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Marketing:RealPeople,RealDecisionsStrategicPlanningChapter2LectureSlidesSolomon,Stuart,Carson,&SmithYournamehereCoursetitle/numberDateMarketing:RealPeople,RealDecisions2-2ChapterLearningObjectivesWhenyouhavecompletedyourstudyofthischapter,youshouldbeableto:•Explainthestrategicplanningprocess•Tellhowfirmsgainacompetitiveadvantageanddescribethefactorsthatinfluencemarketingobjectives•Describethestepsinthemarketingplanningprocess•ExplainthefactorsinvolvedintheimplementationandcontrolofthemarketingplanMarketing:RealPeople,RealDecisions2-3IntroductiontotheTopic“Organizationsrarelyplantofail,buttheyoftenfailtoplan”-famousquote,originunknown.•Theabovequotationspeakstotheimportanceofstrategicplanningandthepotentialconsequencesofdoingapoorjobatit.•Planninghelpsorganizations:–Tocopewithrapidlychangingfactorswithintheirenvironment.–Controlitsdestinythroughthesettingofobjectivesandtakingactionstoachievethem.–ToensurecoordinationofalldecisionmakingwithinitbyprovidingacommonvisionMarketing:RealPeople,RealDecisions2-4TypesofPlanning•Strategicplanning:amanagerialdecisionprocessthatmatchesanorganization’sresourcesandcapabilitiestoitsmarketopportunitiesforlongtermgrowthandsurvival•Tacticalplanning:adecisionprocessthatconcentratesondevelopingdetailedplansforstrategiesandtacticsfortheshorttermthatsupportanorganization’slong-termstrategicplan.Figure2.1Marketing:RealPeople,RealDecisions2-5TypesofPlanning(continued)•Operationalplanning:adecisionprocessthatconcentratesondevelopingdetailedplansforday-to-dayactivitiesthatcarryoutanorganization’stacticalplans.•Cross-functionalplanning:anapproachtotacticalplanninginwhichmanagersworktogetherindevelopingtacticalplansforeachfunctionalareainthefirm,sothateachplanconsidersobjectivesoftheotherareas.Figure2.1Marketing:RealPeople,RealDecisions2-6StrategicPlanning:FirstStage•Missionstatement:aformalstatementinanorganization’sstrategicplanthatdescribestheoverallpurposeoftheorganizationandwhatitintendstoachieveintermsofitscustomers,products,andresources.•Amissionstatementshould:–providedirectiontoallstakeholdersastowhytheorganizationexists.–beframedintermsthatareneithertoonarrowortoobroad–relatetoahigherpurposeotherthanjustprovidingareturntoshareholders(?)–matchobjectivestocapabilities.–berevisitedandupdatedastheorganizationchangesMarketing:RealPeople,RealDecisions2-7StrategicPlanning:SecondStage•SWOTanalysis:ananalysisofanorganization’sstrengthsandweaknessesandtheopportunitiesandthreatsinitsexternalenvironment.•Internalenvironment:thecontrollableelementsinsideanorganizations,includingitspeople,itsfacilities,andhowitdoesthingsthatinfluencetheoperationsoftheorganization.•Externalenvironment:theuncontrollableelementsoutsideoftheorganizationthatmayaffectitsperformanceeitherpositivelyornegatively.StrengthInternalfactorsPositiveWeaknessInternalfactorsNegativeOpportunityExternalfactorsPositiveThreatExternalfactorsNegativeMarketing:RealPeople,RealDecisions2-8StrategicPlanning:ThirdStage•Objectives:specificaccomplishmentsoroutcomesthatanorganizationhopestoachievebyaspecifictime.•Objectivesaredevelopedfromthemissionstatement•Canbeexpressedintermsof:–Performancemeasuressuchassalesrevenue,profitability(ROI),marketshare–Producttermssuchasinnovation,industryleadership,quality–Customertermssuchassatisfaction–Socialresponsibility•Tobeeffective,anobjectiveneedstopasstheSMARTtest.SpecificMeasurableAttainableRealisticTime-boundedMarketing:RealPeople,RealDecisions2-9TheBusinessPortfolio•Strategicbusinessunits(SBU):individualunitswithinthefirmthatoperatelikeseparatebusinesses,witheachhavingitsownmission,businessobjectives,resources,managers,andcompetitors.Figure2.3(enlargedonnextslide)•Businessportfolio:thegroupofdifferentproductsorbrandsownedbyanorganizationandcharacterizedbydifferentincome-generatingandgrowthcapabilities.•Portfolioanalysis:amanagementtoolforevaluatingafirm’sbusinessmixandassessingthepotentialofanorganization’sstrategicbusinessunits.Marketing:RealPeople,RealDecisions2-10TheBusinessPortfolio(Figure2.3)Marketing:RealPeople,RealDecisions2-11TheBCGGrowth-MarketShareMatrix•Questionmarks:businessunitswithlowmarketsharesinhighgrowthindustries.Alsoknownasproblemchildren,thesebusinessunitscanberelativelynewtothemarketandgrowtobecomestarsordogs,dependingontheirsuccessinachievingmarketshare.•Questionmarksneedcashtofueltheirgrowth.•Stars:businessunitswithdominantmarketshareinhighgrowthindustries.•Thesebusinessunitsgeneratelargerevenues,butstillneedlotsofcashtofueltheirgrowthandmaintainshare.Theybecomecashcowswhenthemarketeventuallyslowsdown.Figure2.4Marketing:RealPeople,RealDecisions2-12TheBCGGrowth-MarketShareMatrix•Cashcows:businessunitswithhighmarketsharesinlowgrowthindustries.Thesebusinessunitsgeneratethecashneededtofundnewproductdevelopmentandfeedthequestionmarksandstars.•Cashcowsareprofitablebecausetheyhavebeenaroundlongenoughforthecompanytorecoveritsdevelopmentcosts.•Dogs:businessunitswithlowmarketshareinlowgrowthindustries.•Thesebusinessunitsarethosequestionmarksthatdidnotachievesignificantmarketshareb