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<ul><li> 1. Strategic Marketing Plan</li></ul> <p> 2. Definitions of Strategy and Tactics Strategy: An explicit statement of the firms vision of its future, objectives, and purpose Provides long-term direction for decisions Includes corporate policies, resource allocations, customer markets, and competitive environmentCopyright Houghton Mifflin Company.All rights reserved.32 3. Definitions of Strategy and Tactics (contd) Tactics: Serve as guidelines for implementing the intent of the strategic plan Are the basis for day-to-day operating decisions (including the marketing mix) Have a shorter-term planning horizon than strategic planningCopyright Houghton Mifflin Company.All rights reserved.33 4. Dimensions That Define Strategy The product market in which the business will compete The level of investment in a strategic business unit The functional area strategies required for competing in the chosen market The underlying strategic assets and skills (core competencies) that give the firm a sustainable competitive advantageCopyright Houghton Mifflin Company.All rights reserved.34 5. Marketing, Strategic Planning, and Organizational Levels Insert table 3.1Copyright Houghton Mifflin Company.All rights reserved.35 6. The Strategic Planning Process MissionFeedbackSet Performance Objectives Environmental and Self AnalysesStrategic Objectives &amp; Strategy Definition Implementation and Tactics Execution Evaluation and ControlCopyright Houghton Mifflin Company.All rights reserved.36 7. Strategic Perspectives Strategic readiness Ability to take advantage of unexpected market opportunities by having a long-term strategic plan and vision in place Strategic vision Longer-term, futuristic perspective, requires patience and determination Strategic opportunism Focus on present, and seizing market opportunities in a dynamic, uncertain environmentCopyright Houghton Mifflin Company.All rights reserved.37 8. External Environmental Analysis Customers Who are most desirable? Should the market be segmented? What are their characteristics, preferences, and behaviors? Competitor Assessment Who are our present and potential competitors? How well matched are their strategies and strengths to the markets key success factors? What are their weaknesses? How much of a threat are they?Copyright Houghton Mifflin Company.All rights reserved.38 9. External Environmental Analysis(contd) Market What are the market segment characteristics? What market trends are occurring? What is the current and future size, growth rate, and direction of the market? Environmental scanning and forecasting What trends and events are apparent in both the micro- and macro-environments? What will be their impact on us? Copyright Houghton Mifflin Company.All rights reserved.39 10. Internal Organizational Analysis Financial resources Self-assessment of present financial assets Sources of funds (sales, interest, loans) and uses (inventories, interest) of assets Physical resources Assets presently available and those needed to implement strategy in the short - and long-run Property, plant, equipment, other assetsCopyright Houghton Mifflin Company.All rights reserved.310 11. Internal Organizational Analysis(contd) Human resources Talents, skills, and abilities of managers and other personnel Outside specialists, suppliers, or others Technological resources In the form of products and processes Organizational resources Firms structure, systems, and procedures that support the strategyCopyright Houghton Mifflin Company.All rights reserved.311 12. Figure 3.3: Five-Factor Model of ProfitabilitySource: Model adapted from Michael Porter, Industry Structure and Competitive Strategy: Keys to Profitability, Financial Analysis Journal (July-August 1980) p. 33. Copyright Houghton Mifflin Company.All rights reserved.312 13. Strategic Inflection Point: A Six Forces Adaptation of the Five Forces ModelImbalance of Environmental Forces (Substitutes) Existing CompetitorsComplementors*CustomersThe Business Change The Business SuppliersSubstitutesPotential Competitors*Significance: Complementors counteract substitution. Source: Adapted from Andrew Grove, Navigating Strategic Inflection Points, Business Strategy Review (Autumn, 1997), pp.12-13. Copyright London Business School. Reprinted by permission of Blackwell Publishers. Copyright Houghton Mifflin Company.All rights reserved.313 14. Strategic Inflection Point During a Strategic Inflection Point, the way a business operates, the very structure and concept of the business, undergoes a change. But the irony is that at this point itself nothing much happens. Source: Adapted from Andrew Grove, Navigating Strategic Inflection Points, Business Strategy Review (Autumn, 1997), pp.12-13. Copyright London Business School. Reprinted by permission of Blackwell Publishers. Copyright Houghton Mifflin Company.All rights reserved.314 15. What Are the Basic Strategies for Sustainable Competitive Advantage?DifferentiationDistinguishing one companys products from competitors on the basis of greater perceived benefits and/or more valueLow CostMarketer achieves cost advantage by controlling costs of production, inputs, marketing programs, etc.FocusConcentration of the business on specific market segment(s) and/or product group(s)Preemptive MoveFirst-mover advantage from being first to enter market with a new product, innovation, etc.; creates barriers to entry for follow-on competitorsSynergyCombining the assets and skills of two or more units by sharing business functions, customers, marketing, personnel, etc.Copyright Houghton Mifflin Company.All rights reserved.315 16. Strategic Planning and the Challenge of Change Changes in approaches to strategy development Complexity and uncertainty Poverty of time Need for flexibility and adaptability Stakeholder involvement Integration of ethics and social responsibilityCopyright Houghton Mifflin Company.All rights reserved.316 17. Complexity and Uncertainty in Strategic Market Planning Complexity The intricacies and relationships of the company and its industry partners make it difficult to analyze, understand, or solve complicated strategic problems. Uncertainty The vagueness and doubt about a companys industry and general operating environment; not being sure of what is happening now or what to expect in the future.Copyright Houghton Mifflin Company.All rights reserved.317 18. Strategic Planning and Customer Orientation Develop outstanding approaches to delivering customer satisfaction. Plan for value creation from the customers perspective. Pursue continuous quality improvement in products and processes. Develop the ability and willingness to re-engineer (or redesign) goods or services as indicated by the marketing environment or internal conditions.Copyright Houghton Mifflin Company.All rights reserved.318 19. Figure 3.5: Integration of Ethical and Socially Responsible Plans into Strategic Decision MakingSource: Adapted from Donald Robin and R. Eric Reidenbach, Social Responsibility, Ethics, and Marketing Strategy: Closing the Gap Between Concept and Application, Journal of Marketing 51(1) (January), pp.44-58.Reprinted by permission. Copyright Houghton Mifflin Company.All rights reserved.319 20. American Marketing Association Code of Ethics Responsibilities of the marketer to all relevant publics (consumers, organizations, and society) Honesty and fairness; uphold integrity, honor, and dignity of the marketing profession Rights and duties of participants in the marketing exchange process (including 4Ps and marketing research) Ethical behavior in organizational relationshipsCopyright Houghton Mifflin Company.All rights reserved.320 21. Figure 3.7: The Value ChainCopyright Houghton Mifflin Company.All rights reserved.321 22. The Marketing Value Chain Value = Benefit Price Choose the ValueCommunicate the ValueProvide the ValuePromotion and Public RelationsSellingAdvertisingApplication EngineeringPricingServiceDistributionSourcing and MakingProduct/Service DevelopmentValue PositioningSelect Target(s)Customer Value Need AssessmentSource: Redrawn from Anterasian and Phillips in Webster, Market-Driven Management (1994). Copyright Houghton Mifflin Company.All rights reserved.322 </p>

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