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Lecture 16

2320 Lecture 16: Chapter 2- Developing a Marketing Plan

6 pages64 viewsFall 2014

Department
Business Administration
Course Code
Business Administration 3301K
Professor
Angela White
Lecture
16

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Chapter 2- Developing A Marketing Plan:
Levels of Strategic Planning in corporations:
-Firms plan their marketing strategies to react to changes in the environment, the
competition and their customers by creating a marketing plan
-Strategic planning in most organizations occurs on two levels, the corporate level and
the functional level
-Corporate level planning is done by the company;s top management and focuses on
the overall direction of the entire company
-Focuses on long term direction of the company
-Large companies that operate several business lines may see each to their strategic
business units develop strategic plans for their products and the markets they serve
-Marketing can advise SBU’s of changing consumer trends or recommend that
SBU’s develop customer service and loyalty programs
Marketing Planning Process: A set of steps a marketer goes through to develop a
marketing plan
The Marketing Plan:
-A written document composed of an analysis of the current marketing situation,
opportunities, threats for the firm
-A written marketing plan provides a reference point for evaluating whether or not
the firm met its objectives
-The three major phases of the marketing plan are planning, implementation and control
1. Planning Phase: Marketing executives and other top managers define the mission
and objectives of the business and evaluate the situation of the business, and
evaluate the situation by assessing how various players, both inside and outside the
organization, affect the firm’s potential for success
2. Implementation Phase: Where marketing managers identify and evaluate different
opportunities by engaging in a process knows as segmentation, targeting and
positioning. They then develop and implement the marketing mix by using the four P’s
3. Control Phase: The part of the strategic marketing planning process when managers
evaluate the performance of the marketing strategy and take any necessary
corrective actions
Step 1: Define the Business Mission and Objectives:
Mission Statement: A broad description of a firms objectives and the scope of activities
it plans to undertake, attempts to answer two main questions: What type of business is
it? and What does it need to do to accomplish its goals and objectives
Step 2: Conduct a Situation Analysis:
Situation Analysis: Uses a SWOT analysis that assesses both the internal environment
with regard to its strengths and weaknesses and the external environment in terms of its
opportunities and threats
-Situation Analysis also includes an examination of market trends, customer analysis
and competitive analysis
-firms should also assess cultural, demographic, social, technological, economic
and political forces

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-A SWOT analysis is designed to help a firm determine areas in which it is strong and
can compete effectively and areas where it is weak and vulnerable to competitive
attacks
*SWOT analysis for Disney*
Step 3: Identify and Evaluate Opportunities by Using STP (Segmentation, Targeting and
Positioning)
STP: The processes of segmentation, targeting and positioning that firms use to identify
and evaluate opportunities for increasing sales and profits
1. Segmentation:
-Many types of customers appear in any market, and most firms cannot satisfy
everyone's needs
Market Segment: A group of consumers who responds similarly to a firms marketing
efforts
Market Segmentation: The process of dividing the market into distinct groups of
customers where each individual group has similar needs, wants, or characteristics-
who therefor might appreciate products or services geared especially for them in similar
ways
-Disney uses demographics such as gender, age and income
2.Targeting:
Target Marketing/ Targeting: The process of evaluating the attractiveness of various
segments and then deciding which to pursue as a market
-firms are most successful when they focus on those opportunities that build on their
strengths relative to those of their competition
3. Positioning:
-Is what consumers think and feel about a brand or a product in the way the company
wants to present it tot them
Marketing Position: Involves the process of defining the marketing mix variables so that
target customers have a clear, distinct, desirable understanding of what the product
does or represents in comparison with competing products
Step 4: Implement Marketing Mix and Allocate Resources:
-Marketers implement the marketing mix - product, price, promotion, and place- for each
product and service on the basis of what it believes its target markets will value
Product and Value Creation:
-Firms attempt to develop products and services that customers perceive as valuable
enough to buy
Price and Value for Money:
-Marketers should base price on the value that the customer perceives
Place and Value Delivery:
-Firms must be able to make the product or service readily accessible when and where
the customer wants it
Promotion and Value Communication:
-Marketers communicate the value of their offering, of the value proposition, tot heir
customers through a variety of media
-Marketers bust consider which are the most efficient and effective methods to
communicate with their customers
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