Mark1012 Unsw Notes

In: Business and Management

Submitted By geconomy
Words 1529
Pages 7
Marketing Notes
Organization’s mission statement
Strategic planning involves developing a strategy for long-run survival and growth. It consists of: * Defining companies mission: This starts with drafting a formal mission statement they should be meaningful, realistic, straight-forward (CLEAR), and consistent with the market environment. They should focus on creating value for the customer. * Setting objectives and goals: objectives for each level of management SMART * Designing a business portfolio: Fit to company’s strengths and weaknesses allocating investment to businesses strategies for growth and downsizing * Developing functional plans: the grid Market penetration, market development, product development, and diversification

* The annual and long-range plans deal with the company’s current business * The strategic plan involves taking advantage of opportunities in the constantly changing environment
Marketing plays a key role in the company’s strategic planning by: * Providing a guiding philosophy * Providing inputs to strategic planners; and * By designing strategies for reaching objectives
Mission Statement: A statement of the organisations purpose - what it wants to accomplish. It acts as an invisible hand that guides people. * What business are we in? * What customers should we serve? * How should we develop the company’s capabilities?
Example: Disney – Product, “we run theme parks”. Market, “we create fantasies”
Understanding external influences (e.g. consumerism, environmentalism) and Environmental Influences
SWOT: (Micro) Understanding the marketing environment - used to evaluate a companies (S) strengths, (W) weaknesses, (O) opportunities, and (T) threats.
PEST: (Macro) analysis of external environment that can affect the company – Political, Economic, Technological, Social * Political:…...

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