MKTG 396 Midterm NotesLesson 2.docx - Lesson 2 Company and Marketing Strategy Partnering to Build Customer Relationships CHPT 2 Company and Marketing

MKTG 396 Midterm NotesLesson 2.docx - Lesson 2 Company and...

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Lesson 2: Company and Marketing Strategy: Partnering to Build Customer Relationships CHPT 2 – Company and Marketing Strategy: Partnering to Build Customer Relationships 1. define strategic planning, and outline the steps in the strategic planning process. (textbook, p. 42) Strategic planning – the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities. It involves adapting the firm to take advantage of opportunities in its constantly changing environment. Steps in Strategic Planning 1) Defining a Market-Oriented Mission begins with the following questions: What is our business? Who is the customer? What do consumers value? What should out business be? 2) Set company objectives and goals 3) Design the business portfolio 4) Plan marketing and other functional strategies 2. define mission statement, and compare market-oriented and product-oriented mission statements. (textbook, pp. 43–44) Mission Statement – is a statement of the organizations purpose – what it wants to accomplish in the larger environment. Mission statements should be market oriented and defined in terms of satisfying basic customer needs o i.e. Product Oriented Definition = We run theme parks, Market-Oriented Definition = We create fantasies – a place where dreams come true Should focus on customer’s and customer experience 3. discuss the setting of company objectives and goals. (textbook, pp. 44–47) o The company needs to turn its mission into detailed supporting objectives for each level of management. Each manager should have objectives and be responsible for reaching them o
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