Chp2 Company and Marketing strategy Partnering to build customer relationships

Strategic Planning

is the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities

The Three steps of strategic Planning are

1 defining the company mission 2 setting objectives 3 designing a business portfolio

mission statement

is the organizations purpose ( what it wants to accomplish in the larger environment

Three business objectives

Build profitable customer relationships , Invest in research , improve profits

Three Marketing Objectives

Increase market share , Create local partnership and increase promotion

Business portfolio

is the collection of business and products that make up the company

Portfolio analysis

is strategic planning where by management evaluate the products and business that make up the company

Downsizing

is the reduction of the business portfolio by eliminating products or business that are not profitable or that no longer fit the company’s overall strategy

Marketing mix

Is the set of controllable tatical marketing tools- product price place and promotion that the firm blends to produce the response it wants in the target market

Implementing

Is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives

Controlling

Is the measurement and evaluation of results and the taking of corrective action as needed to ensure the objectives are achieved