Principles of marketing: Lecture 6
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MGT301
Principles of Marketing
Lecture6
Summary
of
Lecture5
Marketing
Challenges
in the
21st century
Threat of
New
Threat of
Entrants
New
Entrants
Bargaining
Power of
Suppliers
Rivalry Among Competing
Firms in Industry
Bargaining
Power of
Buyers
Threat of
Substitute
Products
*
The Information Technology Boom
Rapid Globalization
The Changing World Economy
The Call for more ethical and social Responsibility
The New Marketing Landscape
Today’s Topics
Strategic Planning and Marketing
Process
Strategic
planning
The process of developing and maintaining a strategic fit
between the organization’s goals and capabilities and its
changing marketing opportunities.
Planningwhat are we going do
and how are we going to do it?
Why
Plan?
Address changing environment and
consumers
Develop shared goals within
organization
Address competitive threat
Planning is no
fun!
Who likes to think about the
future?
It is just an unnatural act!
If you fail to plan,
you plan to fail.
Planning requires that
you:
What do
you see?
Anticipate the future
Determine actions that are
needed to achieve objectives
The Planning
Process
Environmental Analysis
Mission & Objective Setting
Marketing Strategy Development
Action Plans
Characteristics of a Strategic
Plan
Broad in Scope
Long Range: 3 5 + Years
Focus on Organizational Objectives
Initiated and Managed by Top Management
Becomes Basis for Tactical Planning & Operations
Strategic
Planning
Conducted by Board, CEO,
Division VPs
Sets Objectives
Fundamental Strategies
Tactical Planning
Middle Management Sales Mgr.,
Mkt. Research Director,
Advertising Director
Quarterly & SemiAnnual Plans
Departmental Policies and
Procedures
Budget Allocations
Operational
Planning
District Sales Managers, Staff
Marketing Supervisors
Daily and Weekly Plans
Departmental Rules &
Procedures
It is more important to do what is strategically right
than what is immediately profitable.
Phillip Kotler
SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
Steps in Strategic
Planning
Corporate Level
Defining
the
Company
Mission
Setting
Company
Objectives
and Goals
Designing
the Business
Portfolio
Business unit,
product,
and market
level
Planning,
marketing,
and other
functional
Strategies
Strategic Planning involves developing an overall company
strategy for longrun survival and growth.
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.
Defining the Company’s Business and
Mission
A Mission Statement is a Statement of
the Organization’s Purpose.
Market
Market Oriented
Oriented
Realistic
Realistic
Specific
Characteristics
of a Good
Mission
Statement:
Fit
Fit Market
Market Environment
Environment
Distinctive
DistinctiveCompetencies
Competencies
Motivating
Motivating
