BUS 341 Lecture Notes - Lecture 2: Boston Consulting Group, Marketing Strategy, Marketing Plan

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 341
• Professor: Gurepl

Document Summary

Chapter 2 company and marketing strategy: partnering to build customer relationships. Marketing provides a guiding philosophy and inputs strategic planners. Mission statement state(cid:373)e(cid:374)t of o(cid:396)g"s pu(cid:396)pose (cid:894)(cid:449)hat it (cid:449)a(cid:374)ts to a(cid:272)(cid:272)o(cid:373)plish(cid:895) It should be meaningful, specific and motivating at the same time: hould de(cid:272)la(cid:396)e (cid:272)o(cid:373)pa(cid:374)(cid:455)"s st(cid:396)e(cid:374)gths a(cid:374)d ho(cid:449) it i(cid:374)te(cid:374)ds to (cid:449)ith (cid:373)a(cid:396)ketpla(cid:272)e. Invest more in the business unit to build its share. Problem with matrix approaches: difficult, time-consuming and costly to implement, hard to define sbus, and measure market share and growth. Increasingly, companies are planning responsibility for strategic panning in hands of cross-functional teams of divisional managers close to markets. Wal(cid:373)a(cid:396)t"s (cid:373)a(cid:396)kete(cid:396)s lea(cid:396)(cid:374) customer needs and stock the shelves w. desirable products: purchasing department finds needed suppliers, operators provide low cost merchandise handling, etc. In reality, departmental relations are full of conflict/misunderstandings: other departments may resist (cid:373)a(cid:396)keti(cid:374)g depa(cid:396)t(cid:373)e(cid:374)t"s effo(cid:396)ts, engaging customers today requires the commitment from the entire company.