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Chapter 2

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Department
Business
Course
74-231
Professor
Alex Wellington
Semester
Winter

Description
Chapter 2 Think Strategic Planning 20130211 949 PM 1LearningObjective1understandtheimportanceofstrategicmarketingandknowabasicoutlineforamarketingplan Themanagerialprocessofcreatingandmaintainingafitbetweentheorganizationsobjectivesandresourcesandevolvingmarketopportunities ThegoalislongTtermprofitabilityandgrowth Fundamentalobjectivesofbusinessesareprofitandgrowth RequireslongTtermcommitmentsofresources Strategicerrorcanthreatenafirmssurvivalbutagoodstrategicplancanhelpgrowafirm Strategicmarketingmanagementaddresses2questionso Whatistheorganizationsmainactivityo Howwillitreachitsgoals Startoutnotbyfocusingonmakingmoneybutonmarketneedsandwantsthatwillpotentiallyleadtomakingmoneyieworkingbackwards Theanswerisamarketingplan Marketingplanawrittendocumentthatactsasaguidebookforthemarketingmanagero Issuessuchasproductlinesdistributionchannelsmarketingcommunicationsandpricingareoutlinedinit Themarketingplanneedstogiveyouachancetoadapttomarketchangesthatarecommonlyhappening Aplanhelpsyoupreparebutyoudontfollowitblindly Whywriteamarketingplano Providesabasisforcomparisonofactualandexpectedperformanceo Providesclearlystatedactivitiestoworktowardscommongoalso Providesanexaminationofthemarketingenvironmento Servesasareferenceforthesuccessoffutureactivitieso Allowsentryintothemarketplacewithawareness ExAmericanExpresso HistoricallyitwasthemaincompetitorofWellsFargoastagecoachcompanyTheywerebothinitiallytransportationcompanieso WellsFargostartedsecuringmoneyasdidAmericanExpressWhenstagecoacheswerewipedoutbyrailroadsthetwoevolvedintofinancialinstitutionsWellsFargoisnowabankwhileAmericanExpressisacreditcardcompanyo ThustheyhadtoevolveandadapttheirbusinessestothechangingMarketing Plan Elements marketplace WhenenteringanewmarketwithnoexperienceyouwantBusiness Mission toavoidmakingfundamentalmistakesbyundertakinggoodStatement planningSituation or SWOTPlanningisguidancePlansdonotsurvivecontactwiththeAnalysis competition SeefigureMarketingPlanElementsObjectivesOtherelementsthatmaybeincludedintheplanarebudgetsimplementationtimetablesrequiredmarketingMarketing Strategy researcheffortsandelementsofadvancedstrategicplanningTarget Market StrategyWritingthemarketingplano HavingagoodmarketinginformationsystemandaMarketing Mix wealthofcompetitiveintelligenceiscriticaltoaProduct Distribution thoroughandaccuratesituationanalysisPrice Promotion o Theroleofmanagerialintuitionisalsoimportanto EverymarketingplanisdifferentdependingonthefirmImplementation Evaluation Control 1 3 Copyright 2011 Nelson Education Limited All rights reserved LO Reviewlearningobjective1figuredescribedo WhatStrategicplanningo WhyLongtermprofitabilityandgrowtho HowWriteamarketingplan2LearningObjective2developanappropriatebusinessmissionstatement Answerstheimportantquestionwhatbusinessarewein Forexamplemobilephonesstartedinthetelecommunicationsbusiness ThewayabusinessdefinesitsbusinessmissionprofoundlyaffectsthefirmslongTrunresourceallocationprofitabilityandsurvival Basedonacarefulanalysisofbenefitssoughtbypresentandpotentialcustomersandanalysisofexistingandanticipatedenvironmentalconditions Establishesboundariesforallsubsequentdecisionsobjectivesandstrategies Focusesonthemarketsratherthanthegoodorservice Inthecaseofphonesmobileisthekeyword StrategicBusinessUnitsSBUsmayalsohaveamissionstatement SBUdefinitionasubgroupofasinglebusinessoracollectionofrelatedbusinesseswithinthelargerorganization ApplestartedoutasacomputercompanyandevolvedintoofferingawidevarietyofproductsiTunesacontentdistributorisaSBUforAppleThecompanyhasavarietyofSBUsthatitcanselloff NorcobicyclecompanyMissionStatementwearededicatedtobuildingrewardinglongTtermrelationshipswithourcustomersemployeesandsuppliersWearedrivenbyourcustomerstosupplyinnovativecycleproductsandoutstandingserviceandmarketingsupportthatwillpromotetheirgrowthandsuccess ThismissionstatementisgearedtowardsthedealersofNorcowhichwillonlygrowandsucceediftheirbikesdohenceifNorcodoes CharacteristicsofStrategicBusinessUnitsSBUso Adistinctmissionandspecifictargetmarketo Controloveritsresources2 LOReview Learning Outcome o ItsowncompetitorsBusiness Mission Statement o PlansindependentofotherSBUs KeywordofSBUsoutsourceIfyoucanoutsourceitthenitsprobablyaSBU Reviewlearningobjective2QWhat business are we in ABusiness mission statement marketing myopiaToo narrow marketing myopia no direction Too broad no direction focus on markets Just right focus on markets served and benefits served and benefits customers seek customers seek 3LearningObjective3describethecomponentsofasituationanalysis4 Copyright 2011 Nelson Education Limited All rights reservedSWOTAnalysisidentifyinginternalstrengthsandweaknessesaswellasexaminingexternalopportunitiesandthreatso SThingsthecompanydoeswellthatarerelevanttothemarketplaceo WThingsthecompanydoesnotdowello OConditionsintheexternalenvironmentthatfavorstrengthso TConditionsintheexternalenvironmentthatdonotrelatetoexistingstrengthsorfavorareasofcurrentweaknesses
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