CH+2+Strategic+Planning

Chris Bouchard tim riley morgan adams Janessa Wiltshire-Lalonde

Strategic Planning- Process of determining an organizations primary objectives and then adopting courses of action that will achieve these objections.

Tactical Planning- Guides the implementation of activities specified in the strategic plan.

Steps in the Marketing Planning Process:

a.) Defining the organizations mission and objectives and creating a mission statement. b.) Assessing Organizational Resources and Evaluating Environmental risks and opportunities (SWOT, Strengths, weaknesses, opportunities, threats) c.) Formulating, implementing, and monitoring a market strategy

First Mover- Being the first one in a market Second Mover- Observing the first mover and developing a better product.

The Marketing Mix The 4 Variables:

Product: Customer service, package design, brand names, trademarks Distribution- Modes of transportation, warehousing, inventory control order processing, selection of marketing channels. Promotional strategy- Through salespoeple or indirectly through advertisements and promotions. Pricing- Methods of settng profitable and justifiable prices based on competition.

BCG Matrix Stars- generate lots of income Cash Cows- strong cash flow Question Marks- Have potential to be cash cows Dogs-Little profits, should consider withhdrawing

SWOT Analysis – Strengths, Weaknesses, Opportunities, Threats Strengths - Cost Advantages, Financial Resources, ect Weaknesses - Lack of management depth, Weak market image, ect Oppourtunities - Add new products, Enter new markets, ect. Threats - Changing buyer tastes, Adverse government policies