...Principles of Marketing, 16e (Kotler) Chapter 2 Company and Marketing Strategy: Partnering to Build Customer Relationships 1) ________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. A) Benchmarking B) SWOT analysis C) Market segmentation D) Strategic planning E) Diversification Answer: D AACSB: Analytical thinking Skill: Concept Objective: LO 2.1: Explain company-wide strategic planning and its four steps. Difficulty: Easy 2) Which of the following is true with regard to strategic planning? A) At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. B) A strategic plan deals with a company's short-term goals. C) The focus of strategic planning is to define a game plan for long-run survival and growth. D) The strategic plan is a statement of an organization's purpose. E) Strategic planning involves identifying segments of consumers with identical preferences. Answer: C AACSB: Analytical thinking Skill: Concept Objective: LO 2.1: Explain company-wide strategic planning and its four steps. Difficulty: Moderate 3) Which of the following is the first step in strategic planning? A) setting short-term goals B) developing the business portfolio C) defining the organizational mission D) formulating the key marketing strategies E) identifying...
Words: 10966 - Pages: 44
...Chapter 2 Chapter Objectives: 1. Explain companywide strategic planning and its four steps. 2. Discuss briefly how to design business portfolios and develop growth strategies. 3. Explain marketing’s role under strategic planning and how marketing works with its partners to create and deliver customer value. 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it. 5. List the marketing management functions, including the elements of a marketing plan. COMPANYWIDE STRATEGIC PLANNING: DEFINING MARKETING’S ROLE The task of selecting an overall company strategy for long-run survival and growth is called strategic planning. Companies typically prepare annual plans, long-range plans, and strategic plans. Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing market opportunities. Refer to Figure 2.1 on pg. 63, which shows the 4 steps in strategic planning. 1. Defining a Market-Oriented Mission Many organizations develop formal mission statements. A mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment. A clear mission statement guides people in the organization. A market-oriented mission statement defines the business in terms of satisfying basic customer needs. See Table 2.1 (pg. 64) for market-oriented vs. product-oriented definitions...
Words: 1911 - Pages: 8
...------------------------------------------------- MODULE: HUMAN RESOURCE MANAGEMENT TABLE OF CONTENTS 2.1....................................................................Introduction 2.2....................................................................Corporate Strategy 2.3.....................................................................Strategic human resource management and human resource strategies 2.4.....................................................................Conclusion 2.5.....................................................................Recommendation 2.6......................................................................Bibliography LITERATURE REVIEW ON THE STRATEGIC FIT/INTEGRATION BETWEEN BUSINESS STRATEGIES AND HR STRATEGIES 2.1 INTRODUCTION This chapter presents a review of the relevant theoretical and empirical literature from books, referred journals, research projects and the internet. The achievement of any set of corporate objectives requires deployment of the two most important basic resources, namely, people and money. Deficiency in either of the two can reduce the best laid strategy to a valueless pipe dream. Organisations seem to find it more difficult to develop human resource strategies which are linked to business strategies despite a widespread recognition that this is important (Hussey, 2000). For Press Trust to achieve its strategic plans, it is only by having the right quantity and quality of management and non-management personnel...
Words: 2394 - Pages: 10
...CHAPTER 2 COMPANY AND MARKETING STRATEGY: PARTNERING TO BUILD CUSTOMER VALUE AND RELATIONSHIPS PREVIEWING THE CONCEPTS – CHAPTER OBJECTIVES 1. Explain company-wide strategic planning and its four steps. 2. Discuss how to design business portfolios and develop growth strategies. 3. Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value. 4. Describe the elements of a customer-driven marketing strategy and mix and the forces that influence it. 5. List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing return on marketing investment. JUST THE BASICS CHAPTER OVERVIEW In this chapter, we dig deeper into steps two and three of the marketing process—designing customer-driven marketing strategies and constructing marketing programs. First, we look at the organization’s overall strategic planning. Next, we discuss how marketers partner closely with others inside and outside the firm to serve customers. We then examine marketing strategy and planning—how marketers choose target markets, position their market offerings, develop a marketing mix, and manage their marketing programs. Finally, we look at measuring and managing return on marketing investment. ANNOTATED CHAPTER NOTES/OUTLINE FIRST STOP Nike’s Customer-Driven Marketing: Building Brand Engagement and Community The Nike “swoosh”...
Words: 9199 - Pages: 37
...Assessment: MKC1 Market Environmental Variables Reading: Contemporary Marketing: Chapter 3 Questions: 1. How would you categorize Generation X using the five segments of the marketing environment? A: Competitive Environment B: Political-legal environment C: Economic environment D: Technological environment E: Social-cultural environment 2. Joe and Ryan both have storefronts in the local mall. Joe sells candies and Ryan sells pretzels. Are Joe and Ryan in direct competition with each other? A: Yes B: No Consumer Behavior and Marketing Reading: Contemporary Marketing: Chapter 5 Questions: 1. Rachel and Sarah’s parents always purchased groceries from the local Aldi marketplace. What is this type of behavior an example of? A: Cultural influences B: Social Influences C: Personal factors 2. Maryanne purchases Maxwell House coffee every two weeks from the grocery. What is this type of behavior an example of? A: Routinized Problem Solving B: Limited problem solving C: Extended problem solving 3. Aaron does research on several local colleges before applying to his first three choices. This is an example of: A: High – involvement purchase decision B: Low – involvement purchase decision Marketing Plans Reading: Contemporary Marketing: Chapter 2 + Ch. 2 Appendix Web sites: http://www.jpec.org/handouts/jpec33.pdf http://www.netmba.com/marketing/process/ Questions: 1. Strategies are designed to meet objectives...
Words: 8933 - Pages: 36
... | | [ MARKETING PLANNING] | | Executive Summary A promoting arrangement may well be a lot reaching outline that plots associate association's general advertising endeavors. A promoting methodology are acknowledged by the advertising combine, that's painted in step four. The last venture the entire time is that the showcasing dominant. The promoting arrangement can work from a pair of focuses: system and techniques. In many associations, "vital arranging" may well be a yearly methodology, unremarkably covering simply the year ahead. Sometimes, some of associations would possibly take a goose at an inexpensive arrangement that extends three or lots of years ahead. Here we have a tendency to tend to mentioned the marketing organize procedure in three tasks: compile marketing audit, formulate a marketing organize for a product or service, Understanding the foremost barriers to marketing coming up with, Understanding ethical issues in marketing. Contents Executive Summary 1 Introduction 3 LO 1: Able to compile marketing audit 3 AC 1.1: Reviewing the changing perspective in marketing planning 3 AC 1.2: Evaluate an organization’s capability for planning its future marketing activity 4 AC 1.3: Examining the techniques for an organizational auditing and for analyzing external factors that will affect the marketing planning 4 AC 1.4: Carrying out organizational auditing and analysis of external factors that affect marketing planning in a given situation...
Words: 4470 - Pages: 18
...Business Strategies Table of Contents Introduction 2 LO 1 The process of strategic planning 2 1.1 Strategic contexts and terminology 2 1.2 The issues involved in strategic planning 3 1.3 Different planning techniques 4 LO 2 Formulating a new strategy 4 2.1 The organizational audit for TNT 5 2.2 Environmental audit for TNT 6 2.3 Significance of stakeholder analysis 7 LO 3 Approaches to strategy evaluation and selection 8 3.1 Alternative strategies relating to substantive growth, limited growth or retrenchment 8 3.2 Appropriate future strategy for the TNT 9 LO 4 Implementing a chosen strategy 10 4.1 Roles and responsibilities for strategy implementation 10 4.2 Resource requirements to implement a new strategy 11 4.3 monitoring strategies 11 Conclusion 12 References 13 Introduction Policy is primary in commerce since it achieves the objective that a companionship wants to attain. So, strategic organization squad (STM) needs to be intelligent to go from beginning to end them speedily and efficiently. The draw near that is designed helps competition to doubt their strategy. One simple illustration of a football pastime devoid of strategies can clear the concept. not a soul knows what should be done. Business organizations having no or lame strategies face the identical involvedness. It is also significant to a business to have some type of base plan for any business that affects its income, operating cost and profits. It provides...
Words: 3350 - Pages: 14
...chapter 2 strategic planning In Contemporary Marketing Chapter Overview Today’s marketers face strategic questions every day. Planning strategy is a critical part of their jobs. The marketplace changes continually in response to changes in consumer tastes and expectations, technological developments, competitors’ actions, economic trends, and political and legal events, as well as product innovations and pressures from suppliers and distributors. Although the causes of these changes often lie outside a marketer’s control, effective planning can anticipate many of them. For example when the price of gas and jet fuel soared recently, travelers opted to stay close to home instead of enjoying vacations to exotic, faraway places. This represented an opportunity for places like Ocean City, Maryland, and Branson, Missouri. Any destinations that promoted itself to potential vacationers within a short drive could find itself adding up the profits. This chapter lays a foundation for analyzing all aspects of marketing by demonstrating the importance of gathering reliable information to create an effective plan. These activities provide a structure for a firm to use its unique strengths. Marketing planning identifies the markets a company can best serve as well as the most appropriate mix of approaches to satisfy the customers in those markets. While this chapter focuses on planning, in later chapters the task of marketing research and decision making will be explored. ...
Words: 10114 - Pages: 41
...ATHE-Level-6 Diploma in Management Strategic Marketing Unit 6.5 Submitted to: London Churchill College Submitted by: Student ID: Date of Submission: Table of Contents: Introduction: 2 Task 1 3 1.1 Assessment on the role of strategic marketing in an organization: 3 1.2 Analysis on the relationship between corporate strategy and marketing strategy: 3 1.3 Analysis on how marketing strategy is developed: 5 Task 2 6 2.1 Evaluation on approaches to internal environmental analysis 6 2.2 Evaluate approaches to external environmental analysis: 7 2.3 The integration of Internal and external environment analyses: 8 Task 3 9 3.1 Analysis on decisions and choices to be made at a corporate level: 9 3.2 Assess how these decisions influence marketing at business unit and functional level: 10 3.3 Analyze approaches to competitive positioning of organization: 11 Task 4 12 4.1 Identify a range of strategies that can contribute to competitive advantage 12 4.2 Analyze marketing communications strategies 13 4.3 Analyze marketing strategies, their application and implementation for an organization 14 References: 15 Introduction: Marketing is one of the most critical and vital functional area. According P. Kotler & A. Chernes, (2012) Marketing is a managerial process for offering products and services for consumption in...
Words: 3716 - Pages: 15
...SWARTHMORE COLLEGE LONDON ATHE Level 6 Diploma in Management STRATEGIC MARKETING SHS Task | Table of Contents | Page No | Introduction | 03 | Task 01 | 1.1: Assess the role of Strategic Marketing in an organization | 04 | | 1.2: Analyse the relationship between corporate strategy and marketing strategy | 04 | | 1.3: Analyse how marketing strategy is developed | 05 | Task 02 | 2.1: Evaluate approaches to internal environmental analysis | 06 | | 2.2: Evaluate approaches to external environmental analysis | 06 | | 2.3: Explain how internal and external analysis are integrated | 06 | Task 03 | 3.1: Analyse decisions and choices to be made at a corporate level | 09 | | 3.2: Assess how these decisions influence marketing at business unit and functional level | 09 | | 3.3: Analyse approaches to competitive positioning of organizations | 10 | Task 04 | 4.1: Identify a range of strategies that can contribute to competitive advantage | 11 | | 4.2: Analyse marketing communication strategies | 11 | | 4.3: Analyse marketing strategies, their application and implementation for an | 11 | Conclusion | 12 | References | 13 | Introduction: A marketing strategy is something that every single business, how big or small it is, no matter- needs to have in place. Some business owners are hesitant to set up an actual marketing strategy because they simply don’t know how to do it. All this kind of approach means simply trying something...
Words: 3164 - Pages: 13
...QCF LEVEL 7 EXTENDED DIPLOMA IN STRATEGIC MANAGEMENT & LEADERSHIP STRATEGIC CHANGE MANAGEMENT ASSIGNMENT UNIT: STUDENT NAME : COLLEGE ID : TUTOR : SUBMISSION DATE : WORD COUNT : TABLE OF CONTENTS Introduction …………………………………………………………………………… 03 LO1. Understand the background to organizational strategic change 1.1 Discuss a minimum of three established models of strategic change, highlighting the differences in approach. 1.2 Evaluate the relevance of models of strategic change, and using examples from organizations, Explain why the models for change are appropriate in their selected examples. 1.3 Assess the value of using strategic intervention techniques that are used in organizations. LO2. Understand issues relating to strategic change in an organization 2.1 Examine the need for strategic change in an organization. 2.2 Show an understanding of the forces that are impacting on an organization and driving the need for Change. 2.3 Assess the resource implications of the organization not responding to strategic change. It is Expected that learners will assess the relevant financial, human and physical resources. LO3. Be able to lead stakeholders in developing a strategy for change 3.1 Develop systems to involve stakeholders in the planning of change. The systems need to be Appropriate...
Words: 3050 - Pages: 13
...LONDON CHURCHILL COLLEGE AABPS Level 6 Diploma in Business Management Studies Title: Unit 3: Principles in Strategic Management Assessor: Submitted By (Student Name): Student ID: Number of words: 2955 Table of Contents Part 01 2 Introduction 2 I) Strategy Setting Process 2 II) Elements affecting the plan 4 iii) Future Directions 6 Part 02 7 2.1) Strategy Implementation 7 2.2) Plan for the Stakeholders. 8 Part 03 9 Part 04 11 Introduction 11 4.1) Action Plan for an operational area 11 4.2) Effects of a Change of an Operational Area 11 References 13 Web References 14 Part 01 Introduction A strategy is a must element which must get right from the beginning. A strategy will involve setting up the most important driving guideline to achieve an organisational plan or an organisational objective. Therefor a thorough understanding of organisational reach to strategy setting process and the strategic elements setting process. The underneath answers will provide the guidelines to the highlighted problems of current processes and the possible processes along with a future amendments to them with examples. About the Company History of the company. Products/Services they offer. Customer segments it serves. Competitors Vision and mission of the company and the strategy of it Business Philosophy Organisational Structure Growth of the company...
Words: 3585 - Pages: 15
...BUSINESS & ECONOMICS MEB University Assessment Task: Research Report Green marketing: How The Body Shop Australia applies it by Lucy Wang November 2014 Course: Monash University English Language Bridging Program for University Teachers: A. Smith & M. Webb BUSINESS & ECONOMICS Table of Contents Executive Summary ……………………………………………………………………………………………………………….ii 1. Introduction……………………………………………………………………………………………………………………….3 2. Green Marketing………………………………………………………………………………………………………………..3 2.1. The four Ps of Marketing …………………………………………………………………………………………………….3 3. The Body Shop Strategy ……………………………………………………………………………………………………..4 3.1. Product Policy……………………………………………………………………………………………………………………..4 3.2. Price Policy…………………………………………………………………………………………………………………………..5 3.3. Placement Policy ………………………………………………………………………………………………………………….6 3.4. Promotion Policy ………………………………………………………………………………………………………………….6 4. Conclusions and Recommendations…………………………………………………………………………………….7 5. References ………………………………………………………………………………………………………………………….8 List of Figures Figure 1: The Body Shop Green Products……………………………………………………………………………………..5 Figure 2: Green Planet Campaign by The Body Shop …………………………………………………………………….7 i BUSINESS & ECONOMICS Executive Summary This report analyses how The Body Shop Australia applies green marketing, using four of the elements of the marketing mix, including product, price, promotion and place. The findings indicate that the company is committed...
Words: 2247 - Pages: 9
...2. Identify at least three strategically relevant HR systems policies and activities that Siemens has instituted in order to help human resource management contribute to achieving Siemens’ strategic goals. (L02- Assessment Criteria 2.1) 3. Siemens’ as we know is an MNC. Analyze its legal influences in the areas of Employee Relations with reference to its operations in Dubai. (L02- Assessment Criteria 2.2 and L03 Assessment Criteria 3.1) Case Study : Integrating of Strategy and Human Resource Management The experiences of several organizations provide good examples of the integration of strategy and human resource management. One such example is provided by the experiences of People’s Bank, a financial services company headquartered in Bridgeport, Connecticut. Massive changes began to take place in the business environment of banking with deregulation and relaxation of ceilings on interest. Money markets began to drain off funds that ordinarily went into banks’ deposits, forcing them to rely on more expensive sources of funds. Further, the money center banks began to compete in the same middle markets as regional banks. People’s, which was a small regional bank, responded by changing its strategy from a product orientation to one directed toward markets. With a product orientation, products are developed and then markets are sought out in which to sell the product. Conversely, a market orientation involves an opposite approach in that market demands are determined...
Words: 845 - Pages: 4
...Thinking... The conceptual background to strategy, marketing and planning Stephen Cashman, February 2003 This online background paper provides a review of some of the definitions, theories and concepts underpinning strategy. As such it is intended to introduce the key concepts involved, or to form an overall reminder of the various issues relating to these areas. 1. What is strategy about and why is it so important? ‘Every company needs a strategy – either explicit or implicit.’ Costas Markides (1995) ‘An effective strategic management process has become the essential norm for businesses.’ Richard Hanscombe and Philip Norman (1993) ‘Effective strategic management is the ultimate aim of all managers.’ Financial Times, 1997 ‘The survival, growth and prosperity of any organisation depends on the quality and viability of the strategy the organisation is pursuing.’ Andrew Kakabadse, Ron Ludlow and Susan Vinicombe (1988) Indeed, such is the importance attached to the subject of strategy that one commentator on the subject, Richard Whittington (1993), reports that ‘there are thirty-seven books in print with the title Strategic Management’. Similarly a leading strategy thinker, Henry Mintzberg, and his colleagues (1998) note that ‘The literature of strategic management is vast – the number of items we reviewed over the years numbers close to 2,000 – and it grows larger every day.’ However, despite the importance given to them, thinking, writing and talking about ‘strategy’-related...
Words: 8525 - Pages: 35