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MARK1012
Marketing Fundamentals
Lecture 2
Strategic Planning
Written by:
Nicole Lasky
Haodong Gu
Dr Mohammed Razzaque
Dr Jiraporn Surachartkumtonkun
Spoken by:
Nicole Lasky
Highlights of Lecture 2
Business portfolio;
Marketing strategies:
Profitable customer relationship;
STP;
Marketing mix;
Marketing management.
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experience
https://www.business.unsw.edu.au/about/b
usiness-school/strategy
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Bread
Biscuits
Mission Statement
A mission statement is a statement of organisations purpose- what it wants to
accomplish in the larger environment (textbook p. 45).
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Mission Statement
(Examples)
Mission Statement
(Examples)
To inspire and nurture the human spirit - one person, one cup and one
neighborhood at a time.
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Mission Statement
(Examples)
Mission Statement
(Why?)
Think one minute about: Why?
Why a company needs a mission statement?
Is it just a noble sentence to decorate the corporate website?
Write down the reasons of having a mission statement on a
piece of paper.
Answer includes:
Avoid
marketing myopia
Organisation
Lead
Stakeholder
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Current
markets
New
markets
New products
Diversification strategies
Vertical integration
- forward integration
- backward integration
Diversification into related businesses
(concentric diversification)
Diversification into unrelated businesses
(conglomerate diversification)
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Porters Generic
Strategy
(Porter 1980)
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Marketing Strategy
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Marketing Strategy
Core: Profitable customer relationship
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Marketing Strategy
Marketing strategy: STP
Segmentation: the process of dividing a market into distinct groups of buyers who
have different needs, characteristics or behaviours, and who might require separate
products or marketing programs.
Targeting: evaluating each market segments attractiveness and selecting one or more
segments to enter.
Positioning: arranging for a product to occupy a clear, distinctive and desirable place
relative to competing products in the minds of target consumers.
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Marketing Strategy
Marketing mix: delivering value to consumers
Marketing mix includes:
Product;
Price;
Placement;
Promotion.
Develop marketing mix based on STP strategy, not vice versa.
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Marketing Strategy
Marketing management: managing the value delivering function of marketing
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Marketing Strategy
To profile a marketing strategy: Marketing plan
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Marketing Strategy
Implementing marketing plan:
Marketing implementation is the process that turns marketing strategies and plans
into marketing actions in order to accomplish strategic marketing objectives.
Implementation involves day-to-day, month-to-month activities that effectively
put the marketing plan to work.
Whereas marketing planning addresses the what and why of marketing activities,
implementation addresses the who, where, when and how.
Reasons for poor implementation of marketing plans:
Isolated planning
Trade-offs between long and short term objectives
Natural resistance to change lack of financial and marketing integration
Overemphasis on the document.
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Marketing Strategy
Controlling marketing plan and marketing implementation:
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Lecture 2 Summary
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