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Market-Oriented Perspectives Underlie Successful Corporate, Business, and Marketing Strategies

Market-Oriented Perspectives Underlie Successful Corporate, Business, and Marketing Strategies. 1. What is a strategy?.

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Market-Oriented Perspectives Underlie Successful Corporate, Business, and Marketing Strategies

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  1. Market-Oriented Perspectives Underlie Successful Corporate, Business, and Marketing Strategies 1

  2. What is a strategy? A strategy is a fundamental pattern of present and planned objectives, resource deployments, and interactions of an organization with markets, competitors, and other environmental factors

  3. Components of Strategy • Scope • Goals and objectives • Resource deployments • Identification of sustainable competitive advantage • Synergy

  4. The Hierarchy of Strategies • Three major levels of strategy are: • Corporate strategy • Business-level strategy • Marketing strategy

  5. Market-Oriented Management • Follows a business philosophy commonly called marketing concept • Consistent focus by personnel in all departments and at all levels • Adopts a variety of organizational procedures and structures: • To improve the responsiveness of decision making

  6. Exhibit 1.5Guidelines for Market-Oriented Management • Create customer focus throughout the business • Listen to the customer • Define and nurture your distinctive competence • Define marketing as market intelligence • Target customers precisely • Manage for profitability, not sales volume • Make customer value the guiding star • Let the customer define quality

  7. Exhibit 1.5Guidelines for Market-Oriented Management (continued) • Measure and manage customer expectations • Build customer relationships and loyalty • Define the business as a service business • Commit to continuous improvement and innovation • Manage culture along with strategy and structure • Grow with partners and alliances • Destroy marketing bureaucracy

  8. Factors that Mediate Marketing’s Strategic Role • Competitive factors affect a firm’s market orientation • Influence of different development stages across industries and global markets • Strategic inertia

  9. Exhibit 1.7Differences between Production-Oriented and Market-Oriented Organizations

  10. Exhibit 1.7Differences between Production-Oriented and Market-Oriented Organizations (continued)

  11. Recent Developments Affecting the Strategic Role of Marketing • Globalization • Increased importance of service • Information technology • Relationships across functions and firms

  12. Exhibit 1.8Categories of E-Commerce Source: Adapted from “A Survey of E-Commerce: Shopping Around the Web, The Economist, February 26, 2000, p. 11.

  13. Formulating and Implementing Marketing Strategy Process • Decision-Making Focus • Analysis of the four “Cs” • Integrating firm's marketing strategy with other strategies and resources • Market opportunity analysis • Understanding Market Opportunities • Measuring Market Opportunities • Market Segmentation, Targeting, and Positioning Decisions

  14. Formulating and Implementing Marketing Strategy Process (Continued) • Formulating strategies for specific market situations • Implementation and control

  15. The Marketing Plan—A Blueprint for Action • A marketing plan is a written document detailing the current situation with respect to customers, competitors, and the external environment

  16. Exhibit 1.10Contents of a Marketing Plan • Executive summary • Current situation and trends • Performance review • Key issues • Objectives • Marketing strategy • Action plans • Projected profit-and-loss statement • Controls • Contingency plans

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