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Marketing Summary

In: Business and Management

Submitted By fuadfahmi
Words 9906
Pages 40
Customer Relationships

- Defining a Market-Oriented Mission o Mission Statement (Statement of the organization’s purpose) ▪ Should be market-oriented ▪ Defined in terms of customer needs ▪ Should not be too narrow/broad ▪ Should be realistic ▪ Should be specific ▪ Should fit market environment ▪ Should base on distinctive competencies ▪ Should be motivating - Designing the Business Portfolio ▪ Strength of SBU’s position in that market or industry • Invest more to build share • Invest just enough to hold at current level • Harvest to milk short-term cash flow regardless of long-term effect • Divest by selling or phasing it out o Shape future portfolio ▪ Objective must be “profitable growth”, not growth itself ▪ Market Penetration (Making more sales to current customers without changing products) ▪ Market Development (Identifying and developing new markets for current products) ▪ Product Development (Offering modified or new products to current markets) ▪ Diversification (Starting up or buying businesses outside of current products and markets) • Careful not to lose market focus ▪ Downsizing • Market environment has changed, making some products or markets less profitable • Firm has grown too fast and entered areas where it lacks experience • Firm enters too many foreign markets without proper research • Introduces new products that…...

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