{"id":3186,"date":"2023-02-19T16:11:51","date_gmt":"2023-02-19T16:11:51","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/creating-and-aligning-the-marketing-strategy\/"},"modified":"2025-05-27T22:08:54","modified_gmt":"2025-05-27T22:08:54","slug":"creating-and-aligning-the-marketing-strategy","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/creating-and-aligning-the-marketing-strategy\/","title":{"raw":"Learn It 14.3.3: The Marketing Mix","rendered":"Learn It 14.3.3: The Marketing Mix"},"content":{"raw":"

Inputs That Inform Marketing Strategy<\/h2>\r\n

To a great extent, developing the marketing strategy follows the same\u00a0sequence of activities used to\u00a0define a\u00a0corporate strategy. The chief\u00a0difference is that the marketing strategy is directly affected\u00a0by the overall corporate strategy; that is, the marketing strategy needs to work with<\/em>\u2014not apart from\u2014the corporate strategy. As a result, the marketing strategy must always involve monitoring and reacting to changes in the corporate strategy and objectives.<\/p>\r\n

In order to be effective, a marketing strategy must\u00a0capitalize on\u00a0the resources at its disposal\u00a0within<\/em> the company, but also take\u00a0advantage\u00a0of\u00a0the market forces that are outside<\/em> the company. One way to assess\u00a0these different factors, or inputs, is by conducting a situation analysis (also called a SWOT analysis).<\/p>\r\n

SWOT<\/strong> stands for strengths, weaknesses, opportunities, and threats.<\/section>\r\n

Centering on the Target Customer<\/h2>\r\n

The marketing strategy<\/strong> defines how the marketing mix can best be used to achieve the corporate strategy and objectives.\u00a0The centerpiece of the marketing strategy is the target customer. While the corporate strategy may have elements that focus on internal operations or seek to influence external forces, each component of the marketing strategy is focused on the target customer.<\/p>\r\n

Focusing the marketing strategy on the target customer seems obvious, but often organizations get wrapped up in their own strategies, initiatives, and products and sometimes forget to focus on the target customer. When this happens the customer loses faith in the product or the company and turns to alternative solutions.<\/p>\r\n

Aligning Corporate and Marketing Strategies<\/h2>\r\n\r\n[caption id=\"attachment_14023\" align=\"aligncenter\" width=\"380\"]\"The Figure 1. Organizational objectives can inform marketing strategy.\u00a0[\/caption]\r\n\r\n

How would good corporate-level objectives inform the marketing strategy and objectives? <\/span>If the corporate objectives are clearly defined and communicated, they can guide\u00a0and reinforce each step of the marketing planning process.<\/p>\r\n

    \r\n\t
  1. Imagine completing a market segmentation process. You find a target market that will find unique value in your offering. The decision to pursue that target market will depend on whether that segment is large enough to support the corporate objectives for market growth.<\/li>\r\n\t
  2. How many new products should the company launch this year? The answer should be informed by the corporate objectives for growth and profitability.<\/li>\r\n\t
  3. The marketing function has identified a customer relationship management campaign that would create greater customer loyalty. Does the cost of the campaign and its expected returns align with the company objectives?<\/li>\r\n<\/ol>\r\n

    As you can see, company objectives provide important guidance to the marketing planning process. Likewise, marketing objectives ensure that the goals of the marketing strategy are defined, communicated, and measured.<\/p>\r\n

    [ohm2_question height=\"350\"]6542[\/ohm2_question]<\/section>\r\n

     <\/p>","rendered":"

    Inputs That Inform Marketing Strategy<\/h2>\n

    To a great extent, developing the marketing strategy follows the same\u00a0sequence of activities used to\u00a0define a\u00a0corporate strategy. The chief\u00a0difference is that the marketing strategy is directly affected\u00a0by the overall corporate strategy; that is, the marketing strategy needs to work with<\/em>\u2014not apart from\u2014the corporate strategy. As a result, the marketing strategy must always involve monitoring and reacting to changes in the corporate strategy and objectives.<\/p>\n

    In order to be effective, a marketing strategy must\u00a0capitalize on\u00a0the resources at its disposal\u00a0within<\/em> the company, but also take\u00a0advantage\u00a0of\u00a0the market forces that are outside<\/em> the company. One way to assess\u00a0these different factors, or inputs, is by conducting a situation analysis (also called a SWOT analysis).<\/p>\n

    SWOT<\/strong> stands for strengths, weaknesses, opportunities, and threats.<\/section>\n

    Centering on the Target Customer<\/h2>\n

    The marketing strategy<\/strong> defines how the marketing mix can best be used to achieve the corporate strategy and objectives.\u00a0The centerpiece of the marketing strategy is the target customer. While the corporate strategy may have elements that focus on internal operations or seek to influence external forces, each component of the marketing strategy is focused on the target customer.<\/p>\n

    Focusing the marketing strategy on the target customer seems obvious, but often organizations get wrapped up in their own strategies, initiatives, and products and sometimes forget to focus on the target customer. When this happens the customer loses faith in the product or the company and turns to alternative solutions.<\/p>\n

    Aligning Corporate and Marketing Strategies<\/h2>\n
    \"The
    Figure 1. Organizational objectives can inform marketing strategy.\u00a0<\/figcaption><\/figure>\n

    How would good corporate-level objectives inform the marketing strategy and objectives? <\/span>If the corporate objectives are clearly defined and communicated, they can guide\u00a0and reinforce each step of the marketing planning process.<\/p>\n

      \n
    1. Imagine completing a market segmentation process. You find a target market that will find unique value in your offering. The decision to pursue that target market will depend on whether that segment is large enough to support the corporate objectives for market growth.<\/li>\n
    2. How many new products should the company launch this year? The answer should be informed by the corporate objectives for growth and profitability.<\/li>\n
    3. The marketing function has identified a customer relationship management campaign that would create greater customer loyalty. Does the cost of the campaign and its expected returns align with the company objectives?<\/li>\n<\/ol>\n

      As you can see, company objectives provide important guidance to the marketing planning process. Likewise, marketing objectives ensure that the goals of the marketing strategy are defined, communicated, and measured.<\/p>\n