Chapter 2 - Marketing-Chapter 2 Levels of Strategic...

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Marketing-Chapter 2 Levels of Strategic Planning in Corporations : Effective marketing doesn’t just happen. Firms carefully plan their marketing strategy to react to changes in the environment, the competition, and their customers. Occurs on 3 levels. .. Corporate level: Done by the company’s top management and focuses on the overall direction of the entire company. Senior managers decide on the business of the company, set its mission/vision, objectives and goals for the company. Focuses on long-term and adapts to the changing business environment. Functional level : Various functions within the organization such as marketing, finance, human resources etc. . Each of these functions usually undertakes some form of planning (Marketing function develops plans for company’s various products, brands, markets etc.). Annual or three to five years. Strategic Business Units (SBU): An SBU is a division of the company that can be managed somewhat independently from other divisions since it markets a specific set of products to a clearly defined group of customers. Disney has 4 business units – media networks, parks and resorts, studio entertainment, and consumer products. Each of these units develops plans for the products and markets under their control. Marketing function may also be involved in both corporate and SBU-level planning. Focuses on creating value for customers and the company, advises management of possible threats and of changing consumer trends. Strategic Marketing Planning Process: Represents a set of steps a marketer goes through to develop a strategic marketing plan. Marketing plan is a written document composed of analysis of the current marketing situation, opportunities threats, marketing objectives in terms of 4p’s, and pro form projected financial statements. Planning Phase Define Mission/ Vission of the business Situational analysis o SWOT Analysis o Environmental Trend Analysis o Market Trend Analysis o Competitive analysis Identify and evaluate Opportunities. o Engaging in Segmentation, targeting and positioning, Develop the marketing mix – 4p’s Implementation Phase Implement marketing mix, design the Marketing organization, develop budgets, schedules and put a plan into action Control Phase Managers eveluate the performance of the marketing strategy and take necessary corrective actions. Step 1: Define Business Mission/Vision
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Mission statement is a broad description of a firms objectives and the scope of the activities it plans to undertake. Answers 2 questions. .. o What type of business is it? o What does it need to do to accomplish its goals and objectives?
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This note was uploaded on 09/26/2010 for the course BU BU352 taught by Professor Stan during the Fall '09 term at Wilfred Laurier University .

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Chapter 2 - Marketing-Chapter 2 Levels of Strategic...

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