BU352 Chapter Notes - Chapter 2: Marketing Mix, Competitive Advantage, New Current
Document Summary
Strategic planning occurs on at least 2 levels: corporate level. Done by top mgmt & focuses on overall direction of the entire firm. Focus on long-term, decide mission/vision, goals, etc: functional level. Undertake some form of planning; example: marketing plan for brand. Set goals and establish portfolio of products and markets for the business unit. Managed independently b/c it develops marketing plans for specific products, brands, markets. Implementation phase is where marketing managers (3) identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning, and (4) develop and implement the marketing mix, 4p"s. Control phase entails (5) evaluating the performance of the marketing strategy by using marketing metrics and take any necessary corrective actions. Developing a marketing plan: define the business mission and objectives, a mission statement is a broad description of a firm"s objectives and the scope of activities it plans to undertake.
