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Linking Marketing and Corporate Strategies Chapter 2 Organizations Profit v. Nonprofit Levels Corporate Level Business Unit Level Create value for shareholders Set direction for the products Functional Level “Components” or departments of the business Cross-functional teams Organizational Strategy All marketing efforts are guided by company policy The Business Decided by corporate and business unit levels Who are we? Who are our customers? What do they value? The Mission Decided at corporate and business unit levels Organizational Strategy Values and Culture Present at all three levels Culture is “the system of shared actions, values, and beliefs that develops within an organization and guides the behavior of its members.” (Schermerhorn et al., 2000) Goals and Objectives “Convert mission into targeted levels of performance” i.e., Customer satisfaction→ what percent of customers are we retaining? Blazing a Marketing Path Where are we now? Customers Competencies Competitors Blazing a Marketing Path Where do we want to go? BCG Analysis Cash Cows Stars Question marks Dogs Blazing a Marketing Path Strengths Looks at both the firm and the market Encourages forecasting Weaknesses Information is difficult to obtain Neglects synergistic effects Labeling of firms can decrease effectiveness Blazing a Marketing Path Market-Product Analysis Just like it states, this analysis involves graphing marketing strategies for new and current products in new and current markets. How will the company market… …existing products in existing markets? …existing products in new markets? …new products in existing markets? …new products in new markets? The Strategic Marketing Process Process through which “an organization allocates its marketing mix resources to reach its target markets.” Forms the basis of a firm’s marketing plan Strategic Marketing Process Step 1: Situation Analysis Identify industry trends Analyze competitors Assess own company Research customer SWOT Analysis Strategic Marketing Process Step 2: Market-Product Focus and GoalSetting Who and what aspects of the process Set market and product goals Select target markets Find points of difference Position the product Strategic Marketing Process Step 3: Marketing Program How the company will reach customers Develop the marketing mix Develop the budget Strategic Marketing Process Implementing the Process Obtain resources Design marketing organization Develop schedules Execute marketing program Marketing strategy Marketing tactics Strategic Marketing Process Controlling the Process Compare results with plans to identify deviations Act to correct negative deviations; exploit positive deviations