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Key and difficult points

2.3.1 Macro strategic planning

1) The definition of strategic planning.

Strategic planning involves adapting the firm to take advantage of opportunities in its constantly changing environment. Strategic planning helps a firm to maintain a strategic fit between its goals and capabilities and its changing marketing opportunities.

2) The process of strategic planning

There are four steps in the whole strategic planning:

a. Defining the company mission

b. Setting company objectives and goals

c. Designing the business portfolio

d. Planning marketing and other functional strategies

Figure 2.1 - Steps in Strategic Planning

3) Step 3: Designing the business portfolio

   There are two stages in this step:

a. Analyze the firm’s current business portfolio

b. Develop strategies for growth and downsizing to shape the future portfolio

Figure 2.2 - The BCG Growth-Share Matrix

 Figure 2.3 - The Product/Market Expansion Grid

4) The special and important roles of marketing in strategic planning

a. Provides a guiding philosophy: Marketing concept—company strategy should create customer value and build profitable relationships with the key customers

b. Provides inputs to strategic planners: Helps identify market opportunities and assess the firm’s potential to take advantage of them

c. Designs strategies for reaching the unit’s objectives

5) Partnership Relationship Management

Reference answer:

The internal value chains: cooperating with other departments in the company

The external value delivery network: working with other organizations out of the company

2.3.2 Micro marketing strategy planning

1) The definition of marketing strategy

It is marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

2) The main contents of marketing strategy planning and implementation

STP: Segmentation, Targeting, Positioning

4P: Product, Price, Place, Promotion--4C

3) The whole marketing management

Figure 2.6 - Managing Marketing: Analysis, Planning, Implementation, and Control

4) The Multi-layer of the whole marketing process

   The whole marketing consists of four layers.

  Figure 2.4 Managing marketing strategies and marketing mix