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Chapter 3

MAR3023 Chapter Notes - Chapter 3: Sales Promotion, Marketing Plan, Product Design


Department
Marketing
Course Code
MAR3023
Professor
Andrew Thoeni
Chapter
3

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Principles of Marketing Chapter 3 Strategic Market Planning
3.1 Business Planning: Compose the Big Picture
o Business planning is an ongoing process that guides short- and long-term decisions
Strategy Long term plan to achieve, and therefore, measure progress toward a
goal
Business Strategy a system of activities that provide sustainable competitive
advantage
Marketing strategy how a company create value for customers
Business plan a plan that includes the decision that guides the entire
organization
Marketing plan document that describes the marketing environment, outlines
the marketing objectives and strategy, and identifies how the company will
implement and control the strategies embedded in the plan
o The three levels of business planning
Strategic
Planning done by top-level corporate management
o Define mission
o Evaluate internal and external environment
o Set organizational or SBU (strategic business units) objectives
o Establish the business portfolio
o Develop growth strategies
Functional
Planning done by top functional-level aageet suh as fir’s hief
marketing officers
o Perform a situation analysis
o Set marketing objectives
o Develop marketing strategies
o Implement and control the marketing plan
o Market Planning - Broad 3-5 years plan to support the strategic
plan
Operational
Planning done by supervisory managers
o Develop action plans to implement the marketing plan
o Use marketing metrics to monitor how the plan is working
o Cover a shorter period than strategic and functional plans
o Detailed instruction
3.2 Strategic Planning: Frame the Picture
o Define the Mission
What business are we in? What customers should we serve? How should we
develop the fir’s apailities ad fous its efforts?
The answers become a part of a mission statement
find more resources at oneclass.com
find more resources at oneclass.com
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