MKT 311 Lecture Notes - Lecture 10: Subculture, Pay Per Click, Gross Margin

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12 Sep 2017
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Explain business planning at its 3 levels. Ongoing process that guides short and long term decisions. Helps identify and build on firm strengths. Develops objectives and provides a means of charting progress towards goals. Strategic-matches firm"s resources and capabilities to market opportunities. Large, multiproduct firms have these separate divisions. Top functional-level management (chief marketing officer aka cmo) 3-5 yr plan to support strategic plan. Use marketing metrics to monitor how the plan is working. Annual, semi-annual, or quarterly action plans to guide marketing plan. Formal document describing firm"s overall purpose and hopes to achieve in terms of customers, products, and resources. Represents range of different businesses that a large firm operates. Seek to increase sales of existing products to existing markets. Create growth by selling new products in existing markets. Ex: chobani expanding products to include hummus in current market. Emphasize both new products and new markets to achieve growth. Low market share in a high-growth market.

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