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Strategic Planning and Marketing Models - Coggle Diagram
Strategic Planning and Marketing Models
Knowing Your Market
Specific models and tools can be applied to
build a comprehensive framework.
The most important study of consumer behavior may revolve around “segmentation” studies.
“goal hierarchy” refers to different levels of goals that combine with customers’ focal goal.
Creating value for customers is the ultimate result of strategic marketing planning.
Knowing Your Competitive Environment
A well-crafted marketing intelligence system is required to keep abreast of the competitive environment.
The competitive environment is also comprised of other macro factors like Political, Economic, Social, and Technological (PEST) environments.
A regular perusal of newspapers and other media would also help to understand the trends of keyPEST indicators that are relevant to the company.
Knowing Yourself
SWOT Analysis: Strengths (S), Weaknesses (W), Opportunities (O), and
Threats (T). It emphasizes the internal enviroment.
TOWS Analysis: Threats (T),
Opportunities (O), Weaknesses (W), and Strengths (S). It emphasizes the
external environment
SMART: an objective has to be Specific (S),
Measurable (M), Achievable (A), Realistic (R), and Time-bound (T).
Value chain analysis: Activity analysis, Value analysis and Evaluation and planning.
Crafting Market Aligned Strategy Mix
This is the part where creativity, ingenuity, and a strong dose of customer insights can result in success.
The first crucial step in strategy formulation is to find the most attractive segment based on customer insights and SWOT results.
Single-segment strategy targets one market segment.
Product specialization refers to the strategy of specializing in a particular product line/category and
offering this to different market segments with some levels of customization.
Market specialization refers to serving a particular
market segment by offering that segment an array of different products to satisfy the needs of that segment only.
Selective specialization is a multi-segment strategy, the firm being selective and
discontinuous in terms of market and product choice.
Full market coverage is the targeting strategy where the firm attempts to serve the entire market, covering all segments with different types of products.
Implementing Strategic Plan and Budget
Marketing Edge: actions, progrmas, systems and policies.
3 process for succesfull execution: strategy process, poeple process and operating porcess.
Strategy implementation processes: Commander model, Collaborative model and Cultural model.
Building Feedback and Control Mechanism
Four types of controls: Annual plan control, Profitability control, Efficiency control and Strategic control.
The following steps are recommended before choosing a set of indices to monitor and take corrective actions:
Decide on the aspect(s) of marketing operation to be evaluated.
Establish measurement criterion.
Establish monitoring mechanism.
Compare actual results with standards of performance.
Corrective action and analysis of improvement.