Marketing strategies chapter 2

Company and Marketing Strategy, Partnering to Build Customer Relationships Strategic Planning the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities three levels of marketing planning business unit, product, and market levels Mission Statement first step in planning a statement of the organizations purpose- what it wants to accomplish in the larger environment mission statements should be…. Need to know requirements of reaching objectives. Analyzing the current Business Portfolio step 3 pt2 The process by which management evaluates the products and businesses that make up the company. Strategic Business Units key businesses that make up the company.

Marketing strategies chapter 2

Other approaches[ edit ] The choice of competitive strategy often depends on a variety of factors including: Growth strategies[ edit ] Growth of a business is critical for business success.

A firm may grow by developing the market or by developing new products. The Ansoff product and market growth matrix illustrates the two broad dimensions for achieving growth. The Ansoff matrix identifies four specific growth strategies: This is a conservative, low risk approach since the product is already on the established market.

This can include modifications to an already existing market which can create a product that has more appeal. This can include new geographical markets, new distribution channels, and different pricing policies that bring the product price within the competence of new market segments.

Diversification is the riskiest area for a business. This is where a new product is sold to a new market. Another benefit of using this strategy is that it leads to a larger market for merged businesses, and it is easier to build good reputations for a business when using this strategy.

There are three main benefits to a business's reputation after a merge. A larger business helps the reputation and increases the severity of the punishment. As well as the merge of information after a merge has happened, this increases the knowledge of the business and marketing area they are focused on.

The last benefit is more opportunities for deviation to occur in merged businesses rather than independent businesses. An example of a vertically integrated business could be Apple. Apple owns all their own software, hardware, designs and operating systems instead of relying on other businesses to supply these.

Also by decreasing outside businesses input it will increase the efficient use of inputs into the business. Another benefit of vertical integration is that it improves the exchange of information through the different stages of the production line.

Also if the business is not well organised and fully equipped and prepared the business will struggle using this strategy. There are also competitive disadvantages as well, which include; creates barriers for the business, and loses access to information from suppliers and distributors.

Chapterelements-of-marketing-strategy-and-planning-4 | Gowriters

The market leader dominates the market by objective measure of market share. Their overall posture is defensive because they have more to lose. Market leaders may adopt unconventional or unexpected approaches to building growth and their tactical responses are likely to include: The market challenger holds the second highest market share in the category, following closely behind the dominant player.

Their market posture is generally offensive because they have less to lose and more to gain by taking risks.

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They will compete head to head with the market leader in an effort to grow market share. Their overall strategy is to gain market share through product, packaging and service innovations; new market development and redefinition of the to broaden its scope and their position within it.

Followers are generally content to play second fiddle. Their market posture is typically neutral.Learn More About Our SMX Events. Gain new strategies and insights at the intersection of marketing, technology, and management. Our next conference will be held. CHAPTER 2: MASTER TEST BANK DEVELOPING SUCCESSFUL MARKETING AND ORGANIZATIONAL STRATEGIES Test Item Table by Learning Objective and Bloom’s Level of Learning Bloom’s Level of Learning (LL.

Marketing strategies chapter 2

Marketing & Strategy. Chapter 2.

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Strategic Planning. What is it? “The managerial process of creating and maintaining a fit between organizational objectives .

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Chapter 01 Consumer Behavior and Marketing Strategy. 1. Why is China very attractive to marketers around the world? A.

Marketing strategies chapter 2

because it represents a collective approach to marketing in contrast to the. Unformatted text preview: Planning, Implementing, and Controlling Marketing Strategies Chapter 2 Strategic Planning Increasing competition means companies have to spend more time on strategic planning: How to use the firm’s resources to achieve objectives and satisfy the customer the marketing concept Through the Strategic Planning Process • a firm establishes an organizational mission.

Strategic Planning the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities three levels of marketing planning business unit, product, Read More "Chapter 2: Company and Marketing Strategy, Partnering to Build Customer Relationships".

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