strategic marketing management

  1. Defining the organizations business, mission, and goals
  1. identifying and framing organizational growth opportunities
  1. formulating product-market strategies
  1. budgeting marketing, finansial, and production resources
  1. 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