MKTG 3650 5th Edition Lecture 5 Outline of Last Lecture I. A Discussion of StrategyOutline of Current Lecture II. The Planning ProcessIII. Strategic PlanningCurrent LectureThe Planning Process- Starts with a planning team- “Those who do not remember the mistakes of the past are doomed to repeat them.”SWOT- Strengths Weaknesses Opportunities Threatso Opportunities exist outside the firm Exist even if firm didn’t Can’t controlStrategic Planning- Beating the competition- Ensuring the long term growth/ survival of the firmo Moving forward Functional Area Planning- The marketing mix/ 4 P’s of Marketingo Product – what to produce and who to target it too Priceo Promotiono Place Distribution Supply chaino Target marketing focuses efforts on particular groups of customerso Segments- grouped according to shared characteristics These 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. When you choose what products to market you choose what segments to group and you choose what competitors to compete against- Marketing function plays a key role in strategic planningo Market place – unmet wants and needo Customers themselveso What competitors are doingParts of strategic planning- Develop a missiono Who we are and what we want to becomeo How we’re going to get there- Goals should allow firms to exploit their strengths- Missions- realistic, motivated, stated in few words, explaino Goals and Objectives Consistent of mission statement Goals should be stated qualitatively For each goal there should be three to five objectives Objective also have time lines- All of this is done to secure sustainable competitive
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