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Chapter 2

BUSI 4220U Chapter 2: Chapter 2

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School
Department
Business
Course
BUSI 4220U
Professor
Salma Karray
Semester
Winter

Description
Chapter 2: Corporate Strategy Decisions and Their Marketing Implications Marketing Strategy 1. Corporate Scope Mission statement guides organizations managers as to which market opportunities to purse and which fall outside the firms strategic domain o What is the business? o Who are the customers? o What kinds of value can we provide to these customers? o What should our business be in the future? Criteria for defining the corporate mission Specific as to the customer groups and the product or technologies on which to concentrate Explicit social values and the firms ethical standards Marketing implications of ethical standards o Development of LT exchange relationships, sales and profits 2. Corporate Objectives SMART o Specific o Measureable o Attainable o Relevant o Time bound A performance dimension Measure for evaluating progress Target to be achieved Time frame within which the target is to be accomplished Marketing implications of Corporate Objectives Customer focused objectives are: o Satisfaction o Retention o Loyalty Multiple corporate objectives conflicting goals can be reconciled through o Prioritizing them o Break them down into sub objectives and then assign different sub objectives to different business units or products 3. Sources of Competitive Advantage Based on unique company resources o Cooperative LT relationships with customers o Brand name o Cooperatives alliances with suppliers o Highly developed information systems o Extensive market research operations Marketing implications o Converts the companys unique resources into something of value to customers 4. Development strategy for further growth Expansion of current businesses and activities Diversification into new business Corporate Growth Strategies Current Products New Products Current Markets Market penetration strategies Product development strategies Increase market share Product improvements Increase product usage Product line extensions Increase frequency in use New product for same Increase quantity used market
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