Which step of the planning phase of the strategic marketing process involves?

Implementation phase:The part of the strategic marketing planning processwhen marketing managers (1) identify and evaluate different opportunities by engaging insegmentation, targeting, and positioning (seeSTP) and (2) implement the marketing mixusing the four Ps.Market development strategy:A growth strategy that employs the existingmarketing offering to reach new market segments, whether domestic or international.Market growth rate:The annual rate of growth of the specific market in whichthe product competes.Market penetration strategy:A growth strategy that employs the existingmarketing mix and focuses the firm’s efforts on existing customers.Market positioning:Involves the process of defining the marketing mix variablesso that target customers have a clear, distinctive, desirable understanding of what theproduct does or represents in comparison with competing products.Market segment:A group of consumers who respond similarly to a firm’smarketing efforts.Market segmentation:The process of dividing the market into groups ofcustomers with different needs, wants, or characteristics—who therefore might appreciateproducts or services geared especially for them.

One of the keys to tapping into the consumer marketplace is coming up with a product or service that addresses a specific consumer need, such as finding a way parents can make their kids quick, healthy breakfast in the morning or helping busy executives keep track of their daily appointments and sales goals. Finding and fulfilling customer needs and then delivering suitable products or services are part of the marketing process.

Analyze

1. Before you can identify the needs of its potential customers, you have to take a look at your resources and capabilities, which may include funding, time and human resources. Beyond that, you should to take into account the type of competition in the market, and how technological, political, social and economical happenings may impact what consumers want and your ability to deliver. Once you have a clear understanding of the environment you're working in, you can examine unfulfilled needs and wants among your customers.

Plan

1. Once you've identified a need, you can plan how to pull your resources together to fulfill the need. This involves conducting market and marketing research, and creating examples of the products for testing. You can also use the planning stage to make decisions about how to price, promote and distribute your product or service.

Implementation

1. The implementation process involves placing the product or service you develop on the market for consumption, using the distribution plan you created based on the target market you're trying to reach. Use the promotional plan you developed to help inform, persuade and remind customers that your product or service exists.

Control

1. The control portion of the marketing process involves coming up with ways to measure the tactics you decide to use to promote the product or service you're selling. This can include looking at profits, revenue, customer satisfaction, the number of views your website receives or the number of clicks an email promotion you send to announce your product receives. If metrics indicate that a tactic you're using to promote the product or service isn't working favorably, you can make changes, when necessary. Similarly, if feedback from customers shows that the product or service isn't fulfilling a need, you may have to revisit the planning phase.

Here are the essential components of a marketing plan that keeps the sales pipeline full.

1. Market research. Research is the backbone of the marketing plan. Your local library is a great place to start, offering reports like Standard & Poors or IBISWorld. Some library cards even allow access to online services from home. Identify consumer buying habits in the industry, market size, market growth or decline, and any current trends.

2. Target market. A well-designed target market description identifies your most likely buyers. In addition, you should discuss at least two or three levels of segmentation. A language tutoring business might target both students and foreign-born employees who want to improve their English.

3. Positioning. What is the perception of your brand in the marketplace? For example, if your restaurant sells burgers, do customers see you as the place to go for gluten-free or healthy options or the place to go if you’ve got an appetite for a double cheeseburger? The difference in how the target market sees you is your positioning. Develop compelling branding and marketing messages that clearly communicate how you want to be perceived.

4. Competitive analysis. You need to know who your competitors are and how your products and services are different. What is the price point at which your competitors are selling, and what segment of the market are they aiming to reach? Knowing the ins and outs of your competitors will help you better position your business and stand out from the competition.

5. Market strategy. Your marketing strategy is your path to sales goals. Ask yourself “How will I find and attract my most likely buyers?” This is the core of what the strategy should explain. It should look at the entire marketplace and then break down specific tactics including such as events, direct mail, email, social media, content strategy, street teams, couponing, webinars, seminars, partnerships, and other activities that will help you gain access to customers.

6. Budget. Develop a month-by-month schedule of what you plan to spend on marketing. Also include a “red light” decision point. For each activity, establish a metric that tells you to stop if it’s not generating sufficient return on investment (ROI).

7. Metrics. Track your marketing success with Google Analytics for website conversions and a simple Excel sheet to compare your budget against the actual ROI. Test programs over the course of a 30- to 60-day period, and evaluate the results. Repeat any programs that are delivering sales or sign-ups to your email list, and get rid of anything that’s not.

Remember, if you’re not bringing in leads, you need better marketing. A sound plan will help you get started. Visit my website for my free ebook, The Art of Selling, to learn how to close your deals.

These three levels are: Corporate-level strategy, Business-level strategy and Functional-level strategy.

Three Phases of the Strategic Marketing Process. Phases of the strategic marketing process include planning, implementation, and evaluation

In which phase of the strategic marketing process does a firm obtain resources?

What is the implementation phase of the strategic marketing process? Obtain resources, design the marketing organization, develop planning schedules, actually execute the plan. How do the goals set for a marketing program in the planning phase relate to the evaluation phase of the strategic marketing process?

What are the three levels of strategy in organizations quizlet?

The board of directors oversees the three levels of strategy in organizations: corporate, strategic business unit, and functional.

What are the 3 types of strategies in strategic management?

Three Types of Strategy: What Are They How to Apply Them

• Business strategy.
• Operational strategy.
• Transformational strategy.

Aug 19, 2013

What are the three levels of strategy with examples?

The three levels of strategy are:

• Corporate level strategy: This level answers the foundational question of what you want to achieve.
• Business unit level strategy: This level focuses on how youre going to compete.
• Market level strategy: This strategy level focuses on how youre going to grow.

May 10, 2021

Which of the following are the three levels of strategy in organizations quizlet?

The board of directors oversees the three levels of strategy in organizations: corporate, strategic business unit, and functional.

What are the three phases of the strategic marketing process quizlet?

An organization uses the strategic marketing process to allocate its marketing mix resources to reach its target markets. This process is divided into three phases: planning, implementation, and evaluation

What is the final phase in the strategic marketing process?

Evaluation. During the final phase of a strategic marketing plan the company evaluates how effectively the plan performed. The evaluation focuses on the specific aspects of the plan and on the overall goals.

What are the phases of the strategic marketing process?

The three phases of the strategic marketing process are goal-setting, SWOT analysis, and goal-evaluation. awareness, implementation, and evaluation. planning, implementation, and evaluation.

At which step of the planning stage of the strategic marketing process does a firm develops its marketing mix?

At which step of the planning stage of the strategic marketing process does a firm develop the programs marketing mix? The marketing program step involves developing the programs marketing mix and its budget.

What are the four components of the implementation phase of the strategic marketing process?

There are four components in the implementation phase: Obtaining resources. Designing the marketing organizationDeveloping schedules

What is the final step in the planning phase of the strategic marketing process?

4. Implementation Phase. The final phase of the process is when you begin to act on your marketing efforts. As the name suggests, youll start implementing the strategy youve developed based on your planning and market research.

What are the three levels of strategy used in organizations?

The three levels are corporate level strategy, business level strategy, and functional strategy. These different levels of strategy enable business leaders to set business goals from the highest corporate level to the bottom functional level.

What are the three steps involved in the planning phase of the strategic marketing process group of answer choices?

The three steps of the planning phase include situation (SWOT) analysis, market-product focus and goal setting, and marketing program.

What are the three levels of management discussed in Chapter 6?

In larger organizations planning usually takes place at three levels of management: Corporate level, Business or division level, and department or functional level.

What are the three key elements of a visionary organization?

Successful visionary organizations use this foundation to guide and inspire their employees through three elements: core values, mission, and organizational culture.

What are the three types of strategies in strategic management?

For better clarification of the term strategy, we should distinguish among three forms of strategy: general strategy, corporate strategy, and competitive strategy.

What are the 4 strategic types?

What are the Four Strategic Types?Description

• Entrepreneurial problem. How a company should manage its market share.
• Engineering problem. How a company should implement its solution to the entrepreneurial problem.
• Administrative problem.

What are the basic types of strategies?

Following are 12 different strategy types that can help a business reach its unique goals:

• Structuralist.
• Differentiation.
• Price-skimming.
• Acquisition.
• Growth.
• Focus.
• Cross-selling.
• Operational.

What are types of strategic management?

The five types of strategic management enumerated from most simplistic to most complex are linear, adaptive, interpretive, expressive, and transcendent. These five types of strategic management represent a continuum of organizational focus and action.

What are the three different levels strategies and explain each?

The three levels are corporate level strategy, business level strategy, and functional strategy. These different levels of strategy enable business leaders to set business goals from the highest corporate level to the bottom functional level.

What is business level strategy with examples?

Business level strategies are more focused than corporate level strategies, but not nearly as focused as functional level strategies. If, for example, your corporate level strategy was to increase market share, your business level strategy might be: Broaden exposureIncrease marketing budgetImprove quality

What are some strategy examples?

Here are 10 examples of great business strategies:

• Cross-sell more products.
• Most innovative product or service.
• Grow sales from new products.
• Improve customer service.
• Cornering a young market.
• Product differentiation.
• Pricing strategies.
• Technological advantage.

What are the 3 business level strategies?

Types of Business Level Strategy 3 Main Types: Cost Leadership, Differentiation and Focus Strategies.