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Strategic Planning and the Marketing Process Chapter 2 Formal Planning Many companies operate without formal plans, yet these plans can provide many benefits such as: - Strategic Planning - is the Process of Developing and Maintaining a Strategic Fit Between the Organization’s Goals and Capabilities and Its Changing Marketing Opportunities. and Capabilities and Its Changing Marketing Opportunities. Steps in Strategic Planning(Fig. 2.1) The Mission Statement - a formal statement that describes what management wants the organization to be and the guidelines for getting there. Components of a Good Mission Statement Examples of a Mission Statement Organizational Objectives Organizational Strategies Designing the Business Portfolio The business portfolio is the collection of businesses and products that make up the company. 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 Analyzing Current SBU’s: Boston Consulting Group (BCG) Approach High High Low Low Analyzing Current SBU’s: GE’s Strategic Business-Planning Grid Strong Average Weak High Medium Low Problems With Matrix Approaches Developing Growth Strategies in the Age of Connectedness Existing Products Existing Markets New Markets New Products The Marketing Process (Fig. 2.5) Connecting With Customers Market Segmentation: determining distinct groups of buyers (segments) with different needs, characteristics, or behavior. Market Targeting: evaluating each segment’s attractiveness and selecting one or more segments to enter. Market Positioning: arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. The 4 P’s & 4C’s of the Marketing Mix 4 P’s Product Price Place Promotion 4 C’s Customer Solution Customer Cost Convenience Communication Managing the Marketing Effort (Fig 2.7) Marketing Analysis of Company’s Situation Marketing Implementation Marketing Planning Control Measure Develop Strategic Plans Results Carry Out The Plans Develop Marketing Plans Contents of a Marketing Plan (Table 2.2) Executive Summary Current Marketing Situation Threats and Opportunity Analysis Objectives and Issues Marketing Strategy Action Programs Budgets Controls Evaluate Results Take Corrective Action