Mktg 301 Ch2 Outline - I II Company-Wide Strategic Planning...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
I. Company-Wide Strategic Planning: Defining Marketing’s Role i. Strategic Planning: 1. The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities ii. Steps: 1. Defining the company mission 2. Setting company objectives and goals 3. Designing the business portfolio 4. Planning marketing and other functional strategies a. (Steps 1 – 3 occur at corporate level) b. (Step 4 occurs at the business unit, product, and market levels) b. Defining a Market-Oriented Mission 1. Mission statement: a. A statement of the organization’s purpose – what it wants to accomplish in the larger environment b. Acts as an “invisible hand” that guides members of organization ii. Should be market-oriented (what company/brand does for market) and defined in terms of satisfying basic customer needs instead of product and technology terms iii. Should be meaningful and specific, yet motivating iv. Should emphasize the company’s strengths in the marketplace v. Should focus on customers and the customer experience the company seeks to create instead of being stated as making more sales or profits (profits = reward for creating value for customers) c. Setting Company Objectives and Goals i. Company needs to turn its mission statement into detailed supporting objectives for each level of management ii. Each manager should have objectives and be responsible for reaching them iii. A firm’s mission is translated into a set of objectives for the current period II. Designing the Business Portfolio i. Business portfolio: 1. The collection of businesses and products that make up the company 2. The one that best fits the company’s strengths and weaknesses to opportunities in the environment b. Analyzing the Current Business Portfolio i. Portfolio Analysis: 1. The process by which management evaluates the products and businesses that make up the company
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
ii. First step: identify the key businesses that make up the company, called SBU’s (strategic business units), assess the attractiveness of each, and decide how much support each deserves 1. Company division 2. Product line within a division 3. Product/brand a. Most methods evaluate SBU’s on two dimensions: the attractiveness of its market/industry, and the strength of its position
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern