Marketing Planning and Practice
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Week5Lecture5.1MarketingStrategy1.pptxMarketing Planning and Practice UMKDQD-15-2 Week 5 Lecture 5.1
Presented by
Michelle Jackson
Module Leader
w/c 8 March 2021
The Plan for This Week
The lectures will outline marketing strategy and its importance for an organisation
The webinar will explain how to apply a core strategic model – the Ansoff Matrix
The tutorial will consider some other models you may wish to include in your plan
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Business Mission
Marketing Audit
SWOT Analysis
Marketing Objectives
Control
Core Strategy
Competitive Advantage
Marketing Mix Decisions
Organisation and Implementation
Where are we now?
Where do we want to be?
How will we get there?
How can we make sure we arrive?
Situation analysis
Strategy
Objectives
Tactics
Implementation
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Strategic planning is to shape and reshape the company's businesses and products so that they yield target profits and growth (Kotler). Marketing Objectives and strategy identify how this will happen. Tactic is an action you take to execute the strategy – 7Ps.
The Assignment Brief
Business Strategy
A business strategy is the means by which a company sets out to achieve its desired ends (goals). It can simply be described as a long-term business planning.
A company’s marketing strategy combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the product mix in order to achieve the maximum profit and sustain the business
Typically a business strategy will cover a period of about 3-5 years.
‘Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different’ (Michael Porter)
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Marketing Strategy
Dibb et al. (2006) define marketing strategy as
‘a strategy indicating the opportunities to pursue, specific targets, and the types of competitive advantages that are to be developed’.
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Strategic Trade Offs
Profit margins versus competitive position
Profit goals versus non-profit goals
Growth versus stability
Short-term profitability versus long-term growth
Penetration of existing markets versus development of new markets
Risk avoidance versus risk taking
There are many routes to be considered when planning your strategy.
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