Strategic Marketing Implementation – SUMMARY 2.1

Learning Outcomes SUMMARY.

• LO1: Describe three kinds of organizations and the three levels of strategy in them.
• LO2: Describe core values, mission, organizational culture, business, and goals.
• LO3: Discuss how an organization assesses where it is now and where it seeks to be. 
• LO4: Explain the three steps of the planning phase of the strategic marketing process. 
• LO5 & 6: Describe the four components of the implementation phase of the strategic marketing process. 
• LO7: Discuss how managers identify and act on deviations from plans.

LO1: Describe three kinds of organizations and the three levels of strategy in them. 

There are primarily three types of organizations: for-profit, nonprofit, and governmental. Each type of organization has its unique characteristics, objectives, and strategies.  

The three levels of strategy in an organization are corporate, business, and functional.

• Corporate strategy refers to the overarching approach that a company takes to reach its goals and objectives.
• Business strategy pertains to the actions a company takes to compete successfully in its industry.
• Functional strategy involves the day-to-day operations of a specific business function (e.g., marketing, finance).

LO2: Describe core values, mission, organizational culture, business, and goals. 

Core values refer to the fundamental beliefs and principles that guide an organization’s behavior and decision-making.

• A mission statement defines the purpose of the organization and outlines its objectives.
• Organizational culture is the shared values, beliefs, practices, and attitudes that shape employee behavior and determine how work is performed.
• Business refers to the specific industry or sector in which an organization operates.
• Goals are the objectives an organization seeks to achieve over a given period.

LO3: Discuss how an organization assesses where it is now and where it seeks to be. 

To assess where an organization currently stands, managers must conduct a situational analysis, which involves reviewing internal and external factors that can impact the organization’s success. This includes analyzing the company’s strengths, weaknesses, opportunities, and threats (SWOT analysis), conducting competitive analysis, and reviewing market trends and customer needs. 

To determine where the organization seeks to be in the future, managers set goals and develop a strategic plan to achieve these objectives. This strategic plan must account for the organization’s strengths, weaknesses, opportunities, and threats identified in the situational analysis.

LO4: Explain the three steps of the planning phase of the strategic marketing process. 

The three steps of the planning phase of the strategic marketing process are: 

1. Situation analysis: This involves reviewing the organization’s current marketing situation and identifying market opportunities and challenges.
2. Target market selection: This involves identifying the specific group(s) of customers the organization should focus its marketing efforts on.
3. Developing the marketing mix: This involves developing a marketing strategy that includes the product, price, promotion, and place to reach the organization’s target market and achieve its marketing objectives.

LO5 & 6: Describe the four components of the implementation phase of the strategic marketing process. 

The four components of the implementation phase of the strategic marketing process are: 

1. Organizing: This involves reviewing and adjusting the company’s structure and resources to support the marketing strategy.
2. Activating: This involves implementing the marketing mix, such as launching the product, executing advertising campaigns, setting prices, and distribution.
3. Integrating: This involves coordinating all the marketing efforts to ensure consistency and effectiveness.
4. Evaluating: This involves measuring and analyzing the performance of the marketing strategy and making necessary adjustments to improve future campaigns.

LO7: Discuss how managers identify and act on deviations from plans. 

To identify and act on deviations from plans, managers must regularly review the performance data and compare it with the targets set in the marketing plan. Managers must observe any deviations and analyze their root causes to determine the necessary corrective actions. They should adjust the strategy, tactics, or resources to bring the performance back on track. Additionally, managers must communicate the changes to stakeholders, including employees, suppliers, and customers, to ensure collaboration and alignment, which can help the company achieve its objectives effectively.