Intro marketing C3-5 - UTILIZING INSIGHTS To inform...

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UTILIZING INSIGHTS To inform marketing strategy
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Marketing strategy in its broadest sense: 1. Which customers will we serve? 2. How will we create value for them?
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Marketing management orientations The production concept: available, highly affordable The product concept: quality, performance, innovation The selling concept: targeting & promotion; volume The marketing concept: knowing the needs and wants of target markets; delivering The societal marketing concept: improving customers’ and societal well-being
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Defining marketing’s role Company-wide strategic planning: fitting goals to capabilities; planning for survival and growth; taking into account your company’s specific situation & objectives. Mission Set objectives and goals Design business portfolio Develop growth strategies Corporate level Business unit, product, or market level Evaluate the environment
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Step 1: Defining a market-oriented mission Mission statement: statement of an organization’s purpose; what it wants to accomplish in the larger environment. The “invisible hand” that guides people in the organization. Should be market-oriented (about customer needs) Defined by top management
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Guess the company? “To offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses.” “To bring inspiration and innovation to every athlete in the world. If you have a body, you are an athlete.” “Organize the world’s information and make it universally accessible and useful.” “To be the ultimate house of luxury, defining style and creating desire, now and forever.” Step 1: Defining a market-oriented mission
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