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1. Definition of a company mission statement
This refers to the statement of what an organization is aiming to achieve- through the conduct of its business. It can also be referred to as a company’s reason for existence. It provides an organization with focus and direction.
The mission statement is basically based on the customer groups, needs served and technology employed If the mission statement is not defined clearly, this may lead to marketing myopia e.g. a mission statement like banking may adequate and sufficient. Mission statement should be one enough to incorporate even the challenges that may occur in future, e.g. Meeting customer needs in the banking area.
Factors that may affect the mission statement include;
i. Corporate history
ii. Corporate culture,
iii. Organizational structures
2. Identification of the statement of company objectives and vision Objectives define specific for the organization as a whole and may be expressed in terms of profitability, returns on investment, growth of asset base, earnings per share, e.t.c. Objectives will differ from one department to the other, e.g. Marketing, financial as well as human resources objectives. e.t.c. will not be similar due to differences in each.
3. Situational analysis — This require a thorough analysis or understanding of the environment facing a firm. This requires the development of broad trends within the economy and the society as well as a detailed analysis of markets, selection of markets, consumers, and competitors. It includes the analysis of the environment (SWOT analysis).
4. Selection of a strategy — Options of strategies open to a firm must critically be evaluated to establish their viability. A choice is then taken based on the availability of resources.
5. Marketing strategy or strategy Development — This involves developing a strategy to counter the situation, e.g. strategies like, important resource allocations, choosing which product, markets, and distribution channels to use, among others.
This may involve the design of decisions with regards to specific markets, information on patterns of competition, consumer behaviour and market segmentation. This will provide an input into the development of marketing objectives and market specific strategies. In addition, the marketer will also be able to develop integrated marketing strategies involving the marketing mix elements (product, price, place and distribution).
This may involve designing market-driven strategies which are useful in identifying market opportunities, defining market segments, evaluating competition and assesses the organizational strengths and weaknesses. Organizations must therefore design the right marketing mix strategies
The development of the marketing mix is guided by the need to ensure that the product is appropriate to the market in terms of features. image perceived value and its availability in the market. This will in tarn determine the level of expenditure which, is largely based on the level of resource allocation-decision in the organization.
6. Implementation — This involves identification of specific tasks which need to be performed, their allocation to individuals and the establishment of a system. That is, a program of implementation. of activities in the organization must be outlined within a given time frame.
7. Managing the marketing effort — Marketing managers must put in measures of control to correct any deviations from planned standards or objectives, comparing actual performance with the standard.
Titany answered the question on October 6, 2021 at 10:27