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Module – 2 Developing Marketing Strategies and Plans Resource Person MATHISHA HEWAVITHARANA MBA (Col),BBA Sp.Mktng (Col), PPG DIP. In Mktng (UK), MCIM (UK), Chartered Marketer (UK), Practicing Marketer (SL), ACMA, CGMA CIMA (UK), DBF (IBSL), AIB (IBSL), MSLIM(SL), Head of Marketing - Siyapatha Finance PLC Chapter Contents Strategic Planning Strategic Positioning Marketing Plan Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-3 Success Stories in Business Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-4 What Is the Common Force Behind? “ Anybody Can See Tactics, But Nobody Can See the Strategy !!” - San Tzu Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-5 V 01 / 02 What Is Strategy? “Collection of Activities Carried out to Achieve a Pre-determined Status” Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-6 MARKETING OBJECTIVES MARKETING PLAN MARKETING STRATEGY Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-7 Need for a Strategic Approach to Marketing? To Make Sound Decisions To Ensure Business Sustainability To Create Goal Congruence To Mitigate Risk To Facilitate Internal / External Communication To Gain a Competitive Edge To Deliver More Stakeholder Value Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-8 Corporate Vision . . . . Vision is the Ultimate Dream of the Business . It Answers the Question “What The Company Wants to Become ?” Vision is long-term Oriented, Qualitative And Seems to be Unrealistic. Vision is Developed by the Corporate management & it gives the Brodest Picture of the future direction (Desired End Status). Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-9 Corporate Vision . . . . “To be earth’s most customer centric company ; to build a place where people can come to find and discover anything they might want to buy online.” - Amazon.com “ Create a Better Every Day life” - IKEA “Ensure that BMW group is the leading provider of premium products and premium services relating to individual mobility” - BMW “To become the most customer preferred commercial bank in Sri Lanka” - Pan Asia Bank Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-10 Corporate Mission . . . . What is our Business ? Who is our Customer ? What will Create value to the Customer ? What Should our Business be ? - Peter Drucker Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-11 Corporate Mission . . . . Mission is the Reason for the Existence of the Business . It Answers the Question “What Business are You in ?” Mission is long-term Oriented, Qualitative And Seems to be Unrealistic. Mission is Developed by the Top management & it Talks about Products / Services, Customers, Markets, Employees, values etc…. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-12 Corporate Mission . . . . Sony is committed to developing a wide range of innovative products and multimedia services that challenge the way consumers access and enjoy digital entertainment. By ensuring synergy between businesses within the organization, Sony is constantly striving to create exciting new worlds of entertainment that can be experienced on a variety of different products. - Sony Corporation "Toyota will lead the way to the future of mobility, enriching lives around the world with the safest and most responsible ways of moving people. Through our commitment to quality, constant innovation and respect for the planet, we aim to exceed expectations and be rewarded with a smile. We will meet our challenging goals by engaging the talent and passion of people, who believe there is always a better way." - Toyota Corporation Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-13 Characteristics of a Good Mission Statement Limited number of Goals Highlighting Major Policies & Values Defining Core Competitive Advantages Long-term View Short, Memorable & Meaningful Refer : Page 36 ( Marketing Management 14th edition) Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-14 Corporate Goals . . . . Goals are the Specific targets set by an organization With long-term perspectives. Goals are Quantitative And Seems to be realistic. Goals are Developed by the tactical management . (profitability / market Share / Product Lines / Channel Network etc.. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-15 Corporate Objectives . . . . Objectives are the Specific targets set by an organization With Short-term perspectives. Objectives are “SMART” And are Developed by the tactical / operational management . (Specific / Measureable / Acheivable / Realistic / Time Bounded) Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-16 The Strategic Planning, Implementation, and Control Processes Refer : Page 35 ( Marketing Management 14th edition) Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-17 What are Strategic Business Units? (SBU’s) It is a single business or collection of related businesses It has its own set of competitors It has a leader responsible for strategic planning and profitability Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-18 What are Strategic Business Units? (SBU’s) “ The strategic business unit (SBU) is a separate, specialized subsystem in the company, which acts as an independent company. For the first time SBU concept has been applied by the U.S. company General Electric. SBUs are small businesses with a high functional and decisionmaking autonomy.” Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-19 SWOT Analysis Class Room Exercise Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-20 Strengths (S) .. .. .. .. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-21 Weaknesses (W) .. .. .. .. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-22 Opportunities (O) .. .. .. .. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-23 Threats (T) .. .. .. .. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-24 SWOT Analysis Evaluation of the Class Room Exercise Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-25 P /01 TOWS Matrix (Strategic Recommendations) Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-26 Ansoff Matrix Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-27 Market Penetration The company seeks to achieve growth with existing products in their current market segments, aiming to increase its market share. .. .. .. .. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-28 V 03 / 04 Product Development The company develops new products targeted to its existing market segments. .. .. .. .. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-29 V 05 / 06 Market Development The company seeks growth by targeting its existing products to new market segments. .. .. .. .. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-30 V 07 Diversification The company grows by diversifying into new businesses by developing new products for new markets. .. .. .. .. Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-31 V 08 / 09 Marketing Plan • Concept • Context Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-32 What Is a Marketing Plan A Marketing Plan is a Written Document that Summarizes what the Marketer has Learned about the Market Place and Indicates how the Firm Plans to Reach it’s Marketing Objectives. Refer : Page 48 ( Marketing Management 14th edition) Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. 1-33 Key Sections of a Marketing Plan 1.0 Executive Summary 1.1 Introduction to the Company 1.2 Brief Overview of the Marketing Plan 2.0 Situation Analysis 2.1 PESTLE Analysis 2.2 Five Forces Analysis 2.3 Competitor Analysis 2.4 Market Need Analysis 2.5 Market Trend & Market Size Analysis 2.6 CSF Analysis 2.6 SWOT Analysis & TOWS Matrix Copyright © Refer 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from : Page 54 – 57 ( Marketing Management 14th the United States edition of Marketing Management, 14e. edition) 1-34 Key Sections of a Marketing Plan 3.0 Corporate Direction 3.1 Corporate Vision 3.2 Corporate Mission 3.3 Corporate Golas & Objectives 4.0 Marketing Strategy 4.1 STP Strategy 4.2 Ansoff Matrix 4.3 Marketing Mix 5.0 Implementation & Controling 5.1 Gannt Chart & Action Plan 5.2 Monitoring & Controling Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e. Management 14th Refer : Page 54 – 57 ( Marketing 1-35 edition) Thank You ! 0773 – 29 20 29 [email protected]