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Summary principles of marketing chapter 2
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principles of marketing chapter 2 Kotler
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MarketingChapter 2
Strategic planning:
- Developing and maintaining a strategic fit between the goals and capabilities
- Used to set priorities, focus energy and resources, strengthen operations, ensure that
employees and other stakeholders are working toward common goals
1. Defining the company mission
2. Setting objectives and goals
3. Designing the business portfolio
4. Planning marketing and other functional strategies
Mission statement:
- The purpose of the organisation
- What it wants to accomplish in the larger environment
- Clearly stated and market oriented
- Market oriented: in terms of satisfying customer needs
o What is our business?
o Who is the customer?
o What do consumers value?
o What should our business be?
Business objectives:
- Build profitable customer relationships
- Invest in research
- Improve profits
Market objectives:
- Increase market share
- Create local partnerships
- Increase promotion
Business portfolio:
- The collection of business and products that make up the company
- Best fit in the company strengths and weaknesess
- Develop the mission and reach the vision
Portfolio analysis:
- Major activity in strategic planning
- Evaluates the products and business that make up the company
- Put strong resources into its more profitable business
- Drop down the weaknesess
Strategic business units SBU’s:
- The key business that make up the company
- Can be a company division, product line within a division or a single product or brand
- Decide how much support each deserves
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