chapter 2 week 2: strategic marketing planning – Flashcards
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strategical planning functional planning operational planning
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levels of planning
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a managerial decision process that matches and organization's resources (manufcaturing facilities, financial assets) and capabilities to its market opportunities for long term growth and survival. these decisions focus on the firms ability to respond to changes and opportunities in its environment. planning done by top level corporate management*** 1. define mission 2. evaluate internal/external environment 3. set organizational objectives 4. establish the business portfolio (if needed) 5. develop growth strategies ex. set a goal of increasing the firms total revenue by 20% in the next 5 years (usually 3-5 year plan)
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strategical planning
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what a firm is going to do in an objective. ex. decide how to develop a long term brand in the Japanese market. goal is to increase revenue by 20%. their ___ is to achieve this growth may be to enter new markets with new or existing products
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strategy
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how a strategy is going to be enacted ex. enter japanese market witha product line customized for japanese consumers
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tactics
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strategic business unit. a semi autonomous entity that operates as an independent business with its own missor objectives and marketing strategy. large, multifacitied organizations like Bombardier find it more effective to organize operations into ___ because they can focus more specifically on business opportunites, technologies, and customers individually rather than all at once.
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SBU
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decision process that concentrates on developing detailed plans for strategies and tactics for short term, supporting an organizations long term strategic plan. marketing finance HR are all examples. VPs usually do this planning. -in marketing called marketing planning. ___ takes its direction from the strategic plan and deveopls lower level strategies and tactics for achieving the objectives. this plan contains details regarding the marketing mix elements. specifically talks about what will be implemented and how the objectives will be achieved ex. hiring ad agency to create japanese anime cartoon character
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functional planning
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planning that focuses on the day to day execution of the functinoal plans and included detailed annual, semiannual or quarterly plans. ex. might show exactly how many units the firm will place on certain networks during a season.
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operational planning
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1. define the mission 2. evaluate the internal/external environment 3. set SBU objectives 4. establish business portfolio 5. develop growth strategies
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steps of strategic planning
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ask questions like: what business are we in, what customers should we serve, how should we focus our efforts. form mission statement
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define the mission
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formal document that describes the organizations overall purpose and what it hopes to achieve. used in strategic planning. if a ____ is too narrow it may inhibit ability to visualize possible growth opportunities. it should inspire stakeholders to want to be associated with the organization ex. MADD: to stop drunk driving, support the victims of this violent crime and prevent underage drinking
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mission statement
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uncontrollable elements outside the organization that effect the company. 5 main categories PESTO: political economic social technological other. -
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evaluate the external environment (SWOT analysis)
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the controllable elements inside organization- people facilities and how things are done and the influence the operations of the organization
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evaluate the internal environment
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this is a direct outgrowth of the mission statement. objectives must be specific measurable and attainable. make sure objectives are stated in numerical terms ex. 10% increase in profitability
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set organizational or SBU objectives
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includes business portfolio portfolio analysis and BCB growth market share matrix
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establish business portfolio
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apart of establish business portfolio group of different products or brands by an organization an characterized by different income generating and growth capabilities. having diversity in the company reduces the reliance on 1 major product for the organization and you can appeal to more customers
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business portfolio
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apart of establish business portfolio a tool that assess the potential of a firms business portfolio. it helps decide which current SBU should receive more or less of the firms resources
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portfolio analysis
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apart of establish business portfolio . assess the POTENTIAL of successful products to generate cash that a firm can use to invest in new products. vertical axis represents the market growth rate (attractiveness of the market) horizontal axis: represents relative market share (the current strength in the market) 4 outcomes: stars question marks cash cows dogs STANDARD QUILTS CANT DIE (ACCRONUYM)
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bcb growth market share matrix
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high relative market share (horizontal) high market growth rate (vertical). -products that have a dominant market share in high growth markets. -requires heavy funding to keep up with production and promotion demands. -high potential market. ex. disney investing heavily into popular TV shows and movies like Hannah Montana, toy story etc.
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stars
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sometimes called "problem children" low market share and high, fast growth markets. the firm can pump more money into marketing and hope the market share will improve but there it may not gain anything significant. ex. Disney stores: their performance compared to the overal specialty retailer market has lagged in recent years however the online version of the store performs much better. the store doesnt make nearly as much money as the movies or theme parks
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question marks
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dominant market share and low growth potential market. not much opportunity for new companies to enter the market. this SBU is well established and enjoys high market shares that can sustain with minimal funding. ex. disney theme parks. steady incoming cash iphones?
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cash cows
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small market share in slow growth market. businesses that offer specialized products in limited markets that are not likely to grow quickly. usually businesses that have money tied up in them which causes problems
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dogs
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how should the organization grow, should it come from finding new customers? developing new products etc. product market growth matrix: x axis is product emphasis and y axis is market mephasis market penetration product development market development diversification
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develop growth strategies
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low product emphasis (existing products), high market emphasis (existing markets). seek to increase sales of existing products to existing markets. ex campbell's advertises new uses for soup in lunch and dinners.
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market penetration
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low product emphasis low market emphasis. introduce existing products to NEW markets. expanding into a new geographical area, or reaching new market segments. ex. WII appealing to an older audience because of fun exercise games
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market development strategy
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high product emphasis high market emphasis create growth by selling new products in existing markets. ex. business class hotels upgrading rooms to more comfy beds
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product development strategy
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high product emphasis low market emphasis. emphasize both new new products and new markets to achieve growth. ex. mcdonalds making salads and buying other businesses like chipotle
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diversification strategy
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perform swot analysis set marketing objectives develop marketing strategies implement marketing strategies monitor and control marketing strategies
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functional planning steps
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focuses efforts on issues related to the marketing mix- the product price promotional approach and distribution (place)
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marketing planning
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step 1 of functional planning. seeks to identify meaningful strengths and weaknesses in the organizations INTERNAL ENVIRONMENT and opportunities and threats from the EXTERNAL environment. if the implication doestn have a direct bearing on a decision that you have to make it probably isnt very important and doesnt need to be included in the ____.
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perform SWOT analysis
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6 basic reasons why organizations fail failure to innovate failure to create value failure to persist over time failure to maintain uniqueness failure to prevent appropriation of value failure to be flexible and adapt
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fatal flaws
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organizations taht dont create offers that are superior in some way to those already available
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failure to innovate
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not a large enough market segment
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failure to create value
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insufficient margins volume or resources or inability to comunicate value
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failure to persist over time
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offers are imitable or substitutable
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failure to maintain uniqueness
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holdup or slack. organizations that get held hostage by stakeholders
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failure to prevent appropriation of value
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inability to deal with uncertainty and ambiguity. being able to anticpate events but not their timing.
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failure to adapt
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step 2 of marketing planning process (functional planning). ______ state what the marketing function must accomplish if the firm is going to achieve business objectives. ex. if a firm has decided that its growth strategy is to focus on product development it will develop product objectives. more specific to the firms brand, size, products, features and other marketing mix related elements
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set marketing objectives
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the measure marketers use to asses their performance
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metrics
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step 3 of functional planning.this step focuses on the positioning issues of strategic orientation, differentiation, and defendability and brand personality. how the organization will compete in its chosen markets.
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develop marketing strategies
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MARKETING STRATEGY... how a brand will be known to customers as better than another brand
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differentiation
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marketing strategy... discusses sources of sustainable competitive advantage. the ability of a firm to outperform the competition, providing customers with a benefit the competition cant.
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defendability
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marketing strategy... how the intended differentiation will be captured in the creation of brand meaning.
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brand personality
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step 4 of functional planning. provides the details of what needs to be done by whom and when it needs to be done by. involves control plans including how you will measure performances and targets that indicate success or failure.
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develop an implementation plan
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the profit generated in a specific marketing campaign given at a certain risk level. ROMI appears as a cost not as an investment.
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return on marketing investment
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step 5 of functional planning bs bs bs bs
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evaluate the plan
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planning done by supervisory managers. 1. develop action pans to implement the marketing plan 2. use marketing metrics to monitor how the plan is working.
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operational planning steps
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1. go or no go 2. which markets to enter 3. level of commitment 4. how to adapt marketing mix strategies
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steps in decision process for entering global market
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