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9 terms

Marketing Ch. 2

Company and Marketing Strategy: Partnering to Build Customer Relationship
STUDY
PLAY
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