Strategic Marketing Fall 2013 Lecture 2

1. Strategic Marketing Fall 2013Lecture 2 Instructor : RAZA ILLAHE Lahore Leads University

2. REVIEW of PREVIOUS LECTURE

3. In Simple Words Marketing ? • “Marketing is about identifying and meeting human and social needs” (Kotler and Keller,2009)

4. Social Needs ? Belonging, love and acceptance. To satisfy these needs an individual might need: friendships, social groups, community groups, family and romantic attachments. DISCUSS- Current LIPTON ad

5. Strategy The ONE route which is both NECESSARY and SUFFICIENT to ACHIEVE the objective (P.Fifield,2011) HOW? BY ……

6. What does the term Strategic Marketing implies? “The role of strategic marketing is to lead the firm towards attractive economic opportunities, that is, opportunities that are adapted to its resources and know how and offer a potential for growth and profitability”. (Lambin,1977)

7. What does the term Strategic Marketing implies? " The strategic marketing process, therefore implies deciding the marketing strategy based on a set of objectives , target marketsegments, positioning and policies“ (Bradley,1991)

8. Strategic 3 C’s “Marketing strategy is developed at the business unit level. Within a given environment, marketing strategy deals essentially with the interplay of three forces known as the strategic 3 C’s: the Customer, the Competition and the Corporation.” (Jain,1993)

9. The Strategic Process -Outline

10. Setting the Objectives What is an OBJECTIVE ? • The goal or aim to which ALL activities in the organisation are directed • – An objective always begins with the word ‘TO’ • – Objectives do NOT change in the short term

11. . • What do we want/need to achieve in this business? • How is it measured? • By when? • How will we know when we have achieved it?

12. Objectives Should be …

13. . • Objectives Objectives needs to be defined carefully, because…. ? Discuss ….

14. Development of Strategic Plan • It basically means, developing a strategy “by” which we aim to achieve our objectives. • We will discuss these strategies in details in upcoming lectures

15. Tactics • The short term actions required to implement the strategy • Manoeuvres on the field of battle • Tactics do change in the short term

16. Monitoring • Monitoring using various means such as sales trends, customer feedback,comepetitive position etc. • Also involves rectifying any problems and deviations ,as well as altering objectives ,if necessary.

17. CASE DISCUSSION • SOCIAL MEDIA

18. Marketing Strategy Decisions • An organization’s marketing strategy describes how the firm will fulfill the needs and wants of its customers. • It can also include activities associated with maintaining relationships with other stakeholders, such as employees or supply chain partners.

19. Major Marketing Activities and Decisions • Strategic Planning • Social Responsibility and Ethics Continuing…..

20. Major Marketing Activities and Decisions (contd.) • Research and Analysis • Developing Competitive Advantage

21. (contd.) • Marketing Strategy Decisions • Market Segmentation and Target Market • Product Decisions • Pricing Decisions • Distribution and Supply Chain • Promotion • Implementation and Control • Developing and Maintaining Customer Relationships

22. The Challenges and Opportunities of Marketing in Today’s Economy • Power Shift to Consumers • Massive Increase in Product Selection • Audience and Media Fragmentation

23. Shifting Demand Patterns • Privacy ,Security and Ethical Concerns • Unclear Legal Jurisdiction

24. CASE – Study Innovation

25. Micro and Macro Environment A company operates in its Micro and Macro Environment. We will look at it by drawing diagrams