Requires establishing an organizational mission and formulating

Goals

A corporate strategy

Marketing objectives

A marketing strategy 

Should be guided by market orientation

To ensure concern for customer satisfaction

For the successful development of marketing strategies and planning processes

Corporate strategy - determines the means for utilizing resources in the functional areas to achieve the organization’s goal

Strategic business unit (SBU) - a division, product line, or other profit center within the parent company

Market -  group of individuals/organizations that have needs for a product class and have the ability, willingness, and authority to purchase it

Market share -  percentage of a market that actually buys a specific product from a particular company.

Provides insight for marketers to match internal strengths with external opportunities to develop competitive advantages.

Requires analyzing

Demographic information

Customer needs, preferences, and behaviors

Characteristics

Consistency with the business-unit and corporate strategies

Flexibility in response to changes in market conditions

±Effectiveness depends on

°Well-organized marketing department that is capable of motivating personnel

°Effective communication

°Good coordination efforts

°Setting reasonable and attainable timetables for completion of each activity