strategic marketing management
- Defining the organizations business, mission, and goals
- identifying and framing organizational growth opportunities
- formulating product-market strategies
- budgeting marketing, finansial, and production resources
- developing reformulation and recovery strategies
parts
business definition
models
customer need technology
what needs?
with what technology?
which customer segment?
important to define the business from a customer/market satisfying endevour perspective
business mission
3 functions
crystallize management vision of the organisations long-term direction and character
provide guidance in identifying,pursuing, and evaluating market and product opportunities
inspire and challenge employees to do those things that are valued by organization and its customer
buisness goals
functions
convert the organizations mission into tangible actions and results that are to be achieved, in a specified time frame
complements business definition underscores the scope of the business definition and reflects managements vision of what the the organization seeks to do
3 categories
production
financial
marketing
manufacturing and service capacity
product and service quality
ROI
ROS
profit
cash flow
shareholder wealth
market share
marketing productivity
sales valume
profit
customer satisfaction
customer value creation
customer lifetime value
features
problem-centered
future-oriented
converting enviromental oppertunities into organizational oppertunities
three questions
what might we do?
what do we do best?
what must we do?
key success factors (KSF)
enviromental oppertunity
unmet och changing consumer needs
unsatisfied buyer groups
new technologies for delivering value
distinctive competency
criteria
imperfectly imitable by competitors
make significant contribution to benefits perceived by customers and provide superior value to them
models
SWOT analysis
follow up questions
the process of selecting markets and profitably reaching them through an integrated program called a marketing mix
What are the options?
four strategies (market offering matrix)
product development
diversification
market penetration
tactics (marketing mix)
expanded distribution
factors to consider
state of market
state of competition
market penetration is more effective in a growth market
will other firms retaliate?
Is there spare capacity in the market to increase usage?
market development
factors to consider
state of competition
new market and customers
nimber, motivation, buying patterns
how can the own firm distinctive competency best be leveraged?
types
geographical
international
four forms
exporting
licensing
joint venture
direct investment
new market for existing products
increase buying in existing markets
create new offerings on existing markets
forms
product innovation
product augmentation
product line extension
new offerings
tweaking existing offerings enhancing/changing value
adding different sizes, forms flavors etc
factors to consider
market size and volume
competition
impact of new offerings on already existing
cannibalism
new offerings mus have significant point of diffrence
new offerings on new markets
high-risk strategy
Which option is best?
lower prices
strength weaknesses, retaliation
factors underlying decision
organisation
definition
mission
competency
market
capacity
behavior
environmental forces
competition
cost benefit probability analysis
decision tree
how should the best option be pursued?
the marketing mix
customer value proposition
formulation
implementation
budget
a formal quantitative expression of an organizations planning and strategy initiatives expressed in financial terms
purpose
strategies are rarely timeless hence there needs to be structures in place to audit current strategies