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COMPANY AND MARKETING STRATEGY:

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Introduction

CHAPTER 2 COMPANY AND MARKETING STRATEGY: PARTNERING TO BUILD CUSTOMER RELATIONSHIPS I. LOOKING AHEAD: PREVIEWING THE CONCEPTS The hard task of selecting an overall company strategy for long-run survival and growth is called strategic planning. II. STRATEGIC PLANNING Each company must find the game plan that makes the most sense given its specific situation, opportunities, objectives, and resources. Strategic planning: The process of developing and maintaining a strategic fit between the organization's goal and capabilities and its changing marketing opportunities. It involves defining a clear company mission, setting supporting objectives, designing a sound business portfolio, and coordinating functional strategies. Strategic planning sets the stage for the rest of the planning in the firm. Companies usually prepare annual plans, long range plans, and strategic plans. The strategic plan involves adapting the firm to take advantage of opportunities in its constantly changing environment. Marketing planning occurs at the business-unit, product, and market levels, supporting company strategic planning with more detailed planning for specific marketing opportunities. A. Defining a Market-Oriented Mission Mission statement: A statement of the organization's purpose - what it wants to accomplish in the larger environment. A clear mission statement acts as an "invisible hand" that guides people in the organization. ...read more.

Middle

III. PLANNING MARKETING: PARTNERING TO BUILD CUSTOMER RELATIONSHIPS The major functional departments in each unit - marketing, finance, accounting, purchasing, operations, information systems, human resources, and others-must work together to accomplish strategic objectives. Marketing plays a key role in the company's strategic planning in several ways. * Marketing provides a guiding philosophy-the marketing concept-that suggests that company strategy should revolve around building profitable relationships with important consumer groups. * Marketing provides inputs to strategic planners by helping to identify attractive market opportunity and by assessing the firm's potential to take advantage of them. * Finally, within individual business units, marketing designs strategies for reaching the unit's objectives. Once the unit's objectives are set, marketing's task is to carry them out profitably. Partner relationship management: Working closely with partners in other company departments and outside the company to jointly bring greater value to customers. A. Partnering with Others in the Company Each company department can be thought of as a link in the company's value chain. Value chain: the series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products. A company's value chain is only as strong as its weakest link. ...read more.

Conclusion

1. Operating control: involves checking ongoing performance against the annual plan and taking corrective action when necessary. Its purpose is to ensure that the company achieves the sales, profits, and other goals set out in its annual plan. It also involves determining the profitability of different products, territories, markets, and channels. 2. Strategic control: involves looking at whether the company's basic strategies are well matched to its opportunities. Marketing strategies and programs can quickly become outdated, and each company should periodically reassess its overall approach to the marketplace. a. marketing audit Marketing audit: A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance. F. The Marketing Environment The company operates in a complex marketing environment, consisting of uncontrollable forces to which the company must adapt. The environment produces both threats and opportunities. The company must carefully analyze its environment so that it can avoid the threats and take advantage of the opportunities. VI. LOOKING BACK: REVIEWING THE CONCEPTS The hard task of selecting an overall company strategy for long run survival and growth is called strategic planning. Strategic planning sets the stage for the rest of the company's planning, including marketing planning. ?? ?? ?? ?? Andrea Johnson BUS321 February 3, 2005 1 ...read more.

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