MCS 1000 Chapter Notes - Chapter 19: Market Segmentation, Customer Relationship Management, Root Mean Square

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Strategy devise an maintains clearly stated, focused strategy. Execution develop and maintain a awless operational execution. Culture develop and maintain a performance-orientated culture. Structure build and maintain a fast, exible, at organization. Process: develop marketing plans containing quanti ed goals and metrics. Four aspects of strategic marketing process deserving of special mention . The vital importance of metrics in marketing planning: measure the effectiveness of marketing activities, innovation to help achieve growth, easier to measure marketing inputs (r&d) than outputs (customer satisfaction) Marketing planning frameworks the search for growth: Three techniques useful in making marketing resource allocation decisions : porter"s generic business strategies. Generic business strategy: strategy that can be adopted by any rm, regardless of the product or industry involved, to achieve a competitive advantage: lower cost vs. differentiation, broad target vs. narrow target. Cost leadership strategy: reducing expenses and lowering product prices while targeting a brad arrow of market segments.