Course Revision from Topic 1 - Marketing Strategy

Below is a summary of Topic 1 - Marketing Strategy

Marketing Strategy is based on 4 key questions:

- Where are we now? (Analysis of current/future strategic position)

- Where are we going? (develop viable future goals and objectives)

- How will we get there? (develop strategies and action programs to get there)

- How will we know we are on track? (implement measuring and monitoring systems)

These questions all need to have a developed system of checks to ensure they are appropriate:

The 5 C's:

- Context

- Company

- Customers

- Competitors

- Collaborators

7 P's:

- Products - People

- Prices - Processes

- Place/distributions - Physical Evidence

- Promotion/communication

There are some very important elements/components in a marketing strategy plan:

- Executive Summary - Marketing Strategies List

- Situation Analysis - Action Plans

- Performance Review - Profit/Loss Statement

- SWOT + Key Issue Analysis - Controls

- Critical Assumptions - Contingency Plans

- Objectives

A SWOT Analysis is sometimes appropriate when trying to analysis a plan and interpret any short comings.

Positive (+) Negative (-)

Internal Strengths Weaknesses

External Opportunities Threats