In this chapter, the following content will be discussed: Companywide strategic planning: defining marketing’s role, planning marketing: partnering to build customer relationships, marketing strategy and the marketing mix. | Company and Marketing Strategy Partnering to Build Customer Relationships LECTURE-3 1 Companywide Strategic Planning: Defining Marketing’s Role Planning Marketing: Partnering to Build Customer Relationships Marketing Strategy and the Marketing Mix Topic Outline In this chapter, we dig deeper into steps two and three of the marketing process: designing customer-driven marketing strategies and constructing marketing programs. First, we look at the organization’s overall strategic planning, which guides marketing strategy and planning. Next, we discuss how, guided by the strategic plan, marketers partner closely with others inside and outside the firm to create value for customers. We then examine marketing strategy and planning—how marketers choose target markets, position their market offerings, develop a marketing mix, and manage their marketing programs. Finally, we look at the important step of measuring and managing return on marketing investment (marketing ROI). 2 Companywide Strategic Planning Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities Strategic Planning Note to Instructor Discussion Question How might the strategic plan of the college or university influence decisions in the schools programs and offerings. How might it influence decisions in food services, dormitories, executive education, and undergraduate versus graduate programs? Strategic planning sets the stage for the rest of planning in the firm. Companies usually prepare annual plans, long-range plans, and strategic plans. The annual and long-range plans deal with the company’s current businesses and how to keep them going. In contrast, the strategic plan involves adapting the firm to take advantage of opportunities in its constantly changing environment. At the corporate level, the company starts the strategic planning process by defining its overall purpose and mission | Company and Marketing Strategy Partnering to Build Customer Relationships LECTURE-3 1 Companywide Strategic Planning: Defining Marketing’s Role Planning Marketing: Partnering to Build Customer Relationships Marketing Strategy and the Marketing Mix Topic Outline In this chapter, we dig deeper into steps two and three of the marketing process: designing customer-driven marketing strategies and constructing marketing programs. First, we look at the organization’s overall strategic planning, which guides marketing strategy and planning. Next, we discuss how, guided by the strategic plan, marketers partner closely with others inside and outside the firm to create value for customers. We then examine marketing strategy and planning—how marketers choose target markets, position their market offerings, develop a marketing mix, and manage their marketing programs. Finally, we look at the important step of measuring and managing return on marketing investment (marketing ROI). 2 Companywide
