SWOT PowerPoint
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Transcript of SWOT PowerPoint
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INTRODUCTION TO THE MARKETING PLANPrinciples of Marketing BUSI 141 | Professor ConradSolomon, M. B., Marshall, G. W., & Stuart, E. W. (2016). Marketing: Real People, Real Choices (8th ed.). Boston: Pearson Education, Inc.
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WHAT WE WILL DISCUSS TODAY
•Marketing as a process•Strategic Market Planning•Mission Statement•Situation Analysis (SWOT)•Objectives
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MARKETING IS A PROCESS• The Marketing Plan• A document – hand written or electronic, as long as
your plan is recorded• Describes the marketing environment• Internal• External
• Outlines the marketing objectives – SMART• Identifies responsibilities
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MARKETING IS A PROCESS• Mass Marketing• Used today, but not as common• A single strategy to reach EVERYONE with a basic product
• Market Segment• Creates competitive advantage over Mass Marketing
strategy• Distinct group of customers in the larger market• Similar to one another in some way• Needs differ from other customers in larger market
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Overall Market(a.k.a. Everyone)
Segmented Audience
with something
similar
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STRATEGIC MARKET PLANNING• What is the Market?
• Strategy defined…. A managerial decision process that
Resources andCapabilities(Internal)
Market Opportunities
(External)
Long-term growth and survival(Success!!)+ =
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LEVELS OF PLANNINGStrategic Planning
1. Define mission2. Evaluate the
internal and external environments
3. Set Objectives4. Business portfolio5. Develop growth
strategies
Functional Planning
1. Situation analysis2. Marketing
objectives3. Marketing
strategies4. Implement and
control of marketing plan
Operational Planning
1. Action plans to implement marketing plan
2. Marketing metrics to measure effectiveness
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MARKET PLANNING AT WORKMissions Statement
Situation AnalysisMarketing Objectives
Marketing StrategiesImplement & Control
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CREATE THE MISSION STATEMENT
The mission statement answers the following questions….
• What are you doing?• For whom are you doing it?• How will you do it?
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MISSION STATEMENTAFLACTo combine aggressive strategic marketing with quality products and services at competitive prices to provide the best insurance value for consumers.
NIKETo bring Inspiration and innovation to every athlete in the world.
HARLEY-DAVIDSONWe fulfill dreams through the experience of motorcycling, by providing to motorcyclists and to the general public an expanding line of motorcycles and branded products and services in selected market segments.
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INTERNAL ENVIRONMENT• Internal environment consists of controllable
elements within firm.• Key technologies • Patents• Financial stability• Supplier relationships• Reputation• Human capital
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EXTERNAL ENVIRONMENT• External environment consists of factors outside the firm
which that could positively or negatively impact operations• Largely beyond direct management control, so planning is
critical• Economy• Competition• Technology trends• Sociocultural trends• Legal/political/ethical trends
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THE ECONOMIC ENVIRONMENT• Marketers need to understand the state of the economy
from two perspectives• Overall economic health (e.g., GDP, Forex Rate)• Current stage of the business cycle• Level of economic development
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THE COMPETITIVE MACROENVIRONMENT
•Marketers also need to understand the big picture – the overall structure of their industry.• Monopoly• Oligopoly• Monopolistic competition• Perfect competition
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TECHNOLOGICAL ENVIRONMENT• Technology:• Provides firms with important competitive advantages• Profoundly affects marketing activities• Can transform industries
• Patent: • Legal document giving inventors exclusive rights to
produce/sell a particular invention in that country
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POLITICAL AND LEGAL ENVIRONMENT
• Refers to local, state, national, and global laws and regulations that affect business.• U.S. business laws generally have two purposes• Fair competition • Consumer protection from unfair practices
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SOCIOCULTURAL ENVIRONMENT• Refers to characteristics of a society, its people, and its cultural values and beliefs.• Demographics• Values• Social norms• Language• Ethnocentrism
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SITUATION (SWOT) ANALYSIS
• Strengths and Weaknesses • Found internally• Can be controlled
StrengthsWhat the business is really,
really good at
WeaknessesA chain is only as strong as it’s
weakest link
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SITUATION (SWOT) ANALYSIS
• Opportunities and Threats• Found externally• Cannot be controlled
Opportunities
Trends and anticipated changes in the market that will benefit
the business
ThreatsTrends and anticipated changes
in the market that may harm the business
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Strengths Weaknesses
Opportunities Threats
SWOT YOURSELF
Internal/Controllable
External/Uncontrollable
Posit
iveNegative
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SETTING OBJECTIVES
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DEVELOP MARKET STRATEGIES• Identify target
market(s)• Adjust marketing mix
for each target market• Product• Price• Promotion• Place (Distribution)
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PRODUCT STRATEGIES• Product strategies include decisions on:• Product design• Packaging• Branding• Support services and maintenance• Upgrades• Product variations
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PRICING STRATEGIES• Pricing strategy determines how much a firm charges for
a product• A firm may base its pricing strategy on costs, demand,
price of competing products• Bundling and debundling
3-<#>
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PROMOTIONAL STRATEGIES• Promotional strategy is how
marketers communicate a product’s value proposition to the target market• Advertising• Sales promotion• Public relations• Direct marketing• Personal selling
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DISTRIBUTION STRATEGIES• Distribution strategies (the place component) outline
when, how, and where the firm will make the product available to targeted customers• Sell directly to the final customer or work through
wholesalers and retailers?• Choosing the right distribution strategy depends on
product, pricing, and promotion decisions.
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