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MKF3121Week1
Whatisplanninginmarketing?
Roleofmarketingmanager:− Collectingandanalysingbackgroundproductcategorydata− Utilisingthebackgroundanalysisformarketingstrategydevelopment− Implementingthestrategyviathemarketingmix
Whydoweplan?− Toensuresurvival− Tocompeteeffectivelyandefficiently(inresourcesandmarket)− Toexpandhorizontallyandlaterally− Tomotivateemployees(becausethentheyknowwhattodo)− Tosatisfythefirm’sresponsibilitytoallstakeholders
Strategicplanning–Processofdevelopingandmaintainingastrategicfitbetweentheorganisation’sgoalsandcapabilitiesandchangingmarketingopportunities
ElementsoftheplanningprocessDiagnosis Wheredoestheorganisationstand?Forecast Whereistheorganisationheaded?Objectives Whereshouldtheorganisationgo?Strategy Howshouldtheorganisationgetthere?Tactics Whatmeansshouldbeusedbytheorganisationtogetthere?Feedback/control Howshouldtheorganisationmeasureitsprogress?
Marketingplanningsequence
Allplansshouldexplain:
− Whatafirmwanttoaccomplish(objectives)− Howthefirmplanstoaccomplishobjectives(marketingstrategies)− Howstrategiesshouldbeimplemented− Whatresourcesarerequiredtoimplementtheplan
MKF3121CharacteristicsofaneffectivemarketingplanStrongtopmanagementsupport Proactive/visionaryCompiledbystaff Personalised/specificThoroughlyresearched ContinuallyrevisedExternalcompetitivefocus
FromthereadingBrooksbank(1991)
Overviewofamarketingplan
Marketingplan-awrittendocumentcontainingtheguidelinesforthebusinesscentre’smarketingprogramsandallocationsovertheplanningperiod
Week2
Marketinginthefirmcontext
MKF3121
LevelsofplanningAguidetotheemphasisofdifferenttypes CorporatePlan SBUPlan MarketingPlan
Mission Developedaspartofplanningprocess
MusthavebothcorporateandSBUmission Determinedby“yourboss”
Industryanalysis Macro,structure Macro,structure,market Structure,market,maybe
focusedonparticularsegmentCustomeranalysis Moremarketsize Segmentation Profiling
Competitoranalysis
Whoandhowaretheybetter/worseatresourceandcapabilities
Whoandhowtheyarebetter/worseatportfoliocapabilities
Whoandhowaretheybetter/worseatproject/brandlevel(marketingmix)
Internalanalysis Resourcesandcapabilities Portfolioanalysis,capabilities Currentstrategies
SWOT Theorganisation/corporatebrand SBUbrand Fortheproject/brand/product
Objectives Shareholdervalue Drivenbycorporate,valueofbusiness
Drivenbycorporate/SBU.Specifictoproject,marketingmix
Strategiesandtactics
Acquisition/divestmentofbusinessunits
Targeting,positioning,closingthegap Marketingmix
Budget Theorganisation Thebusiness Theproject/productplan
Implementation Marketingphilosophy Marketingaudit,internalmarketing
Approval,monitoringandcontrol
Stepsinplanningsequence1. Collectdata2. Situationanalysis3. Developobjectives,strategiesandprogrammes4. Developfinancialdocuments5. Negotiatefinalplan6. Measureprogresstowardsobjective7. Audit
ObjectivesandStrategiesAguidetotheemphasisofdifferenttypes
Objectives
CorporatePlan BusinessPlan FunctionalPlanShareholdervalueAggregatedacrossallbusinessunitsRevenueProfitabilityROIEPSOtherstakeholdercontribution
Drivenbycorporate,valueofbusinessAggregatedacrossproductmarketswithinbusinessunitSalesgrowthNewproductormarketgrowthProfitabilityROICashflowStrengtheningbasesofcompetitiveadvantage
Drivenbycorporate/SBU,specifictoproject,marketingmixForspecificproduct-marketSalesMarketShareContributionmarginCustomerSatisfaction
MKF3121TypesofplansandstrategiesScope CorporatePlan BusinessPlan FunctionalPlan Corporate(thefirm)
Wheretocompete
Business(anelementofthefirm)Howtocompete
Marketing(functionalforthebusiness)Whatdowecompetewith
Whichbusiness?divestmentsdiversificationexitandentry
Competitiveadvantagewithinproduct,marketsarena,marketsandsegmentsadvantage,positioningaccess,scaleandscope
Brand,product,productlinelevel,Allocationofmarketingeffort,Marketingmix
Objectives− Anobjectiveisanendtobeachieved− Objectivesshouldbedesignedtoaddressissues/challengesidentifiedandtakeyourfirmforwardintothe
future− Anobjective(goal)isadesiredeffect− ObjectivesmustbeSMART(Specific,Measurable,Actionable,RealisticandTimely)
Corporateobjectives Performanceobjectives Marketingobjectives− Corporateobjectives
(should)consistofbothqualitativeandquantitativecomponents,
o amissionstatement
o performanceobjectives
− CorporateobjectivesmaybeBHAGs
o BigHairyAudaciousGoals.
− Thefollowingstakeholders’needsmustbesatisfied:
o shareholders(andtheinfluenceoffinancialmarkets)
o employees(andtheirunionrepresentation)
o managerso creditorso thepublic(societalmarketing).
− Performanceisdeterminedbytheimperativesofstakeholderrequirements,measuredintermsoffinancialobjectives–ROI,ROA,EPS,dividends,profitability,cashflow,etc.
− Corporateperformanceobjectivesneedtobetranslatedintomarketingperformanceobjectives(brandorsegment)regarding:
o saleso marketshareo profitability
− Thisiswhatyouwilldoasaproduct(brand)marketingmanagerafterYOURSWOT.
MissionStatements
MKF3121Modelofmission− Organisationalphilosophy
» Whatdowewanttobe− Productmarketdomain
» Wherearewegoingtooperate− Organisationalkeyvalues
» Howdowewantourpeopletobehave− Criticalsuccessfactors
» Whatdowehavetobegoodatthisindustry
BusinessDefinitionandScope− Businessdefinitionandscopeisthestartingpointforstrategydevelopment.− Thewayabusinessisdefineddetermines:
» thenatureofthemarketsthefirmcompetesin» theproductsandsubstitutes(existingandnew)thatserviceormayservicethatmarket» thenatureofcompetition» thecapabilitiesrequiredtocompetesuccessfullyintheindustry.
− Thesedecisionsinvolvechoicesconcerningwheretocompete,howtocompeteandwhattocompetewith