Strategic Planning in Contemporary Marketing

Chapter 2Intro to Marketing

Strategic Determining the primary objectives then

adopting courses of action Long term plans Top management involved

Tactical Specific activities Shorter term – quarterly or semi annually Middle management

Operational Daily and weekly plans Supervisors

Strategic vs. Tactical Planning

Implementing planning activities devoted to achieving marketing objectives

Establishes the basis for any marketing strategy

Marketing Planning

Begins at the corporate level with the Mission Statement Mission is the reason for being in business

Determine Organizational Objectives Example: 12% increase in sales by 2014

Assessing Organizational Resources & Evaluate Risks and Opportunities SWOT Analysis Strategic Window

Steps in the Marketing Process

The idea that the first company to offer a product in a marketplace will be the long-term market winner.

Second Mover Strategy They observe first movers, and improve

on them

1st Mover Strategy

Target Market The group of people toward whom

the firm decides to direct its marketing efforts, goods, and services

How does a company satisfy their target market?

Elements of a Marketing Strategy

Marketing Mix Variables Product Strategy

The good, service or idea The package design, brand name,

warranties First mover Strategy

Distribution Strategy Modes of transportation, selection of

marketing channel Technology has opened new channels

of distribution

Marketing Mix Variables Promotional Strategy

Messages through salespeople, ads, or other promotions

Must match the target market Pricing Strategy

Setting profitable and justifiable prices Subject to public scrutiny