Course no: 5204

Marketing Management

Developing marketing strategies and plans

Marketing involves satisfying customers needs and wants. The task of any business is to deliver customer value at a profit while being socially responsible.

Value Delivery Process

The traditional view of marketing is that the firm makes something and then sells it. The traditional view of business process will not work in economies where people face abundant choices. The mass market is actually splintering into numerous micromarkets, each with its own wants, perceptions, preferences and buying criteria. The smart competitors must design and deliver offerings for well defined target markets.

Choosing the value Providing the value Communicating the value

Value delivery process begins before there is a product and continues while it is being developed and after it becomes available.

The Value Chain

Its a tool for identifying ways to create more customer value. Every firm is a synthesis of activities performed to design, produce, market, deliver and support its product.

Core Competencies

It is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits. It has application in a wide variety of markets. It is difficult for competitors to imitate.

Strategic Planning

Successful marketing requires companies to have capabilities such as understanding customer value, creating customer value, delivering customer value, capturing customer value, and sustaining customer value. To ensure that, marketers must give priority to strategic planning in 3 key areas:

Strategic Planning

Managing a companys business as a investment portfolio. Assessing each businesss strength by considering the markets growth rate and the companys position and fit in that market. Establishing a strategy.

Corporate and Division Strategic Planning

Defining the corporate mission Establishing strategic business units Assigning resources to each SBU Assessing growth opportunities

Defining the corporate mission

Focus on a limited number of goals Stress on companys major policies and values Define major competitive spheres within which the company will operate Take a long term view Short, memorable and meaningful

Establishing strategic business units

It is a single business or a collection of related businesses, that can be planned separately from the rest of the company It has its own set of competitors It has a manager responsible for strategic planning and profit performance, who controls most of the factors affecting profit

Assigning resources to each SBU

Assessing growth opportunities

Intensive growth Integrative growth Diversification growth

Concentric diversification Horizontal diversification Conglomerate diversification

Business unit strategic planning

The business mission SWOT analysis Goal formulation Strategy formulation Program formulation Implementation Feedback and control

Product Planning