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Markedsføring (Defining the company mission Chapter 2 (Situation analysis…

- - - - Corporate objective
        Chapter 2
        
        Corporate strategy
        Chapter 2,18
        
        Marketing objective
        
        Marketing Strategy
        Chapter 2,7
        
        Marketing tactics
        (4 P´s)
        
        Financials
        
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        A set of strategic methods intended to promote the goods and services of a business with the goal of increasing sales and maintaining a competitive product. Good marketing tactics typically result in substantial customer satisfaction while facilitating the business in focusing its limited financial resources in the most efficient manner to maximize the effective promotion of its products.
        
        Marketing strategies refer to plans that involve making or selling a product. They revolve around the marketing mix, also known as the “Four P’s” of product, price, place and promotion. Marketing strategies include: creating a product with a unique selling benefit, targeting a particular consumer demographic, setting prices based on profit and brand-management needs, selling in places and using channels that maximize profits without damaging the brand and using advertising, promotions, social media and public relations activities that support the company’s brand message.
        
        Segment
        (which costumers will we serve?)
        
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        A marketing objective, is typically subordinate to a business objective. Like a business objective it is also a more precise and measureable marketing path a business needs to take to meet its business objectives. (An example of a marketing objective: In order to meet our business objectives of 70% market share in the cloud server market, we will increase our online marketing budget by 30%, increase our spend on awareness activities by 50% over last year and achieve a cost per customer acquisition of $120 by the end of 2017.) Marketing is more affected by these objectives than other areas of the company.
        
        What is the plan for achieving the future goals of the organization?
        
        Porter´s Generic Strategies
        
        Two bases of competition
        -Cost leadership
        -Differentiation
        
        Makes up 3 winning strategies
        -Cost leadership
        -Differentiation
        -Focus
        
        Competitive Scope
        Ranging from;
        -"Mass": (Toyota)
        -"Narrow": (Porsche)
        
        Corporate strategy focuses primarily on profitability. Corporate strategies include: creating an organizational structure, debt reduction to improve the company’s balance sheet, diversifying the product or service line to increase profits or decrease dependence on one product, merging with or buying another business to create economies of scale, accessing new technology and increasing sales volume, reducing overhead costs to increase profit margin, retooling to decrease production costs and reducing overall operating expenses.
        
        Where corporate-and marketing strategy meet
        The executive management of a business must stay in close contact with their marketing department to determine if any corporate strategies they wish to pursue align with the company’s marketing strategies. For example, a corporate cost-containment strategy that includes using cheaper materials to make the company’s product might damage an upscale brand the business relies on to support its pricing, distribution and brand strategies. If an upscale women’s shoe company buys a bargain-brand women’s footwear company, the marketing department will most likely suggest that management not merge the two companies, but instead operate separate brands using centralized administrative services. If the company were to merge the two and sell both products under the same name, it would confuse consumers and damage both brands.
        
        Further, the company mission should be used to set a hierarchy av objectives (business and marketing).
        Marketing strategies should be formulated on how to reach their respective goals, accordingly to the business perspective.
        (e.g Heinz bought a 80% stake in Brazilian Sauce manufacturer, and is expected to double their revenues in Brazil.
        
        Corporate Objectives should be;
        -Specific
        -Measurable
        -Achievable
        -Relevant
        -Time-Specific
      - SWOT ANALYSIS
        (Relative to others)
        
        Situation Assessment
        External Analysis; Threats and opportunities
        Internal Analysis; Strengths and Weaknesses
      - Designing Business Portfolio
        The collection of businesses and Products that makes up the company
        
        Analyzing the current business portfolio
        
        Ansoff Matrix
        
        This method is used to figure out strategies for growth and downsizing in a market.
        -Market Penetration
        -Market Development
        -Product Development
        -Diversification
        In existing and new markets
        
        BCG Matrix
        Boston consultant group approach
        
        These 2methods should be used to figure out which SBU´s (Strategic business unit) you should invest in and which ones you should drop.
        
        SWOT Matrix
      - (The process of developing strategy for a business by researching the business and the environment in which it operates.)
    - - Responding to marketing Environment
        3 types of companies; "Those who make things happen, Those who watch things happen, And those who dont know whats happening.