Marketing

Marketing Strategic Planning

Marketing Highlights: Some guidelines for executing a Marketing philosophy

1. Create customer focus throughout the business.

2. Listen to the customer.

3. Define and nurture your distinctive competence, that is, what your organization does

well, better than competitors.

4. Define marketing as market intelligence.

5. Target customers precisely.

6. Manage for profitability, not sales volume.

7. Make customer value the guiding star.

8. Let customers define quality.

9. Measure and manage customer expectations.

10. Build customer relationships and loyalty.

11. Define the business as a service business.

12. Commit to continuous improvement and innovation.

13. Manage the culture of your organization along with strategy and structure.

14. Grow with strategic partners and alliances.

15. Destroy marketing bureaucracy.

Marketing Highlights: The Long term value of loyal customers

1. It costs a great deal more to acquire a new customer than to keep an old one.

2. Loyal customers buy more from your firm over time.

3. The longer you keep a customer, the more profitable they become over time.

4. It costs less to service loyal customers than new customers.

5. Loyal customers are often excellent referrals for new business.

6. Loyal customers are often willing to pay more for the quality and value they desire.

Key components to creating a mission statement:

1. The organization’s history. Every organization—large or small, profit or nonprofit—

has a history of objectives, accomplishments, mistakes, and policies. In formulating a

mission, the critical characteristics and events of the past must be considered.

2. The organization’s distinctive competencies. While there are many things an

organization may be able to do, it should seek to do what it can do best. Distinctive

competencies are things that an organization does well—so well in fact that they give it an

advantage over similar organizations. For Honeywell,...