1. Chapter 2 Developing Marketing Strategies and Plans
- - - - - - - - - Marketing and Customer Value
Marketing is about satisfying consumer’s needs and wants..
1) A new view in business process that places marketing at the beginning of planning. Companies
see themselves as part of the value delivery process, which consists of 3 phases. Choosing the
Value, Providing the value and Communicating the value.
2) The Value Chain is a tool for identifying ways to create more customer value. The success of a
firm not only depends on how well a department performs together but also its ability to look for
competitive advantages beyond its own operations. Firms partner with other companies to create a
supply chain.
3) Core Competencies results in core products that enable value creation in the end products. Core
competencies arise from the integration of multiple technologies and the coordination of diverse
product skills.
4) A holistic marketing framework integrates 3 key elements; Value Exploration, Value Creation
and Value Delivery.
5) The Marketing Plan is the central instrument for directing and coordinating the marketing efforts.
The marketing plan operates at 2 levels; Strategic and Tactical.
- - - - - - - - - Corporate & Division Strategic Planning
6) All companies undertake 4 planning activities to set their goals and strategies. Defining the
Corporate Mission, Establishing strategic business units (SBU), Assigning resource to each SBU,
Assessing growth opportunities.
7) A company’s organization consists of its structures, policies and corporate culture. Adapting the
culture is often the key to successfully implementing a new strategy.
8) Innovation in marketing is critical in finding new imaginative ideas on strategy making. Fresh
ideas can be generated from 3 groups of people that are underrepresented. Employees with
youthful perspectives, employees that are removed from company headquarters, and employees
who are new to the industry.
- - - - - - - - - Business Unit Strategic Planning
9) The business unit strategic -planning process consists of 7 steps. The Business Mission, SWOT
Analysis, Goal formulation, Strategy formulation, Program formulation, Implementation and
Feedback and Control.
- - - - - - - - - Product Planning
10) Product Planning requires a marketing plan for each individual product for it to be able to reach its
product objectives. A marketing plan contains; Executive summary and table of contents,
Situational analysis, Marketing strategy, Financial projections, and Implementation controls.