: through business model
innovation.
WHAT’S THAT???
60. The Old Idea
R&D: If I build it they will come... Old business models relied on
improving products, advancing product-related technologies, and
giving customers new “widgets” that were better than their old
“widgets”.. Our pizza is cooler than their pizza.
Not Good Enough? Good enough for old markets.
Today’s customers are demanding, sensitive, and have
high switching propensities. Think about pizza? Are
you loyal to only one place?
61. New Innovation
Business model innovation: impacts
the enterprise holistically by doing normal
business functions in a new way.
Changing how Focusing on Become more
you interact with Supply-chain to flexible in today’s
customers. improve dynamic market.
efficiencies, reduce Change the way
Become costs, increase you handle all
“customer-centric” distribution business functions
by streamlining
them.
62. New Innovation
Business model innovation: impacts
the enterprise holistically by doing normal Changing how
business functions in a new way. you interact with
customers.
Focusing on
Supply-chain to
Become
Become more
flexible in today’s
improve
efficiencies, reduce
“customer-centric”
dynamic market.
Change the way
costs, increase you handle all
distribution business functions
by streamlining
them.
63. New Innovation
Business model innovation: impacts
the enterprise holistically by doing normal Changing how
business functions in a new way. you interact with
customers.
Focusing on
Supply-chain to
Become
Become more
flexible in today’s
improve
efficiencies, reduce
“customer-centric”
dynamic market.
Change the way
costs, increase you handle all
distribution business functions
by streamlining
them.
69. Be Customer Centric
Everything you do: in all areas of the business should have
the end-consumer in mind: Segmentation, logistical processes,
product ordering, customer service, shipping contractors,
Redefine the Redefine your Address Needs
customer market segments. surrounding the
experience. main product.
Ordering pizza Can your customer groupings
What else could Pizza Hut
Class registration change? For what reason?
offer?
Planning a movie date Catered parties for kids?
Not on demographics, maybe
“Party-to-go” delivery?
on technological savviness?
App users?
The title of Chapter 2 implies that businesses need to plan for a wide amount of factors in the marketplace in order to be successful and achieve an advantage in the marketplace. In today’s dynamic environment, strategic planning certainly does provide better tools and resources to help survive, compete, and thrive in the marketplace. \n\nIn this chapter, students learn that ethically sound strategic planning can take place at both the corporate and the SBU level in large firms and in a single stage in smaller businesses. Businesses conduct functional (including marketing) and operational planning. Successful businesses continually scan the organization’s internal environment and external business environment. By carefully following these strategies in an ethical manner, undeniably businesses can create their own advantage.\n\n
\n
Planning for the future is the key to prosperity. Business planning is an ongoing process of making decisions that guides the firm both in the short term and for the long term. Planning identifies and builds on a firm’s strengths, and it helps managers at all levels make informed decisions in a changing business environment.\n\nA business plan is a plan that includes the decisions that guide the entire organization.\n \nA marketing plan is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.\n\nChapter 2 includes a pullout template of a marketing plan students can use as they make your way through the book. The template provides a framework that will enable students to organize marketing concepts by chapter and create a solid marketing plan of their own. The back of the template has a world map. Encourage students to keep this pullout as a handy reference after the class. Use Appendix A at the end of the book (pages 532–543) to show students a sample marketing plan. \n\n\n
A list of highly publicized corporate scandals (Enron, WorldCom, Martha Stewart, & the U.S. mortgage banking industry meltdown) emphasize the importance of making ethical marketing decisions and raises the issue of how damaging unethical practices can be to society at large.\n\nhttp://www.businessweek.com/magazine/content/06_52/b4015155.htm\n\nEthics are rules of conduct—how most people in a culture judge what is right and what is wrong. Business ethics are basic values that guide a firm’s behavior.\n\nMany firms develop their own code of ethics—written standards of behavior to which everyone in the organization must\nsubscribe—as part of the planning process. These documents eliminate confusion about what the firm considers to be ethically acceptable behavior by its people, and also set standards for how the organization interacts with its stakeholders.\n
A list of highly publicized corporate scandals (Enron, WorldCom, Martha Stewart, & the U.S. mortgage banking industry meltdown) emphasize the importance of making ethical marketing decisions and raises the issue of how damaging unethical practices can be to society at large.\n\nhttp://www.businessweek.com/magazine/content/06_52/b4015155.htm\n\nEthics are rules of conduct—how most people in a culture judge what is right and what is wrong. Business ethics are basic values that guide a firm’s behavior.\n\nMany firms develop their own code of ethics—written standards of behavior to which everyone in the organization must\nsubscribe—as part of the planning process. These documents eliminate confusion about what the firm considers to be ethically acceptable behavior by its people, and also set standards for how the organization interacts with its stakeholders.\n
Strategic planning is the managerial decision process that matches the firm’s resources (such as its financial assets and workforce) and capabilities (the things it is able to do well because of its expertise and experience) to its market opportunities for long-term growth.\n\nStrategic business units (SBUs)—individual units representing different areas of business within a firm that are different enough to each have their own mission, business objectives, resources, managers, and competitors.\n\nThe next level of planning is functional planning (sometimes called “tactical planning”). This level gets its name because the various functional areas of the firm, such as marketing, finance, and human resources get involved. Vice presidents or functional directors usually do this. We refer to what the functional planning marketers do as marketing planning.\n\nOperational planning focuses on the day-to-day execution of the functional plans and includes detailed annual, semiannual, or quarterly plans.\n\n
Step 1: Define the Mission\nQuestions asked in this stage include: What business are we in? What customers should we serve? How should we develop the firm’s capabilities and focus its efforts? Answers to these questions become part of the mission statement, a formal document that describes the organization’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources. The ideal mission statement is not too broad, too narrow, or too shortsighted.\n
Step 1: Define the Mission\nQuestions asked in this stage include: What business are we in? What customers should we serve? How should we develop the firm’s capabilities and focus its efforts? Answers to these questions become part of the mission statement, a formal document that describes the organization’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources. The ideal mission statement is not too broad, too narrow, or too shortsighted.\n
Step 1: Define the Mission\nQuestions asked in this stage include: What business are we in? What customers should we serve? How should we develop the firm’s capabilities and focus its efforts? Answers to these questions become part of the mission statement, a formal document that describes the organization’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources. The ideal mission statement is not too broad, too narrow, or too shortsighted.\n
Step 1: Define the Mission\nQuestions asked in this stage include: What business are we in? What customers should we serve? How should we develop the firm’s capabilities and focus its efforts? Answers to these questions become part of the mission statement, a formal document that describes the organization’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources. The ideal mission statement is not too broad, too narrow, or too shortsighted.\n
Step 1: Define the Mission\nQuestions asked in this stage include: What business are we in? What customers should we serve? How should we develop the firm’s capabilities and focus its efforts? Answers to these questions become part of the mission statement, a formal document that describes the organization’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources. The ideal mission statement is not too broad, too narrow, or too shortsighted.\n
Step 1: Define the Mission\nQuestions asked in this stage include: What business are we in? What customers should we serve? How should we develop the firm’s capabilities and focus its efforts? Answers to these questions become part of the mission statement, a formal document that describes the organization’s overall purpose and what it hopes to achieve in terms of its customers, products, and resources. The ideal mission statement is not too broad, too narrow, or too shortsighted.\n
\n
\n
The title of Chapter 2 implies that businesses need to plan for a wide amount of factors in the marketplace in order to be successful and achieve an advantage in the marketplace. In today’s dynamic environment, strategic planning certainly does provide better tools and resources to help survive, compete, and thrive in the marketplace. \n\nIn this chapter, students learn that ethically sound strategic planning can take place at both the corporate and the SBU level in large firms and in a single stage in smaller businesses. Businesses conduct functional (including marketing) and operational planning. Successful businesses continually scan the organization’s internal environment and external business environment. By carefully following these strategies in an ethical manner, undeniably businesses can create their own advantage.\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Step 2: Evaluate the Internal and External Environment\nThis is referred to as a situation analysis, environmental analysis, or sometimes a business review. The analysis includes a discussion of the firm’s internal environment, which can identify a firm’s strengths and weaknesses, as well as the external environment in which the firm does business so the firm can identify opportunities and threats.\n\nThe internal environment is all controllable elements inside a firm that influence how well the firm operates. Examples include the firm’s people, its technologies, physical facilities, financial stability, and relationships with suppliers.\n\nThe external environment consists of elements outside the firm that may affect it either positively or negatively. The external environment for today’s businesses is global, so managers/marketers must consider elements such as the economy, competition, technology, law, ethics, and sociocultural trends. Unlike elements of the internal environment that management can control to a large degree, the firm can’t directly control these external factors, so management must respond to them through its planning process.\n\nStep 3: Set Organizational or SBU Objectives\nOrganizational objectives are a direct outgrowth of the mission statement and broadly identify what the firm hopes to accomplish within the general time frame of the firm’s long-range business plan. Objectives need to be specific, measurable, attainable, and sustainable. Objectives may relate to a number of elements such as revenue and sales, profitability, the firm’s standing in the market, or return on investment. \nWeb link: http://www.pg.com/en_US/products/all_products/index.shtml (Explore Procter & Gamble’s family of products)\n
Step 2: Evaluate the Internal and External Environment\nThis is referred to as a situation analysis, environmental analysis, or sometimes a business review. The analysis includes a discussion of the firm’s internal environment, which can identify a firm’s strengths and weaknesses, as well as the external environment in which the firm does business so the firm can identify opportunities and threats.\n\nThe internal environment is all controllable elements inside a firm that influence how well the firm operates. Examples include the firm’s people, its technologies, physical facilities, financial stability, and relationships with suppliers.\n\nThe external environment consists of elements outside the firm that may affect it either positively or negatively. The external environment for today’s businesses is global, so managers/marketers must consider elements such as the economy, competition, technology, law, ethics, and sociocultural trends. Unlike elements of the internal environment that management can control to a large degree, the firm can’t directly control these external factors, so management must respond to them through its planning process.\n\nStep 3: Set Organizational or SBU Objectives\nOrganizational objectives are a direct outgrowth of the mission statement and broadly identify what the firm hopes to accomplish within the general time frame of the firm’s long-range business plan. Objectives need to be specific, measurable, attainable, and sustainable. Objectives may relate to a number of elements such as revenue and sales, profitability, the firm’s standing in the market, or return on investment. \nWeb link: http://www.pg.com/en_US/products/all_products/index.shtml (Explore Procter & Gamble’s family of products)\n
Step 2: Evaluate the Internal and External Environment\nThis is referred to as a situation analysis, environmental analysis, or sometimes a business review. The analysis includes a discussion of the firm’s internal environment, which can identify a firm’s strengths and weaknesses, as well as the external environment in which the firm does business so the firm can identify opportunities and threats.\n\nThe internal environment is all controllable elements inside a firm that influence how well the firm operates. Examples include the firm’s people, its technologies, physical facilities, financial stability, and relationships with suppliers.\n\nThe external environment consists of elements outside the firm that may affect it either positively or negatively. The external environment for today’s businesses is global, so managers/marketers must consider elements such as the economy, competition, technology, law, ethics, and sociocultural trends. Unlike elements of the internal environment that management can control to a large degree, the firm can’t directly control these external factors, so management must respond to them through its planning process.\n\nStep 3: Set Organizational or SBU Objectives\nOrganizational objectives are a direct outgrowth of the mission statement and broadly identify what the firm hopes to accomplish within the general time frame of the firm’s long-range business plan. Objectives need to be specific, measurable, attainable, and sustainable. Objectives may relate to a number of elements such as revenue and sales, profitability, the firm’s standing in the market, or return on investment. \nWeb link: http://www.pg.com/en_US/products/all_products/index.shtml (Explore Procter & Gamble’s family of products)\n
Step 2: Evaluate the Internal and External Environment\nThis is referred to as a situation analysis, environmental analysis, or sometimes a business review. The analysis includes a discussion of the firm’s internal environment, which can identify a firm’s strengths and weaknesses, as well as the external environment in which the firm does business so the firm can identify opportunities and threats.\n\nThe internal environment is all controllable elements inside a firm that influence how well the firm operates. Examples include the firm’s people, its technologies, physical facilities, financial stability, and relationships with suppliers.\n\nThe external environment consists of elements outside the firm that may affect it either positively or negatively. The external environment for today’s businesses is global, so managers/marketers must consider elements such as the economy, competition, technology, law, ethics, and sociocultural trends. Unlike elements of the internal environment that management can control to a large degree, the firm can’t directly control these external factors, so management must respond to them through its planning process.\n\nStep 3: Set Organizational or SBU Objectives\nOrganizational objectives are a direct outgrowth of the mission statement and broadly identify what the firm hopes to accomplish within the general time frame of the firm’s long-range business plan. Objectives need to be specific, measurable, attainable, and sustainable. Objectives may relate to a number of elements such as revenue and sales, profitability, the firm’s standing in the market, or return on investment. \nWeb link: http://www.pg.com/en_US/products/all_products/index.shtml (Explore Procter & Gamble’s family of products)\n
A SWOT analysis, a summary of the ideas developed in the situation analysis, allows managers to focus clearly on the meaningful strengths (S) and weaknesses (W) in the firm’s internal environment and opportunities (O) and threats (T) coming from outside the firm (the external environment).\n
4.4Step 4: Establish the Business Portfolio\nFor companies with several different SBUs, strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives.\n\nJust as we call the collection of different stocks an investor owns a portfolio, the range of different businesses that a large firm operates is its business portfolio.\n\nPortfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide which of its current SBUs should receive more—or less—of the firm’s resources, and which of its SBUs are most consistent with the firm’s overall mission.\n\nThe BCG growth-market share matrix is one model managers use to assist in the portfolio management process. The BCG model focuses on determining the potential of a firm’s existing successful SBUs to generate cash that the firm can then use to invest in other businesses.\n\nSBUs are categorized as:\n\nStars are SBUs with products that have a dominant market\nshare in high-growth markets.\nCash cows have a dominant market share in a low-growthpotential market.\nQuestion marks—sometimes called “problem children”—are SBUs with low market shares in fast-growth markets.\nDogs have a small share of a slow-growth market.\n\n
4.4Step 4: Establish the Business Portfolio\nFor companies with several different SBUs, strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives.\n\nJust as we call the collection of different stocks an investor owns a portfolio, the range of different businesses that a large firm operates is its business portfolio.\n\nPortfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide which of its current SBUs should receive more—or less—of the firm’s resources, and which of its SBUs are most consistent with the firm’s overall mission.\n\nThe BCG growth-market share matrix is one model managers use to assist in the portfolio management process. The BCG model focuses on determining the potential of a firm’s existing successful SBUs to generate cash that the firm can then use to invest in other businesses.\n\nSBUs are categorized as:\n\nStars are SBUs with products that have a dominant market\nshare in high-growth markets.\nCash cows have a dominant market share in a low-growthpotential market.\nQuestion marks—sometimes called “problem children”—are SBUs with low market shares in fast-growth markets.\nDogs have a small share of a slow-growth market.\n\n
4.4Step 4: Establish the Business Portfolio\nFor companies with several different SBUs, strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives.\n\nJust as we call the collection of different stocks an investor owns a portfolio, the range of different businesses that a large firm operates is its business portfolio.\n\nPortfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide which of its current SBUs should receive more—or less—of the firm’s resources, and which of its SBUs are most consistent with the firm’s overall mission.\n\nThe BCG growth-market share matrix is one model managers use to assist in the portfolio management process. The BCG model focuses on determining the potential of a firm’s existing successful SBUs to generate cash that the firm can then use to invest in other businesses.\n\nSBUs are categorized as:\n\nStars are SBUs with products that have a dominant market\nshare in high-growth markets.\nCash cows have a dominant market share in a low-growthpotential market.\nQuestion marks—sometimes called “problem children”—are SBUs with low market shares in fast-growth markets.\nDogs have a small share of a slow-growth market.\n\n
4.4Step 4: Establish the Business Portfolio\nFor companies with several different SBUs, strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives.\n\nJust as we call the collection of different stocks an investor owns a portfolio, the range of different businesses that a large firm operates is its business portfolio.\n\nPortfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide which of its current SBUs should receive more—or less—of the firm’s resources, and which of its SBUs are most consistent with the firm’s overall mission.\n\nThe BCG growth-market share matrix is one model managers use to assist in the portfolio management process. The BCG model focuses on determining the potential of a firm’s existing successful SBUs to generate cash that the firm can then use to invest in other businesses.\n\nSBUs are categorized as:\n\nStars are SBUs with products that have a dominant market\nshare in high-growth markets.\nCash cows have a dominant market share in a low-growthpotential market.\nQuestion marks—sometimes called “problem children”—are SBUs with low market shares in fast-growth markets.\nDogs have a small share of a slow-growth market.\n\n
4.4Step 4: Establish the Business Portfolio\nFor companies with several different SBUs, strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives.\n\nJust as we call the collection of different stocks an investor owns a portfolio, the range of different businesses that a large firm operates is its business portfolio.\n\nPortfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide which of its current SBUs should receive more—or less—of the firm’s resources, and which of its SBUs are most consistent with the firm’s overall mission.\n\nThe BCG growth-market share matrix is one model managers use to assist in the portfolio management process. The BCG model focuses on determining the potential of a firm’s existing successful SBUs to generate cash that the firm can then use to invest in other businesses.\n\nSBUs are categorized as:\n\nStars are SBUs with products that have a dominant market\nshare in high-growth markets.\nCash cows have a dominant market share in a low-growthpotential market.\nQuestion marks—sometimes called “problem children”—are SBUs with low market shares in fast-growth markets.\nDogs have a small share of a slow-growth market.\n\n
4.4Step 4: Establish the Business Portfolio\nFor companies with several different SBUs, strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives.\n\nJust as we call the collection of different stocks an investor owns a portfolio, the range of different businesses that a large firm operates is its business portfolio.\n\nPortfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide which of its current SBUs should receive more—or less—of the firm’s resources, and which of its SBUs are most consistent with the firm’s overall mission.\n\nThe BCG growth-market share matrix is one model managers use to assist in the portfolio management process. The BCG model focuses on determining the potential of a firm’s existing successful SBUs to generate cash that the firm can then use to invest in other businesses.\n\nSBUs are categorized as:\n\nStars are SBUs with products that have a dominant market\nshare in high-growth markets.\nCash cows have a dominant market share in a low-growthpotential market.\nQuestion marks—sometimes called “problem children”—are SBUs with low market shares in fast-growth markets.\nDogs have a small share of a slow-growth market.\n\n
4.4Step 4: Establish the Business Portfolio\nFor companies with several different SBUs, strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives.\n\nJust as we call the collection of different stocks an investor owns a portfolio, the range of different businesses that a large firm operates is its business portfolio.\n\nPortfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide which of its current SBUs should receive more—or less—of the firm’s resources, and which of its SBUs are most consistent with the firm’s overall mission.\n\nThe BCG growth-market share matrix is one model managers use to assist in the portfolio management process. The BCG model focuses on determining the potential of a firm’s existing successful SBUs to generate cash that the firm can then use to invest in other businesses.\n\nSBUs are categorized as:\n\nStars are SBUs with products that have a dominant market\nshare in high-growth markets.\nCash cows have a dominant market share in a low-growthpotential market.\nQuestion marks—sometimes called “problem children”—are SBUs with low market shares in fast-growth markets.\nDogs have a small share of a slow-growth market.\n\n
4.4Step 4: Establish the Business Portfolio\nFor companies with several different SBUs, strategic planning includes making decisions about how to best allocate resources across these businesses to ensure growth for the total organization. Each SBU has its own focus within the firm’s overall strategic plan, and each has its own target market and strategies for reaching its objectives.\n\nJust as we call the collection of different stocks an investor owns a portfolio, the range of different businesses that a large firm operates is its business portfolio.\n\nPortfolio analysis is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide which of its current SBUs should receive more—or less—of the firm’s resources, and which of its SBUs are most consistent with the firm’s overall mission.\n\nThe BCG growth-market share matrix is one model managers use to assist in the portfolio management process. The BCG model focuses on determining the potential of a firm’s existing successful SBUs to generate cash that the firm can then use to invest in other businesses.\n\nSBUs are categorized as:\n\nStars are SBUs with products that have a dominant market\nshare in high-growth markets.\nCash cows have a dominant market share in a low-growthpotential market.\nQuestion marks—sometimes called “problem children”—are SBUs with low market shares in fast-growth markets.\nDogs have a small share of a slow-growth market.\n\n
Step 5: Develop Growth Strategies\nPart of the strategic planning at the SBU level entails evaluating growth strategies. The product-market growth matrix is used to analyze different growth strategies. The matrix provides four different fundamental marketing strategies.\n•Market penetration: increasing sales of existing products to existing markets.\n•Market development: introducing existing products to new markets.\n•Product development: selling new products in existing markets.\n•Diversification: emphasizing both new products and new markets to achieve growth.\n\n
Step 5: Develop Growth Strategies\nPart of the strategic planning at the SBU level entails evaluating growth strategies. The product-market growth matrix is used to analyze different growth strategies. The matrix provides four different fundamental marketing strategies.\n•Market penetration: increasing sales of existing products to existing markets.\n•Market development: introducing existing products to new markets.\n•Product development: selling new products in existing markets.\n•Diversification: emphasizing both new products and new markets to achieve growth.\n\n
Step 5: Develop Growth Strategies\nPart of the strategic planning at the SBU level entails evaluating growth strategies. The product-market growth matrix is used to analyze different growth strategies. The matrix provides four different fundamental marketing strategies.\n•Market penetration: increasing sales of existing products to existing markets.\n•Market development: introducing existing products to new markets.\n•Product development: selling new products in existing markets.\n•Diversification: emphasizing both new products and new markets to achieve growth.\n\n
Step 5: Develop Growth Strategies\nPart of the strategic planning at the SBU level entails evaluating growth strategies. The product-market growth matrix is used to analyze different growth strategies. The matrix provides four different fundamental marketing strategies.\n•Market penetration: increasing sales of existing products to existing markets.\n•Market development: introducing existing products to new markets.\n•Product development: selling new products in existing markets.\n•Diversification: emphasizing both new products and new markets to achieve growth.\n\n
Step 5: Develop Growth Strategies\nPart of the strategic planning at the SBU level entails evaluating growth strategies. The product-market growth matrix is used to analyze different growth strategies. The matrix provides four different fundamental marketing strategies.\n•Market penetration: increasing sales of existing products to existing markets.\n•Market development: introducing existing products to new markets.\n•Product development: selling new products in existing markets.\n•Diversification: emphasizing both new products and new markets to achieve growth.\n\n
The following steps are involved in the marketing planning process:\nStep 1: Perform a Situation Analysis\nThe first step in developing a marketing plan is for marketing managers to conduct an analysis of the marketing environment. To do this, managers build on the company’s SWOT analysis by searching out information about the environment that specifically affects the marketing plan.\nStep 2: Set Marketing Objectives\nMarketing objectives are specific to the firm’s brands, sizes, product features, and other marketing-mix elements\nStep 3: Develop Marketing Strategies\nMarketing strategies are decisions about what activities must be accomplished to achieve the marketing objectives. Usually this means deciding which markets to target and actually developing the marketing mix strategies (product, price, promotion, and place [supply chain]) to support how the product is positioned in the market.\nSelect a Target Market\nThe target market is the market segment(s) a firm selects because it believes its offerings are most likely to win those customers. The firm assesses the potential demand—the number of consumers it believes are willing and able to pay for its products—and decides if it is able to create a sustainable competitive advantage in the marketplace among target consumers.\n•Product strategies include decisions such as product design, packaging, branding, support services (such as maintenance), if there will be variations of the product, and what product features will provide the unique benefits targeted customers want.\n•The pricing strategy determines how much a firm charges for a product. In addition to setting prices for the final consumer, pricing strategies usually establish prices the company will charge to wholesalers and retailers. A firm may base its pricing strategies on costs, demand, or the prices of competing products.\n•A promotional strategy is how marketers communicate a product’s value proposition to the target market. Marketers use promotion strategies to develop the product’s message and the mix of advertising, sales promotion, public relations and publicity, direct marketing, and personal selling that will deliver the message.\n•Distribution strategies outline how, when, and where the firm will make the product available to targeted customers (the place component). In developing a distribution strategy, marketers must decide whether to sell the product directly to the final customer or to sell through retailers and wholesalers.\nStep 4: Implement and Control the Marketing Plan\nIn practice, marketers spend much of their time managing the various elements involved in implementing the marketing plan.\n\nDuring the implementation phase, marketers must have some means to determine to what degree they are actually meeting their stated marketing objectives. Often called control, this formal process of monitoring progress entails three steps: (1) measuring actual performance, (2) comparing this performance to the established marketing objectives or strategies, and (3) making adjustments to the objectives or strategies on the basis of this analysis.\n\nEffective control requires appropriate marketing metrics, which, as we discussed in Chapter 1, are concrete measures of various aspects of marketing performance. You will note throughout the book a strong emphasis on metrics within each chapter. Today’s CEOs are keen on quantifying just how an investment in marketing has an impact on the firm’s success, financially and otherwise. Think of this overall notion as return on marketing investment (ROMI).\n\nHow does the implementation and control step actually manifest itself within a marketing plan? One very convenient way is through the inclusion of a series of action plans that support the various marketing objectives and strategies within the plan. We sometimes refer to action plans as “marketing programs.” The best way to use action plans is by including a separate action plan for each important element involved in implementing the marketing plan.\n\nFour elements of the action plan form the overall implementation and control portion of the marketing plan.\n•Responsibility\n•Time line\n•Budget\nMeasurements and controls\n
The following steps are involved in the marketing planning process:\nStep 1: Perform a Situation Analysis\nThe first step in developing a marketing plan is for marketing managers to conduct an analysis of the marketing environment. To do this, managers build on the company’s SWOT analysis by searching out information about the environment that specifically affects the marketing plan.\nStep 2: Set Marketing Objectives\nMarketing objectives are specific to the firm’s brands, sizes, product features, and other marketing-mix elements\nStep 3: Develop Marketing Strategies\nMarketing strategies are decisions about what activities must be accomplished to achieve the marketing objectives. Usually this means deciding which markets to target and actually developing the marketing mix strategies (product, price, promotion, and place [supply chain]) to support how the product is positioned in the market.\nSelect a Target Market\nThe target market is the market segment(s) a firm selects because it believes its offerings are most likely to win those customers. The firm assesses the potential demand—the number of consumers it believes are willing and able to pay for its products—and decides if it is able to create a sustainable competitive advantage in the marketplace among target consumers.\n•Product strategies include decisions such as product design, packaging, branding, support services (such as maintenance), if there will be variations of the product, and what product features will provide the unique benefits targeted customers want.\n•The pricing strategy determines how much a firm charges for a product. In addition to setting prices for the final consumer, pricing strategies usually establish prices the company will charge to wholesalers and retailers. A firm may base its pricing strategies on costs, demand, or the prices of competing products.\n•A promotional strategy is how marketers communicate a product’s value proposition to the target market. Marketers use promotion strategies to develop the product’s message and the mix of advertising, sales promotion, public relations and publicity, direct marketing, and personal selling that will deliver the message.\n•Distribution strategies outline how, when, and where the firm will make the product available to targeted customers (the place component). In developing a distribution strategy, marketers must decide whether to sell the product directly to the final customer or to sell through retailers and wholesalers.\nStep 4: Implement and Control the Marketing Plan\nIn practice, marketers spend much of their time managing the various elements involved in implementing the marketing plan.\n\nDuring the implementation phase, marketers must have some means to determine to what degree they are actually meeting their stated marketing objectives. Often called control, this formal process of monitoring progress entails three steps: (1) measuring actual performance, (2) comparing this performance to the established marketing objectives or strategies, and (3) making adjustments to the objectives or strategies on the basis of this analysis.\n\nEffective control requires appropriate marketing metrics, which, as we discussed in Chapter 1, are concrete measures of various aspects of marketing performance. You will note throughout the book a strong emphasis on metrics within each chapter. Today’s CEOs are keen on quantifying just how an investment in marketing has an impact on the firm’s success, financially and otherwise. Think of this overall notion as return on marketing investment (ROMI).\n\nHow does the implementation and control step actually manifest itself within a marketing plan? One very convenient way is through the inclusion of a series of action plans that support the various marketing objectives and strategies within the plan. We sometimes refer to action plans as “marketing programs.” The best way to use action plans is by including a separate action plan for each important element involved in implementing the marketing plan.\n\nFour elements of the action plan form the overall implementation and control portion of the marketing plan.\n•Responsibility\n•Time line\n•Budget\nMeasurements and controls\n