ACTIVITY: Think of a business that you would want to put up. ( so the business that i would like to put up is something like a mini-market)

task:

1. M-a-k-e- a mission statement about your business and m-a-k-e a SWOT MATRIX.

2. List at least 5 tactical marketing you develop for your business.

3. M-a-k-e a flowchart of your tactical marketing process based on the sample flowchart shown below.

----- notes below -----

STRATEGIC PLANNING IN MARKETING According to Kotler (2011), strategic planning sets the stage for the rest of planning in the firm", meaning to say that companies must be able to develop and maintain strategies that meets its goals and capabilities and the changing market opportunities. Strategic planning is a process by which the company defines the general direction it will take and translate that into broadly defined goals. It begins with identifying the mission of the company and settling objectives and finally designing a portfolio. Strategic Marketing Process seeks to establish a clear and concerned direction for all marketing activities of an organization. It includes plansto reach specific goals/objectives. The strategic marketing process is shown in the following diagram" Step 1: Mission identification The company mission statement is articulated. A mission statement defines what an organization is, why is exists, its reason for being, its primary customer, the product or services and its geographical area of operation. Example: COMPANY MISSION STATEMENT Jollibee To serve great tasting food, bringing the The joy of eating to everyone. Step 2: Situation analysis (SWOT) This step assesses and evaluates the market, customers, competitors, and the company internal and external environment. The objective is to identify the company's strength and weaknesses s well as the available opportunities and possible threats. The SWOT analysis can be used in the following circumstances. a. Exploring avenue of new plans, b. Determining possibilities of introducing new products or entering new markets. c. Identifying possible areas of change d. Making decisions about the directions of the company's plans e. Adjusting plans when opportunities come up f. Communicating information gathered from studies or surveys.HELPFUL HARMFUL INTERNAL STRENGTHS WEAKNESSES IN ORIGIN Great location Lack of marketing (ATTRIBUTES Available funding expertise OF THE Specialist Poor quality of goods or ORGANIZATION) Marketing experience services OPPORTUNITIES THREATS EXTERNAL A developing market such Time delays IN ORIGIN as the internet (ATTRIBUTES High cost OF THE New international market ENVIRONMENT) Rising health awareness Cs Scanned with Cam Figure 6.3. SWOT Matrix Strengths includes capabilities, resources and all positive situational factors that help companies serves its customers and achieve its objectives. Weaknesses include internal limitations and negative situational factors that may interfere with the company's performance. Opportunities are favorable factors or trends that the company may be able to use for its advantage and threats are unfavorable external factors that may present challenge to its performance. Kotler (2013) Step 3: Objective Setting Objectives are marketing targets that are Specific, Measurable, Attainable, Realistic and Time bound. These objectives include sales revenues, market shares and profits. Step 4: Marketing Strategy Development The development of marketing strategy involves market segmentation, identification of target markets, positioning, selection of broad marketing strategies and the translation of strategies into action plan.Complementing the strategic marketing process, the tactical marketing process determines the means or tactics to complement the strategies. It involves the identification of specific activities, timetables, responsibilities and budgets and then implementation. The objective is to ensure that the strategies are implemented successfully. Shown below is the tactical marketing process flowchart. . 6 The Tactical Activity Marketing Marketing Strategies Action Plans Timetables I'm ties A. tivities Monitoring Activity Responsible CS Scanned with CamScanner Budgets Accountaluhas TACTICAL MARKETING It refers to actions the company takes in order to market a product. This includes the various ways a company places and offers its product to its target customers such as: 1. Repackaging a product 2. Changing the pricing scheme 3. Increasing the number of distribution partners 4. Placing advertisement such as online, radio, television and print marketing and sales promotion. 5. Building websites and creating brochures and mailings 6. Implementing a follow up system. THE DIFFERENCE BETWEEN TACTICAL MARKETING AND STRATEGIC PLANNING: It simply means that strategic plan determines specific goals while a tactical plan identifies the means in order to reach these goals