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Chapter Final

Strategic Marketing Planning - Full Exam Chapter Summaries

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Ryerson University
HTM 402
Richard Wade

Strategic Marketing Planning Final Exam NotesMust Study 80 of midterm on thisChapter 3Role in Marketing DONEChapter 5Understanding Competition DONEChapter 8Pages 257267 Market Segmentation Target and Positioning DONEChapter 9Designing and Managing Products read highlightedChapter 10Pricing Products read highlightedChapter 14Marketing Plan Scanall lectures after community analysis half read half typed out10 of MidtermHartford Summit Caseread highlighted10Before Midterm Content I believe with heavy emphasis on lecture notes possibly allChapter 4The marketing EnvironmentChapter 6Marketing Intelligence and ResearchChapter 8Market Segmentation Target and Positioning Up to PositioningBoomernomicsBoom Bust and EchoClicking all lectures up to community analysisChapter 3Role of MarketingThe major problem facing todays hospitality companies is knowing how to build and maintain healthy businesses in the face of a rapidly changing marketplace and environment The model of characteristics of a high performance business has 4 factors stakeholders processes resources and organizationStakeholders First any business must define the stakeholders and their needs They must nurture other stakeholders including customers employees suppliers and the communities your establishment is located in They must meet the minimum expectations of each stakeholder Dynamic RelationshipThe progressive company creates a high level of employee satisfaction which leads employees to work on continuous improvements as well as breakthrough innovations The result is higher quality products and services which create high customer and stakeholder satisfaction Growth creates opportunities for employee advancement Profits from satisfied customers mean we can pay for our employees at a fair wage The loop continues between satisfied customers and satisfied employees Satisfied employees create satisfied customers Employees like dealing with happy customers which creates more customer satisfaction which creates more employee satisfactionAn often forgotten stakeholder is the owner of a hotel managed by a hotel management company Often they are investors and do not want to operate the facility thus they contract a hotel management companyProcesses company work is traditionally carried on by departments but those poses some problems Departments typically operate to maximize their own objectives not necessarily the companysWalls go up and there is less than ideal cooperation Work is slowed down and plans are often altered as they reach each department Companies are now focusing on the need to manage processes even more than departments They are now building cross functional teams that manage core business processesEx Pg 63Resources To carry out processes companies need resources such as personnel materials machines and information Traditionally companies sought to own and control most of their necessary resources Now that is changing Companies are finding that some resources under their control are not performing as well as those they could obtain from outside More companies today have decided to outsource less critical sources However they appreciate the need to own and nurture those core resources and competencies that make up their business Smart companies are identifying their core competencies and using them for their strategic planningPage 64Table with examples of questions concerning organization resourcesOrganization The organizational side of a company consists of structure policy and culture Though they tend to become dysfunctional in a rapidly changing company Structure and policies can be changed but the company culture is the hardest to change Companies must work to align their organizational structure policies and culture to the changing requirements of the business strategyDefining Marketings Role the company starts the strategic planning process by defining its overall purpose and mission The mission is turned into detailed supporting objectives Next business portfolios are made and corporate decides how much support each department gets Then each one develops detailed plans that support the companywide planCorporate LevelDefines the company missionsets company objectives and goalsdesigning each business portfolioBusiness unit product and market level plans marketing and other functional strategies Each company must plan for longrun survival and growth and focus on opportunities objectives and resources This is the focus of Strategic Planningthe process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities Companies usually create annual plans longrange plans and strategic plans The annual and longrange plans deal with their current businesses and how to keep them going While the strategic plan involves adapting the firm to take advantage of opportunities in its constantly changing environment The hospitality industry faces the need for greater empowerment of employees particularly at middle management Currently these employees were trained before the new era and rely on formal rules and regulations to guide decision making This way of doing things needs to change Today we have international and multicultural industries which create sharp differences in management styleDefining the corporate mission at first a company has a clear mission or purpose but it may become unclear as you grow and change what is our business Who is our customers What do they value What should our business be a mission statement is a statement of the organizations purposewhat is wants to accomplish in the larger environment A clear mission statement guides the employees a market orientated mission statement defines the business in terms of satisfying customer needsEx Product orientated mission statement for Disneywe run theme parksa Market orientated mission statement for Disneywe create fantasies our families have fun here the mission should not be too narrow or too broad should be realistic and should be based on competencies and guided by a vision Ex McDonalds shouldnt enter the solar energy business corporate mission statement should stress major policies that the company wants to honor Policies define how employees should deal with customers suppliers competitors and others It should provide vision and direction for the next 1020 yearsAnd should only be updated if the company goes through drastic changesDesigning the business portfolio market definitions are superior to product definitions a business must be viewed as a customersatisfying business not a productproducing process companies should define their business in terms of customer needs not productsEx Ski resorts arent just places to ski they offer kids programs rock concerts etc do not choose a market definition that is too broad or narrow Strategic business units SBUs have 3 characteristics1 It is a single business or collection of related businesses that can be planned for separately from the rest of the company
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