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MARKETNG 300: Strategic Planning
Marketing Strategy Planning Process |
1. Assess your internal and external environments
2. Identify the best opportunities (SWOT)
3. Narrow down your opportunities
4. Define your objectives
5. Develop a plan |
Marketing Plan |
a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four
P’s, action programs, and projected or proforma income (and other financial ) statements |
Marketing strategy is... |
a plan to guide the long-term use of a firm's resources based on its existing projected internal capacities and on projected changes in the external environment |
Market penetration
|
increasing sale of present products to present customers
ex, encouraging present customers to buy more of a product: multiple packages of pringles, instant winner sweepstakes at a restaurant |
Product Development |
a marketing strategy that entails the creation of new products for present markets |
market development |
same product
new market
ex: Trader Joe's opening stores in the southeast/midwest
|
diversification |
new product, new market |
SWOT |
after assessing a companies situation, the writer of a marketing plan prepares an analysis that identifies the brand's or products
Strengths
Weaknesses
Opportunities
Threat |
4 p's |
1)Product- creating value
2) Price - capturing value
3)Place - delivering value
4)Promotion- communicating value |
Strategic marketing management |
1. Defining the organization business, mission, and goals
2. Identifying and framing organization growth opportunities
3. Formulating product-market strategies
4. Budgeting marketing, financial, and production resources
5. Developing reformulation and recovery strategies
|
Target Market |
the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts |
Marketing Mix |
The unique blend of product/service, pricing, promotion, and distribution strategies designed to meet the needs of a specific target market.
- 4 P's |
mass marketing |
the typical production-oriented approach
|
channel of distribution |
the path that a product takes as it moves from producer to consumer |
personal selling
|
personal presentation by sales force
-sales presentations, trade shows, incentive programs
|
customer service |
how that operating plan is presented to customers |
mass selling |
used with groups of prospective buyers, used by advertising, sales promotion, and public relations
|
Advertising |
activity or profession of producing advertisements for commercial products or service |
Publicity |
Information from an outside source that is used by the media because it has news value. It is an uncontrolled method of placing messages because the source does not pay the media for placement. |
Sales Promotion |
a direct inducement offering extra incentives all along the marketing route- from manufacturers through distribution channels to customers - to accelerate the movement of the product from the producer to the consumer |
Customer equity |
combined customer lifetime values of all of the company's customers. |
breakthrough opportunities |
opportunities that help innovators develop hard-to-copy mark strategies profitable for a long time
|
competitive advantage |
a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition |
Differentation |
is the process that transforms developing cells into specialized cells with different structures and functions. Tissues are specialized groups of cells. |