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Lecture 3

Marketing Week 3 LECTURE

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York University
MKTG 2030
Linda Reeser

Class Notes MKTG2030 Jessica Gahtan Marketing Week 3- January 23, 2014 Agenda - Group Project - Ch. 2: Strategic Market Planning - Case: Macy’s Re-positioning Objectives - Understand the planning process - Reinforce importance of good decision making - Use Macy’s case to apply theory Business Planning - Ongoing process of making decisions - Guides the firm short and long term - Identifies/ builds on firm’s strengths - Helps managers make informed decisions - Develops objectives before an action is taken → Guided by firm’s Code of Ethics 1 Class Notes MKTG2030 Jessica Gahtan Strategic Planning 1. Define the mission 2. Evaluate internal & external environments 3. Set organizational or SBU objectives 4. Establish the business portfolio 5. Develop growth strategies 1. Mission Statement • What business are we in? • What customers should we serve? • How to develop capabilities and focus efforts? • Specific…but not constraining • Long-term, consumer orientation “The Canadian Cancer Society is a national community -based organization of volunteers whose mission is the eradication of cancer and the enhancement of the quality of life of people living with cancer.” - Some organizations also have a Vision Statement – tends to be highly aspirational “Creating a world where no Canadian fears cancer” 2. Environmental Evaluation 3. Set organizational or SBU objectives -­‐ Driven by Mission statement -­‐ What they hope to accomplish…not how • Specific • Measurable • Attainable • Sustainable 4. Establish the business portfolio -­‐ Range of different businesses within firm -­‐ Different product lines, separate bu dgets and management -­‐ Diversification  minimize risk -­‐ Allocate resources for growth 2 Class Notes MKTG2030 Jessica Gahtan BCG Matrix 5. Develop growth strategies -­‐ BCG identifies where to focus…not how -­‐ Four fundamental growth strategies: • Market Orientation x2 • Product Orientation x2 Functional Planning 1. Perform a situational analysis 2. Set marketing objectives 3. Develop marketing strategies 4. Develop an implementation plan 5. Evaluate the plan 1. Conduct situational analysis  Review and update analysis conducted in strategic pl anning  Identify key facts, factors that have most important implications → So What? 3 Class Notes MKTG2030 Jessica Gahtan Porter’s Five Forces Sometimes used in addition to, or with SWOT: • Threat of New Entrants • Bargaining Power of Suppliers • Threat of Substitutes • Bargaining Power of Customers • Rivalry Among Competitors 2. Set marketing objectives -­‐ Brand(s) specific -­‐ What marketing function must achieve -­‐ Quantifiable metrics:
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