MMK101 Lecture Notes - Lecture 2: Apple Watch, Brand Awareness, Marketing Mix
Document Summary
Strategic planning: the process of developing and maintaining a strategic fit between the organisations goals and capabilities and its changing marketing opportunities. Strategic planning the planning process: defining the company mission (corporate level, setting company objectives and goals, designing the business portfolio, planning marketing and other functional strategies (business unit, product and market level) Market oriented and based on satisfying customer needs. Meaningful and specific, yet motivating (measurable, specific etc. ) e(cid:373)phasise co(cid:373)pa(cid:374)y"s stre(cid:374)gths i(cid:374) the (cid:373)arketplace should not be stated in sales or profits. These decisions are made through the 2 step process of business portfolio planning: analyse the current portfolio, shape the future portfolio. Make sure all the products are consistent and congruent with the mission of the organisation. But also want to identify which products and brands they want to focus on, which ones will bring profit in the future etc. Can also use the bcg growth-share matrix (refer to text book)
