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MKT 2.pptx

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Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing Opportunities. This process involves:
Defining a Mission: Statement of an organization’s purpose; should be market oriented.
Setting Company Objectives: Supporting goals and objectives to guide the entire company.
Designing a Business Portfolio: Collection of businesses and products that make up the company.
Planning Functional Strategies: Detailed planning for each department designed to accomplish strategic objectives.

Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing Opportunities. This process involves:
Defining a Mission: Statement of an organization’s purpose; should be market oriented.
Setting Company Objectives: Supporting goals and objectives to guide the entire company.
Designing a Business Portfolio: Collection of businesses and products that make up the company.
Planning Functional Strategies: Detailed planning for each department designed to accomplish strategic objectives.

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MKT 2.pptx

  1. 1. PRINCIPLES OF MARKETING Chapter 2 Company and Marketing Strategy
  2. 2. Strategic Planning Process Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing Opportunities. This process involves: Defining a Mission: Statement of an organization’s purpose; should be market oriented. Setting Company Objectives: Supporting goals and objectives to guide the entire company. Designing a Business Portfolio: Collection of businesses and products that make up the company. Planning Functional Strategies: Detailed planning for each department designed to accomplish strategic objectives.
  3. 3. Strategic Planning Process FIGURE |Steps in Strategic Planning
  4. 4. Companywide Strategic Planning Defining a Market-Oriented Mission – The mission statement is the organization’s purpose, what it wants to accomplish in the larger environment – Market-oriented mission statement defines the business in terms of satisfying basic customer needs
  5. 5. Defining a Market-Oriented Mission A sound mission begins with the following questions: – What is our business? – Who is the customer? – What do consumers value? – What should our business be?
  6. 6.  Copyright 1998 Prentice Hall 2-3 2-3 Market Oriented Market Oriented Fit Market Environment Fit Market Environment Motivating Motivating Realistic Realistic Distinctive Competencies Distinctive Competencies Specific Specific Characteristics of Good Mission Statements Characteristics of Good Mission Statements Mission Statements Mission Statements
  7. 7. Defining a Market-Oriented Mission – Google’s mission statement isn’t something namby-pamby like “To be the world’s best search engine.” – It’s “To organize the world’s information and make it universally accessible and useful.” That’s simultaneously inspirational, achievable, and completely graspable. – Ritz-Carlton Hotels & Resort’s statement is not We rent rooms. – BUT, We create the Ritz-Carlton experience—one that cheer up the senses, encourages well- being, and fulfills even the unexpressed wishes and needs of our guests.
  8. 8. Setting Company Objectives and Goals – The company needs to turn its mission into detailed supporting objectives for each level of management. Each manager should have objectives and be responsible for reaching them. –Example: Ritz-Carlton
  9. 9. Designing the Business Portfolio – The business portfolio is the collection of businesses and products that make up the company. – The best portfolio is the one that best fits the company’s strengths and weaknesses to the opportunities in the environment. – Portfolio analysis is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company.
  10. 10. Designing the Business Portfolio Business portfolio planning involves two steps. – First, the company must analyze its current business portfolio and determine which businesses should receive more, less, or no investment. – Second, it must shape the future portfolio by developing strategies for growth and downsizing.
  11. 11. Designing the Business Portfolio Analyzing the Current Business Portfolio – The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company. – Management’s first step is to identify the key businesses that make up the company, called strategic business units (SBUs). An SBU can be a company division, a product line within a division, or sometimes a single product or brand. – Strategic business unit (SBU) is a unit of the company that has a separate mission and objectives that can be planned separately from other company businesses
  12. 12. Designing the Business Portfolio The Boston Consulting Group Approach – Using the now-classic Boston Consulting Group (BCG) approach, a company classifies all its SBUs according to the growth-share matrix. – On the vertical axis, market growth rate provides a measure of market attractiveness. – On the horizontal axis, relative market share serves as a measure of company strength in the market.
  13. 13. Analyzing the Current SBUs: Boston Consulting Approach
  14. 14. Analyzing the Current SBUs: Boston Consulting Approach (BCG) Question Marks • High growth, low share • Build into Stars/ phase out • Requires cash to hold market share Stars • High growth & share • Profit potential • May need heavy investment to grow Cash Cows • Low growth, high share • Established, successful SBU’s •Produces cash Dogs • Low growth & share • Low profit potential Relative Market Share High Low Market Growth Rate Low High
  15. 15. Analyzing the Current SBUs: Boston Consulting Approach (BCG)
  16. 16. Analyzing the Current SBUs: Boston Consulting Approach (BCG) – The 10 circles in the growth-share matrix represent the company’s 10 current SBUs. – The company has two stars, two cash cows, three question marks, and three dogs. – The areas of the circles are proportional to the SBU’s dollar sales. – It wants to invest in the more promising question marks to make them stars and maintain the stars so that they will become cash cows as their markets mature. Fortunately, it has two good-sized cash cows. Income from these cash cows will help finance the company’s question marks, stars, and dogs.
  17. 17. Analyzing the Current SBUs: BCG – Once it has classified its SBUs, the company must determine what role each will play in the future. It can pursue one of four strategies for each SBU. – It can invest more in the business unit to build its share. – It can invest just enough to hold the SBU’s share at the current level. – It can harvest the SBU, milking its short-term cash flow regardless of the long-term effect. – Finally, it can divest the SBU by selling it or phasing it out and using the resources elsewhere.
  18. 18. Analyzing the Current SBUs: BCG – As time passes, SBUs change their positions in the growth- share matrix. Many SBUs start out as question marks and move into the star category if they succeed. – They later become cash cows as market growth falls and then finally die off or turn into dogs toward the end of their life cycle. – The company needs to add new products and units continuously so that some of them will become stars and, eventually, cash cows that will help finance other SBUs.
  19. 19. DEVELOPING STRATEGIES FOR GROWTH AND DOWNSIZING Beyond evaluating current businesses, designing the business portfolio involves finding businesses and products the company should consider in the future. Companies need growth if they are to compete more effectively, satisfy their stakeholders, and attract top talent. At the same time, a firm must be careful not to make growth itself an objective. The company’s objective must be to manage “profitable growth.” Marketing has the main responsibility for achieving profitable growth for the company. Marketing needs to identify, evaluate, and select market opportunities and establish strategies for capturing them. One useful device for
  20. 20. Product/Market Expansion Grid A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
  21. 21. Developing Growth Strategies 1. Market Penetration 2. Market Development 3. Product Development 4. Diversification Existing Markets New Markets Existing Products New Products Product/ Market Expansion Grid
  22. 22. Product/ Market Expansion Grid – Market Penetration: increase sales to present customers with current products. How? Cut prices, increase advertising, get products into more stores. – Market Development: develop new markets with current products. How? Identify new demographic or geographic markets. – Product Development: offering modified or new products to current customers. How? New styles, flavors, colors, or modified products. – Diversification: new products for new markets. How? Start up or buy new businesses.
  23. 23. Customer-Driven Marketing Strategy –Market Segmentation, Market Targeting, Differentiation, And Positioning
  24. 24. Customer-driven Marketing Strategy Market segmentation: Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs. Market targeting: The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter. A company with limited resources might decide to serve only one or a few special segments or market niches. Such nichers specialize in serving customer segments that major competitors overlook or ignore. Market Niches: Ferrari sells only 1,500 of its very high-performance cars in the United States each year but at very high prices—from an eye-opening
  25. 25. Customer-driven Marketing Strategy Positioning: Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. In positioning its product(s), the company first identifies possible customer value differences that provide competitive advantages on which to build the position. The company can offer greater customer value by either charging lower prices than competitors or offering more benefits to justify higher prices. But if the company promises greater value, it must then deliver that greater value. Differentiation: Actually differentiating the market offering to
  26. 26. DEVELOPING AN INTEGRATED MARKETING MIX Marketing Mix The set of tactical marketing tools— product, price, place, and promotion—that the firm blends to produce the response it wants in the target market.
  27. 27. DEVELOPING AN INTEGRATED MARKETING MIX
  28. 28. Developing An Integrated Marketing Mix There is another concern, however, that is valid. It holds that the four Ps concept takes the seller’s view of the market, not the buyer’s view. From the buyer’s viewpoint, in this age of customer value and relationships, the four Ps might be better described as the four Cs. 4Ps Product Price Place Promotion 4Cs Customer solution Customer cost Convenience Communicatio n

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