CH02-DevelopingMarketingStrategies - Chapter 2: Developing...

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Chapter 2: Developing Marketing Strategies Levels of Strategic Planning in Corporations Corporate Planning : entire firm, long term, defines the company's mission, set company goals, and establish the business portfolio Strategic Business Unit: single SBU, medium to long term, establish portfolio for the business unit Functional Planning: single product, short term, develop marketing plans for specific products The Strategic Marketing Planning Process The three major phases of the strategic planning process are planning, implementation, and control. Step 1: Define the Business Mission the missions statement is a broad description of a firm's objectives and the scope of the activities it plans to undertake. What type of business are we? and What do we need to do to accomplish our goals and objectives? Another key objective in the mission statement is building sustainable competitive advantage. The image of the company will last a long time. Step 2: Conduct a Situation Analysis Using SWOT perform a situational analysis, using SWOT. Evaluate the internal environment regarding strengths and weaknesses , and external environment in terms of opportunities and threats. Step 3: Identify and Evaluate Opportunities Using S'T'P Segmentation a marketing segment is consisting consumers who respond similarly to a firm's marking efforts. the process of dividing the market into groups of customers with different needs, wants, or characteristics is called market segmentation. Targeting evaluate each segment and decides which to purse using a process known as target marketing or targeting.
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This note was uploaded on 10/24/2011 for the course MKTG 301 taught by Professor Pingli during the Spring '11 term at Cardiff University.

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CH02-DevelopingMarketingStrategies - Chapter 2: Developing...

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