Premium Essay

Foundations of Strategic Marketing Management

In:

Submitted By chrhan30
Words 14858
Pages 60
CHAPTER

1

Foundations of Strategic Marketing Management

The primary purpose of marketing is to create long-term and mutually beneficial exchange relationships between an entity and the publics (individuals and organizations) with which it interacts. Though this fundamental purpose of marketing is timeless, the manner in which organizations undertake it continues to evolve. No longer do marketing managers function solely to direct day-to-day operations; they must make strategic decisions as well. This elevation of marketing perspectives to a strategic position in organizations has resulted in expanded responsibilities for marketing managers. Increasingly, they find themselves involved in charting the direction of the organization and contributing to decisions that will create and sustain a competitive advantage and affect long-term organizational performance. The transition of the marketing manager from being only an implementer to being a maker of organization strategy has resulted in (1) the creation of the chief marketing officer (CMO) position in many organizations and (2) the popularity of strategic marketing management as a course of study and practice. Today, almost onehalf of Fortune 1000 companies have a CMO. Although responsibilities vary across companies, a common expectation is that a CMO will assume a leadership role in defining the mission of the business; analysis of environmental, competitive, and business situations; developing business objectives and goals; and defining customer value propositions and the marketing strategies that deliver on these propositions. The skill set required of CMOs includes an analytical ability to interpret extensive market and operational information, an intuitive sense of customer and competitor motivations, and creativity in framing strategic marketing initiatives in light of implementation considerations and

Similar Documents

Free Essay

Pa 571 (Nonprofit Org Management) Complete Course – Devry

...571 (NONPROFIT ORG MANAGEMENT) COMPLETE COURSE – DEVRY To purchase this, Click here http://www.activitymode.com/product/pa-571-nonprofit-org-management-complete-course-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM PA 571 (NONPROFIT ORGANIZATION MANAGEMENT) COMPLETE COURSE - DEVRY Week, TCOs, and Topics Readings/Class Preparation Activities/Assignments Week 1 TCO A What is a nonprofit? Chapter 1 Chapter 2 Chapter 3 Graded Discussion Topics Week 2 TCOs B, E Board and Staff Considerations Chapter 8 Mission Statement Analysis Graded Discussion Topics Week 3 TCOs F, G Working with Volunteers Articles obtained by students Graded Discussion Topics Week 4 TCO C Strategic Planning Strategic Planning Graded Discussion Topics Midterm Week 5 TCOs D, E Financial Issues & Information Systems Chapter 9 (pp. 115-116) Chapter 10 (pp. 128-131) Graded Discussion Topics Week 6 TCO H Fundraising & Marketing Chapter 12 (pp. 153-158, 164-171) Analysis of a Foundation Graded Discussion Topics Week 7 TCO I Ethical Issues Article "Can Public Trust in Nonprofits and Government be Restored?" in Doc Sharing Course Project Graded Discussion Topics Week 8 ALL TCOs Final Exam PA 571 (NONPROFIT ORG MANAGEMENT) COMPLETE COURSE – DEVRY To purchase this, Click here http://www.activitymode.com/product/pa-571-nonprofit-org-management-complete-course-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM PA 571 (NONPROFIT ORGANIZATION MANAGEMENT) COMPLETE COURSE...

Words: 546 - Pages: 3

Premium Essay

G-Bio Sport

...phoenix.edu Bachelor of Science in Business with a Concentration in Human Resource Management The Bachelor of Science in Business (BSB) undergraduate degree program is designed to prepare graduates with the requisite knowledge, skills, and values to effectively apply various business principles and tools in an organizational setting. The BSB foundation is designed to bridge the gap between theory and practical application, while examining the areas of accounting, critical thinking and decision-making, finance, business law, management, marketing, organizational behavior, research and evaluation, and technology. Students are required to demonstrate a comprehensive understanding of the undergraduate business curricula through an integrated topics course. The Human Resource Management Concentration helps students develop an understanding of the fundamentals of human resource management and its strategic relevance in business. The concentration addresses the legal and ethical components of the decision making process involved in the human resources environment. The Human Resource Management Concentration introduces students to the basic concepts of human resource management, and allows further study in the areas of employment law, risk management, recruitment and selection of employees, international HR, change management, compensation and benefits, employee development, and performance management. Students will also develop an understanding of the critical business implications...

Words: 2400 - Pages: 10

Premium Essay

Pr Defination

...achieved by a communicating with the audience to persuade there thinking. As further research were conducted the idea that few words can define such a broad concept became infrequent, which demonstrated that further research and in-depth thinking was necessary. Although common thinking would align marketing with public relations the two seem like separate ideas and ideals that once harmoniously aligned can translate in a successful image campaign. According to Fraser P. Seitel one of the most ambitious searches for a universal definition was conducted and commissioned in 1975 by the Foundation of Public Relation Research and Education. The leaders in the field of public relations analyzed 472 different descriptions and explanation and offered an 88-word sentence: “Public relations is a distinctive management function which helps establish and maintain mutual lines of communications, understanding, acceptance, and cooperation between an organization and its publics; involves the management of problems or issues; helps management to keep informed on and responsive to public opinion; defines and emphasizes the responsibility of management to serve the public interest; helps management keep abreast of and effectively utilize change, serving as an early warning system to help anticipate trends; and uses research and sound and...

Words: 763 - Pages: 4

Premium Essay

Corporate Societal Marketing: Much More Than

...Marketing Management 555 Corporate Societal Marketing: Much More Than Sponsorship of Non-Profit Organisations Unit: Marketing Management 555 Assessment: Assignment 2 – Individual Research Paper Lecturer: Astrid Fackelmann Due date: 14 March 2012 Word Count: 3769 words (includes in-text referencing) Student: Tracey Piani Student Number: 08801476 Introduction Consumers increasing awareness and concern for environmental and social issues, over the past two decades, has lead to significant changes in business relationships between the non-profit and for-profit organisations (Polonsky and Speed 2001; Till 2000). Marketing research indicates consumers increasingly reward or intend to reward companies, whose business practices encompass environmental and social issues, prompting corporations to move beyond simply donating to worthy causes to seek out mutually beneficial relationships with non-profit organisations (Till 2000; Wymer and Sargeant 2006; Wymer and Samu 2009). With seventy- five percent of consumers indicating they would switch brands to a company involved with a charitable cause, if price and quality are equal, corporate giving, regardless of its form makes good business sense (Till 2000). Corporate giving is now considered a competitive resource and important marketing tool, with corporate executives proactive and strategic in their donation tactics, addressing their corporate social responsibility objectives...

Words: 4816 - Pages: 20

Premium Essay

Strategic Management

...Strategic Management-2 Case Study Synopsis Of Case:-1) Competitive Advantage in new patent regime 2) Strategic leadership and competitive advantage 1) Competitive Advantage in New Patent Regime: A Study of the Indian Pharmaceutical Industry In the global business environment, traditional factors e.g labour costs and superior access to financial recourses and raw materials can still create a competitive advantage in the current competitive landscape. In the current landscape, the recourses, capabilities and the core competencies in the firm’s internal organization likely have a stronger influence on its performance than do conditions in the external environment. The IPI is one of the largest and most advanced among the developing countries. It is the 4th largest by volume i.e. around 8 percent and 11th largest in terms of value i.e. around 1.5 percent. The Indian pharmaceutical industry is a heterogeneous mixture of firms split between the organized and unorganized sectors. The control and support of the Indian government plays a critical role in the competitiveness of the IPI. According to Sampath (2006), areas of government support critical to the IPI include speed of processing of patent applications, R&D conducive environment, and reduced price Control, access of land for expansion and the patent amendment act, 2005. The government can also help increase the potential of the nascent venture capital industry in India, with an emphasis...

Words: 1714 - Pages: 7

Free Essay

Business Analysis

...Strategic Management: The Case of Emirates Airline Student Name: Name of Professor: Name of the Institution: Faculty: Date: Strategic management: The vision and mission of Emirates Airline Introduction Emirates; a constituent of Emirate group UAE has its headquarters in Dubai. Emirates was founded on October 25th 1985 whereby it concentrated in regional flights. Currently, Emirates is one of the most influential, quality adhering travel and tourism conglomerate. The airline company has managed to be a determining factor of UAE economy and gas spearheaded the expansion of the aviation industry. Emirates has also created the largest network in the employment line with about 84000 plus employees from different nationalities. (Emirates, n.d.) The Mission and Vision of Emirates Airline Emirates is consumed in providing quality services despite the related shortcomings associated with the voluminous of crafts fleet. The airline motto, “Committed to the highest standards in everything we do”, speaks it out all that the company is committed to provide first class experience to all its customers. Emirates is envisioned to attain a safe and leading civil aviation standards and also to create a civilized world void of poverty. To see the Giant airline attain its vision, it has embarked on foundations sponsorship mission like the “St. Leonard’s Orphanage, Sri Lanka” which aims at providing food supplies and a range of charities, ("The Emirates Airline Foundation", nd) The...

Words: 1675 - Pages: 7

Premium Essay

Marketing

...*/introduction Critically evaluates the marketing planning process Discusses impediments to effective implementation of marketing plan Introduction The leading exponents of the marketing planning have been warned of the communications factors, operational, cultural and managerial in which frequently impede the effective implementation of the marketing planning programmers in the past two decades. (Cravens, 1998; Doyle, 1998; Greenley, 1982; Leeflang and de Mortanges, 1996; McDonald, 1992a, b; 1995; Piercy and Morgan, 1994; Jain, 1993; Simkin, 1996a, b; Verhage and Waarts, 1988). There have some specific guidance are offered in the recent years to assist marketing managers overcoming those internal organisational and in pre-empting forces (cf. Cravens, 1998; Dibb et al., 1996; Lings, 1999; Piercy, 1997; 1998; Simkin, 2000). Yet, the recent research has shows barriers to the implementation of programmes and marketing strategies. (Dibb and Simkin, 2001; Simkin, 2000). Another key barrier is indicating impeding the deployment of effective marketing practices used to be the lack in most marketing function or either in organisations. (cf. McDonald, 1992a, b; Piercy and Morgan, 1994). The research are shows this is a no longer to the case with the bulkiness businesses professing to have a marketing department undertaking not only promotion and customer research,but are relate to the Kotleresque textbook approach to marketing management (Dibb and Simkin, 1997; Piercy, 2000)...

Words: 1580 - Pages: 7

Premium Essay

Strategic Marketing

...1 Strategic Marketing, the words itself describes that it has a lot to do with technical and specific information. “Strategic marketing means looking at the whole of a company’s portfolio of products and markets, and managing the portfolio to achieve the company’s overall goals”. (Jain, 1987). “ Strategic marketing as seen as a process consisting of:analyzing environmental, market competitive and business factors affecting the corporation and its business units,identifying market opportunities and threats and forecasting future trends in business areas of interest for the enterprise ,and participating in setting objectives and formulating corporate and business unit strategies. Selecting market target strategies for the productmarkets in each business unit, establishing marketing objectives as well as developing, implementing and managing the marketing program positioning strategies in order to meet market target needs”. (Drucker, 1973) Its role is to direct the firm or company towards attractive economic opportunities. The opportunities that are adapted to resources and knowledge and offer a potential for growth and profitability. Strategic marketing includes the way to reach the customers with products and services. It provides competitive advantage by considering segmentation, branding, marketing messages, and positioning. With segmentation, firm can concentrate specifically to particular market as per their buying behavior or lifestyle. As a result, it saves time and money...

Words: 2297 - Pages: 10

Premium Essay

Marketing

...The PMA/Northwestern University ROI of Integrated Marketing Research Project Research Results Developed by The PMA Educational Foundation, Inc. Northwestern University and The Dudley Group, Inc. in association with the Forum for People Performance Management and Measurement © Copyright 2005 by the PMA Educational Foundation, Inc. All rights reserved Copyright © 2005 The PMA Educational Foundation, Inc. All rights reserved. Published by The PMA Educational Foundation, Inc. 257 Park Avenue South New York, NY 10010 As the educational arm of the Promotion Marketing Association, Inc. (“PMA”), the PMA Educational Foundation, Inc. is dedicated to serving the public as its primary source of education, research and information on promotion and integrated marketing. The Promotion Marketing Association, Inc. is the premier trade association representing the $300 billion promotion marketing industry. Its members include many Fortune 500 corporations, top promotions agencies, suppliers of important promotional products and services, law firms and academics. The PMA is the voice of the promotion industry recognized and relied upon as the primary resource of promotion education, information and interaction for marketers. The PMA Educational Foundation acknowledges and thanks everyone who contributed to this project. Copyright © 2005 by the PMA Educational Foundation, Inc. All rights reserved. No portion of this work may be reproduced, transmitted or disseminated in any form...

Words: 19679 - Pages: 79

Premium Essay

Marketing

...Fundamentals of Marketing Glossary of Marketing Terms and Concepts Account A specific category of financial information such as sales, labor expense, or cash; also can refer to a specific customer who owes the business money for credit purchases. Acquisition The process of buying another firm or business unit; a method of direct investment that allows a firm to gain country and market-specific knowledge without incurring a long and costly learning process. Advertising Mass communication with customers or prospects, usually through public media. Agribusiness Any business organization that supplies farm inputs or services, or that processes, distributes, or wholesales agricultural products, or retails them to consumers. Agribusiness management The management of any firm involved in the food and fiber production and marketing system. Analyzing facts A step in the planning process requiring answers to such questions as "Where are we?" and "How did we get here?"; helps pinpoint existing problems and opportunities, and provides insights upon which to base successful decisions. Apprenticeship A form of training where a new employee works with a more experienced person, and learns under that person's direction. Assets Items of value, including physical and financial property, that are owned by the business. Balance sheet A financial statement that shows the financial makeup and condition of a business at a specific point in time by listing what the business owns, what it owes, and what...

Words: 7892 - Pages: 32

Premium Essay

Indentification of a Marketing Guru

...Identification of the marketing academic’s work 1. Introduction Philip Kotler has come to be known as one of the pioneers who has contributed to the field of marketing by broadening the subject as a profession which is now taught in schools and as part of a key area which needs to be incorporated in the business as part of the business plan. Born in Chicago on the 27th of May in 1931 to Russian Immigrants. He grew up with his three brothers in Chicago, where his parents ran a retail business. At an early Dr Kotler was seen to be someone who enjoyed reading. Dr Kotler is married to Nancy with three children. [pic] [pic] 2. Professional Background Kotler earned his Masters degree in economics from University of Chicago and his PhD at M.I.T both in economics. He also did his postdoctoral work in mathematics at the Harvard University and behavioural science at the University of Chicago. In 1962 he joined the Northwestern University which was later named as Kellogg School of Management. He has since been known as the distinguished S.C. Johnson & Son Distinguished of International Marketing at the Kellogg School of Management at Northwestern University. In business he has consultated and researched for IBM, American Bank, General Electrical and Honeywell. 3. Author: As an author he authored and co-authored 47 books by 2007. Amongst those books is the famous Marketing Management book which was released in 1967 which has since been recognised as the marketing bible, which...

Words: 2174 - Pages: 9

Premium Essay

Comprehensive Strategic Management Overview

...Overview of Strategic Management A Comprehensive Strategic-Management Model Strategy Evaluation Strategy Evaluation Strategy Implementation Strategy Implementation Strategy Formulation Strategy Formulation Measure and Evaluate Performance Measure and Evaluate Performance Implement Strategies – Marketing, Finance, Accounting, R&D and MIS Issues Implement Strategies – Marketing, Finance, Accounting, R&D and MIS Issues Generate, Evaluate, and Select Strategies Generate, Evaluate, and Select Strategies Implement Strategies – Management Issues Implement Strategies – Management Issues Establish Long-Term Objectives Establish Long-Term Objectives Perform Internal Audit Perform Internal Audit Perform External Audit Perform External Audit Develop Vision and Mission Statements Develop Vision and Mission Statements Strategic Management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. Develop Vision and Mission Statements A vision statement should answer the basic question, “What do we want to become?”. A clear vision statement provides the foundation for developing a comprehensive mission statement. An enduring statement of purpose that distinguishes one organization from other similar enterprises, the mission statement is a declaration of an organization’s “reason for being”. It answers the pivotal question “What is our business...

Words: 373 - Pages: 2

Premium Essay

Brand Management

...Brand Management Assessment 1 Kevin Lane Keller is the E. B. Osborn Professor of Marketing at the Tuck School of Business at Dartmouth College. Professor Keller has degrees from Cornell, Carnegie-Mellon, and Duke universities. At Dartmouth, he teaches MBA courses on marketing management and strategic brand management and lectures in executive programs on that topic. Previously, Professor Keller was on the faculty of the Graduate School of Business at Stanford University, where he also served as the head of the marketing group. Additionally, he has been on the marketing faculty at the University of California at Berkeley and the University of North Carolina at Chapel Hill, been a visiting professor at Duke University and the Australian Graduate School of Management, and has two years of industry experience as Marketing Consultant for Bank of America. Professor Keller's general area of expertise lies in marketing strategy and planning. His specific research interest is in how understanding theories and concepts related to consumer behavior can improve marketing strategies. His research has been published in three of the major marketing journals -- the Journal of Marketing, the Journal of Marketing Research, and the Journal of Consumer Research. He also has served on the Editorial Review Boards of those journals. With over sixty published papers, his research has been widely cited and has received numerous awards. Professor Keller is acknowledged as one of the international...

Words: 508 - Pages: 3

Premium Essay

The Latest and Newest Thing

... | | |*The same course can be transferred only as 1 course. | |First Level Modules | | |ACC1006 Accounting Information Systems |International Technology Venturing | |BSP1005 Managerial Economics |TU91.2010 Managerial Economics | |MKT1003 Principles of Marketing |23A00210 Introduction to Marketing (6 ECTS)...

Words: 33073 - Pages: 133

Premium Essay

Mgt330 Wk. 2

...Management Planning MGT/330 January 28, 2013 Management Planning History One of the world’s leading innovators in athletic products is Nike, Inc. It is popular for its athletic footwear, equipment, accessories and apparel. Nike’s mission: “To bring inspiration and innovation to every athlete* in the world” (Nike, Inc., 2011). Two visionary men, by the names of Bill Bowerman (Nike’s co-founder) and Philip H. Knight (Chairman of the Board of Directors), set out to revolutionize athletic footwear which later redefined the industry. Bowerman and Knight were first a partnership under the name, Blue Ribbon Sport. The goal of Nike, Inc. was to distribute Japanese quality shoes at a low-cost to America. As of 2000, over 40% of Nike’s sales come from athletic apparel, sports equipment, and subsidiary ventures. It dominates the athletic footwear industry in the global market share by 33%. It has over 20,000 retailers that includes Nike factory stores, Nike stores, NikeTowns, Cole Haan stores, as well as its internet-based Web sites (Enderle, Hirsch, Micka, Saving, Shah, & Szerwinski, 2000) . Planning Functions Considering the mass size of Nike’s organization, maintaining traditional and non-traditional distribution channels are controlled by its planning functions. Management directors and independent directors (Enderle, Hirsch, Saving, Shah, & Szerwinski, 2000). In this study, it analyzes the influence of legal issues, ethical climate, and corporate social philanthropic...

Words: 1118 - Pages: 5