Developing Marketing Strategies and Plans

In: Business and Management

Submitted By wjnnnnnnn
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MARKETING PROCESSES 1

DEVELOPING MARKETING STRATEGIES AND PLANS

• Corporate and division strategic planning

All corporate headquarters undertake four planning activities:

a. Defining the corporate mission. b. Establishing strategic business units (SBUs). c. Assign resources to each SBU. d. Assessing growth opportunities.

1. Defining the Corporate Mission

Key questions to ask: What is our business? Who is the customer? What is of value to the customer? What will our business be? What should our business be? Mission statements are best when guided by a “vision” that provides direction for the company.
[pic]
Good mission statements have three major characteristics:

a. Focused on a limited number of goals. b. Stresses the company’s major policies and values. c. Defines the major competitive spheres within which the company will operate by defining the:

o Industry. The range of industries in which a company will operate. Some companies will operate in only one industry; some only in a set of related industries; some only in industrial goods, consumer goods, or services; and some in any industry. o Products and applications. Range of products and applications a company supply. o Competence. The range of technological and other core competencies that a company will master and leverage. o Market-segment. The type of market or customers a company will serve. o Vertical. The number of channel levels from raw material to final product and distribution in which a company will participate. o Geographical. The range of regions, countries, or country groups in which a company will operate.

2. Defining the Business

Redefine the definition of businesses in terms of needs and not products. Table 2.2 gives several examples of companies that have moved from product to market definition of…...

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