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strategic planning

the process of developing and maintaining a profitable long-term fit between the organization’s goals and capabilities and its changing marketing opportunities.

four steps of strategic planning at the corporate level

define company mission, set company objective and goals, deisign the business portfolio, plan marketing and other functional strategies

mission statement

A statement of the organization’s purpose, what it wants to accomplish in the larger environment. should be: specific, meaningful, motivating, market oriented

Market Oriented

business focuses on customers wants and needs

Business Portfolios

Collection of businesses and products that make up the company

Best portfolio: the process of developing and maintaining a profitable long-term fit between the organization’s goals and capabilities and its changing marketing opportunities.

SBU- strategic business units

seperate part of a company that can be sen as its own business. key part of the strategic planning is strong mix of SBUs that provides for strong sales, profits, growth

SBU four groups

cash cows, stars, question marks, dogs

Cash cows

Low growth, high market share. Makes lots of money without needing much investment.

star

High growth, high market share. Doing really well but needs lots of money to keep growing.

question mark

High growth, low market share. Has potential but needs lots of money, and the company isn't sure if it will succeed.

dog

Low growth, low market share. Doesn't make much money and doesn't have much potential.

market share

portion of market

Market penetration

making more sales to current customers without changing its original products

Market development

identifying and developing new markets for its current products.

product development

offering modified or new products to current markets.

value delivery network

all the companies and people that work together to get a product from the business to the customer.

marketing strategy two questions: how it will choose customers and how will we serve them

• egmentation = divide the overall market into different groups.

• Targeting = choose which group(s) you want to focus on.

• Differentiation = make your product different/better than competitors.

• Positioning = create a specific image of your product in the customer's mind.

todays customers must be customer-centric true or false, plus definition

Today’s companies must be customer-centric. They must win customers from competitors and then engage and grow them by delivering greater value

to find best marketing strategy and mix:

the company engages in marketing analysis, planning, implementation, and control

marketing mix and 4 p’s

set of tools a company uses to market its product and satisfy customers.

Easy way to remember:

Product = What are we selling?
Price = How much?
Place = Where can you get it?
Promotion = How do we tell you about it?

Managing the marketing function begins with a complete analysis of the company’s situation. The marketer should conduct a SWOT analysis

marketing planning

choosing marketing strategies that will help the company attain its overall strategic objectives

complex business portfolios (large) steps and definition

A complex business portfolio means a company has many different businesses, products, or SBUs that it manages

First, the company must analyze its current business portfolio and determine which businesses should receive more, less, or no investment. Second, it must shape the future portfolio by developing strategies for growth and downsizing.

positioning

deciding how you want customers to view your product

marketing dashboard

puts important marketing performance measures together in one display so managers can monitor how well the marketing strategy is performing.

marketing process steps

companies work to understand consumers, create superior customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value

five core customer and marketplace concepts

companies work to understand consumers, create superior customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value

Market offerings

Some combination of products, services, solutions, and experiences offered to a market to satisfy a need or a want.

market

the set of actual and potential buyers of a product or service.

five alternative concepts under which organizations can design and carry out their marketing strategies:

the production, product, selling, marketing, and societal marketing concepts.

selling concept= inside out (existing products)

marketing concept=putside in (starts with well defined market, focuses on customers needs)

Customer Relationship management

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Customer perceived value

the customer’s evaluation of the difference between the benefits delivered by and the costs of obtaining and using a market offering, relative to those of competing offerings

Customer Engagement marketing

fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community

Customer Brand Advocacy

which satisfied customers initiate favorable interactions with others about a brand.

Butterflies

potentially proftiable not loyal

true friends

profitable and loyal

strangers

low profits low loyalty

barnacles

loyal but not profitable

mobile marketing= fastest growing digital marketing platform

marketing environment

actors and forces outside marketing that affect marketing management’s ability to build and maintain successful and profitable relationships with target custome

marketing information system

onsists of people, processes, and assets dedicated to assessing managers’ information needs, developing the needed information, and helping managers and decision makers apply that information to generate and validate actionable customer and market insights.