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7/23/2019 Ferrell Hartline 4e CH02
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marketing strategyO. C. Ferrell Michael D. Hartline
Strategic Marketing
Planning
2C H A P T E R
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• GM has struggled recently due to foreign competition and a bloated benefits package for its workers. The company isresponding with cost-cutting, globalization, and new cardesigns like the aturn ky.
• !hat other strategic measures can GM consider in order tostay "iable in the market#
GM’s New Strategy
Beyond the Pages 2.1
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The Strategic Planning Process
• ituation $nalysis
% $n in-depth analysis of the organization&s internal and
e'ternal en"ironments
• Marketing (lan % $ written document that pro"ides the blueprint or outline
of the organization&s marketing acti"ities, including the
implementation, e"aluation and control of those
acti"ities
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The Strategic Planning Process
Exhibit 2.1
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Organizational Mission vs.Organizational Vision (1 of 3)
• Mission tatement
% $nswers) *!hat business are we in#+
% lear and concise
% 'plains the organization&s reason for e'istence
• ision tatement
% $nswers) *!hat do we want to become#+
% Tends to be future oriented
% /epresents where the organization is headed
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Organizational Mission vs.Organizational Vision (2 of 3)
• lements of the Mission tatement % 0i"e basic 1uestions to be answered
• !ho are we#
• !ho are our customers#
• !hat is our operating philosophy#
• !hat are our core competencies or competiti"e ad"antages#
• !hat are our responsibilities with respect to being a goodsteward of our human, financial, and en"ironmentalresources#
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The Best Mission Statements (1 of 2)
Exhibit 2.2 (1 of 2)
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The Best Mission Statements (2 of 2)
Exhibit 2.2 (2 of 2)
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Organizational Mission vs.Organizational Vision (3 of 3)
• Mission !idth and tability
% !idth Too broad or too narrow#
% tability 0re1uency of modifications
• ustomer-0ocused Mission tatements
% 3en and 4erry&s 5-part Mission tatement
• (roduct Mission
• conomic Mission
• ocial Mission
% Tylenol % The $merican ross
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• 3usiness-6nit trategy % The central means for
• 6tilizing and integrating the organization&s resources
•arrying out the organization&s mission• $chie"ing the organization&s desired goals and ob7ecti"es
% $ssociated with de"eloping a competitive or differentialadvantage
% 8etermines the nature and future direction of each business
unit % ssentially the same as corporate strategy in small businesses
Corporate or Business!nitStrategy
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• $ll business functions must support the organization&s
mission and goals.
• 0unctional ob7ecti"es should be e'pressed in clear,
simple terms.
• $ll functional ob7ecti"es should be reconsidered for each
planning period.
"unctional Goals an# O$%ectives
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• 0unctional strategies are designed to integrate effortsfocused on achie"ing the area&s stated ob7ecti"es.
• The strategy must
% 0it the needs and purposes of the functional area % 3e realistic with the organization&s resources and en"ironment
% 3e consistent with the organization&s mission goals, andob7ecti"es.
•The effects of each functional strategy must bee"aluated.
"unctional Strategy
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• 9n"ol"es acti"ities that e'ecute the functional strategy.
• 0unctional plans ha"e two target markets
% 'ternal market
% 9nternal market
• $ company must rely on its internal market for a
functional strategy to be implemented successfully.
&'ple'entation
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• 8efend or contradict this statement 8e"eloping
marketing strategy is more important than
implementing marketing strategy because if thestrategy is flawed, it doesn&t matter how well it is
implemented.
(iscussion )uestion
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• 8esigned to keep acti"ities on target with goals andob7ecti"es
• oordination among functional areas is a critical issue
% :pen lines of communication is the key
• "aluation and control is both an ending and beginning % :ccurs after a strategy has been implemented
% er"es as the beginning point for planning in the ne't cycle
*valuation an# Control
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• 8etailed formulation of the actions needed to carry out
the marketing program
• $n action document
% The handbook for marketing implementation, e"aluation, and
control
• ;ot the same as a business plan
• /e1uires a great deal of information from many differentsources
The Mar+eting Plan
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• hould be well organized
• $ good marketing plan outline is
% omprehensi"e
% 0le'ible
% onsistent
% <ogical
Mar+eting Plan Structure ,- o /0
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• 9. 'ecuti"e ummary % ynopsis of the o"erall marketing plan
% 9ntroduces ma7or aspects of the marketing plan
• 99. ituation $nalysis % ummarizes information about 5 key en"ironments
• 9nternal en"ironment
• ustomer en"ironment
• 0irm&s e'ternal en"ironment
Mar+eting Plan Structure ,1 o /0
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• 999. !:T $nalysis
% trengths
% !eaknesses
% :pportunities
% Threats
% $nalysis of the !:T matri'
% stablishing a strategic focus
Mar+eting Plan Structure ,2 o /0
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• 9. Marketing Goals and :b7ecti"es % 0ormal statements of desired and e'pected outcomes of the
marketing plan
% Goals• 3road, simple statements of what is to be accomplished
% :b7ecti"es• More specific and essential to planning
• . Marketing trategy % (rimary target market and marketing mi'
% econdary target market and marketing mi'
Mar+eting Plan Structure ,3 o /0
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• 9. Marketing 9mplementation % !hat specific marketing acti"ities will be undertaken#
% =ow will these acti"ities be performed#
% !hen will these acti"ities be performed# % !ho is responsible for the completion of these acti"ities#
% =ow will the completion of planned acti"ities be monitored#
% =ow much will these acti"ities cost#
• 99. "aluation and ontrol % 0ormal marketing control
% 9nformal marketing control
% 0inancial assessments
Mar+eting Plan Structure ,/ o /0
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• $ good marketing plan will % 'plain both the present and future situations of the
organization
% pecify the outcomes that are e'pected % 8escribe the specific actions that are to take place
% 9dentify the resources that will be needed
% (ermit the monitoring of each action and its results
• ommunicating the strategy to top e'ecuti"es is paramount.
Purposes an# Signiicanceo the Mar+eting Plan
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• 9n many organizations, marketing is not gi"en a
place of importance in the organizational
hierarchy. !hy do you think this happens#!hat are the conse1uences for a firm that gi"es
little importance to marketing relati"e to other
business functions#
(iscussion )uestion
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• Top managers ask two 1uestions % !ill the marketing plan achie"e the desired goals and
ob7ecti"es#
% $re there alternati"e uses of resources that would better meetthe firm&s ob7ecti"es#
• The marketing plan is most often prepared by theMarketing 8irector or ( of Marketing
• The final appro"al of the marketing plan lies with the(resident, hairman, or :
Organizational 4spects o theMar+eting Plan
M j Ob l D l i !
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Major Obstacles to Develoing an!"mlementing Marketing Plans
Exhibit 2.4
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• hanges in the focus and content of strategic plans o"erthe last two decades % /enewed emphasis on the customer
% $d"ent of balanced strategic planning• hanges re1uire a shift in focus
% 0rom products to the re1uirements of specific target marketsegments
% 0rom customer transactions to customer relationships % 0rom competition to collaboration
Maintaining Custo'er "ocus an#Balance in Strategic Planning
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Custo'er"ocuse#Strategic Planning
• (uts customer needs and wants first
• 0ocuses on long-term, "alue-added relationships
• 0ocuses on understanding customers in ways that
enhance sustainable competiti"e ad"antages• 9nstills a corporate culture that places customers at the
top of the organizational hierarchy
• 0inds ways to cooperate with suppliers and competitors
to ser"e customers more effecti"ely and efficiently
Tra#itional versus Mar+et Oriente#
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Tra#itional versus Mar+etOriente#Organizational Structures
Exhibit 2.5
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Balance# Strategic Planning
• 3orne out of necessity
• $d"ocated strongly by >aplan ? ;orton with theircreation of the Balanced Performance Scorecard
• onsiders traditional financial indicators plus threeadditional perspecti"es % ustomers
% 9nternal (rocesses
% <earning and Growth
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The Balance#Peror'ance Scorecar#
Exhibit 2.6
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Principles o Successul "ir's !singThe Balance# Peror'ance Scorecar#
• @A Translate the trategy into :perational Terms
• 2A $lign the :rganization to trategy
• 5A Make trategy "eryone&s "eryday 4ob
• BA Make trategy a ontinual (rocess
• CA Mobilize hange through 'ecuti"e <eadership
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• !hat are some of the potential difficulties in
approaching strategic planning from a balanced
perspecti"e# 9sn&t financial performance still themost important perspecti"e to take in planning#
'plain.
(iscussion )uestion