Comm 296 - Chapter 2

Comm 296 - Chapter 2 - Comm 296 Chapter 2 Company and...

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Comm 296 Chapter 2: Company and Marketing Strategy: Partnering to Build Customer Relationships COMPANY-WIDE STRATEGIC PLANNING: DEFINNG MARKETING’S ROLE Strategic planning : the process of developing and maintaining a strategic fit between the organization’s goal and capabilities and its changing marketing opportunities - Strategic plan involves adapting the firm to take advantage of opportunities in its constantly changing environment - Define overall purpose and mission - Then turned into detailed supporting objectives that guide the whole company - Each business and product develops detailed marketing plans that support company-wide plan o Marketing occurs at the business-unit, product, and market levels supports company strategic planning with specific, detailed marketing opportunities Defining a Market-Oriented Mission Mission statement : a statement of the organization’s purpose – what it wants to accomplish in the larger environment - Should be market oriented , and defined in terms of satisfying basic customer needs - Should be meaningful and specific, yet motivating - Should emphasize company’s STRENGTHS in the marketplace - Should not be stated as making more sales or profits should focus on customers and the customer experience the company seeks to create Setting Company Objectives and Goals - Firm needs to turn its mission into detailed supporting objectives for each level of management o Each manager should have objectives and be responsible for reaching them - A broad mission leads to a lower level business and marketing objectives - Marketing strategies and programs must be developed to support such marketing objectives for the present - Mission marketing objectives marketing strategies (further defined in greater detail) PLANNING MARKETING: PARTNERING TO BUILD CUSTOMER RELATIONSHIPS - Marketing plays a key role in company’s strategic planning o Provides philosophy (marketing concept) that guides company strategy in building profitable relationships o Provides inputs to strategic planners by helping identify market opportunities and firm’s potential o Marketing designs strategies for reaching the unit’s objectives - Firms must engage in customer relationship management as well as partner relationship management Partnering with Other Company Departments Value chain : the series of internal departments that carry out value-creating activities to design, product, market, deliver, and support a firm’s products - Success on delivering value to customers depends on how well each department performs and how well the departments coordinate with each other - It is often difficult and many conflicts result between departments as departments have different objectives - Marketing department’s actions may increase purchasing costs, disrupt production schedules, increase inventories and create budget headaches o Marketers must get departments to “think consumer” and to develop a smoothly functioning value chain Partnering with Others in the Marketing System
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Comm 296 - Chapter 2 - Comm 296 Chapter 2 Company and...

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