Marketing: Planning and Strategy - PowerPoint PPT Presentation

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Marketing: Planning and Strategy

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  1. Marketing: Planning and Strategy

  2. A pattern of major objectives, goals, essential policies and plans that define the current or future firm’s business and the kind of company the firm is now or is to become. Strategy: Definition

  3. Why do we need to “Strategize” • Finite resources • Uncertainty about competitive strengths • Irreversible commitment of resources • Coordinated decisions • Uncertainty about control of initiative

  4. Elements of Marketing Strategy Formulation

  5. internal external SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats

  6. Identifying and Framing Organizational Growth Opportunities Converting Environmental Opportunities into Organizational Opportunities • What might we do? - environmental opportunity • What do we do best? - distinctive competency • What must we do? - success requirements

  7. The Marketing Mix • Product strategy • Promotion/Communication strategy • Placement/Distribution/Channel strategy • Pricing strategy

  8. Formulating Product-Market Strategies Markets Existing New Market Penetration Market Development Existing Offerings New Offering Development New Diversification

  9. Formulating Product-Market Strategies Market Penetration Strategy • greater dominance is key Market Development Strategy • exporting • licensing • joint venture • direct investment

  10. Formulating Product-Market Strategies Product-Development Strategy • product innovation • product augmentation • product line extension • cannibalism Diversification

  11. Drafting a Marketing Plan • Context and Scope of Marketing Effort • Focus: Business, Product, Brand • Time Dimension: Short-run, Long-run

  12. Decisions About Competing • Where (markets) • When (Entry) • How

  13. Problems in Strategic Marketing • Too much emphasis on • where to compete • Too little emphasis on • how to compete • when to compete • adaptability • uniqueness

  14. Implementation: Common Problems • Simplify marketing strategies • More focus on uniqueness and adaptability • Improve speed and flexibility