Strategic Planning and Marketing’s Role
Unit 2: Company and Marketing Strategy
1. Company-Wide Strategic Planning: Defining Marketing’s Role
Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing environment. Strategic planning sets the stage for all other planning in the firm. While annual and long-range plans deal with the company’s current businesses, the strategic plan involves adapting the firm to take advantage of opportunities in its constantly
Read MoreEffective Communication, MIS, and Decision-Making Concepts
The Seven C’s of Effective Communication
The Seven C’s of Effective Communication constitute a well-established and widely recognized heuristic framework, providing a comprehensive set of guiding principles for ensuring that communicative exchanges are not only transmitted but also effectively received, comprehended, and acted upon. These principles serve as a valuable checklist for communicators striving to maximize the impact and minimize the potential for misinterpretation in their interactions.
Read MoreMarketing, Advertising, and Product Photography Essentials
Gestalt Theory
Gestalt theory explains how humans react to different visual stimuli. Key principles include:
- Similarity
- Proximity
- Symmetry
- Closure
- Figure-Ground
Marketing Fundamentals
Marketing is a communication field focused on presenting the value of a product or service to customers, with the goal of selling that product or service.
Advertising
Advertising is a form of marketing communication used to persuade an audience to take or continue a specific action. An advertisement is a specific advertising
Read MoreMarketing Research: Problem Definition and Objectives
Topic 1: Marketing Research Introduction
Marketing Research: Is the application of the scientific method in searching for the truth about marketing phenomena. Marketing research includes:
Before we introduce the product:
- Define Market opportunities and problems
- Generating and Evaluating ideas
After we introduce the product:
- Monitoring Performance
During we introduce the product:
- Understanding the Marketing Process
Tasks of Marketing Research:
- Design a method to collect information
- Manage and implement the
Logistics and Supply Chain Management: Key Concepts
Key Concepts in Logistics and Supply Chain Management
Materials Management vs. Physical Distribution
Materials Management: Deals with the initial stage of logistics, focusing on sourcing raw materials and shipping them to part suppliers for the production process.
Physical Distribution: Focuses on the later stage of logistics, managing the flow of goods from the production process to intermediaries and ultimately to customers.
Similarities: Both are integral to the production process and contribute
Read MoreMarket Segmentation, Targeting, Positioning & Product Strategy
Understanding Customer Demands and Market Segmentation
Customers’ demands encompass their needs, attitudes, behaviors, tastes, and interests.
Steps in the Segmentation Process:
- Select the Market: Eliminate markets that have no need for the product or are inappropriate for other reasons (Market definition, situational analysis, SWOT).
- Apply Segmentation Variables:
- Behavioral: Analyze the specific value that a particular group expects from the offering. Consider usage occasion, status, loyalty status,