Principles of marketing: Lecture 6 provide students with knowledge about: strategic planning and marketing process; environmental analysis; mission and objective setting; marketing strategy development; action plans;... Please refer to this lesson for details!
MGT301 Principles of Marketing Lecture6 Summary of Lecture5 Marketing Challenges in the 21st century Threat of New Threat of Entrants New Entrants Bargaining Power of Suppliers Rivalry Among Competing Firms in Industry Bargaining Power of Buyers Threat of Substitute Products * The Information Technology Boom Rapid Globalization The Changing World Economy The Call for more ethical and social Responsibility The New Marketing Landscape Today’s Topics Strategic Planning and Marketing Process Strategic planning The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. Planningwhat are we going do and how are we going to do it? Why Plan? Address changing environment and consumers Develop shared goals within organization Address competitive threat Planning is no fun! Who likes to think about the future? It is just an unnatural act! Defining the Company’s Business and Mission A Mission Statement is a Statement of the Organization’s Purpose Market Market Oriented Oriented Realistic Realistic Specific Characteristics of a Good Mission Statement: Fit Fit Market Market Environment Environment Distinctive DistinctiveCompetencies Competencies Motivating Motivating Setting Company Objectives and Goals M is s io n S ta te m e n t M a r k e t in g O b je c t iv e # M a r k e t in g S tra te g y M a r k e t in g S tra te g y M a r k e t in g O b je c t iv e # M a r k e t in g S tra te g y M a r k e t in g O b je c t iv e # M a r k e t in g S tra te g y M a r k e t in g S tra te g y Designing the Business Portfolio Business Portfolio: The collection of business and products that make up the company Portfolio Analysis: A tool by which management evaluates the various business making up the company Strategic Business Unit (SBU): A unit of the company that has a separate mission and objectives and that can be planned independently from other company business The best portfolio is the one that best fits the company’s strengths and weaknesses to the opportunities in the environment The company must: analyze its current business portfolio or Strategic Business Units (SBU’s) decide which SBU’s should receive more, less, or no investment develop growth strategies for adding new products or businesses to the portfolio The Boston Consulting Group’s Growth Share Matrix Stars Question marks ? ?2 ? Market growth rate 20%18%16%14%12%10%8%6%4%2%0 10x ? Dogs Cash cow 4x 2x 1.5x 1x 5x 4x 3x 2x 1x Relative market share Enough for today. . Summary Strategic Planning and Marketing Process Corporate Level Defining the Company Mission Setting Company Objectives and Goals Business unit, product, and market level Designing the Business Portfolio Planning, marketing, and other functional Strategies Stars Question marks ? ?2 ? Market growth rate 20%18%16%14%12%10%8%6%4%2%0 10x ? Dogs Cash cow 4x 2x 1.5x 1x 5x 4x 3x 2x 1x Relative market share Next… BCG Marketing Process Analyzing marketing opportunities Selecting target markets MGT301 Principles of Marketing Lecture6 ...Summary of? ? Lecture? ?5 Marketing Challenges in the 21st century Threat of New Threat? ?of? ? Entrants New Entrants Bargaining Power of Suppliers Rivalry Among Competing... Marketing Process Analyzing marketing opportunities Selecting target markets MGT301 Principles? ?of? ?Marketing Lecture? ?6 ... Mission A Mission Statement is a Statement? ?of? ? the Organization’s Purpose Market Market Oriented Oriented Realistic Realistic Specific Characteristics of a Good Mission Statement: Fit Fit Market