COMMERCE 2MA3 Chapter Notes - Chapter 2: Strategic Planning, Relationship Marketing, Marketing Strategy

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Rob Squint

Document Summary

Chapter 2 - strategic planning in contemporary marketing. Marketing planning: the basis for strategy and tactics. Planning anticipating future events and conditions and determining the best way to achieve organizational objectives: continuous process; creates a blueprint for everyone in the organization. Marketing planning implementing planning activities devoted to achieving marketing objectives: many planning activities take place over the internet with virtual conferences, an important trend in marketing planning centres on relationship marketing. Adopting courses of action that will eventually achieve these objectives. Ex/ we want mcmaster to be the best university in ontario. Guides the implementation of activities specified in the strategic plan. Ex/ ways to make mcmaster the best university in ontario: look at ranking criteria, if the size of university matters, make it bigger, if the number of professors matter, hire more, etc . Business unit is a smaller unit that an organization can leave alone: this occurs in larger organizations.