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Chapter 2

Chapter 2 BU352.docx

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Department
Business
Course
BU352
Professor
Dave Ashberry
Semester
Fall

Description
BU352 Chapter 2 – Developing a Marketing Plan and Marketing Strategies Week 1 Levels of Strategic Planning in Corporations -Strategic planning in most organizations occurs on at least two levels, the corporate level and the functional level -Corporate level planning is done by the company’s top management and focuses on the overall direction of the entire company -Marketing planning process – a set of steps a marketer goes through to develop a marketing plan The Marketing Plan -A marketing plan is a 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 four Ps, action programs, and projected or pro forma statements -The three major phases of the marketing plan are planning, implementation and control -Planning phase – where marketing executives and other top managers define the mission and objectives 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 -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 four Ps -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? Step 2: Conduct a Situation Analysis -Situation analysis – uses a SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats -Situation analysis also includes an examination of market trends, customer analysis, and competitive analysis -The firms should assess the opportunities and uncertainties of the marketplace due to changes in cultural, demographic, social, technological, economic, and political forces (CDSTEP) -A SWOT analysis is designed to help the firm determine areas in which it is strong and can compete effectively and areas where it is weak and vulnerable to competitive attack -A SWOT analysis requires the firm to undertake a critical assessment of its resources, capabilities, organization, strategies, and performance in relation to competitors -See Exhibit 2.4 p.41 for an example of a SWOT analysis Step 3: Identify and Evaluate Opportunities by Using STP (Segmentation, Targeting, and Positioning) -STP – the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits Segmentation -Market segment – a group of consumers who respond similarly to a firm’s marketing efforts -Market segmentation – the process of dividing the market into distinct groups of customers where each individual group has similar needs, wants, or characteristics – who therefore might appreciate products or services geared especially for them in similar ways BU352 Chapter 2 – Developing a Marketing Plan and Marketing Strategies Week 1 Targeting -Target marketing/targeting – the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market Positioning -The firm must determine how it wants to be positioned within these segments -Because position is what consumers think and feel about a brand or product, marketers try very hard through their various marketing efforts to shape consumers’ perceptions regarding their brand or product -Market positioning - involves 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 Product and Value Creation -Firms attempt to develop products and services that customers perceive as valuable enough to buy Price and Value for Money -A firm provides a product or a service, or some combination thereof, and in return it receives money Place and Value Delivery -The firm must make the product or service readily accessible when and where the customer wants it Promotion and Value Communication -Marketers must consider which are the most efficient and effective methods to communicate with their customers, which goes back to understanding customers, the value created, and the message being communicated -Marketing managers must develop schedules: timelines for each activity, and the personnel responsible for the respective activity to avoid bottlenecks and ensure smooth and timely implementation of the marketing mix activities Step 5: Evaluate Performance by Using Marketing Metrics -A metric is a measuring system that quantifies a trend, dynamic, or characteristic -Metrics are used to explain why things happened and to project the future Who is Accountable for Performance? -At each level of an org
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