Page 60 - Marketing Management

DEVELOPING MARKETING STRATEGIES AND PLANS | CHAPTER 2 37

TABLE 2.1 Some Examples of Master Marketers

Amazon.com Electrolux Progressive Insurance
Bang & Olufsen Enterprise Rent-A-Car Ritz-Carlton
Barnes & Noble Google Samsung
Best Buy Harley-Davidson Sony
BMW Honda Southwest Airlines
Borders IKEA Starbucks
Canon LEGO Target
Caterpillar McDonald’s Tesco
Club Med Nike Toyota
Costco Nokia Virgin
Disney Nordstrom Walmart
eBay Procter & Gamble Whole Foods

Planning Implementing Controlling |Fig. 2.1|
Corporate planning Organizing Measuring results The Strategic
Planning,
Division planning Implementing
Implementation, and
Diagnosing results
Control Processes
Business planning
Product planning Taking corrective
action

target markets and the firm’s value proposition, based on an analysis of the best market opportu-
nities. The tactical marketing plan specifies the marketing tactics, including product features,
promotion, merchandising, pricing, sales channels, and service. The complete planning, imple-
mentation, and control cycle of strategic planning is shown in Figure 2.1. Next, we consider
planning at each of these four levels of the organization.

Corporate and Division Strategic

Planning

Some corporations give their business units freedom to set their own sales and profit goals
and strategies. Others set goals for their business units but let them develop their own strategies.
Still others set the goals and participate in developing individual business unit strategies.
All corporate headquarters undertake four planning activities:

1. Defining the corporate mission
2. Establishing strategic business units
3. Assigning resources to each strategic business unit
4. Assessing growth opportunities

We’ll briefly look at each process.