Textbook Notes (363,137)
Canada (158,217)
BUS 343 (120)
Chapter 2

BUS 343 - Chapter 2.pdf

3 Pages
Unlock Document

Simon Fraser University
Business Administration
BUS 343
Robert Krider

By Mark Liangco | BUS 343 Chapter 2 (Week 3) Strategic Planning vs. Marketing Planning - Strategic planning – Longer term and less specific than marketing planning. - Mission statement and business portfolio are unlikely to appear in a marketing plan. Strategic Planning 1) Define mission - Mission – A formal statement in an organization’s strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources. 2) Conduct environmental “situational” analysis - External environment o Consists of uncontrollable elements outside of the organization that may affect it either positively or negatively. o PESTO – Political, Economical, Social, Technological and Other factors. - Internal Environment o The controllable factors within an organization o People, facilities and how it does things. 3) Set an Organizational/Strategic Business Unit (SBU) Objectives - Objectives needs to be SMART Specific, Measurable, Attainable, Realistic and Time-Bounded 4) Establish the business portfolio - Group of different products & brands characterized by different income generating and growth capabilities. 5) Develop growth strategies Marketing is a decision making process 1) Understanding the Opportunity o Customer Analysis  Who are our current core customers?  How do we reach them?  What benefits do we provide?  Opportunities: What benefits can we provide to existing or new customers? Market penetration: increase sales of existing products to current customers, non-users, and users of competitive brands in served markets. Also known as the “work harder” strategy. Market development: introduce existing products to new markets. E.g., exporting, finding new uses for existing products. Product development: selling new products in served markets. (ask existing customers what else the company could offer them) Diversification: emphasize both new products and new markets. Large companies such as General Electric have the resources to do this. Risky for smaller companies with limited resources By Mark Liangco | BUS 343 1) Understanding the Opportunity (continued) o Company, Competitors Analysis  What are their (our) strengths and weaknesses?  What are their (our) brand image and position? o Environmental Analysis  What are the current trends and changes in PESTO – Political, Economical, Social, Technological and Others? - How do we address these? Use the SWOT analysis. 2) Specify the value (Marketing Strategy: Use STP [Segment, Target, Position] ) - Objectives: o Objectives needs to be SMART Specific, Measurable, Attainable, Realistic and Time-Bounded o - Market Segmentation o Process of dividing the market into groups who are similar within but different between groups. - Targeting o Who is my target marke
More Less

Related notes for BUS 343

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.