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Chapter 3
The Strategic Marketing Process
Objectives
After successfully completing this chapter, students should be able to
3.1 describe the process of management and more specifically, the marketing
management process (sec 3.2),
3.2 explain the marketing task of controlling market demand (sec 3.3),
3.3 explain the key difference between the marketing planning process and a marketing
plan (sec 3.4),
3.4 describe the four steps involved in developing a marketing plan, and explain the
reason for evaluating the results of a marketing plan (sec 3.4),
3.5 respond to some of the most common arguments against planning (sec 3.5) and,
3.6 list five prerequisites for planning (sec 3.6).
Key Concepts
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Strategic marketing is a circular ongoing management process that involves
planning, the implementation of those plans, and the evaluation of results.
The elements of a plan include the situation analysis, the objectives, target market
selection, and marketing strategy.
The marketing strategy is the sum total of the marketing mix strategies. For each
target market, the marketing manager develops product, pricing. Promotion and
place (distribution) strategies that will meet the needs and wants of the target
market in a way that is superior to the competition’s offering.
Implementation of a marketing plan requires the cooperation and assistance of
many departments within a bank. This level of cooperation requires that those
areas be included in the planning process.
The evaluation stage of the marketing management process is critical. The
marketing manager must be able to report on the effectiveness of the marketing
strategy and must plan ahead the various research techniques that will be used to
measure results. On the basis of this information, the strategy can bechanged or
fine-tuned in order to attain the desired objectives.
The prerequisites for effective marketing planning are senior management
involvement, multilevel cooperation, willingness to do research and to assign
responsibilities, and the recognition that the plan might need to be adjusted after
implementation.
Topical Outline
3.1 Introduction
3.2 The marketing management process
3.2.1
What is management?
3.2.2
What is marketing management?
3.3 the task of marketing management
3.4 the marketing planning process
3.4.1
Conducting the Situation Analysis
3.4.2
Setting Marketing Objectives
3.4.3
Selecting the Target Market
3.4.4
Designing the Marketing Strategy
3.4.4.1 Product Strategy
3.4.4.2 Pricing Strategy
3.4.4.3 Promotion Strategy
3.4.4.4 Distribution Strategy
3.4.5
Implementing the Plan
3.4.6
Evaluating the Results
3.5 Why Plan? Some specious arguments
3.6 Prerequisites for Planning
3.7 Summary