MKTG 305 Lecture 2: Marketing

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Lecture 2
Chapter 2: Developing Marketing Strategies
Kinds of Organizations
- Organization: a legal entity made up of people who share a common mission.
- Business firm
- Non-profit organization
- Both make use of strategy: long term course of action that provides something
unique while helping to meet goals.
An Organization's Mission
- A published, publicized statement about the mission of the organization.
- Also called a “vision statement
- They tend to be philosophical and inspiring
- Trend: includes benefits
Strategic Directions
- Organizations use strategic planning to direct business
- Tracking performance is critical
- Dashboards, metrics, plans
- Need to have a well defined goal & business model
- Starts with goal setting
Organizational Goals
- Profit
- Sales
- Market Share (%)
- Quality
- Customer Satisfaction
- Employee Welfare
- Lower turnover, saves money
- Social Responsibility
Setting Strategic Directions
2 questions to answer
Where are we now?
- Customers
- Competencies/Core Values
- Competition
Where do we want to go?
- Formal Analysis
BCG MATRIX : BUSINESS PORTFOLIO ANALYSIS
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