FOUNDATIONS OF FOUNDATIONS OF STRATEGIC MARKETING STRATEGIC MARKETING

MANAGEMENTMANAGEMENT

Marketing Marketing 33493349

Strategic Marketing Strategic Marketing ManagementManagement

Defining:Defining:A Company’s BusinessA Company’s BusinessA Company’s MissionA Company’s MissionA Company’s GoalsA Company’s Goals

A Company’s BusinessA Company’s Business

Types of CustomersTypes of CustomersNeeds of CustomersNeeds of CustomersMeans or TechnologyMeans or TechnologyCustomer Satisfaction FocusedCustomer Satisfaction Focused

A Company’s MissionA Company’s Mission

Written StatementWritten StatementScope of OperationScope of OperationManagement’s VisionManagement’s VisionGuidance for Market and Product Guidance for Market and Product

EvaluationEvaluationInspire and Challenge EmployeesInspire and Challenge Employees

A Company’s Business GoalsA Company’s Business Goals

Converts Mission into Tangible ActionConverts Mission into Tangible ActionThree Types:Three Types:

ProductionProduction MarketingMarketing FinancialFinancial

Problem Centered and Future Problem Centered and Future OrientedOriented

Arise from Situation AnalysisArise from Situation Analysis

Converting OpportunitiesConverting Opportunities

What Might We Do?What Might We Do? Environmental OpportunityEnvironmental Opportunity

What Do We Do Best?What Do We Do Best? Distinctive CompetencyDistinctive Competency

What Must We Do?What Must We Do? Success RequirementsSuccess Requirements

S.W.O.T. AnalysisS.W.O.T. Analysis

StrengthsStrengths Distinctive CompetencyDistinctive Competency

WeaknessesWeaknesses Obstacles to OpportunitiesObstacles to Opportunities

OpportunitiesOpportunities Environmental OpportunityEnvironmental Opportunity

ThreatsThreats

Product-Market StrategiesProduct-Market Strategies

Market-PenetrationMarket-Penetration Expand Market ShareExpand Market Share

Market-DevelopmentMarket-Development Enter New MarketsEnter New Markets

Product-DevelopmentProduct-Development New Product OfferingsNew Product Offerings

DiversificationDiversification Create or Acquire New Products/ServiceCreate or Acquire New Products/Service Offer to New MarketsOffer to New Markets

Bases for Strategy SelectionBases for Strategy Selection Market DataMarket Data

SizeSize Buying BehaviorBuying Behavior RequirementsRequirements

Environmental Forces DataEnvironmental Forces Data Social (women in workforce)Social (women in workforce) Legal (new legislation)Legal (new legislation) Political (deregulation)Political (deregulation) Economic (shifts in income)Economic (shifts in income)

Bases for Strategy SelectionBases for Strategy Selection

Competitive ActivityCompetitive Activity Evaluate Current StrategiesEvaluate Current Strategies Consider Alternative StrategiesConsider Alternative Strategies

Cost/Benefit AnalysisCost/Benefit Analysis Cost to Implement StrategyCost to Implement Strategy Benefit of StrategyBenefit of Strategy Probability of SuccessProbability of Success

Strategy SelectionStrategy Selection

A.T. Kearney ProbabilitiesA.T. Kearney Probabilities

Decision Tree AnalysisDecision Tree Analysis Possible ActionsPossible Actions Competitive ReactionsCompetitive Reactions Resultant OutcomesResultant Outcomes

Designing The Marketing MixDesigning The Marketing Mix

Kind of ProductKind of Product Marketing CommunicationsMarketing Communications Channel StrategyChannel Strategy Pricing StrategyPricing Strategy

Budgeting of ResourcesBudgeting of Resources

Operating BudgetOperating Budget Pro-Forma Income Statement (In the Pro-Forma Income Statement (In the

Future)Future) Revenues, Expenses and ProfitsRevenues, Expenses and Profits

Financial BudgetFinancial Budget Impact on Corporate CashImpact on Corporate Cash From OperationsFrom Operations Capital ExpendituresCapital Expenditures

Budgeting of ResourcesBudgeting of Resources

Special BudgetsSpecial Budgets Sales ForecastSales Forecast Marketing CommunicationsMarketing Communications

““What-If” ScenariosWhat-If” Scenarios Budget Variations tied to Different strategiesBudget Variations tied to Different strategies Demonstrate Varying OutcomesDemonstrate Varying Outcomes Help Support Strategy SelectionHelp Support Strategy Selection

Reformulation and Reformulation and Recovery StrategiesRecovery Strategies

Strategies often Must Change in Mid-Strategies often Must Change in Mid-CourseCourse

The Marketing AuditThe Marketing Audit Comprehensive and systematic ReviewComprehensive and systematic Review

Marketing EnvironmentMarketing Environment Objectives and StrategiesObjectives and Strategies Tactical ActivitiesTactical Activities

Discovering Problem Areas and OpportunitiesDiscovering Problem Areas and Opportunities

Reformulation and Recovery Reformulation and Recovery StrategiesStrategies

The Marketing AuditThe Marketing Audit Recommend a Plan to Improve Recommend a Plan to Improve

PerformancePerformance

Strategic Fit and Operational Strategic Fit and Operational PerformancePerformance Are we doing the right things?Are we doing the right things? Are we doing things right?Are we doing things right?

Reformulation and Recovery Reformulation and Recovery StrategiesStrategies

Forces Consideration of “What-Ifs”Forces Consideration of “What-Ifs” Impact on Strategy of Internal and External Impact on Strategy of Internal and External

ChangesChanges Relationship of Assumptions to ResultsRelationship of Assumptions to Results

Leads to Contingency PlansLeads to Contingency Plans Speeds Reaction TimeSpeeds Reaction Time

Ethics and Social ResponsibilityEthics and Social Responsibility

Just Because It’s Legal…Just Because It’s Legal…

Executives Serve Many StakeholdersExecutives Serve Many Stakeholders

All Marketing Strategy Has an Element All Marketing Strategy Has an Element of Moral Judgementof Moral Judgement