Marketing Notes
Mission statement a statement of the organizations purpose or function in society (what it wants to accomplish in the larger environment) should encapsulate core values defined in terms of satisfying basic customer needs
mission statement should direct company strategy planning the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and changing marketplace opportunities who are we as a company? what do we want to be known for? what business are we in?
Organizational direction specific goals understanding of business we’re in
the “business” clear, broad, underlying industry of market sector of an organization’s offering based on organizations that sell similar offerings
SIC, NAICS
marketing myopia - defining “business” too narrowly mistake of paying more attention to the specific products a company offers than to the benefits and experiences
development of business model the strategies an organization develops to provide value to the customers it serves
development of SBUs strategic business units a unit of an organization that markets a set of related offerings to a clearly defined group of customers
setting goals or objectives converts an organization’s mission and business into long and short0term performance targets profit and/or sales market share quality customer satisfaction employee welfare and/or social responsibility
Strategy an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals
tracking strategies dashboards visual computer display of the essential information related to achieving a marketing objective
where are we now? core competencies - what we do well special capabilities - the skills, technologies and resources that distinguish it from other organizations and provide customer value provide competitive advantage
understanding of customers who are they? what motivates them
mission statement should direct company strategy planning the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and changing marketplace opportunities who are we as a company? what do we want to be known for? what business are we in?
Organizational direction specific goals understanding of business we’re in
the “business” clear, broad, underlying industry of market sector of an organization’s offering based on organizations that sell similar offerings
SIC, NAICS
marketing myopia - defining “business” too narrowly mistake of paying more attention to the specific products a company offers than to the benefits and experiences
development of business model the strategies an organization develops to provide value to the customers it serves
development of SBUs strategic business units a unit of an organization that markets a set of related offerings to a clearly defined group of customers
setting goals or objectives converts an organization’s mission and business into long and short0term performance targets profit and/or sales market share quality customer satisfaction employee welfare and/or social responsibility
Strategy an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals
tracking strategies dashboards visual computer display of the essential information related to achieving a marketing objective
where are we now? core competencies - what we do well special capabilities - the skills, technologies and resources that distinguish it from other organizations and provide customer value provide competitive advantage
understanding of customers who are they? what motivates them