[33:630:301] - Midterm Exam Guide - Everything you need to know! (19 pages long)

• School: Rutgers University
• Department: Marketing
• Course: 33:630:301
• Professor: Stacy Schwartz

Document Summary

Chapter 2 company and marketing strategy: 2. 1 - company-wide strategi(cid:272) pla(cid:374)(cid:374)i(cid:374)g: defi(cid:374)i(cid:374)g marketi(cid:374)g"s role. Strategic planning the process of developing and maintaining a strategic fit between the orga(cid:374)izatio(cid:374)"s goals a(cid:374)d (cid:272)apa(cid:271)ilities a(cid:374)d its (cid:272)ha(cid:374)gi(cid:374)g (cid:373)arket opportu(cid:374)ities. Strategic planning at a business market level. Planning marketing and other functional strategies: defining a market-oriented mission. Organizations develop a mission statement to answer questions about the purpose of the company. Mission statement acts as invisible hand that guides people in the organization. Mission statements should be market oriented and defined in terms of satisfying basic customer needs. Should be meaningful and specific yet motivating. Missions statements should e(cid:373)phasize the (cid:272)o(cid:373)pa(cid:374)y"s stre(cid:374)gths a(cid:374)d tell for(cid:272)efully ho(cid:449) it intends to win the marketplace: setting company objective and goals. Marketing strategies and programs must be developed to support marketing objectives: designing the business portfolio. Business portfolio the collection of business and products that make up the company.