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Company and Marketing Strategy: Partnering to Build Customer Relationship

strategic planning

sets the stage for the rest of the company's planning; marketing contributes to this and the overall plan defines marketing's role in the company; involves developing strategy for long-run survival and growth

Four steps of strategic planning

1. defining the company's mission
2. setting objectives and goals
3. designing a business portfolio
4. developing functional plans

The company's mission should be?

should be market oriented, realistic, specific, motivating and consistent with the market environment; the mission is then transformed into detailed supporting goals and objectives, which in turn guide decisions about the business portfolio. Then each business and product unit must develop detailed marketing plans in line with the company-wide plan

business portfolio

the collection of businesses and products that make up the company

how to design business portfolio

want to produce a business portfolio that best fits its strengths and weaknesses to opportunities in the environment; it must analyze and adjust its current business portfolio and develop growth and downsizing strategies for adjusting the future portfolio

marketing's role in strategic planning

plays a key role in the company's strategic planning by providing a marketing concept philosophy and inputs regarding attractive market opportunities. within individual business units, marketing designs strategies for reaching the unit's objectives and helps to carry them out profitably

partner relationship management

working closely with partners in other departments to form an effective value chain that serves the customer; must partner effectively with other companies in the marketing system to form a competitively superior value delivery network

integrated marketing mix

After market segmentation, targeting, differentiation and positioning, it then designs an integrated marketing mix to produce the response it wants in the target market; the marketing mix consists of product, price, place, and promotion decisions

implementation

turning marketing strategies into marketing actions

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