Chapter 2 - Strategic Marketing Planning

situation analysis

The overall process of collecting and interpreting internal, competitive, and environmental information.

marketing plan

A written document that provides the blueprint or outline of the organization’s marketing activities, including the implementation, evaluation, and control of those activities.

mission (mission statement)

A clear and concise statement that explains the organization’s reason for existence

vision (vision statement)

A future-oriented statement that seeks to answer the question “What do we want to become?”

elements of the mission statement

1. who are we?

2. who are our customers?

3. what is our operating philosophy (basic beliefs, values, ethics, etc)?

4. what are our core competencies or competitive advantages?

5. what are our responsibilities with respect to being a good steward of our human, financial, and environmental resources?

competitive/differential, advantage

A firm’s capabilities that allow it to serve customers’ needs better than the competition.

key performance indicators (KPIs)

Measures of performance to evaluate success.

executive summary

A synopsis of the overall marketing plan, with an outline that conveys the main thrust of the marketing strategy and its execution.

SWOT analysis

Focuses on the internal factors (strengths and weaknesses) and external factors (opportunities and threats) that give the firm certain advantages and disadvantages in satisfying the needs of its target market(s).

goals

Broad, simple statements of what will be accomplished through the marketing strategy.

marketing objectives

Specific marketing goals stated in quantitative terms to permit reasonably precise measurement.

marketing control

Establishing performance standards, assessing actual performance by comparing it with these standards, and taking corrective action if necessary to reduce discrepancies between desired and actual performance.

crisis management

The process of handling a high-impact event characterized by ambiguity and the need for swift action to access and respond to potential damage.

continuity planning

The strategies, systems, and procedures that help ensure that a firm’s policies are in place and operating (with all necessary redundancies, backup checks and balances, safeguards, monitoring, etc.).

synthetic customer vision

How marketers see their products from the virtual eyes of the customer by analyzing multiple data sources to create a holistic view of customer perceptions and use of products.

customer focused strategic planning

requires that organizations shift focus from products to the requirements of specific target market segments, from customer transactions to customer relationships, and from competition to collaboration

puts customers’ needs and wants first and focuses on long-term, value-added relationships with customers, employees, suppliers, and other partners

balanced strategic planning

was borne out of necessity since modern companies realize that assets—such as customer relationships, data, processes, human resources, innovation, social responsibility, and environmental awareness—are increasingly important to business success, but they are not captured by traditional financial measures

elements of a marketing plan

• executive summary

• situation analysis

• swot analysis

• marketing goals and objectives

• marketing strategies

• marketing implementation

• evaluation and control

corporate or business unit strategy

is the central plan for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization’s mission and achieve the desired goals and objectives

ESG framework

Solution to assets (customer relationships, processes, environmental awareness) are important to business success but aren’t captured by traditional financial measures