Marketing’s Role in the Strategic Planning ProcessThe marketing planning process makes both strategic and tactical plans that will help a company compete, successfully, in the market it serves. Marketing planning actually begins with development of an overall strategic business plan that responds to questions about a company’s:
Mission: What is the company’s reason for existing? What is the overall business philosophy (stated in qualitative terms)?
Canada Goose Outlet Situational Analysis: Where are we now? What primary factors, internal and external, is the company faced with that will affect its ability to fulfill its mission? Canada Goose Outlet
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buy canada goose jacket cheap Strategies for Achieving Organizational Objectives: What ideas will be implemented for the purpose of meeting objectives and fulfilling the mission?Managing Managing the marketing function begins with a complete analysis of the company’s situation. canada goose outlet near me The company must analyze its markets and marketing environment to find attractive opportunities and to try to avoid environmental threats. It must analyze company strengths and weaknesses as well as current and possible marketing actions so that it can determine which opportunities it can best pursue. buy canada goose jacket cheap
buy canada goose jacket Marketing canada goose jacket outlet sale planning involves making decisions about marketing strategies that will help the company attain canada goose outlet winnipeg address its overall strategic objectives. A detailed canada goose womens outlet marketing plan is needed for each business, product, or brand. A marketing strategy consists of specific strategies, target markets, positioning, the marketing mix, and marketing expenditure levels. buy canada goose jacket
canada goose black friday sale The company’s mission needs to be turned into detailed supporting objectives for each level of canada goose outlet shop management. The mission leads to a hierarchy of objectives, including business objectives and marketing objectives. Marketing strategies and programs must be developed to support the marketing objectives that are canada goose outlet black friday sale defined in the company’s strategic plan. canada goose black friday sale
Designing/Developing/Revising the Business PortfolioA business portfolio is the collection of businesses and products that make up the company. The best portfolio is the one that best fits the company’s strengths and weaknesses as they are related to opportunities in the environment. Designing the business portfolio involves finding businesses and products the company should consider for the future. Marketing has the main responsibility for achieving profitable growth for the company. Marketing must identify, evaluate, and select market opportunities and it must develop strategies for capturing them.
Market penetration involves making more sales canada goose outlet michigan to current customers without changing the company’s products. Market development involves identifying and developing new markets for its current products. Product development is offering modified or new products to current markets. Diversification is where a company starts up or canada goose coats uk buys businesses outside of its current products and markets. When warranted, companies also develop strategies for downsizing their businesses.
Where a company decides to place its marketing cash investments is part of business portfolio analysis and planning. This is where management evaluates, as a strategic business unit (SBU) the products and businesses making up the company. Each strategic business unit has a separate mission and objectives that can be planned independently from other company products/businesses.
cheap Canada Goose In the process of business portfolio analysis, management must assess the attractiveness of its canada goose parka outlet uk various SBUs and decide how much support canada goose outlet germany each deserves. Most standard portfolio analysis methods evaluate SBUs on two important dimensions the attractiveness of the SBU’s market or industry and the strength of the canada goose outlet las vegas SBU’s position in that market or industry. cheap Canada Goose
Canada Goose Jackets The best known portfolio planning method was developed by the Boston Consulting Group (BCG). It uses a growth share matrix canada goose outlet nyc approach (discussed in next section). It defines four types of SBUs: canada goose outlet ottawa stars, cash cows, question marks, and dogs. Canada Goose Jackets
Canada Goose Parka The BCG Matrix: Dogs, canada goose outlet in usa Question Marks, Stars, and Cash CowsDogs Canada Goose Parka
canada goose clearance sale Dogs are SBUs that have canada goose outlet in canada low market share and a low growth rate. They don’t consume a lot of company cash, but they don’t generate a lot of it either. The potential for future business is so low that it’s risky to keep investing canada goose outlet jackets money in this SBU, and they are strong contenders for divestiture. canada goose clearance sale
canada goose coats These SBUs canada goose outlet mississauga have low market share, but they are growing rapidly. Companies have to analyze them carefully to determine whether it might pay off to invest the company cash that’s needed to grow this SBU’s market share. The question mark is a “problem child,” not generating much cash but consuming large amounts of company money. The question mark’s future can go one of two ways. Once market growth rate declines, it has the canada goose factory outlet vancouver potential to gain market share and become a star, canada goose outlet store toronto and eventually a cash cow. But, after consuming large amounts of cash for a long time, if the question mark doesn’t become a market canada goose jacket outlet store leader, it will become a dog. canada goose coats
canadian goose jacket A diversified canada goose outlet new york city portfolio should always contain Stars. These SBU’s have canada goose outlet store new york strong relative market share allowing them to generate large amounts of cash. But, because of their growth rate, they also consume large amounts of cash. If it http://www.canadagoosecanadaoutlet.com maintains market share, once its growth rate declines, a star will become a cash canada goose jacket outlet uk cow. canadian goose jacket
Canada Goose online These SBU’s are leaders in a mature market with a stable cash flow. They generate more cash than they consume, and represent opportunities for the company to “milk” them for profit while investing only minimal amounts of cash in them. The return on cash cows is greater than the market growth rate. This SBU earns the cash that is needed to turn question marks into market leaders, cover the company’s administrative costs, fund research and development, service debt, and pay dividends to company shareholders. Canada Goose online
Once it has classified its SBUs, the company must determine what role each will buy canada goose uk play in the corporate future. After taking a close look at each strategic business unit the company may decide to:
Invest more in the business unit in order to grow its share.
Invest canada goose outlet just enough to hold the SBU’s share at the current level.
canada goose store Harvest the SBU, milking its short term cash flow regardless of the long term effect. canada goose store
Divest the SBU by selling it or phasing it out and using resources elsewhere.
canada goose Portfolio analysis approaches have canada goose outlet price their limitations. They can be difficult, time consuming, and costly to implement. Often, management finds it difficult to define SBUs and to measure market share and growth. Therefore, approaches focused on classifying current businesses often provide little advice for future planning. canada goose
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Within each business unit, more detailed planning takes place with major functional departments in each unit working together to accomplish strategic objectives. Marketing provides a guiding philosophy to keep company strategy revolving around the building of profitable relationships with important customer groups.
Marketing input into strategic planning helps companies identify attractive market opportunities by assessing company potential to take advantage of them. Marketing defines strategies for reaching the company’s objectives for each of its SBUs.
canada goose coats on sale The most important question a company needs to answer in terms of marketing planning strategy, however, is one that will affect all of its other planning processes strategic and tactical. And that question is, “What customers canada goose outlet orlando will we serve?” canada goose coats on sale.