COMM 131 Chapter Notes - Chapter 2: Marketing Plan, Customer Relationship Management, Marketing Mix

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Strategic planning: the process of developing and maintaining a strategic fit between the organization"s goals and capabilities and its changing marketing opportunities. Companies prepare annual plans, long-range plans, and strategic plans. Annual and long-range plans deal with the company"s current business. Strategic plans involve adapting the firm to take advantage of new opportunities. Planning marketing and other functional strategies: defining a market-oriented mission. Mission statement: a statement of the organization"s purpose what it wants to accomplish in the larger environment. Mission statements should be market oriented and defined in terms of satisfying basic customer needs. Emphasize the company"s strengths in the marketplace: setting company objectives and goals. Turn mission into detailed supporting objectives for each level of management. Marketing strategies and programs must be developed to support marketing. Include business objectives and marketing objectives objectives: designing the business portfolio. Business portfolio: the collection of businesses and products that make up the company.

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