Building Customer Relationships Ch 2.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
Angela White
Semester
Winter

Description
Company Marketing Strategy 1/20/2012 3:55:00 PM Chapter 2 Companywide Strategic Planning  Strategic planning o The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities o Step 1: Define a Market-Oriented Mission  Mission statement – what the organization wants to accomplish in the larger environment  Defines the business in terms of satisfying basic customer needs o Step 2: Setting Company Objectives and Goals  Business objectives:  Build profitable customer relationships  Invest in research  Improve profits  Marketing objectives  Increase market share  Create local partnerships  Increase promotion o Step 3: Designing the Business Portfolio  The collection of businesses and products that make up the company  Portfolio analysis – a major activity in strategic planning whereby management evaluates the products and businesses that make up the company  Analyzing the current business portfolio  Strategic business unit (SBU) – a unit of the company that has a separate mission and objective that can be planned separately  Company division  Product line division  Single product or brand  Identify key businesses that make up the company - assess the attractiveness of it various SBUs - decide how much support each SBU deserves Matrix: High Market Growth Rate Star Question Mark Low Market Growth Rate Cash Cow Dog High Market Share Low Market Share  Problems with the matrix approach: o Difficulty in defining SBUs and measuring market share and growth o Time consuming o Expensive o Doesn’t focus on future planning Developing Strategies for Growth and Downsizing  Product/market expansion gird – a tool for identifying company growth opportunities, through market penetration, market development, product development or diversification Existing Markets Market Penetration Product Development New Markets Market Development Diversification Existing Products New Products  Market penetration – growth strategy increasing sales to current market segments without changing the product  Market development – identifies and develops new market segments for current products  Product development – offers new or modified products to existing market segments  Diversification – starting up or acquiring businesses outside the company’s current products and markets  Downsizing – eliminating products or business units that are not profitable or no longer fit the company’s overall strategyPlanning Marketing  Partnering to build customer relationships o Value chain
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