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COMM 131 (63)
Chapter 2

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Queen's University
COMM 131
Ethan Pancer

Chapter Two Company and Marketing Strategy CompanyWide Strategic Planning Defining Marketings RoleStrategic Planning is the process of developing and maintaining a strategic fit between the orgs goals and capabilities and its changing market opportunitiesCompanies prepare annual plans longrange plans and strategic plans o Annual and longrange plans deal with the companys current businesses and how to keep them going o Strategic plans involve adapting the firm to take advantage of opportunities in its constantly changing environmentStrategic planning process Define mission set objectivesgoals design business portfolio planning marketing and other functional strategiesDefining a MarketOriented MissionA Mission Statement is a statement of the orgs purposewhat it wants to accomplish in the larger environmentacts as an invisible hand that guides the orgForging a sound mission begins with the following questions o What is our business Who is the customer What do customers valueThey should be marketoriented and defined in terms of satisfying basic customer needsThey should be meaningful and specific yet motivatingthey should emphasize the companys strengths in the marketplaceIt should focus on customers and the customer experience the company seeks to createSetting Company Objectives and GoalsThe company needs to turn this mission into detailed supporting objectives for each level of mgmtEach manager needs objective and be responsible for reaching themObjectives might include obtaining bigger profits more sales a bigger market share higher customer satisfaction and retentionmarketing strategies must support theseDesigning the Business PortfolioA Business Portfolio is a collection of businesses or products that make up a company o This is guided by a companys mission objectives and goalsThe best portfolio is one that best fits the orgs strengths and weaknesses given OTsBusiness portfolio planning involves two steps o The company must analyze its current business portfolio and decide which parts should receive more less or no investment o Then you must shape the future portfolio by developing strategies to for growth and downsizing
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