ECON 1 Lecture Notes - Lecture 26: Pro Forma, Longrun, Marketing Ethics
Document Summary
Purpose of marketing: create long-term & mutually beneficial exchange relationships btwn a firm and the publics it interacts w/. This purpose is timeless, but the manner in which firms undertake it always evolves. Today, marketing managers must also make strategic decisions: direction of the firm, deciding what will cre- ate & sustain a ca, etc. As marketing managers have become more involved in making firm"s strategy, the. Cmo position was created in many firms, and strategic marketing management became a popular course. Strategic marketing management (smm) consists of 5 interrelated processes: defining the firm"s business, mission and goals, identifying organizational growth opportunities, formulating product-market strategies, budgeting marketing, financial and production resources, developing reformulation and recovery strategies. Defining the organization"s business, mission and goals. Smm begins w/ clear business definition, mission and goals/objectives. Business definition outlines the scope of a firm"s operations. Business mission = written statement of organizational purpose.
