When you finish this chapter, you should: Know why company objectives are important in guiding strategic market planning, see how the resources of a firm affect the search for opportunities, know the variables that shape the environment of strategic market planning, know how the different kinds of competitive situations affect strategic planning,. | Chapter 4: Evaluating Opportunities in the Changing Marketing Environment When you finish this chapter, you should 4-2 Chapter 4 Objectives 1. Know the variables that shape the environment of marketing strategy planning. 2. Understand why company objectives are important in guiding marketing strategy planning. 3. See how the resources of a firm affect the search for opportunities. 4. Know how the different kinds of competitive situations affect strategy planning. 5. Understand how the economic and technological environment can affect strategy planning. 6. Know why you might be sent to prison if you ignore the political and legal environment. 7. Understand how to screen and evaluate marketing strategy opportunities. 8. Understand the important new terms. The Importance of Objectives Setting Company Objectives Provide Guidelines Coordinate Effort Lead to Marketing Objectives Be Explicit 4-3 Summary Overview The five basic areas of the marketing environment were first introduced in Chapter 2. Marketing strategy should be planned while considering each area and how each area interacts with and is in turn affected by each other area. This is especially true when top management sets objectives for the company. Setting Objectives Objectives Provide Guidelines. A company’s objectives should accomplish the following: 1. Engage in specific activities that will perform a socially and economically useful function. 2. Develop an organization to carry on the business and implement its strategies. 3. Earn enough profit to survive. Social good and economic viability are inter-related. A firm’s organization -- its infrastructure, the way it is set up, must be created and coordinated to support the firm’s strategies. Profit, as noted earlier, is necessary for continued operation. Objectives Should Be Explicit. A firm must develop its own specific objectives. Whenever possible, objectives should be quantified and related to time deadlines. Coordinated Effort. The whole firm should . | Chapter 4: Evaluating Opportunities in the Changing Marketing Environment When you finish this chapter, you should 4-2 Chapter 4 Objectives 1. Know the variables that shape the environment of marketing strategy planning. 2. Understand why company objectives are important in guiding marketing strategy planning. 3. See how the resources of a firm affect the search for opportunities. 4. Know how the different kinds of competitive situations affect strategy planning. 5. Understand how the economic and technological environment can affect strategy planning. 6. Know why you might be sent to prison if you ignore the political and legal environment. 7. Understand how to screen and evaluate marketing strategy opportunities. 8. Understand the important new terms. The Importance of Objectives Setting Company Objectives Provide Guidelines Coordinate Effort Lead to Marketing Objectives Be Explicit 4-3 Summary Overview The five basic areas of the marketing environment were first introduced in .
