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Summary of Key Points for Chapter 2 Chapter Objectives: 1. Explain partywide strategical supply and its quartet steps. 2. Discuss briefly how to design business portfolios and develop offset strategies. 3. Explain marketings role under strategic planning and how marketing works with its partners to create and deliver customer value. 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it. 5. key out the marketing management functions, including the elements of a marketing plan. COMPANYWIDE STRATEGIC homework: DEFINING MARKETINGS ROLE The task of selecting an overall company strategy for long-run survival and growth is called strategic planning. Companies typically prepare annual plans, long-range plans, and strategic plans. Strategic planning is the process of developing and maintaining a strategic fit amongst the organizations goals and capabilities and its changing market opportunities. Refer to direct 2.1 on pg. 63, which shows the 4 steps in strategic planning. 1. delineate a Market-Oriented Mission Many organizations develop formal bearing statements. A electric charge statement is a statement of the organizations purpose what it wishings to accomplish in the larger environment.

A invite mission statement guides people in the organization. A market-oriented mission statement defines the business in terms of satisfying staple customer needs. See Table 2.1 (pg. 64) for market-oriented vs. product-oriented definitions. Management should avoid making its mission too narrow or too broad. Missions should be realistic, specific, fit the market environment, based on the companys distinctive competencies, and motivating. 2.Setting Company Objectives and Goals The companys mission needs to be turned into detailed supporting objectives for from each one level of management. The mission leads to a hierarchy of objectives, including business objectives and marketing... If you want to get a full essay, order it on our website: Ordercustompaper.com

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