Gurus On Marketing

Marketing strategy
Marketing strategy should be aligned with corporate strategy.
Marketing strategy should articulate actions and activities that
would identify and evaluate the threats and challenges facing organisations
and the determining and targeting of market segments to
achieve strategic objectives.
In chapter ten we look at various techniques used to determine the
appropriate market strategies.
Market planning
Marketing planning involves setting marketing goals and the action
plan to achieve these goals. The plan provides the structure and a
mechanism for managerial decisions.
Organisations formulate strategies and from these strategies strategic
objectives are formulated. These objectives relate to financial goals
(e.g. return on investment, asset utilisation, gross margins etc.) marketing
goals (market share, market growth, customer base etc.) employee
goals (staff turnover; skills etc.).
Prior to formulating these strategies the organisation should undertake
a SWOT (strengths, weaknesses, opportunities and threats) analysis
(see chapter ten) and undertake an external environmental scanning.
From various analyses, identify opportunities to achieve marketing
objectives set. The organisation should consider its chosen segments,
determine marketing mix, set budgets, and start implementing the
plan. Since the business world is dynamic by nature, the marketing
objectives should constantly be monitored and measured.
The strategic aspect of planning is related to corporate planning. The
day-to-day marketing activities constitute operational aspects of
marketing planning.
ONE THE FUNDAMENTALS OF MARKETING 23