MKTG EXAM 2 (week 6)

What is Strategic Planning Internal

Organizations goals and capabilities

What is Strategic Planning external

MKTG opportunities

what is STRATEGY

“A Matching Process”

Steps in strategic planning

what is a company mission statement & what should be taken into account

Mission statement: A statement of the organization’s purpose.

Take into account:

• - What is our business?

• - Who is the customer? 

• - What do they value?

• - What are our core competencies?

• - What should our business be?

characteristics of a good mission statement

• - Market oriented

• - Realistic

• - Specific

• - Motivating 

• - Illustrative of distinctive competencies

Market penetration

Strategy: Increase sells to current customers without changing the products being sold.

Market Penetration can be achieved by:

Market development

product development

strategy: of offering modified or new products to current markets.

Diversification

strategy: start up or buy businesses outside of current products and markets

Marketing Management

what does the Marketing Plan enlist of

1. Executive summary (2–3 page overview of MKTG Plan)

2. Current Marketing Situation (What’s going on w/ customers/competitors)

3. SWOT Analysis

4. Objectives

5. Marketing Strategy

a. segmentation, targeting, & positioning (STP)

b. The 4P’S of the marketing mix

6. Action programs

7. Budgets

8. Controls

what is internal in a SWOT analysis and explain them

STRENGTHS: Internal capabilities that may help a company reach its objectives

NETFLIX EX: huge customer base, understands its customers

WEAKNESSES: Internal limitations that may interfere with a company’s ability to achieve its objectives
NETFLIX EX: over-reliance on mature markets(no room to grow), carrying debt, not price competitive

what is external in a SWOT analysis and explain them

OPPORTUNITIES: External factors that the company may be able to exploit its advantages

NETFLIX EX: local content, mobile gaming, more partnerships

THREATS: Current & emerging external factors that may challenge the company’s performance

NETFLIX EX: all other streaming services, password sharing, content piracy

what does implementation end up being more of

personal relationship/ luck than plans took into account

these slides are not done!!!!