Company and Marketing Strategy: Partnering to Build Customer Relationships

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Learning Objectives After studying this chapter, you should be able to: 1. Explain companywide strategic planning in its four steps 2. Discuss how to design business portfolios and develop growth strategies 3. Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it 5. List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring return on marketing investment Chapter Outline 1. Companywide Strategic Planning: Defining Marketing’s Role 2. Marketing Strategy and the Marketing Mix 3. Managing the…show more content…
for current products Product development is a growth strategy that offers new or modified products to existing market segments Diversification is a growth strategy through starting up or acquiring businesses outside the company’s current products and markets Downsizing is the reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy Planning Marketing: Partnering to Build Customer Relationships Partner relationship management is the process of working closely with partners in other company departments to form an effective value chain that serves the customer, as well as partnering effectively with other companies in the marketing system to form a competitively superior value-delivery network Partnering with Other Company Departments Value chain is a series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products Partnering with Others in the Marketing System Value delivery network is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system Marketing Strategy and the Marketing Mix Marketing strategy is the marketing logic by which the business unit hopes to achieve its marketing objectives Customer-Driven Marketing Strategy Market segmentation is the division of a market into distinct groups of buyers
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