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Summary marketing & research year 1
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Summary for Marketing & Research Year 1; H2, H4, H5, H6. Very detailed, a total of 23 pages.
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Samenvatting marketing year 1
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Summary Marketing ResearchChapter 2 Marketing planning
Strategies and tactics combined = company’s policy.
The long-term plans set out the strategy. A strategic marketing plan defines the
marketing goals for 2 to 5 years and indicates how these plans will/ can be realized.
A short-term plan describes the tactics the company will implement to achieve its short-
term objectives. This is more an operational marketing plan and usually covers a period
of 1 year.
There are 3 types of strategies:
- Corporate strategy = formed at the uppermost level of an organisation. A concern
or parent company usually consists of various strategic business units (SBU) =
a division of the organization that operates more or less independently. It sells a
range of products to a certain group of customers and is responsible for the
development and implementation of the strategy. The strategic planning at the
highest level of the organisation is best visualised as the big picture drawn by the
head office to assure a profitable future for the corporation strategic profile.
The head office hereby also determined the amount of resources the individual
sbus get.
- Business strategy = developed at the level of the divisions, subsidiaries or sbus.
The CEO of such an operational unit develops a business strategy like the one at
the corporate level, but this one involves more than the marketing strategy. It
also involves distributing resources such as manpower, money and production
capacity.
- Marketing strategy = occurs at the level of the product, a brand or a product line.
In a strategic plan the direction for the company is stated in broad terms. The essence of
strategic planning is the development of a long-term plan to use the resources of an
organisation in an optimal way, within the constraints of the business definition and the
mission of the organisation. The business definition specifies the company’s activities.
It indicates the sphere or limits of the organisation’s field of activity, leaving enough
room to develop new additional products and services. At the core of the business
definition is the business scope = the extent of the firm’s current activities.
To describe the company’s broader business definition, 3 dimensions are often used,
which form the basis of the Abell model. These dimensions are:
- Customers. What is our target?
- Needs. What are the needs the customers want to satisfy?
- Technologies. How can we satisfy these needs?
The market consists of the first factor, while the product determines the last two. That is
why business units defined this way are referred to as product-market-technologies
combinations.
A mission statement is the formal description of the organizations mission. It should
answer the questions: “what kind of business are we in?” “What kind of company would
we like to become?” “Who are our customers and what are their needs and wants?”
It should also describe a company’s core competencies = the capabilities that
customers’ value and competitors find hard to duplicate.
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