Ch. 2 Marketing

Cpany and Marketing Strategy: Partnering to Build Customer Engagement, Vales, and Relationships

Steps for Company-Wide Strategic planning:

1. Defining the company’s mission
2. setting objectives and goals
3. designing a business portfolio
4. developing functional plans

Portfolio

A ___________ is an ongoing plan for the future of the business. It is individualized and guided by the company’s mission statement and objectives.

Marketing’s role in Strategic Planning

Marketing is researching and choosing the markets to which a company will sell. It impacts every department and the actual product itself.

Value Chain

A series of activities that a company performs to deliver a valuable product or service to the market. It includes all the steps from raw material acquisition to the delivery of the final product to the customer. The goal is to create value at each step while minimizing costs. A value chain analysis can help a company identify areas for improvement and competitive advantage.

Market Segmentation

Dividing a larger market into smaller groups of consumers with similar needs, characteristics or behaviours. This helps businesses tailor their marketing efforts to specific segments for better results. Also helps choose exactly what the product will be doing to fit the demand of the chosen market segment.

Market Targeting

The process of identifying and selecting a specific group of consumers with similar needs and characteristics, to whom a company can tailor its marketing efforts and products/services.

Marketing Mix

A set of controllable marketing tools that a company uses to create a desired response in the target market. It includes four elements: product, price, promotion, and place (distribution).

Customer engagement, Value and Relationships

What is at the Centre of Marketing Strategy and Programs?

Market analysis

How does a company find the best strategy and mix?

Turning Market Strategies into Marketing Actions

Implementation

* Functional Marketing Organization
* Geographic Organization
* Product Management Organization
* Market Management Organization

What are the types of Marketing Department organization?

A Functional Marketing Organization is a type of organizational structure where the marketing department is divided into different functional areas such as advertising, sales promotion, market research, and public relations. Each area is responsible for a specific marketing function, and all of them work together to achieve the company's marketing goals.

What is a Functional Marketing Organization?

Geographic organization in marketing is a strategy that involves dividing a market into different geographical regions and tailoring marketing efforts to meet the specific needs and preferences of consumers in each region.

What is Geographic Organization?

"Product Management is a marketing function responsible for developing and launching products that meet customer needs and drive business growth. It involves identifying market opportunities, conducting research, defining product features, and overseeing the product lifecycle."

What is Product Management Organization?

Market Management Organization refers to a company's structure and processes for effectively identifying, targeting, and serving customers' needs and wants through strategic planning, product development, pricing, promotion, and distribution.

What is Market Management Organization?

The process of measuring and evaluating the effectiveness of marketing strategies and tactics in achieving business objectives. It involves setting clear goals, tracking progress, and taking corrective actions to improve performance. Marketing accountability helps businesses optimize their marketing investments and make data-driven decisions.

What is Marketing Accountability