Академический Документы
Профессиональный Документы
Культура Документы
The broad approach a company intends to adopt in the longer term to achieve its objectives A medium to long term plans for achieving a firms marketing objectives The means or the game plan by which marketing objectives will be achieved Concerns markets, positioning, direction of development and competitive advantage A plan for future marketing activity
Influences on strategy
Business objectives Firm resources Firm strengths Market conditions Opportunities in the market Competition and the market structure
Mission Objective Strategy: overall plan Tactics: short term responses to an opportunity or a threat
A Marketing Audit
A systematic analysis of business activities, operations and the external environment which affects how the business markets its products. The audit is carried out to analyse the position of the business now and explain how it arrived at that position. The purpose is to indetify strategic issues in terms of SWOT
External variables
These are outside the control of the business Political Economic Social/Cultural Technological Market charactersitcs Industry structure Competition
Internal Variables
Matters within the control of the business The business itself The marketing mix Marketing objectives Products Marketing department Financial performance Human resources Research and Development capabilities
SWOT Analysis
POSITIVE INTERNAL
EXTERNAL
NEGATIVE WEAKNESS
THREATS
STRENGTH
OPPORTUNITIES
Direction of growth : market penetration, market development, product development Choice of mass or niche marketing Choice of a generic strategy : cost leadership, differentiation or focus
Direction of Growth
Market development : develop new markets Market penetration : larger share of the existing market Product development : new product development Diversification : new products for new markets
Mass vs Niche
MASS Economies of scale NICHE Avoid clash with large rivals Less vulnerable to changes Requires less resources in demand by a small no of customers High volume of sales Low volumes of sales Requires high levels of Targets limited markets Investments but will fit in the firms USP
Generic Strategy
Choice of generic strategy to achieve competitive advantage Cost leadership : lowest cost producer Differentiation : different and better Focused strategy : focusing on a niche in the market
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