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Lecture 2

ADMS 2200 Lecture Notes - Lecture 2: Critical Role, Bargaining Power, Marketing StrategyPremium


Department
Administrative Studies
Course Code
ADMS 2200
Professor
Kim Snow
Lecture
2

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Lecture 2 Strategic Planning in Cotemporary Marketing
Marketing Planning: The Basis for Strategy and Tactics
Planning Anticipating future events and conditions and determining the best
way to achieve organizational objectives
Continuous process; creates a blueprint for everyone in the organization
Marketing Planning Implementing planning activities devoted to achieving
marketing objectives
Many planning activities take place over the Internet with virtual
conferences
An important trend in marketing planning centres on relationship
marketing
Strategic Planning vs Tactical Planning
Strategic Planning
Tactical Planning
Determining
organization’s primary
objectives
Adopting courses of action
that will achieve these
objective
Provides long-term
direction for its decision
makers
Guides the implementation
of activities specified in the
strategic plan
Address shorter-term
actions
Planning at Different Managerial Levels
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Steps in the Marketing Planning Process
The Organization’s Mission
Mission Essential purpose that differentiates one company from another
IBM “Welcome to the decade of smart”
Sephora “The beauty authority”
Tim Hortons “Always fresh”
Objectives Guide the development of marketing objectives and plans
Generate a 15% profit over the next 24 months
Add 25 new outlets within the next year
Enter the Chinese market by 2015
Assessing Organizational Resources and Evaluating Environmental Risks and
Opportunities
Resources
Strengths helps planner
Production
Marketing
Finance
Technology
Employees
Set Objectives
Develop Plans
Take advantages of
marketing opportunites
Formulating, Implementing, and Monitoring a Marketing Strategy
Marketing strategy Selecting and satisfying target consumers through the
marketing mix elements
The final steps of the planning process:
Put the marketing strategy into action
Monitor performance to ensure that objectives are achieved
Successful Strategies Tools and Techniques
Porter’s Five Forces Model
Threat of new entrants
Bargaining power of buyers
Bargaining powers of suppliers
Threat of substitute products
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