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FOUNDATIONS OF STRATEGIC MARKETING MANAGEMENT Marketing 3349 Strategic Marketing Management Defining: A Company’s Business A Company’s Mission A Company’s Goals A Company’s Business Types of Customers Needs of Customers Means or Technology Customer Satisfaction Focused A Company’s Mission Written Statement Scope of Operation Management’s Vision Guidance for Market and Product Evaluation Inspire and Challenge Employees A Company’s Business Goals Converts Mission into Tangible Action Three Types: Production Marketing Financial Problem Centered and Future Oriented Arise from Situation Analysis Converting Opportunities What Might We Do? What Do We Do Best? Environmental Opportunity Distinctive Competency What Must We Do? Success Requirements S.W.O.T. Analysis Strengths Distinctive Competency Weaknesses Obstacles to Opportunities Opportunities Environmental Opportunity Threats Product-Market Strategies Market-Penetration Market-Development Enter New Markets Product-Development Expand Market Share New Product Offerings Diversification Create or Acquire New Products/Service Offer to New Markets Bases for Strategy Selection Market Data Size Buying Behavior Requirements Environmental Forces Data Social (women in workforce) Legal (new legislation) Political (deregulation) Economic (shifts in income) Bases for Strategy Selection Competitive Activity Evaluate Current Strategies Consider Alternative Strategies Cost/Benefit Analysis Cost to Implement Strategy Benefit of Strategy Probability of Success Strategy Selection A.T. Kearney Probabilities Decision Tree Analysis Possible Actions Competitive Reactions Resultant Outcomes Designing The Marketing Mix Kind of Product Marketing Communications Channel Strategy Pricing Strategy Budgeting of Resources Operating Budget Pro-Forma Income Statement (In the Future) Revenues, Expenses and Profits Financial Budget Impact on Corporate Cash From Operations Capital Expenditures Budgeting of Resources Special Budgets Sales Forecast Marketing Communications “What-If” Scenarios Budget Variations tied to Different strategies Demonstrate Varying Outcomes Help Support Strategy Selection Reformulation and Recovery Strategies Strategies often Must Change in MidCourse The Marketing Audit Comprehensive and systematic Review Marketing Environment Objectives and Strategies Tactical Activities Discovering Problem Areas and Opportunities Reformulation and Recovery Strategies The Marketing Audit Recommend a Plan to Improve Performance Strategic Fit and Operational Performance Are we doing the right things? Are we doing things right? Reformulation and Recovery Strategies Forces Consideration of “What-Ifs” Impact on Strategy of Internal and External Changes Relationship of Assumptions to Results Leads to Contingency Plans Speeds Reaction Time Ethics and Social Responsibility Just Because It’s Legal… Executives Serve Many Stakeholders All Marketing Strategy Has an Element of Moral Judgement