Principles of Marketing - Strategic Marketing Planning, Study notes of Marketing Management

Download Principles of Marketing - Strategic Marketing Planning and more Study notes Marketing Management in PDF only on Docsity! Strategic Marketing Planning What is Strategic Planning?  It is the managerial process that helps to develop a strategic and viable fit between the firm’s objectives, skills, resources with the market opportunities available. It helps the firm deliver its targeted profits and growth through its businesses and products. 5 questions that the firm must ask itself  What is our business?  Who is our customer?  What does our customer need?  What will our business be?  What should our business be? Marketing Myopia  Industry is a customer satisfying process not a goods producing process.  It is important therefore how you redefine your business. Good mission statements have three characteristics  They focus on a limited number of goals  It stresses the major values and policies the firm desires  It defines the major competitive scope of operation SBU strategies  Build  Hold  Harvest  Divest SWOT Analysis  Strengths  Weaknesses  Opportunities  Threats The GE Model Business Strength M kt A tt ra ct i v en es s Strong Medium Weak StrongMediumWeak Porter’s Generic Strategies # Overall cost leadership ™ Product Differentiator ™ Focus  Marketing Control =@ Annual Plan control @ Profitability control = Strategic Control