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Bus 343 - Classnote 2.docx

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Department
Business Administration
Course Code
BUS 343
Professor
Todd Green

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BUS 343 September 20, 2010 Lecture 2 Chapter 2 Todd Green General  Strategy: What a firm is going to do achieve an objective Marketing  Strategic Plan: A strategy which is planned for 3-5 years, not detailed  Marketing Plan: A strategy which is planned for 1 year, regards the 4P’s in detail  Tactics: How a strategy is going to be implemented Strategic  Strategic Planning: The managerial decision process that matches the organization’s resources and Planning capabilities to its market opportunities for long-term growth  1. Define the mission  Mission Statement: A formal statement in an organization’s strategic plan that describes the overall purpose of the organization  2. Evaluate the internal and external environment (situation analysis, environmental analysis, business review)  External Environment: The uncontrollable elements outside of an organization  Consumer Analysis  Competitive Analysis  Industry Analysis  Internal Environment: The controllable elements inside an organization  PESTO: Political or Legal, economic, social or cultural, technological, or other  3. Set organizational or SBU (Strategic Business Unit) objectives  Objectives need to be specific, measurable and attainable (usually in numerical terms)  4. Establish the business portfolio  Business Portfolio: Group of different products or brands owned by an organization  5. Develop growth strategies and tactics Marketing Planning  Marketing Plan: A document that outlines the marketing environment, objectives and strategies, Process and who will be responsible for what (see example on pg. 506)  Consequences of not developing marketing plan  1. The business tends to drift  2. There is a lot of “pie-in-the-sky” thinking, but no formal strategy  3. The business tends to waste resources trying one tactic after another  4. The business lacks a “playbook”  5. There is no unity within the organization  Do’s in a Marketing Plan  1. Focus on key strategies and tactics  2. Provide rationale for every decision  3. Keep the marketing plan short and actionable  4. Focus on the implications, the “so what” of data, and not of the data itself  5. Develop the marketing plan for a period of one year, but meet periodically to assess progress and examine marketing plan assumptions  Do not’s in a Marketing Plan  1. Try to write about multiple target markets at the same time  2. Forget that marketing plan template is directional  3. Forget that marketing is everyone’s job  4. Forget that the implementation details are as important as the strategy  SWOT Analy
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