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AFTER READING THIS CHAPTER
YOU SHOULD BE ABLE TO:
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FOUNDATIONS OF STRATEGIC MARKETING
MANAGEMENT
INTRODUCTION
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PURPOSE OF MARKETING
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RESPONSIBILITIES OF MARKETING
MANAGERS
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RESULTS OF THE EVOLUTION OF THE
MARKETING MANAGER
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RESPONSIBILITIES OF CMOs
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SKILL SET OF CMOs
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STRATEGIC MARKETING
MANAGEMENT PROCESSES
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Lecture 01-2
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FOUNDATIONS OF STRATEGIC MARKETING
MANAGEMENT
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BUSINESS DEFINITION
What business is the Encyclopedia
Britannica in?
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BUSINESS MISSION
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BUSINESS MISSION
EIDIH FOUNDATION
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BUSINESS GOALS OR OBJECTIVES
Convert the organization’s mission into
tangible actions and results that are to be
achieved within a specified time frame.
Are divided into three major categories:
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BUSINESS GOALS OR OBJECTIVES
A situation analysis is an
appraisal of operations to
determine reasons for the
gap between what was or
is expected and what has
happened or will happen.
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Lecture01-3
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STRATEGIC MARKETING MANAGEMENT
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CONVERTING ENVIRONMENTAL OPPORTUNITIES
INTO ORGANIZATIONAL OPPORTUNITIES
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WHAT MIGHT WE DO?
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WHAT DO WE DO BEST?
A distinctive competency
describes an organization’s
unique strengths or qualities,
including skills, technologies,
or resources that distinguish it
from other organizations.
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WHAT DO WE DO BEST?
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GILLETTE: WHAT ARE ITS
DISTINCTIVE COMPETENCIES?
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WHAT MUST WE DO?
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T0WS ANALYSIS
Internal
Strengths Weaknesses
Capabilities
External
Opportunities Threats
Environment
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TOWS ANALYSIS
§Management §Economic
§Marketing §Competition
§Manufacturing §Consumer
§R&D §Technology
§Finance §Legal/Regulatory
§Offerings §Industry/Market
Structure
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TOWS ANALYSIS
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FOUNDATIONS OF STRATEGIC MARKETING
MANAGEMENT
FORMULATING
RODUCT-MARKET STRATEGIE
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PRODUCT-MARKET STRATEGY
A product-market strategy
involves selecting specific
markets and profitably
reaching them through an
integrated program called a
marketing mix.
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PRODUCT-MARKET STRATEGIES
Market
s
Existing New
Market Market
Existing
Penetration Development
Offerin
gs Diversificatio
New Offering Development
New
n
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PRODUCT-MARKET STRATEGIES
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MARKET-PENETRATION STRATEGY
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PRODUCT-MARKET STRATEGIES
A market-development strategy
dictates that an organization introduce
its existing offerings to markets other
than those it is currently serving
(existing offerings new markets).
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MARKET-DEVELOPMENT STRATEGY
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MARKET-DEVELOPMENT STRATEGY
Exporting Licensing
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MARKET-DEVELOPMENT STRATEGY
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PRODUCT-DEVELOPMENT STRATEGY
Product
Developing totally new offerings.
Innovation
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PRODUCT-DEVELOPMENT STRATEGY
R1 O1
A1
R2 O2
R1 O3
A2
R2 O4
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SAMPLE DECISION-TREE
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THE MARKETING MIX
Communicatio
n
Aggressive
competition
Strategy
Product Channel
Customer
Strategy Aggressive Strategy
competition
Passive
competition
Price
Strategy
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THE MARKETING MIX
Product
Kind of product, service, or idea offered.
Strategy
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FORMULATING THE MARKETING MIX
Internet.
Aggressive
Must be consistent with both the needs of
competition
the markets and the organization’s
Estimated profit
capacity. of $4 million
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STRATEGIC MARKETING MANAGEMENT
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BUDGETING
A budget is a formal,
quantitative expression of an
organization’s planning and
strategy initiatives expressed
in financial terms.
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BUDGETING
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STRATEGIC MARKETING MANAGEMENT
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MARKETING AUDIT
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MARKETING AUDIT
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REFORMULATION AND RECOVERY
STRATEGIES
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LECTURE01-6
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STRATEGIC MARKETING MANAGEMENT
DRAFTING A
MARKETING PLAN
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MARKETING PLAN
Consists of:
Business Marketing Product
Plan Plan Plan
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ETHICS AND SOCIAL RESPONSIBILITY
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