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Chapter2: Planning, implementing,&evaluating Marketing stategies- Pham Khac Thong, MBA 3 Strategic Marketing Planning Strategic planning is the process of developing and maintaining a f

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Chapter2: Planning,

implementing,&evaluating

Marketing stategies- Pham

Khac Thong, MBA

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Chapter 2

evaluating marketing strategies

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Marketing Strategic

planning-Warm up

• 1 Is the profit motive the only real

motive for a company’s existence?

• 2 What are the dangers to a company

of over-planning?

Chapter2: Planning, implementing,&evaluating Marketing stategies- Pham Khac Thong, MBA

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Chapter2: Planning,

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Strategic Marketing Planning

Strategic planning is the process of developing

and maintaining a feasible fit between

the organization’s objectives, skills, and resources

and its changing marketing opportunities

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What is Strategic Marketing Planning?

+ Market opportunities

/ 4 principles (steps)

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Chapter2: Planning,

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Reasons for Planning

• If we do not know where we are going any

road will take us there.

• The essence of strategic planning is the

consideration of current decision

alternatives in the light of their probable

consequence over time.

• The future is unpredictable but it is not a random walk.

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Chapter2: Planning,

Khac Thong, MBA

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Chapter2: Planning,

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A Corporate Strategic Planning

Four Planning Activities

1 Defining the corporate mission

2 Establishing strategic business

units ( SBU).

3 Assigning resources to each SBU.

4 Developing growth strategies

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Corporate Strategic Planning (cont.)

Step 1 Defining the corporate mission

• The mission should define the competitive scopes within which the company will operate Industry scope, products and applications scope, competencies scope, market-

segment scope, and vertical scope.

• Mission

– What business are we in? What businesses should we be in? What do we do best? What are the values/ethics of the firm?

– Define business by need rather than product.

- Lodging vs hotel

- Quick service restaurants vs fast food hamburgers – Marketing myopia - Transportation vs railroad

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A good mission statement

clear, specific,

Technological process

realistic, motivating

Text customer-satisfying process

too broad, narrow

AT&T’s efficient

service to customers

Mark & Spencer’s

value for money

features

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Business activities:

customer-satisfying or technological process?

not a technological process

whereas products and technologies are easily out of date

process of

satisfying

customers

Market needs always

exist & develop

Theodore Levitt:

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Strategic planning- Transfer

• Select one of the four suggestions below as a mission

statement for a research-based pharmaceutical company operating world-wide Present your arguments.

• To produce quality drugs at the right price.

• To improve the quality of life of mankind.

• To develop new drugs to fight the world’s

diseases.

• To look after the interests of employees,

shareholders and customers.

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Step 2 Establishing strategic business units

• 1 Do you feel that the process of

conglomeration (‘ big is beautiful’) will

continue into the next century?

• 2 What do you see as the dangers of

diversification?

• Suggestive

• 1.The process of merging, taking over, buy out will lead to diversification of

products

• 2 possible dangers: not identify SBUs

• Cannot evaluate the attractiveness of new businesses

• Hard to identify market share/ growth rates

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Business Portfolio Analysis

Why portfolio?

Marketing managers must

identify portfolio

Follow up with strategies to fill

up new products/ business

areas into portfolio

what business areas /products

best fit co’ s strengths /capabilities

+changing market opportunities.

& decide which areas

should be

financed-more or less

Analyze current portfolio

13Chapter2: Planning, implementing,&evaluating Marketing stategies- Pham Khac

Thong, MBA

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Portfolio analysis process : 2 stages

SUCCESSFUL, SATISFYING CUSTOMERS’ NEEDS+

HIGHER MARKET SHARE.

market share and market growth rate

by using suitable method of evaluation

Build up financial resources for business areas/products that have further increased

Phase out those that have declined

2.Evaluate attractiveness of different USB to decide how much

to finance for each SBU

properly

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Question Marks

• High growth, low share

• Build into Stars or phase out

• Require cash to hold market share

• Low growth & share

• Low profit potential

Relative Market Share

Analyzing Current SBU’s:

Boston Consulting Group Approach

?

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Suitable evaluation method:

SHARE-GROWTH MATRIX by BCG

STARS

CASH FLOW

QUESTION MARKS ?

DOGS

+ SBUs-> High market

growth rate & market

share

Strategies: HOLD (+further

investment) as market

leader.

When market growths level

off (<10%) => Cash flow

+ SBUS ->low market growth rate(<10% )+

relative high market share.

for further investment into other SBUs.

SBUs ->high growth rate + relative low market share

Strategies : BUILD (

investment ) to increase market share or meet higher market growth rate

+SBUs-> low market share

to benefits of company

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SHARE-GROWTH MATRIX Analyzing

CASH FLOW QUESTION MARKS ? DOGS

move to Cash flow

As source for further investment

To increase

M share/

M Growth

To strengthen term cash/ remove

short-gradually

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Corporate Strategic Planning

(cont.)

Step 3 Assigning resources to each SBU.

• Analytical tools such as the Boston Consulting

Group growth-share matrix are used to guide

• Anticipate changes

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Question Marks

• High growth, low share

• Build into Stars or phase out

• Require cash to hold market share

• Low growth & share

• Low profit potential

Relative Market Share

Analyzing Current SBU’s:

Boston Consulting Group Approach

?

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SHARE-GROWTH MATRIX BCG

( Boston Consulting Group) Conclusion

an effective tool

1

* can help strategic planner to assess

suitable positions of SBUs &

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Step 4 Developing Growth Strategies

– Intensive growth opportunities: Identify further

opportunities to achieve growth within the company’s current business.

• Market penetration strategy seeks to

increase current products in current markets.

• Market development strategy looks for new

markets in which current products can expand.

• Product development strategy considers

new product possibilities

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- Diversification growth opportunities: Identify

opportunities to add attractive businesses that

are unrelated to the company’s current

businesses.

• Concentric diversification strategy:

Company seeks new products that have technological and/or marketing synergy with existing product lines, even though the product may appeal to a new class

of customers

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- Horizontal diversification strategy:

Company searches for new products that could appeal to its current

customers though technologically unrelated to its current product line.

• Conglomerate diversification

strategy.

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- Integrative growth opportunities.

• Backward integration: A hotel company

acquiring one of its suppliers.

• Forward integration: A hotel company acquiring

tour wholesaler or travel agents.

• Horizontal integration: A hotel company

acquiring one or more competitors, provided the government does not bar the move.

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1 Market Penetration

2 Market Development

3 Product Development

Product/ Market Expansion Grid

Developing Growth Strategies in the

Age of Connectedness

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Business Strategy Planning –

B Planning at the SBU Level

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Business Strategy Planning (cont.)

5 Strategy Formulation (How do we get there?)

- Michael Porter’s three generic types of strategy:

• Overall cost leadership

• Differentiation

• Focus

– Strategic Alliances: companies need to form strategic

alliances with domestic or multinational companies that complement or leverage their capabilities and resources to

achieve leadership nationally or globally.

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6 Program formulation A company must develop

hiring, training, advertising, and other programs to support its strategy.

7 Implementation A firm must communicate its

strategy to its employees and it must have the

resources to carry out its strategy.

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8 Feedback and control are absolutely

necessary to track results and monitor new developments in the environment.

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The process of strategic planning

1.Defining 1.2.Setting u p 2.Sketching

profits

b Marketing objectives =

market share

Business Portfolio >

for best product

Marketing

(strategic)

plan &functional strategies.

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The international Mineral Chemical Corporation

1.Defining MISSION & PURPOSE

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2.Setting up supporting Objectives

(short-term)

increasing sales

reducing costs

Marketing objectives:

enlarge market share & enter foreign markets

by researching new

fertilizer (costly) increase

agricultural productivity

=> higher crops

Business objectives:

improve profits

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4.Setting up Marketing & Functional

Strategic plans

Marketing & Functional Strategic plans

& calling on large farms abroad

promotion

+ Products available

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Berkowitz & Kevin ‘s 4- approaches

1.Where have we been?

Where are we now?

Where are we headed

with our existing plan?

2.Where do

we want to go?

3 How do we allocate

our resources

to get where we want to go?

4.How do we convert our plan into action?

To sketch out business portfolio.

To formulate strategies &

develop marketing plan

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