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Strategic Marketing Management

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Strategic Marketing Management Chapter 1 Foundations and Overview – PowerPoint PPT presentation

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Title: Strategic Marketing Management


1
Strategic Marketing Management
  • Chapter 1
  • Foundations and Overview

2
Defining the Organizations Business, Mission,
and Goals
  • The practice of strategic marketing management
    begins with a clearly stated business definition,
    mission statement, and goals/objectives to
    fulfill the mission
  • A business definition outlines the scope of a
    particular organizations operations
  • The mission statement defines the organizations
    purpose.
  • Goals/objectives specify what an organization
    intends to achieve.
  • What business are we in? What basic consumer
    needs/wants do we fulfill?

3
ExampleThe Hallmark Company
  • What needs/wants do they fulfill?
  • Generic versus product markets
  • The search for growth opportunities
  • Greeting cards versus the personal expression
    market.

4
Business Mission
  • An organizations business mission complements
    its business definition.
  • It reflects managements vision of what the
    organization seeks to do.
  • Some are general statements, others may be very
    specific.
  • Clearly stated mission statements add focus to
    the organizations efforts.

5
ExampleThe Saturn CorporationsMission
Statement
  • Market vehicles developed and manufactured in
    the United States that are world leaders in
    quality, cost, and customer satisfaction through
    the integration of people, technology, and
    business systems and to transfer knowledge,
    technology, and experience throughout General
    Motors

6
Business Goals
  • Goals/objectives convert the organizations
    mission into tangible actions that are to be
    achieved within a specific time frame.
  • Includes production, financial, and marketing
    goals.

7
Examples of Business Goals
  • Achieve a 10 annual growth rate in sales.
  • Introduce new products at the rate of 3 per year.
  • Pursue only new product ventures that will have a
    payback period of 5 years or less.
  • Engage in research and development that
    complements existing product lines.

8
Identifying Growth Opportunities
  • Environmental (market) opportunitiesboundless.
    Which are opportunities for us?
  • What are our distinctive competencies as an
    organization?
  • What are the success requirements in the market
    under consideration?
  • A matching process

9
SWOT Analysis
  • Formal framework for identifying growth
    opportunities.
  • Helps focus the matching process.
  • Goes beyond just developing lists.

10
Examples of Strengths
  • Reputation/brand image
  • Distribution channels
  • Research and development skills
  • Experienced management talent
  • Experienced sales force
  • Note that all of the above are sustainable
    strengths.

11
Examples of Weaknesses
  • Includes the lack of the previous
  • High debt
  • Lack of manufacturing capacity/capability

12
Examples of Opportunities
  • Upturn in consumer confidence
  • Trends in consumer needs/wants
  • Demographic trends
  • Changes in distribution patterns/consumer
    shopping behavior

13
Formulating Product/Market Strategies
  • MARKETS
  • Existing
    New Existing Market
    penetration Market development
  • OFFERINGS
  • New New offering development
    Diversification

14
Selecting Product/Market Strategies
  • Is the strategy consistent with organization
    mission, goal, and capabilities.
  • What are the costs and benefits of alternative
    strategies and their probabilities of success?
  • Includes an analysis of competitive structure,
    market growth or decline factors, and opportunity
    costs.

15
Developing Product/Market Strategies
  • Selecting Target Markets
  • Determining the Marketing Mix
  • Product/Service
  • Price
  • Promotion/Communication
  • Place/Distribution

16
Budgeting for the Strategy
  • Formal, quantitative expression of the
    organizations plan in financial terms. What will
    it cost???
  • Important so that organization goals are
    attained.

17
Developing Reformulation and Recovery Strategies
  • Plans seldom go exactly as expected since they
    are based on assumptions regarding consumer
    response, competitive reaction, and environmental
    factors.
  • Important to periodically conduct marketing
    audits to determine problem areas.
  • Preplanning of reformulation/recovery strategies
    allows faster response times in determining
    remedial action (contingency plans).
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