MCS 1000 Lecture Notes - Lecture 7: Marketing Mix

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sarmazian Raffi

Document Summary

Unit 5: company, marketing, and new product strategy. Introduction: the complex nature of corporations accounts for the importance attached to understanding that the marketing functions in a firm are not isolated steps. Instead, the marketing functions are one of the components of the much more complex corporate strategy. In order to understand the specific functions of the marketing department, we need a basic understanding of the overall corporate strategy. In order to have a better understanding of the process of business and marketing strategy, we need to review some basic concepts: goal: a general, broad desired outcome. A goal statement should be clear, ambitious, realistic, and consistent with the mission: objective: a specific outcome consistent with some goals, and other objectives. It should be ambitious, realistic, measurable, and specific to a particular time period. Objectives at the organization level can be the same at the functional level (e. g. ,