COMM 223 Lecture Notes - Lecture 2: Customer Satisfaction, Value Chain, Marketing Mix
Document Summary
Marketing is a process more than selling and advertising: analyze needs, predict wants, estimate demand, predict when, determine where, estimate price, decide promotion, estimate competition, provide service. Strategic planning: managerial process of developing and maintaining a strategic fit between the org"s objectives and resources in its changing market environment. Steps: define company mission: mission statement corporate level, set company objectives and goals, design business portfolio: analyze current, shape future, bcg matrix, expansion grid, plan marketing and other functional strategies business unit, product and market level. Portfolio analysis: process where management evaluates products and business that make up company. Grow-share matrix: portfolio planning method, evaluates comp"s sbus in terms of market growth rate and relative market share. Evaluating a mission statement: market-oriented (not focused on products), realistic, motivational, consistent with market environment. Corporate goals convert the mission into targeted levels of performance. Ex: customer satisfaction: over 4. 5/5. 0 customer online review.
