MKT 327 Introduction to Marketing 1st Edition Lecture 5 MARKETING MANAGEMENT- OVERVIEW OF MARKETING PLANNING PROCESS PART 2Outline of Last Lecture A. PlanningII. Firm’s adaptation through strategic planningIII. The role of marketing in developing strategy IV. Marketing planV. Corporate visionVI. Elements of visionVII. Core valuesVIII.MissionIX. Corporate culture (philosophy)X. Positioning XI. Customer valueOutline of Current Lecture B. Marketing planning overview part 1XII. Business definitionXIII. Marketing objectivesXIV.Core competencies XV. The Boston consulting group growth share matrix XVI. Corporate vision, marketing objectives, and decision making MissionCurrent Lecture1) Marketing planning overview: part 1a) Ultimate goal: survivalb) Adaptability is the underlying key to survivalc) Strategic planning is the mechanism with in an organization that guides it to adapt for survival d) Marketing provides the vision that enables that planning process in order to be effective e) Marketing contributes to establishing a company’s visionThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.f) Elements of visioni) Organizational foundation(1) Core values (2) Mission (3) Cultureii) Organizational direction(1) Business def.(2) Objectivesiii) Organizational SBU strategies(1) Allocate(2) Resources(3) Marketing plan2) Business definitiona) The expression of what product or service or value the organization provides to whom inthe market place. b) This determines the underlying industry or market sector the organization competes inc) They are based on:i) Focus(1) Product oriented(2) Market orientedii) Scope(1) Broad(2) Narrow d) Examplesi) At Microsoft, we provide the software and technology that transforms the way people work, play and communicateii) Apple is a high-end consumer-electronics and services company providing the world with meaningful new products and solutions with superior ease-of-use, seamless integration and innovative industrial design. (1) Which mission statement has a broad scope?(a) Microsoft 3) Marketing Objectives a) The required direction of an organizations strategic efforts (adaptation process) to achieve goalsi) Growth strategyii)Existing products New productsExisting market Penetration Product development New markets Market development Diversificationiii)(1) Penetration(2) Product development(3) Market development(4) Diversificationiv) Resource allocation4) Core competenciesa) The unique resources, operations, or capabilities a company develops and employs to create superior customer value, the fundamental building blocks of competitive advantageb) Complete list change from industry to industryc) Five key competency categoriesi) Base technologies(1) The science of the technology- research and developing a patent (RND) ii) Process technologies(1) Manufacturingiii) Product technologies(1) Convenience, coolness, etc.iv) People systems(1) Are they friendly, helpful, interactive, experts, cultural, etc.?v) Information systems(1) Gather process and deliver information efficiently and effectively 5) The Boston consulting groups growth-share matrixRelative Market ShareMarketGrowth rateStarshave high growth prospects anda high market share.Question markshave high growth prospects but a comparatively low market share (and have also been known as wild cats).BuildholddropCash cowbusinesses that have a high market share (and are thereforegenerating lots of cash) but low growth prospects (and thereforea low need for cash). They are often in mature industries that are about to fall into decline.Dogsby deduction, are low on both growth prospects and market share.6) Corporate vision, marketing objectives, and decision making:a) Maiden Form examplei) Showed earlier ad- clicker question- firm’s performance 2 years earlier was?(1) Acceptable(2) Unacceptable(3) Stagnant(4) Cant know exceptionalii) Answer: stagnant iii) Question 2: is voting ad consistent with core values?(1) Answer: iv) Question 3: what might explain differences in studies?(1) Research is wrong(2) Tracking wrong(3) Asked different questions(4) Asked different people(5) Answer: ask different peopleb) Goal is share