detailed marketing plans in line with the company-wide plan. LO2 Discuss how to Design Business Portfolios and Develop Growth Strategies. Guided by the company’s mission statement and objectives, management plans its business portfolio , or the collection of businesses and products that make up the company. The firm wants to produce a business portfolio that best fits its strengths and weaknesses to opportunities in the environment. To do this, it must analyze and adjust its current business portfolio and develop growth and downsizing strategies for adjusting the future portfolio. The company might use a formal portfolio-planning method. But many companies are now designing more-customized portfolio-planning approaches that better suit their unique situations.
LO3 Explain Marketing’s Role in Strategic Planning and how Marketing Works with its Partners to Create and Deliver Customer Value. Under the strategic plan, the major functional departments—marketing, finance, accounting, purchasing, operations, information systems, human resources, and others—must work together to accomplish strategic objectives. Marketing plays a key role in the company’s strategic planning by providing a marketing concept philosophy and inputs regarding attractive market opportunities. Within individual business units, marketing designs strategies for reaching the unit’s objectives and helps carry them out profitably. Marketers alone cannot produce superior value for customers. Marketers must practice partner relationship management , working closely with partners in other departments to form an effective value chain that serves the customer. And they must partner effectively with other companies in the marketing system to form a competitively superior value delivery network . LO4 Describe the Elements of a Customer-Driven Marketing Strategy and Mix, and the Forces that Influence it. Consumer value and relationships are at the center of marketing strategy and programs. Through market segmentation, targeting, differentiation, and positioning, the company divides the total market into smaller segments, selects segments it can best serve, and decides how it wants to bring value to target consumers in the selected segments. It then designs an integrated marketing mix to produce the response it wants in the target market. The marketing mix consists of product, price, place, and promotion decisions (the four P s). LO5 List the Marketing Management Functions, Including the Elements of a Marketing Plan, and Discuss the Importance of Measuring and Managing Return on Marketing Investment. To find the best strategy and mix and put them into action, the company engages in marketing analysis, planning, implementation, and control. The main components of a marketing plan are the executive summary, current marketing situation, threats and opportunities, objectives and issues, marketing strategies, action programs, budgets, and controls. To plan good strategies is often easier than to carry them out. To be successful, companies
- Spring '15