key term outline 2–12–1 chapter 2: planning marketing strategies pride/ferrell foundations of...

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2–1

Chapter 2:Planning Marketing Strategies

Pride/Ferrell

Foundations of MarketingThird Edition

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2–2Copyright © Houghton Mifflin Company. All rights reserved.

Part 1Strategic Marketing and Its Environment

Chapter 2 Planning Marketing Strategies

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Objectives

1. Describe the strategic planning process.

2. Explain how organizational resources and opportunities affect the planning process.

3. Understand the role of the mission statement in strategic planning.

4. Examine corporate, business-unit, and marketing strategies.

5. Understand the process of creating the marketing plan.

6. Describe the marketing implementation process and the major approaches to marketing implementation.

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1. Understanding the Strategic Planning Process2. Assessing Organizational Resources and Oppo

rtunities3. Establishing an Organizational Mission and Go

als4. Developing Corporate, Business-Unit, and Mar

keting Strategies5. Creating the Marketing Plan6. Implementing Marketing Strategies

Outline

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benchmarking external customers

market-growth/ market-share matrix

marketing strategy

sustainable competitive advantagecentralized orga

nizationintended strategy

mission statement

competitive advantage

internal customers

marketing control process

performance standard

SWOT analysis

core competencies

internal marketing

marketing implementation

realized strategy

TQM

corporate strategy

marketmarketing objective

SBU

decentralized organization

market opportunity

marketing planstrategic planning

empowerment market sharemarketing planning

strategic windows

Key Terms

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1. STRATEGIC PLANNING PROCESS

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan

© Used By Permission.

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Components of Strategic Planning

Figure 2.1

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Marketing Strategy

A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that marketMarketing Plan


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Effective Marketing Strategy

Reflects overall direction of organization

Coordinated with firm’s functional areas

Contributes to achievement of:

• Marketing objectives

• Organizational goals

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2. ASSESSING ORGANIZATIONAL RESOURCESAND OPPORTUNITIES

Assessing financial and human resources

Capabilities vs. changes

Marketing and financial affect

Goodwill, reputation and brand as resources

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Core Competencies

Things a firm does extremely well, which sometimes give it an advantage over its competition

BIC maintains its core competency in stationary

products, lighters, and shavers


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Market Opportunity

A combination of circumstances and timing that permits an organization to take action to reach a particular target market.

Real estate is all about Market Opportunity

Explore www.realtor.com

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Strategic Windows

Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in the market.

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Competitive Advantage

The result of a company’s matching a core competency (superior skill or resources) to opportunities in the marketplace


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SWOT Analysis

An assessment of the organization’s strengths, weaknesses, opportunities, and threats

Figure 2.2

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3. ESTABLISHING AN ORGANIZATIONALMISSION AND GOALS

Mission Statement Answers:Who are our customers?

What is our core competency?

Corporate Identity Unique Symbols

Personalities

Philosophies

Celestial Seasonings complete mission statement

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Marketing Objective

A statement of what is to be accomplished through marketing activities to match strengths to opportunities, or to provide for the conversion of weaknesses to strengthsShould be stated in clear, simple terms

Should be accurately measurable

Should specify a time frame for accomplishment

Should be consistent with business-unit and corporate strategy

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Promotional Elements at Jordan’s Furniture

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4. DEVELOPING CORPORATE, BUSINESS-UNIT,AND MARKETING STRATEGIES

Figure 2.4

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Corporate Strategy

A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals


Page 34

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Corporate Strategy Development

Influencing IssuesCorporate cultureCompetitionDifferentiationDiversification Interrelationships

among business unitsEnvironment concerns

and social issues

Accenture's corporate strategy is geared toward helping companies become high

performance businesses © Used By Permission.

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Business-Unit Strategy

Strategic Business Unit (SBU)A division, product

line, or other profit center within a parent company

Band-Aid is a strategic business unit of Johnson & Johnson


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Market

A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those productsMarket Share

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Market-Growth/Market-Share Matrix

Figure 2.5

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Marketing Strategy

Components of marketing strategyTarget Market

Selection

Creating the Marketing Mix

Sustainable Competitive Advantage

Dyson targets homeowners with its high-tech vacuum cleaners.


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Components of Marketing Mix

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5. CREATING THE MARKETING PLAN

Marketing PlanningThe process of

assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program


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Components of the Marketing Plan

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6. IMPLEMENTING MARKETING STRATEGIES

The process of putting marketing strategies into action Intended Strategy

Realized Strategy

IntendedIntendedStrategyStrategy

RealizedRealizedStrategyStrategyImplementationImplementation

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Approaches to Marketing Implementation

CustomersExternal customers Internal customers

Internal MarketingExternal Customers Internal Customers

Total Quality ManagementBenchmarking

Empowerment

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TQM Example

Xerox Quality Improvement Processes Produced a Faster Color Printer


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Organizing Marketing Activities

ProductProductGroupsGroups

ProductProductGroupsGroups

CentralizedCentralizedoror

DecentralizedDecentralized

CentralizedCentralizedoror

DecentralizedDecentralized

MarketingMarketingFunctionsFunctions

MarketingMarketingFunctionsFunctions

GeographicGeographicRegionsRegions

GeographicGeographicRegionsRegions

CustomerCustomerTypesTypes

CustomerCustomerTypesTypes

Alternatives for OrganizingAlternatives for Organizingthe Marketing Unitthe Marketing Unit

Alternatives for OrganizingAlternatives for Organizingthe Marketing Unitthe Marketing Unit

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The Marketing Control Process

Figure 2.7

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After reviewing this chapter you should:

Be able to describe the strategic planning process.

Know how organizational resources and opportunities affect the planning process.

Understand the role of the mission statement in strategic planning.

Be familiar with corporate, business-unit, and marketing strategies.

Understand the process of creating a marketing plan.

Be able to describe the marketing implementation process and the major approaches to marketing implementation.

key term outline 2–12–1 chapter 2: planning marketing strategies pride/ferrell foundations of...

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