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Chapter 2

Chapter 2 discusses the importance of developing effective marketing strategies and plans to deliver customer value and achieve business goals. It emphasizes strategic planning, defining corporate missions, and conducting SWOT analyses to identify market opportunities. The chapter also outlines the components of a marketing plan, including executive summaries, situation analyses, and financial projections.

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33 views17 pages

Chapter 2

Chapter 2 discusses the importance of developing effective marketing strategies and plans to deliver customer value and achieve business goals. It emphasizes strategic planning, defining corporate missions, and conducting SWOT analyses to identify market opportunities. The chapter also outlines the components of a marketing plan, including executive summaries, situation analyses, and financial projections.

Uploaded by

Mae L
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Chapter 2: Developing

Marketing Strategies
and Plans
Marketing and Customer Value
• The task of any business is to deliver customer value at a profit. A
company can win only by fine-tuning the value delivery process and
choosing, providing, and communicating superior value to
increasingly well-informed buyers.
The Central Role of Strategic
Planning
• Three key areas:
• managing the business as an investment portfolio
• assessing the market’s growth rate adn the company’s position in that market
• establishing a strategy
• The marketing plan is the central instrument for directing and
coordinating the marketing effort
• The strategic marketing plan lays out the target markets and the
firm’s value proposition, based on an analysis of the best market
opportunities
• The tactical marketing plan specifies the marketing tactics, including
product features, promotion, merchandising, pricing, sales channels
and service
Corporate and Division Strategic
Planning
• All corporate headquarters undertake the following activities:
1) Defining the corporate mission
2) Establishing strategic business units
3) Assigning resources to each strategi business unit
4) Assessing growth opportunities
Fig. 2.1 The strategic planning, implementation and control processes
Defining the corporate mission
• Companies often define themselves in terms of products.
• Market definition of a business, however, describe the business as a
customer-satisfying process.
• A target market definition tends to focus on selling a product or
service to a current market.
Crafting a mission statement
Good mission statements have five major characteristics:
1) They focus on a limited number of goals
2) They stress the company’s major policies and values
3) They define the major competitive spheres within the company will
operate
4) They take a long-term view
5) They are as short, memorable and meaningful as possible
Fig 2.3 ESPN Growth opportunities
Business Unit Strategi Planning
• Each business unit needs to define its specific mission within the
broader company mission.
• SWOT analysis is need to monitor the external and internal marketing
environment.
• A marketing opportunity is an area of buyer need and interest that a
company has a high probability of profitably satisfying.
Fig. 2.4 The Business Unit Strategic Planning Process
• Once the company has performed a SWOT analysis, it can proceed to
goal formulation, developing specific goals for the planning period.
• Goals indicate what a business unit wants to achieve; strategy is a
game plan for getting there.
Porter’s Generic Strategies
• Overall cost leadership
• firms work to achieve the lowest production and distribution costs so they
can underprice competitors and win market share
• Differentiation
• The business concentrates on achieving superior performance in an
important customer benefit area valued by a large part of the market
• Focus
• The business focuses on one or more narrow market segments, gets to know
them intimately, and pursues either cost leadership or differentiation within
the target segment
Form of marketing alliances:
• Product or service alliances
• One company licenses another to produce its product, or two companies
jointly market their complementary products or a new product. Ex: Credit
card companies
• Promotional alliances
• One company agrees to carry a promotion for another company’s product or
service. Ex: Magazines
• Logistics alliances
• One company offers logistical services for another company’s product. Ex:
Music industry
• Pricing collaborations
• One or more companies join in a special pricing collaboration. Ex: Hotel ,
airline and rental car companies.
Marketing Plan
• A marketing plan is a written document that summarizes what the
marketer has learned about the marketplace and indicates how the
firm plans to reachits marketing objectives.
• A marketing plan contains the following sections:

• Executive summary
• Situation analysis
• Marketing strategy
• Marketing tactics
• Financial projections
• Implementation controls
End of chapter 2

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