Chapter 5

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University of Toronto Scarborough
Management (MGM)
Ingrid L.Stefanovic

Thursday, September-17-09 Principles of Marketing Chapter 5 INTRODUCTION Long-term success implies that managers understand and adapt to the environment, that the organization operates in STRATEGY FOR THE ORGANIZATION AS A WHOLE Corporate Strategy is the overall purpose and direction of the organization that is established in light of the challenges and opportunities found in the environment, as well as available organizational resources o Start by analyzing market and environmental opportunities and threats o Examine the internal strengths and weaknesses o Company generates lists of possible alternative courses of action o Evaluate and select the most appropriate course of action o Implementation and control programs are planned for the strategy that has been developed Strategy chosen is expressed in a mission statement. MARKETING STRATEGY Marketing Strategy is based on the strategy set for the company as a whole, it focuses on developing a unique long-run competitive position in the market by assessing consumer needs and the firms potential for gaining competitive advantage After receiving input from corporate-level strategies, the strategic marketing planning process has 4 main steps o Situation Analysis considers the internal circumstances of the organization or product, the external environment, competitive activity, and characteristics of the customer that may be relevant to the marketing plan o Marketing Objectives and Strategy flows from the situation analysis. They are a statement of what the organization intends to accomplish with its marketing program and the general strategic approach it will take o Marketing Plan is a specific detailed statement of how the marketing mix will be used to realize the marketing strategy o Implementation and control consists of putting the marketing plan into action as well as doing ongoing monitoring and gathering feedback on how well the plan is accomplishing the stated marketing objectives SITUATION ANALYSIS Internal Analysis Sustainable Competitive Advantage (SCA) is some aspect of a product that will give it value in the marketplace that cannot be easily duplicated by other companies o Example: Harley Davidson and its legendary mystique in the bikes they build Companies should make sure they have the right amount of resources Managers should review past market performances and reputation of a product
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