CHAPTER 2: STRATEGIC PLANNING AND MARKETING PROCESS - created from Mind Map

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STRATEGIC PLANNING: The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.

Steps in Strategic Planning

CONDUCT SITUATION ANALYSIS (SWOT)

MARKETING PLANNING

MARKETING IMPLEMENTATION

MARKETING CONTROL

Importance

Strategic planning encourages management to think ahead systematically.

Forces the company to sharpen its objectives and policies

Leads to better coordination of company efforts.

Provide clearer performance standard for control.

It involves defining a clear company mission, setting supporting company objectives, designing a sound business portfolio, and coordinating functional strategies.

At the corporate level, the company first defines its overall purpose and mission.

This mission then is turned into detailed supporting objectives that guide the whole company.

Next the headquarters decides what portfolio of businesses and products is best for the company and how much support to give each one

STRENGTH

WEAKNESSES

OPPORTUNITIES

THREATS

Include internal capabilities, resources, and positive situational factors that may help to serve company customers and achieve company objectives.

Include internal capabilities, resources, and positive situational factors that may help to serve company customers and achieve company objectives.

Favourable factors or trends in the external environment that the company may be able to exploit to its advantage.

Unfavourable factors or trends that may present challenges to performance.

EXECUTIVE SUMMARY

CURRENT MAKING SITUATION

THREATS AND OPPORTUNITY ANALYSIS

OBJECTIVES AND ISSUES

MARKETING STRATEGY

ACTION PROGRAMS

BUDGET

CONTROLS

is the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.

Involves day-to-day, month-to-month activities that effectively put the marketing plan to work. Implementation address the 3W 1H

Successful marketing implementation depends on how well the company blends its people, organization structure, decision and reward system, and company culture into a cohesive action program that support its strategies.

Marketing strategies will be successful implemented if it’s fit with the company culture, the system of values and beliefs shared by people in the organization

The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that marketing objectives are achieved

4 STEPS

OPERATING CONTROL: Involves checking ongoing performance against the annual plan and taking corrective action when necessary.

STRATEGIC CONTROL: involves looking at whether the company’s basic strategies are well matched to its opportunity. A major tool for Strategic Control is a marketing audit

MARKETING AUDIT: A comprehensive, systematic, independent, and periodic examination of a company’s environment, objectives, strategies, and activities to determine problem areas and opportunities

ROI: The net return from a marketing investment divided by the costs of the marketing investment. Provides a measurement of the profits generated by investments in marketing activities.

Set specific marketing goal

Measure the performance in the marketplace

Evaluates the causes of any differences between expected and actual performance

Take corrective action to close the gaps between the goals and performance – require changing the action when necessary