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Marketing Strategies for Business Growth

The document discusses developing marketing strategies and plans at different organizational levels. It outlines the steps in strategic planning at the corporate, division, business unit, and product levels. At the business unit level, the six steps in strategic planning are defined as formulating the business mission, conducting a SWOT analysis, setting goals, formulating strategies, developing programs, and implementing with feedback and control. The document also notes that a typical marketing plan consists of an executive summary, situational analysis, marketing strategy, financial forecast, and implementation controls.

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10 views1 page

Marketing Strategies for Business Growth

The document discusses developing marketing strategies and plans at different organizational levels. It outlines the steps in strategic planning at the corporate, division, business unit, and product levels. At the business unit level, the six steps in strategic planning are defined as formulating the business mission, conducting a SWOT analysis, setting goals, formulating strategies, developing programs, and implementing with feedback and control. The document also notes that a typical marketing plan consists of an executive summary, situational analysis, marketing strategy, financial forecast, and implementation controls.

Uploaded by

Suthan
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

The Lancaster MBA

CHAPTER 2: Developing Marketing strategies and plans

1. Marketing and customer value creation process: The task of any business is to deliver
customer value at profit. The traditional view of marketing is that the firm makes
something and sells it.
2. In a ‘mass market’ the traditional view is not effective since there are many products
and suppliers. The firm must define and deliver offerings for a well-defined target
markets. This view puts the marketing at the beginning of the planning.
3. The marketing plan is the central instrument for directing and coordinating the
marketing effort.
4. Strategic planning at different levels of the organisation: Corporate, division,
business unit and product level plan.
5. Corporate and division level strategic plan: Corporate strategy establishes the
framework within which the divisions and business units prepare their strategic plans.
6. Corporate planning consists of four steps: (1) Defining corporate mission, (2)
Establishing strategic business unit, (3) allocating resources and (4) assessing growth
oppurtunities by expanding existing business.
7. Business unit level strategic planning: Business unit planning consists of six steps:
(1) Business mission formulation, (2) SWOT analysis, (3) Goal formulation, (4)
Strategy formulation, (5) Program formulation, (6) Implementation and Feedback &
control.
8. Goals indicate what a business unit wants to achieve; strategy is a game plan to
achieve the stated goals. Porter’s generic strategies: overall cost leadership,
differentiation and forcus.
9. Product level planning is documented as Marketing plan. A typical marketing plan
consists of five sections: (1) Executive summary, (2) Situational analysis, (3)
Marketing strategy, (4) Financial forecast, (5) Implementation controls.
10. Senior management should identify and encourage fresh ideas three groups that tend
to be underrepresente in strategy making:employees with youthful perspectives;
employees who are far removed from company headquarters; and employees who are
new to the industry.
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Prepared by Suthan Selvaraj

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