MAR 3023 Lecture 2: Chapter 2 Lecture Notes

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31 Dec 2019

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Chapter 2 Lecture Notes
- The Importance of Strategic Planning: A goal without a plan is just a wish
- Marketers that “Plan” are the most successful.
1. Strategic Planning
a. Defining a firm’s objectives
b. Developing a method for achieving those objectives
2. Strategic Plan
a. An organization’s plans for key functional areas
b. Shaped by an organization’s mission
i. Example: NY transit system inside look Hanging wires, dirt in tracks, lot of
maintenance that needs to be done since they are used so much. There is a lot
of wear and tear since they are used almost 24/7 there is not much time for
maintenance. Trump says this is a state issue and he is not willing to aid.
ii. Shows how much is involved in making decisions and what are the ramifications
or contingency plans.
3. Key Components of the Marketing Plan
a. Executive Summary Synopsizes the marketing plan’s main points. Snapshot of what
the entire marketing plan will state. What is our business? Who is our customer? What
is the value to the customer? What should our business be? It should be focused on a
limited number of goals, be customer oriented and focused on satisfying basic customer
needs and wants, and capture a shared purpose and provide motivation for the
employees of the firm. Mission statement is a form of an executive summary. Outcomes
based approach, customer oriented, limited number of goals.
b. Situation Analysis Analyzes the environment within the following key sections: Market
summary, SWOT analysis, competition. What is our market? What is the market in
general? Interconnected world, through globalization, a market is anyone you can do
business with at anytime regardless of personal space or located. Anytime you are
getting customers and businesses to interact & the exchange takes place (monetary,
ideas, etc).
c. Marketing Strategy Defines the target market and outlines the positioning and
marketing mix strategies based on specific, measurable, and realistic objectives
d. Financials Details the financial projections, including the sales and expense forecast
and break-even analysis
e. Controls Proposes how to monitor and adjust the plan through the following keys
items: Implementation, organizational structure, contingency planning
4. SWOT Analysis
a. Internal Considerations
i. Strengths
ii. Weaknesses (Want to turn weaknesses into opportunities)
b. External Environment
i. Opportunities
ii. Threats (Want to turn into a strength)
c. Competitive Analysis
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