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Chapter 2
Outline
1. Strategy
3. Marketing Audit
4. Strategy formulation
5. Market segmentation
1. Strategy
Definition 1
Strategy is a course of action to achieve a
specific objective
Definition 2
A strategy is a fundamental pattern of
present and planned objectives, resource
deployments, and interactions of an
organisation with markets, competitors, and
other environmental factors.
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Business Strategy
Functional Strategy
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Review
progress
Implement
the strategy
Plan the
strategy
Decide tactics
Mission Statement
Mission statement
- A statement of the
organizations purpose what
it wants to accomplish in the
larger environment.
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Definition of objective
Corporate objectives define specific goals
for the organisation as a whole and may
be expressed in terms of profitability,
returns on investment, growth of asset
base, earnings per share and so on.
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3. Marketing Audit
Definition
A marketing audit is simply a systematic
analysis
and
evaluation
of
the
organisastions marketing position and
performance.
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Environmental Scanning
PEST + C + C
Political environment
Economic environment
Social environment
Technological environment
In addition to
Consumer behaviour
Competitive behaviour
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Activity 3 page
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4. Strategy formulation
SWOT analysis
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Strengths
patents
strong brand names
good reputation among customers
cost advantages from proprietary know-how
exclusive access to high grade natural resources
favorable access to distribution networks
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Weaknesses
lack of patent protection
a weak brand name
poor reputation among customers
high cost structure
lack of access to the best natural resources
lack of access to key distribution channels
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Opportunities
an unfulfilled customer need
arrival of new technologies
loosening of regulations
removal of international trade barriers
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Threats
shifts in consumer tastes away from the firms
products
emergence of substitute products
new regulations
increased trade barriers
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Growth strategies
Ansoffs product / market matrix
Product
Present
Present
Market
New
New
Product
development
Market
development
Diversification
Product-Market areas:
Related
(vertical or horizontal
integration)
Unrelated
(conglomerate
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diversification)
5. Market segmentation
THE MARKET
Segment 2
Segment 1
Segment 2
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Market Segmentation
Bases for Segmenting Consumer Markets
Geographic
Geographic
Nations,states,
states,
Nations,
regionsororcities
cities
regions
Psychographic
Psychographic
Socialclass,
class,
Social
lifestyle,or
or
lifestyle,
personality
personality
Demographic
Demographic
Age,gender,
gender,family
family
Age,
sizeand
andlife
lifecycle,
cycle,oror
size
income
income
Behavioural
Behavioural
Occasions,benefits,
benefits,
Occasions,
usesor
orresponses
responses
uses
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Questions
1. List the stages in strategic planning
2. Why should an organisation carry out an
environmental analysis?
3. What do the letters in SWOT analysis
stand for?
4. Differentiate between market and
product development?
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