Marketing is about satisfying the needs and wants of customers
In a market wherein there are so many choices, marketing should begin before there is a product And the company should do its homework and should select the appropriate market and identify the target population and position its product The company must determine the product intended for its clientele with its specific features, pricing and distribution The third phase is in the process is communicating the value of the product through sales promotion and advertising and other communication tools to announce or promote the product
The value chain concept is a way or a tool of creating more customer value and according to this model, every company is a synthesis of activities, and This concept involves nine strategic activities, primary and support activities it is also a tool wherein the company analyzes and examines the performance of its own business units and also look for ways beyond its own operations so as to improve its performance
Traditionally companies owned and controlled most of the resources, The concept of CORE COMPETENCIES, the resources that makes up the essence of the business are retained and those that are of less critical are outsource The key here is own and nurture the essential resources
It is the integration of 3 activities with the purpose of building long term mutually satisfying relationships and co-prosperity among key stakeholders The company identifies new and better opportunities through Value exploration Value creation- how the company can create more promising value offerings, therefore identifying more customer benefits Value delivery- how the company uses its capabilities and infrastructure to deliver its products more efficiently
to ensure that the company select and execute the right activities and set its goals and strategies.marketers should give priority to strategic planning. 3 key areas are identified Management of the company as an investment portfolio assess business strength thru market’s growth rate and market’s position and establishment of strategy
Marketing plan is a central instrument for directing and coordinating the marketing effort It operates in two levels 1. Strategic- lays out the target markets and the value proposition the firm will offer based on the analysis of the best market opportunities; 2. Tactical- specifies the marketing tactics, including product features. promotions, merchandising, pricing, sales channels, service based on the analysis of best market opportunities
organizations develop mission statements in order to provide managers and employees with a shared sense of purpose, direction and opportunity. These mission statements stresses the company’s major policies and values and it’s long term views.
an organization is composed of its structure , policies and corporate culture And all of which can become dysfunctional in a rapidly changing environment Adapting a corporate culture is often a key to successfully implementing a new business strategy What exactly is a corporate culture some would define it as the shared experiences, beliefs, stories and norms that characterize an organization; but basically it is the way people dress, talk to one another, and greet customers Sometimes corporate culture develops organically and transmitted directly from the CEO’s personality
- innovation in marketing is critical - management should identify and encourage fresh ideas from groups that are underrepresented in strategy making - a. Employees with youthful perspective - b. Employees who are far removed from the company HQ c. Employees who are new to the industry- sometimes the company also has scenario analysis that it develops different assumptions about forces driving the market that include different uncertainties
Each strategic business unit should identify its specific mission within the company’s broader mission . SWOT analysis - Overall evaluation of company’s strength, weakness, opportunities and threats. - it’s a way of monitoring internal and external environment Once the company has performed its SWOT analysis , it can now proceed with the development of its goals, formulating strategies and supporting programs Implementation of the programs the company has set In Feedback the organization should respond to changes in the environment and should adopt new goals and behaviors
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