BUS 343 Chapter Notes - Chapter 2: Boston Consulting Group, Strategic Planning, Marketing Strategy

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: All

Document Summary

Steps in strategic planning: defining the company mission, setting company objectives and goals, smart goals, designing the business portfolio, planning marketing and other functional strategies. Strategic planning: the process of developing and maintaining a strategic fit between the organizations goals and capabilities and ever-changing market opportunities. Market growth rate provides measure of market attractiveness. Marketing mix: managing tools to influence demand: promotion communication, product customer value, price customer cost, place convenience. Marketing control evaluations: financial performance metrics, business portfolio evaluation and analysis. New-product develop process: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization. Internal sources: company employees at all levels, external sources, customers, competitors, distributors and suppliers, others, crowdsourcing. Idea screening: keep good ones, drop poor ones, describe product, target marketing and competition, estimate market size, price, development time and costs, manufacturing costs, rate of return, evaluate new-product ideas against a set of company criteria.