Advanced Marketing Management
Chapter 1: Foundations of Strategic Marketing Management
Strategic Marketing Management: consists of 5 interrelated processes: 1) Defining the organization’s business, mission and goals 2) Identifying and framing organizational growth opportunities 3) Formulating product-market strategies 4) Budgeting marketing, financial and production resources 5) Developing reformulation and recovery strategies
Business definition: type of customers it wishes to serve, the needs of the customers that it wishes to satisfy, and the means or technology that the organization will use to satisfy these needs.
Business mission: reflects management’s vision of what the organization seeks to do. It describes an organization’s purpose with reference to its customers, products or services, markets, philosophy and technology. A mission: 1) crystallizes management’s vision of the organization’s long-term direction and character 2) provide guidance in identifying, pursuing and evaluating market and product opportunities 3) inspire and challenge employees to do those things that are valued by the organization/customers
Business goals: converts the mission into tangible actions. Three categories: 1) Production 2) Financial 3) Marketing
Converting Environmental Opportunities into Organizational Opportunities
1) What might we do? * Environmental opportunity unmet / changing customer needs, unsatisfied buyer groups, new means of technology
2) What do we do best? * Organizational capability / distinctive competency * Distinctive competency: organization’s unique strengths or qualities, including skills, technologies, or resources that make it unique from other orgs * In order for a strength to be a true competitive advantage, it: * Cannot be replicated * Provide superior value to customers
3) What must we do? * Success requirements: basic tasks that an organization must perform in a market or industry to
Strategic Marketing Management: consists of 5 interrelated processes: 1) Defining the organization’s business, mission and goals 2) Identifying and framing organizational growth opportunities 3) Formulating product-market strategies 4) Budgeting marketing, financial and production resources 5) Developing reformulation and recovery strategies
Business definition: type of customers it wishes to serve, the needs of the customers that it wishes to satisfy, and the means or technology that the organization will use to satisfy these needs.
Business mission: reflects management’s vision of what the organization seeks to do. It describes an organization’s purpose with reference to its customers, products or services, markets, philosophy and technology. A mission: 1) crystallizes management’s vision of the organization’s long-term direction and character 2) provide guidance in identifying, pursuing and evaluating market and product opportunities 3) inspire and challenge employees to do those things that are valued by the organization/customers
Business goals: converts the mission into tangible actions. Three categories: 1) Production 2) Financial 3) Marketing
Converting Environmental Opportunities into Organizational Opportunities
1) What might we do? * Environmental opportunity unmet / changing customer needs, unsatisfied buyer groups, new means of technology
2) What do we do best? * Organizational capability / distinctive competency * Distinctive competency: organization’s unique strengths or qualities, including skills, technologies, or resources that make it unique from other orgs * In order for a strength to be a true competitive advantage, it: * Cannot be replicated * Provide superior value to customers
3) What must we do? * Success requirements: basic tasks that an organization must perform in a market or industry to