Banach Strategic Marketing Planning Prozess: Marketing Plan, Growth Strategies, Macro Strategies

Planning Phase                                             

1. Defining the Mission and/or Vision

2. Situation Analysis (SWOT)

Implementation Phase

3. Identifying and Evaluating Opportunities (STP)

4. Implement Marketing Mix and Resources

Control Phase

5. Evaluate Performance & make Adjustments

Steps are ikely not to be sequential

Planning = a cyclical process, affected by: 

- market shift

- new research findings, 

- introduction of new products.

the process will  rarely follow the identified steps neatly

Firms Objectives & Scope of Activities

Vision, Mission, Value Proposition, Core Competency, Competitive Advantage (Sustainable)

What Kind of Business are we in?

What do wee need to do to accomplish our Objective?

What can the firm consistantly do better than it's competitors?

Conduct a Situation Analysis Using SWOT 

Strengths: positive, internal attributes
Weaknesses: negative, internal attributes  
Opportunities: positive aspects, external environment. 
Threats: negative aspects, external environment.

Identifying & Evaluating Opportunities Using STP

Segmetation: Divides the marketplace into subgroups with different needs, wants & characteristics

Targeting: Determines which of those segments to target

Positioning: decides how to position products according to targets.
- Involves the process of defining the marketing mix variables

Product - Creating Value

- Firms  develop products that customers perceive as valuable enough to buy. 

Price - Capturing Value

- Cost-based pricing, costs of product, + fixed amount above that total = selling price. 

- Competitor-based pricing when a firm prices below, at, or above its competitors’ offerings. 

- Value-based pricing, determines customers perceived value of the product then prices accordingly. 

Place - Delivering Value

- Make the product or service readily accessible

Promotion - Communicating  Value 

- Communicate value proposition to the customers.

- Mail, Television, Radio, Sales Force, Virtual Opinion Platforms

Evaluate Performance & Make Adjustments 

Determine why or why not achieved performance goals

Market penetration

- employs existing marketing mix and focuses on existing customers.

- Increased Advertising

- Additional Sales & Promotion

- Itensified Distribution

Market development strategy

- Employs existing offering to reach new market segments (Global Expansion)

Product Developmen

- Offers a new product to the current target market 

Diversification

- Introduces a new product to a market segment that currently
is not served. 

Customer excellence

- Focuses on loyal customers and excellent customer service.

Operational excellence

- Through efficient operations and excellent supply chain management.

Product excellence

- Achieving high-quality products; effective branding and positioning.