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Marketing Strategy

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Marketing Strategy Creating a Strategic Direction Start with the organizational mission what does your business do (or hope to do)? What happens if you don t ... – PowerPoint PPT presentation

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Title: Marketing Strategy


1
Marketing Strategy
2
Creating a Strategic Direction
  • Start with the organizational mission what does
    your business do (or hope to do)?
  • What happens if you dont define your mission?
  • What are the impacts on the employees?
  • Once you have described the general direction
    focus on the details (Organizational Goals)
  • What happens if you dont set quantitative goals?
  • What happens if your goals are unrealistic? Too
    easy?

3
Levels of Organizational Strategy
  • Corporate Strategy overall corporate direction,
    mission, budgeting considerations
  • Business Unit Strategy (strategic business units
    SBUs) managing individual business areas
  • Functional Strategy departmental goals,
    organizational hierarchy
  • Product Strategy managing individual products
    or brands

4
Developing Business Strategy
  • The number one priority in effective business
    strategy development is understanding the current
    situation.
  • Think about road directions how can you
    identify the best route to a destination if you
    dont know your current position?
  • Second, you must understand the constraints you
    must work within (budget, timing, resource,
    informational, competitive, etc.)

5
Strategic Development Process
  • Phase 1 Planning (where are we, where do we
    want to go, what can we use to get us there?)
  • Phase 2 Implementation (from a marketing
    strategy perspective how do we manage the 4 Ps
    to achieve our business goals?)
  • Phase 3 Control (Evaluation) you must always
    assess your progress in a timely manner. Thus
    the need for forecasting at many different levels
    in the organization. A good business plan should
    allow for constant adjustment.

6
Strategic Tools
  • SWOT analysis (strengths weaknesses
    opportunities threats)
  • Advantages? Disadvantages? When should you use
    it?
  • Boston Consulting Group Analysis
  • Advantages? Disadvantages? When should you use
    it?
  • Market-Product Analysis
  • Advantages? Disadvantages? When should you use
    it?

7
Strategic Development Trends
  • Consider the impact of each of the following on
    strategic development and the business process in
    general
  • Cross-functional Teams
  • Technology (i.e. the internet, electronic data
    interchange systems, just-in-time inventory
    systems, database management systems)
  • Value (partner) networks

8
Final Observations on Business Strategy
  • Customers, channels, and competitors are
    constantly changing you must be able to hit a
    moving target.
  • You must build on core competencies that are
    forward-looking (an advantage must be developed
    to be sustained).
  • Companies influence how markets change, customers
    influence when markets change

9
Boston Consulting Group Analysis (Growth-share
Matrix)
10
Market-Product Analysis
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