Transcript FOUNDATIONS OF STRATEGIC MARKETING MANAGEMENT

FOUNDATIONS OF
STRATEGIC MARKETING
MANAGEMENT
Marketing
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Strategic Marketing
Management
Defining:
A Company’s Business
A Company’s Mission
A Company’s Goals
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A Company’s Business
Types of Customers
Needs of Customers
Means or Technology
Customer Satisfaction Focused
A Company’s Mission
Written Statement
Scope of Operation
Management’s Vision
Guidance for Market and Product
Evaluation
Inspire and Challenge Employees
A Company’s Business Goals
Converts Mission into Tangible Action
Three Types:
Production
 Marketing
 Financial
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Problem Centered and Future
Oriented
Arise from Situation Analysis
Converting Opportunities
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What Might We Do?
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What Do We Do Best?
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Environmental Opportunity
Distinctive Competency
What Must We Do?
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Success Requirements
S.W.O.T. Analysis
Strengths
 Distinctive Competency
 Weaknesses
 Obstacles to Opportunities
 Opportunities
 Environmental Opportunity
 Threats
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Product-Market Strategies
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Market-Penetration
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Market-Development
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Enter New Markets
Product-Development
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Expand Market Share
New Product Offerings
Diversification
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Create or Acquire New Products/Service
Offer to New Markets
Bases for Strategy Selection
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Market Data
 Size
 Buying Behavior
 Requirements
Environmental Forces Data
 Social (women in workforce)
 Legal (new legislation)
 Political (deregulation)
 Economic (shifts in income)
Bases for Strategy Selection
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Competitive Activity
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Evaluate Current Strategies
Consider Alternative Strategies
Cost/Benefit Analysis
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Cost to Implement Strategy
Benefit of Strategy
Probability of Success
Strategy Selection
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A.T. Kearney Probabilities
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Decision Tree Analysis
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Possible Actions
Competitive Reactions
Resultant Outcomes
Designing The Marketing Mix
Kind of Product
 Marketing Communications
 Channel Strategy
 Pricing Strategy
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Budgeting of Resources
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Operating Budget
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Pro-Forma Income Statement (In the
Future)
Revenues, Expenses and Profits
Financial Budget
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Impact on Corporate Cash
From Operations
Capital Expenditures
Budgeting of Resources
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Special Budgets
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Sales Forecast
Marketing Communications
“What-If” Scenarios
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Budget Variations tied to Different
strategies
Demonstrate Varying Outcomes
Help Support Strategy Selection
Reformulation and
Recovery Strategies
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Strategies often Must Change in MidCourse
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The Marketing Audit
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Comprehensive and systematic Review
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Marketing Environment
Objectives and Strategies
Tactical Activities
Discovering Problem Areas and
Opportunities
Reformulation and Recovery
Strategies
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The Marketing Audit
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Recommend a Plan to Improve
Performance
Strategic Fit and Operational
Performance
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Are we doing the right things?
Are we doing things right?
Reformulation and Recovery
Strategies
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Forces Consideration of “What-Ifs”
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Impact on Strategy of Internal and External
Changes
Relationship of Assumptions to Results
Leads to Contingency Plans
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Speeds Reaction Time
Ethics and Social Responsibility
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Just Because It’s Legal…
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Executives Serve Many Stakeholders
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All Marketing Strategy Has an Element
of Moral Judgement