Principles Of Marketing
17th Edition
ISBN: 9780134492513
Author: Kotler, Philip, Armstrong, Gary (gary M.)
Publisher: Pearson Higher Education,
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Chapter 2, Problem 2.1DQ
Summary Introduction
To determine: The strategic planning and the four steps that lead managers and the firm through the strategic planning.
Introduction:
Strategic planning is the process where the organization plans the strategy on setting goals, making decisions, allocating its resources, and achieving their goals.
Expert Solution
Explanation of Solution
The process of planning regarding the identifying of the goals, achievements, resources, manpower, vision, and mission is termed as strategic planning.
The four steps that lead managers and the firm through the strategic planning:
- Identifying the mission and vision;
- Supporting the company’s objectives;
- Framing a strong business portfolio;
- The next step is to plan, coordinate, market, and other functions.
Summary Introduction
To discuss: The role of marketing in strategic planning process.
Expert Solution
Explanation of Solution
Marketing plays a vital role in strategic planning process. Strategic plan of marketing occurs at various levels of organization.
- Business unit
- Product level
- Market level
Marketing gives the detailed opportunities to the organization and the concept to have the smooth customer relationship.
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Imagine you have the sole marketing rights to a new herbal shampoo that you developed from local herbs and plants that are indigenous to your country. This shampoo can stop hair loss and promote hair growth for those who have suffered hair loss. You have branded it Nasure® Shampoo, and given your limited capital, you plan to sell your product exclusively over the Internet and support it by advertising and infomercials on late-night television. You have also planned some social media marketing, plus you are also hoping to obtain free publicity in men's fashion magazines. You plan to sell the product in a 400-gram bottle for $599 plus $9.99 shipping and handling. This price is considered premium to that of competing products, but you justify this based on the unique properties of the shampoo.
Identity the primary target market for your shampoo and provide your justification.
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