Notes
Notes
Term ; Definition
Principles of Marketing
THE BUSINESS VISION AND MISSION plans and strategies are implemented exactly
the way it was planned. Variances must be
Business Objectives and Goals investigated in the planning of the next
A. Goals of Marketing objectives or plans.
• Monetary goals – Monetary objectives can be
stated in terms of performance, such as • Develop distribution strategies – After analyzing
having the highest profitability (ROI, net profit) the past marketing campaign, it is
and growth (market share growth). important that marketing channels and
• Marketing related goals – These goals are promotional programs be revised to provide a
phrased in terms of direction, such as market new twist in the marketing campaign. Social
leadership, increased advertising and media can also be used as additional campaign
promotions, and excellent customer service. strategies.
• Social related goals – Examples of social goals • Create a workable financial budget –
are adhering to business ethics, being eco- Budgeting financial resources for the business
friendly, or being the best place to work. plans requires time and careful analysis. The
B. Strategy Levels success of marketing efforts depends on the
• Corporate level strategy – This is concerned proper allocation of funds. The expected return
with the selection of markets that the firm on investment must be more than the expenses
should compete in, and the development and of
coordination of the business portfolio. The the execution of strategies.
business portfolio is the collection of products
and services that make up the company.
• Business unit level strategy – The strategic
business unit may be a product line,
geographical area, or other profit center that
can have planning activities separately from
the other business units of the firm. At this level,
the strategic issues are less about the
coordination of the operating units and more
about developing and sustaining a competitive
advantage for the goods and services that are
produced. It covers positioning the business
against rivals, anticipating changes in demand,
and influencing the nature of competition.
• Functional level strategy – This level focuses on
the operating divisions and departments.
The strategies in the finance, marketing,
operations, human resources, and research and
development departments of the company will
involve the development and coordination.
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|Guidelines in Strategic Planning|
• Analyze the previous year’s performance – The
previous year’s performance must be
analyzed in terms of variances in the allocation
of resources and the success or failure in
the implementation of program objectives. The
management must bear in mind that not all