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**Company and Marketing Strategy: Partnering to Build Customer…
**Company and Marketing Strategy:
Partnering to Build Customer Relationships
Strategic Planning
Steps of strategic planning
Setting company objectives and goals
Designing the bussiness portfolio
Defining the company mission
Planning marketing and other functional strategies
Strategic Planning Process involves defining clear company missions, setting objectives, designing business portfolio and coordinating functional strategies.
Market-Oriented Mission
A mission statement asks.
What do consumers value?
What should our business be?
Who is the customer?
What is our business?
A mission statement should be:
Based on distinctive competencies
Fitting of market environment
Motivating
Neither too narrow nor too broad
Realistic
An “invisible hand”-guide people in the company
Specific
The Business Portfolio
Business portfolio is the collection of businesses and products that make up the company
Step 1
Step 1
The Boston Consulting Group Approach
Question marks
are low-share business units in high-growth markets requiring a lot of cash to hold their share.
Dogs
are low-growth, low-share businesses and products that may generate enough cash to maintain themselves but do not promise to be large sources of cash.
Cash cows
are low-growth, high-share businesses or products that are established and successful SBUs requiring less investment to maintain market share.
Stars
are high-growth, high-share businesses or products requiring heavy investment to finance rapid growth. They will eventually turn into cash cows.
Analyzing the current business portfolio
-Keyword: the best business portfolio is the one that best fits the company’s strengths and weaknesses to opportunities in the environment
Step 2
Market development
Product development
Market penetration
Diversification
Objectives/Goals
The company’s mission needs to be turned into detailed supporting objectives for each level of management
Marketing Process
Market Segmentation
A groups of consumers who respond in similar ways to marketing efforts.
Psychographics
Behavioral
Demographic
Geographic
Target Marketing
Selection of segments with greatest long-term profitability
A company can choose one or several segments to target
Evaluation of each segment’s attractiveness
Market Positioning
Products are positioned relative to competing products
Marketers look for clear, distinctive and desirable place in positioning
The place the product occupies in the consumer’s mind
Managing the Marketing Effort
Analysis
Understanding strengths
Analyzing weaknesses
Avoiding threats
Keywords: SWOT Analysis
Finding opportunities
Planning
Targets and positioning
Marketing mix
Objectives
Budget
Analysis of current situation
Controls
Executive summary
Implementation
Keywords: whereas marketing plan addresses what and why of marketing activities, implementation addresses the who, where, when and how.
Control
Measure the performance in marketplace (what is happening?)
Evaluates the causes of any difference between expected and actual performance (why is it happening?)
Set specific marketing goals (what do we want to achieve?)
Management takes corrective action to close gaps between goals and its performance (what should we do about it?)
Definition