MOS 2320 Chapter 2 - A Marketing Plan and Marketing Strategies.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
Gail Leizerovici
Semester
Fall

Description
Chapter 2: A Marketing Plan & Marketing Strategies Levels of Strategic Planning in Corporations - Strategic planning in most organizations occurs on at least two levels – corporate and functional - Corporate: done by the company’s top management and focuses on the overall direction of the entire company o Long term direction of the company, which is updated regularly to respond to changed in business environment - Functions: large corporations usually have many functions o Human Resources, R&D, finance, manufacturing, and marketing Strategic Business Unit (SBU): division of the company that can be managed somewhat independently from other divisions since it markets a specific set of products to a clearly defined group of customers Marketing Planning Process: a set of steps a marketer goes through to develop a marketing plan Levels of Planning Scope Duration Strategic Focus Corporate Planning Entire firm Long term (5 years) Define the company’s mission, set company’s goals and establish the business portfolio SBU (applied only to Single SBU within the Medium to long term Set goals and establish large firms with more than firm (3-5 years) portfolio of products and one distinct business line) markets for the business unit Functional Planning (eg. Product portfolio, single Short term to medium Develop marketing plans Marketing planning) product, brand or market (1-3 years) for specific products, brands or markets The Marketing Plan - Written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4 Ps, action programs, and projected or pro forma income (and other financial statements) Phases of Marketing Plan 1. Planning Phase: where marketing executives and other top managers define the mission and objective of the business, and evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm’s potential for success 2. Implementation Phase: where marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting and positioning. They then develop and implement the marketing mix by using the 4 P’s 3. Control Phase: the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions Step 1: Define the Business Mission and Objectives: Mission Statement: a broad description of a firm’s objectives and the scope of activities it plans to undertake; attempts to answer two main questions: what type of business is it? And what does it need to do to accomplish its goals and objectives - Must be answered at the highest corporate levels before marketing executives can get involved Step 2: Conduct a Situational Analysis Situation Analysis: is the second step in a marketing plan; uses a SWOT analysis that assess both the internal environment with regard to its strengths and weaknesses and external environment in terms of opportunities and threats - Examination of market trends, customer analysis and competitive analysis Step 3: identifying and Evaluating Opportunities by Using STP (Segmentation, targeting, and positioning) STP: the process of segmentation, targeting and positioning that firms use to identify and evaluate opportunities for increasing sales and profits Segmentation: - Many types of customers appear in the market and most firms cannot satisfy everyone’s needs - Market Segment: a group of consumers who respond similarly to a firm’s marketing efforts Targeting: the process of evaluating the attractiveness of various segments and then dividing which to pursue as a market Positioning: is what consumers think and feel about a brand or product. Marketers try very hard to shape consumers’ perceptions - Market Positioning: involved the process of defining the marketing mix variables so that target customers have a clear, distinct, desirable understanding of what the product does or represents in comparison with competing products Step 4: Implement Marketing Mix and Allocate Resources - Company has to decision what to do, how to do it and how many resources the firm should allocate to it Product and Value Creation - Some people see the value of a $6 Starbucks coffee, others with heartburn don’t. That’s why Folgers created simply smooth for sensitive stomachs Price and Value for Money - Marketers should base price on the value that the customer perceives Place and Value Delivery - Make the product accessible when and where the customer wants it Promotion and Value Communication - Marketers communicate the value of their offering through variety of media (TV, magazines, buses, promos) - Must decide the most efficient and effective way to communicate with thei
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