MGMT 105 Chapter Notes - Chapter 2: Pricing Strategies, Marketing Strategy, Marketing Myopia
27 Jun 2018
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Mktg Ch 2
●Strategic planning is the managerial process of creating and maintaining a fit between
the organization’s objectives and resources and the evolving market opportunities
○ Goal is long run profitability and growth
●Marketing planning involves designing activities relating to marketing objectives and the
changing marketing environment
○ product lines
○ distribution channels
○ marketing communications
○ Pricing
● Marketing plan elements
○ defining the business mission
○ performing a situation analysis
○ defining objectives
○ delineating a target market
○ establishing components of the marketing mix
○ Also budgets, implementation timetables, required marketing research efforts, or
elements of advanced strategic planning
●Marketing myopia defining a business in terms of goods and services rather than in
terms of the benefits customers seek
● Situation analysis, SWOT
○ Strengths
○ Weaknesses
○ External opportunities
○ Threats
●environmental scanning is the Collection and interpretation of information about forces,
events, and relationships in the external environment that may affect the future of the
organization
● A marketing objective is a statement of what is to be accomplished through marketing
activities
○ Realistic
○ Measurable
○ Time specific
Document Summary
Strategic planning is the managerial process of creating and maintaining a fit between the organization"s objectives and resources and the evolving market opportunities. Goal is long run profitability and growth. Marketing planning involves designing activities relating to marketing objectives and the changing marketing environment. Also budgets, implementation timetables, required marketing research efforts, or elements of advanced strategic planning. Marketing myopia defining a business in terms of goods and services rather than in terms of the benefits customers seek. Environmental scanning is the collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization. A marketing objective is a statement of what is to be accomplished through marketing activities. Experience curves tell us that costs decline at a predictable rate as experience with a product increases. Product/service differentiation competitive advantage , when a firm provides something unique that is valuable to buyers beyond simply offering a low price.
