marketing strategy.rtf

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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Dean Proessel

Jan 16, 2320 Marketing Strategy & Corporate Social Responsibility (ethics) Create a market plan: largest component of this course -Chapter 2 Market plan: a comprehensive strategic plan that focuses a company's resources towards a goal -What do we mean by strategic planning? Carefully planning the marketing strategy in response to the environment, competition, and customers Different steps involved in strategic planning 3 levels: corporate, strategic business unit(SBU)/division, & fuctional (i.e. product level) Each level has different focus Corporate: scope-entire firm Duration-long term (5 years) Strategic focus: define the company mission, set company goals, establish business portfolio -high level, strategic, long term plan SBU/Divison: scope-single SBU within the firm ex: P&G has different divisions: beauty, household, phamacy Duration-medium to long term (3-5 yrs) Strategic focus: set goals and establish portfolio of products and markets for the business unit Functional planning: scope-product portfolio, single product, brand or market Duration-short-term to medium term (1-3 yrs) Strategic focus-develop marketing plans for specific products, brands or markets -more specific, shorter term, implementation, excutional 3 phases in the proces: planning-implementation-control Planning: defines the mission and objectives, evaluate the situation by assessing how various players, both inside and outside of the organization affect the firm'spotential of su ccess ex: competition, market forces, customer trend, etc -PEST, SWOT analysis Implementation: identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning. Then, develop andimplement themarket ing mix by using the4Ps. opportunitys, measure, identify what we do, and did we set to do what we want to do, did we meet our bench marks -four P'S analysis Control: Note 1: not sequential, but iterative. All departments fuction at the same time, not in a line. Note 2: you need to know your end goal in order to plan Step 1: defining the mission and/or vision Defineng the mission: set out the scope of what the business is doing, what type of this business is doing, defining the basic goals Answers 2 questions: what type of business are we? What do we need to do to accomplish our goals and objectives? Step 2: conduct a sigtuation analysis using SWOT SWOT: strengths, weaknesses (resources), opportunities (competition existing market), threats (political or regulation changes) -internal: strengths, weaknesses -external: opportunities, threats -positive: strength, opportunities -negative: weaknesses, threats Step 3: identifying and evaluating opportunities using STP STP: segmentation (of the market, of customer groups)-->targeting(identify the certain customer group that would be interested in your product)-->positioning (positioning your business in the market, in the competition, who is the direct/indirect competitor, how to present your business to your competition,branding, promotion channels) What do each of these terms mean to you? Example: Hertz Market Segmentation Activity: segmentation example: GAP Step 4: implement marketing mix and allocate resources 4 P's: promotion, place, price,
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