MKTG1001 Lecture Notes - Lecture 2: Sbus, Swot Analysis, Boston Consulting Group
Explain companywide strategic planning and its four steps
•
Discuss how to design business portfolios and develop growth strategies
•
Explain marketing's role in strategic planning and how marketing works with its partners to
create and deliver customer value
•
Describe the elements of a customer value driven marketing strategy and mix, and the forces
that influence it
•
List the marketing management functions, including the elements of a marketing plan, and
discuss the importance of measuring and managing return on marketing investment
•
LO:
Low price
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Sold and consumed regularly
•
Frequent product replacement
•
FMCG (fast moving consumer goods):
Companywide strategic planning: defining marketing's role
undertaken by top level management
•
The process of developing and maintaining a strategic fit between the organisation’s goals and
capabilities in the light of changing marketing opportunities.
•
Company mission
○
Objectives
○
Sound Business Portfolio
○
Coordinated Functional Strategies
○
It relies on developing a clear:
•
Strategic planning:
Lecture/CH 2 - Company and Marketing Strategy:
Partnering to build customer engagement, value and
relationship
Wednesday, 14 March 2018
1:56 PM
Lectures Page 1
IT strategy
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Finance/ capital plans
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Marketing strategy
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HR strategy
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Technology and manufacturing
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Strategic alliances
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Strategic Planning considers all aspects of the firm’s operations
•
Marketing strategy is a critical subset of strategic planning
•
Strategic planning vs marketing strategy:
Market oriented and based on satisfying customer needs
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Meaningful and specific yet motivating
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Emphasize company’s strengths in the marketplace
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Should NOT be stated in sales or profits
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Mission statement = statement of organisations purpose
•
Defining a market orientated mission:
Strategy Hierarchy:
Lectures Page 2
Marketing organisations need to turn its mission into supporting objectives for each level of
management
•
Many companies are structured with a number of strategic business units (SBUSs).
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A unit of the company that has a separate mission and separate objectives and that can
be planned independently of other company businesses.
○
Strategic business units (SBUs) are the key businesses that make up a company.
○
SBU's :
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Marketing strategies and programs must be developed to support these marketing objectives
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Increase Sales
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Increase Market Share
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Introduce X number of products into the market
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Open X number of new stores
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Enter new Markets
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Create awareness
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Marketing objectives example:
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Setting company objectives and goals:
Lectures Page 3
Document Summary
Partnering to build customer engagement, value and relationship. Explain companywide strategic planning and its four steps. Discuss how to design business portfolios and develop growth strategies. Explain marketing"s role in strategic planning and how marketing works with its partners to create and deliver customer value. Describe the elements of a customer value driven marketing strategy and mix, and the forces that influence it. List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing return on marketing investment. The pro(cid:272)ess of de(cid:448)elopi(cid:374)g a(cid:374)d (cid:373)ai(cid:374)tai(cid:374)i(cid:374)g a strategi(cid:272) fit (cid:271)et(cid:449)ee(cid:374) the orga(cid:374)isatio(cid:374)"s goals a(cid:374)d capabilities in the light of changing marketing opportunities. Strategi(cid:272) pla(cid:374)(cid:374)i(cid:374)g (cid:272)o(cid:374)siders all aspe(cid:272)ts of the fir(cid:373)"s operatio(cid:374)s. Marketing strategy is a critical subset of strategic planning. Market oriented and based on satisfying customer needs. Should not be stated in sales or profits. Marketing organisations need to turn its mission into supporting objectives for each level of management.
