This presentation will take you through various steps that are involved in the formulation of a marketing strategy. The presentation will begin with the strategic marketing planning process and from there it will move onto marketing objectivesand strategies. This will be followed by corporate objectives, the mission statement, performance objectives, financial decision making and marketing objectives. These points will be followed by strategic position, decision aids, product life cycle, the three dimensions of the PLC, the concept to help determine the stages in PLC and the problems with the PLC concept. The next topic to be covered will be Boston Consulting Group's growth/share matrix followed by relative market share and market growth after which problems with the BCG model will be examined. The next topic will be GE/McKinsey's model of market attractiveness/business position followed by Porter's generic strategies, sustainable competitive advantage (SCA), Competitive strategy options and Strategic gap analysis concluding with alternatives for closing the strategic gap, alternatives forincreasing sales, the Ansoff product-market matrix and writing the marketing objectives and strategies section.
[...] major business unit and higher-level marketing strategy decisions tools to aid in the decision making process the relationship between higher level objectives and strategies with marketing strategies be able to determine marketing objectives and higher level marketing strategies. The strategic marketingplanning process An iterative process Marketing objectivesand strategies Corporate objectives Corporate objectives (should) consist of both qualitative and quantitative components, including: a mission statement performance objectives. Mission statement A mission statement provides (top-down) direction for setting marketing objectives. It covers: business definition and scope,i.e. [...]
[...] Product life cycle The product life cycle provides a conceptual framework, which shows the evolution of a product from birth to death, and indicates objectives and strategies that a marketer can pursue to maximise marketplace opportunities and minimise threats. The PLC also indicates different investment requirements for success in each stage. Product life cycle Three dimensions of the PLC Industry eg. motor cars Product category eg. 4WDs Brand eg. Range Rover A handy concept to help determine PLC stage Rogers' adopter theory: of the market are innovators of the market are early adopters are the early majority are the late majority are laggards ornon-adopters Problems with the PLC concept The PLC concept lacks predictive and explanatory power. [...]
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