COMM 223 Chapter 2: COMM 223 Chapter 2
23 Feb 2017
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Co(cid:373)pa(cid:374)y a(cid:374)d (cid:373)arketi(cid:374)g strategy: part(cid:374)eri(cid:374)g to (cid:271)uild (cid:272)usto(cid:373)er relatio(cid:374)ships. Each company must find the game plan for long-run survival and growth that make the most sense given specific situation, opportunities, objectives and resources. 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)arketi(cid:374)g opportu(cid:374)ities. Marketing planning occurs at the business-unit, product, and market levels. It supports company strategic planning with more detailed plans for specific marketing opportunities. Mission statement: a state(cid:373)e(cid:374)t of the orga(cid:374)izatio(cid:374)"s purpose what it wants to accomplish in the larger environment. A clear mission statement acts as an invisible hand that guides people in the organization. Mission statements should be market oriented and defined in terms of satisfying basic customer needs (not product oriented). They should e(cid:373)phasize the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s stre(cid:374)gths in the marketplace. Each company needs to turn its mission into detailed supporting objectives for each level of management.
