Fundamentals of Marketing - Company and Marketing Strategy by https://padlet.com/ronaldoyee_161/5edf83w6ff6o en-us 2017-04-30 09:32:25 UTC 2018-02-07 04:53:26 UTC hello@padlet.com Strategic Planning ronaldoyee_161 https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169047368 When companies do strategic planning, they develop and maintain a strategic fit between organisational goals capabilities and at the same time, change its marketing opportunities. Companies will
  1. Define their mission
  2. Set objectives and goals
  3. Design the business portfolio
  4. Plan marketing and other functional strategy
during the process of strategic planning
]]> 2017-04-30 09:34:46 UTC https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169047368 Defining their mission ronaldoyee_161 https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169047712 A mission statement is a statement of the company's purpose and what it wants to achieve (currently) in the larger environment
It must be market-oriented and must include how they satisfy basic customer's needs, with emphasis on the company's strengths in the market. The mission statement should also be meaning, specific, motivating and must not be stated in profit or sales
A vision statement on the other hand states the company's future goals and targets.]]> 2017-04-30 09:41:30 UTC https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169047712 Setting objectives and goals ronaldoyee_161 https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169048071 The mission should help set business objectives and marketing objectives at each level of management
Levels of management include 
  • Profit
  • Sales
  • Market Share
  • Quality
  • Customer Satisfaction
  • Employee welfare
  • Social Responsibility
]]> 2017-04-30 09:48:25 UTC https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169048071 Designing the business portfolio ronaldoyee_161 https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169048244 A collection of businesses and products that make up the company forms the business portfolio
The company will first analyse its current business portfolio. It will then form the future portfolio by developing growth strategies and downsizing. Downsizing is the elimination of business products or units that are not profitable or will no longer fit into the company's overall strategy. This is to direct resources to more profitable businesses and ending the weaker ones
The management will evaluate the products and businesses that make up the company. This is known as portfolio analysis. 
Growth strategies means allocating resources to move in a targeted direction for a firm
The product and market expansion grid is a planning tool that help identify company growth opportunities
Market penetration is a growth strategy by improving the sales of existing products in the existing market
Market development is a growth strategy by developing new market segments for existing products
Product development is a growth strategy by developing new products (or modifying it) to existing market segments.  
Diversification is a growth strategy by developing new products and selling it to new markets]]> 2017-04-30 09:52:06 UTC https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169048244 Planning marketing and other functional strategy ronaldoyee_161 https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169049070 The basic purpose of marketing is to create customer value and profitable customer relationship. To go even deeper, the company has to decide which customers to serve and how they will create value for them. This is part of marketing segmentation and targeting as well as differentiation and positioning
After which, the company will develop the marketing mix programme to deliver the intended value to targeted customer. Marketing analysis, planning, implementation and control is essential for the business to find the best marketing strategy and mix

]]> 2017-04-30 10:10:44 UTC https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169049070 S.W.O.T. analysis ronaldoyee_161 https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169049304 The main objective of analysing the S.W.O.T. of a company is to match their strengths to maximise opportunities and eliminating weaknesses to minimise threats
Strengths are internal capabilities that will help a company in achieving its objectives
Weaknesses are internal limitations that will hinder a company from achieving its objectives
Opportunities are emerging external forces that will help a company in achieving its objectives
Threats are emerging external forces that will hinder a company from achieving its objectives]]> 2017-04-30 10:16:35 UTC https://padlet.com/ronaldoyee_161/5edf83w6ff6o/wish/169049304