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Strategic Marketing Planning Lecture Slide

It includes all the things related to the strategic marketing plan starting from mission and vision to the ROI.

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Strategic Marketing Planning 2-1
Companywide Strategic Planning: Defining Marketing’s Role Strategic Planning Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. 2-2
Steps in Strategic Planning 2-3
Defining a Market-Oriented Mission Mission statement: The organization’s purpose, what it wants to accomplish in the larger environment Market-oriented mission statement: Defines the business in terms of satisfying basic customer needs 2-5 Companywide Strategic Planning: Defining Marketing’s Role
Setting Company Objectives and Goals • Business objectives • Marketing objectives Companywide Strategic Planning: Defining Marketing’s Role 2-6
Designing the Business Portfolio The business portfolio is the collection of businesses and products that make up the company. Companywide Strategic Planning: Defining Marketing’s Role 2-7
Analyzing the Current Business Portfolio Analyzing the current business portfolio is the process by which management evaluates the products and businesses making up the company. 2-8 Companywide Strategic Planning: Defining Marketing’s Role
Developing Strategies for Growth and Downsizing The product/market expansion grid is a tool for identifying company growth opportunities through market penetration, market development, product development, or diversification. 2-9 Companywide Strategic Planning: Defining Marketing’s Role
Developing Strategies for Growth and Downsizing • Product/market expansion grid strategies • Market penetration • Market development • Product development • Diversification 2-10 Companywide Strategic Planning: Defining Marketing’s Role
The Product/Market Expansion Grid 2-11
Developing Strategies for Growth and Downsizing Market penetration is a growth strategy increasing sales to current market segments without changing the product. Market development is a growth strategy that identifies and develops new market segments for current products. Companywide Strategic Planning: Defining Marketing’s Role 2-12
Developing Strategies for Growth and Downsizing Product development is a growth strategy that offers new or modified products to existing market segments. Diversification is a growth strategy through starting up or acquiring businesses outside the company’s current products and markets. 2-13 Companywide Strategic Planning: Defining Marketing’s Role
Developing Strategies for Growth and Downsizing Downsizing is the reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy. Companywide Strategic Planning: Defining Marketing’s Role 2-14
Marketing Strategy A marketing strategy is the marketing logic by which the business unit hopes to achieve its marketing objectives. 2-15 Marketing Strategy and the Marketing Mix
Customer-Driven Marketing Strategy Market segmentation is the division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes. Marketing Strategy and the Marketing Mix 2-16
Customer-Driven Marketing Strategy A market segment is a group of consumers who respond in a similar way to a given set of marketing efforts. Target marketing is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter. Marketing Strategy and the Marketing Mix 2-17
Customer-Driven Marketing Strategy Market positioning is the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer. Marketing Strategy and the Marketing Mix 2-18
Developing an Integrated Marketing Mix The marketing mix is the set of controllable tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market. 2-19 Marketing Strategy and the Marketing Mix
Developing an Integrated Marketing Mix The four Ps • Product • Price • Place • Promotion Marketing Strategy and the Marketing Mix 2-20
Developing an Integrated Marketing Mix The four Ps Product is the goods and services in combination that the company offers to the target market. Price is the amount of money customers have to pay to obtain the product. Marketing Strategy and the Marketing Mix 2-21
Developing an Integrated Marketing Mix The four Ps Place is the company activities that make the product available to target customers. Promotion is the activities that communicate the merits of the product and persuade target customers to buy it. Marketing Strategy and the Marketing Mix 2-22
Marketing Strategy and the Marketing Mix 2-23 The 4 Ps versus The 4 Cs Product Customer solution Price Customer cost Place Convenience Promotion Communication
Managing the marketing effort requires: • Analysis, Planning, Implementing and Controlling Managing the Marketing Effort 2-24
Marketing Analysis Marketing analysis is the complete analysis of the company’s situation in a SWOT analysis that evaluates the company’s: • Strengths • Weaknesses • Opportunities • Threats 2-25 Managing the Marketing Effort
Marketing Analysis • Strengths include internal capabilities, resources, and positive situational factors that may help to serve company customers and achieve company objectives. • Weaknesses include internal limitations and negative situational factors that may interfere with company performance. • Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage. • Threats are unfavorable factors or trends that may present challenges to performance. 2-26 Managing the Marketing Effort
Example of a SWOT Analysis
Market Planning Planning is the development of strategic and marketing plans to achieve company objectives. Marketing strategy consists of the specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels. 2-29 Managing the Marketing Effort
Market Planning Sections of a marketing plan include: • Executive summary • Current marketing situation • Threats and opportunities • Objective and issues • Action programs • Budgets • Controls 2-30 Managing the Marketing Effort
Marketing Implementation • Implementing is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives. • Successful implementation depends on how well the company blends its people, organizational structure, decision and reward system, and company culture into a cohesive action plan that supports its strategies. 2-31 Managing the Marketing Effort
Marketing Department Organization • Functional • Geographic • Product • Market or customer management 2-32 Managing the Marketing Effort
Marketing Department Organization • Functional organization: This is the most common form of marketing organization with different marketing functions headed by a functional specialist. • Marketing Manager • Sales manager • Market research manager • Customer service manager • New product manager 2-33 Managing the Marketing Effort
Marketing Department Organization Geographic organization: • Useful for companies that sell across the country or internationally. • Managers are responsible for developing strategies and plans for a specific region. Product management: • Useful for companies with different products or brands. • Managers are responsible for developing strategies and plans for a specific product or band. 2-34 Managing the Marketing Effort
Marketing Department Organization Market or customer management organization: • Useful for companies with one product line sold to many different markets and customers. • Managers are responsible for developing strategies and plans for their specific markets or customers. Customer management involves a customer focus and not a product focus for managing customer profitability and customer equity. 2-35 Managing the Marketing Effort
Marketing Control • Controlling is measuring and evaluating results and taking corrective action as needed. • Operating control • Strategic control • Operating control involves checking ongoing performance against annual plan and taking corrective action as needed. • Strategic control involves looking at whether the company’s basic strategies are well matched to its opportunities. 2-36 Managing the Marketing Effort
Return on Marketing Investment (ROI) Return on marketing investment (ROI) is the net return from a marketing investment divided by the costs of the marketing investment. Marketing ROI provides a measurement of the profits generated by investments in marketing activities. Measuring and Managing Return on Marketing Investment 2-37
Customer-Centered Measures • Customer acquisition • Customer retention • Customer lifetime value 2-38 Measuring and Managing Return on Marketing Investment
Return on Marketing 2-39