Marketing Management
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Textbook:
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210 X 275 mm approx.
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210 X 275 mm approx, Sample Applied Theory Questions
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Detail Table of Contents
Strategic Planning Process in Marketing : Chapter 9
SUMMARY:
Strategic market planning is the process of communicating and sharing data between different departments of an organization to collectively formulate future strategies and implement them with maximum efficiency. Strategies regarding which markets to serve and with what products; which brands to extend and at what intervals are developed. The strategic planning process helps organizations view their future goals clearly. Strategic marketing planning involves planning the brand strategy, the product strategy, the sales strategy, the sales promotion strategy, and the advertising strategy. Before developing any strategy, a firm has to first develop a corporate mission statement which explains the business of the organization, and its customers.
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strategic business unit is a separate and self-sufficient business unit operating in the market. Resource allocation is done by differentiating the company’s businesses according to their potential and identifying whether they are profitable. The two very popular models used for such estimations are the Boston Consulting Group Model and the General Electric Model. Boston Consulting Group matrix helps a company to determine its marketing strategy by analyzing a product’s market growth rate with its relative market share. In the General Electric model, the strategic business units are plotted in a matrix with nine cells. Each SBU is measured on the basis of industry attractiveness and business unit strength.
Companies deal with situations where there is a tremendous gap between actual and projected sales. To overcome this gap, firms develop intensive, integrative, or diversification growth strategies. Firms also need to consider the importance of growth, and the importance of gradually removing old and sick businesses that are not adding any value to the company.
SWOT analysis is the process of analyzing the company and the environment in which it is operating. This analysis helps in formulating effective strategies for the company to deal with competition. SWOT analysis takes into consideration the internal and external factors of an organization. Strengths and weaknesses are internal factors, whereas opportunities and threats are external factors.
The marketing process of a company typically involves identifying the viable and potential marketing opportunities in the environment, developing strategies to effectively utilize these opportunities, evolving suitable marketing strategies, and supervising the implementation of these marketing efforts. The steps in the marketing planning process are analyzing the marketing opportunities, developing marketing strategies, planning marketing programs, and managing the marketing effort. Marketing planning involves the development of a logical process for establishing marketing goals and plans to achieve those goals. It involves allocating budgets for different marketing activities and evaluating the target market segments. The marketing plan of a business firm includes executive summary, opportunity and issue analysis, marketing strategy, action programs, projected profit and loss statements and controls.
