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Chapter 2

Chapter 2 - Strategic Planning

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York University
Administrative Studies
ADMS 2200
Richard Patterson

Chapter Two Notes Overview Marketing planning identifies the markets a company can best serve as well as the most appropriate mix of approaches to satisfy the customers in those markets. The marketplace changes continually in response to changes in consumer tastes and expectations, technological developments, competitors’ actions, economic trends, and political and legal events, as well as product innovations and pressures from suppliers and distributors. Marketing planning Planning is the process of anticipating future events and conditions and of determining the best way to achieve organizational goals. Marketing planning is implementing planning activities devoted to achieving marketing objectives. Two types of planning 1. Strategic planning 2. Tactical planning Strategic planning is the process of determining an organizations primary objects and adopting courses of action that will achieve these objectives. Strategic planning provides long-term direction for its decision makers. Tactical planning is planning that guides the implementation of the activities specified in the strategic plan. Tactical planning typically addresses shorter-term actions that focus on current and near-future activities that a firm must complete to implement its larger strategies. Marketing plan process 1. Mission statement shows the essential purpose that differentiates one company from others. 2. Objectives guide the development of supporting marketing objectives and plans. Such as a goal to add fifteen new outlets in a particular area, within the next year, or even reduce waste by twenty percent. 3. Accessing organizational resources and evaluation involves an assessment of an organizations strengths, weaknesses and available opportunities. Resources include the capabilities of the firm’s production, marketing, finance, technology, and employees. Strengths help planners set objectives, develop plans and take advantage of marketing opportunities. 4. Marketing strategy is an overall, company-wide program for selecting a particular target market and then satisfying consumers in that market through the marketing mix. The marketing mix includes product, price, place and promotion. 5. Marketers put the marketing strategy into action 6. Then they monitor performance to ensure that the objectives are being achieved. If it fails to deliver the expected results, the strategy may be modified. Porters five force model First mover strategy is a theory advocating that the company that is first to offer a product in a marketplace will be the long-term market winner. It attempts to capture the greatest market share and develop long-term relationships by being the first to enter the marketplace with a product or service. Second mover strategy is a theory that advocates observing closely the innovations of first movers and then introducing new products that improve on the original offering to gain advantage in the marketplace. SWOT analysis SWOT analysis is an analysis that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats. Elements of marketing strategy Strategic window are limited periods during which the key requirements of a market and the particular competencies of a firm best fit together. It shows planners a way to relate potential opportunities to company capabilities. Such a view requires thorough analysis of the following 1. Current and projected external environmental conditions 2. Current and projected internal company capabilities 3
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