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Strategic Components of Marketing - Summary

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The Marketing Process( graph)
Marketing Management
• Corporate-level considerations include the organization's mission and objectives
• Functional-level considerations include non-marketing institutions and marketing institutions.
• Marketing-level considerations include the mission, the situation analysis, objectives, strategy, implementation, budget, and evaluation.
Marketing Plan
• The marketing plan begins with the corporate mission, which reflects the general values of the organization.
• Situational analysis follows the establishing of a corporate mission, and identifies factors that have a direct bearing on the marketing plan.
• Situational analysis helps produce a relevant set of marketing objectives, which are also affected by the corporate objectives of the company.
The marketing mix represents the way in which an organization's broad marketing strategies are translated into marketing programs for action.
The marketing mix is comprised of:
• Product
• Price
• Promotion
• Distribution
The marketing budget represents a plan to allocate expenditures to each of the components of the marketing mix.
Marketing control involves a number of decisions:
• Which function to monitor.
• Establishment of standards for performance.
• How to collect information for making comparisons between performance and standards.
• Adjustments in the marketing program.
The keys to marketing success are:
• Satisfy the customer.
• Establish a clear company image.
• Make marketing central to the organization.
• Be proactive.
• Develop a strategy consistent with the situation.