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Corporate strategy defines the business the company is to compete in with the other organizations. Corporate strategies are developed by the top-level management and focuses on the possible areas of competition between the organizations.
Concerns here centre around the whole company and involve:
Defining the company mission
Setting the company objectives and objectives
Designing an appropriate business portfolio
Marketing strategies
Marketing strategy is functional in that it relates to the marketing department’s (unit) objectives. It is thus the marketing logic by which the business unit hopes to achieve its marketing objectives. It consists of specific strategies bearing on target markets, marketing mix and marketing expenditure level.
Target markets-spell out the market segments on which the company will focus. These segments differ in their preferences, responses to marketing effort, and profitability. The company would be smart to allocate its effort and energy to those market segments it can best serve from a competitive point of view. It should develop a marketing strategy for each targeted segment.
Marketing mix-the manager should outline specific strategies for such marketing mix elements as new products, field sales, advertising, sales promotion, prices, and distribution. The manager should explain how each strategy responds to the threats, opportunities, and key issues spelt out in the earlier sections of the plan.
Marketing expenditure level-the manager should also spell out the marketing budget that will be needed to carry out the various strategies. The manager knows that higher budgets will produce more sales, but is looking for the marketing budget that will produce the best profit picture.
Kavungya answered the question on April 27, 2021 at 11:37
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Sound Health Ltd. is a private company that deals with manufacturing and selling of anti-mosquito treated bed-nets.
The company distributes the nets in and...(Solved)
SOUND HEALTH LIMITED
Sound Health Ltd. is a private company that deals with manufacturing and selling of anti-mosquito treated bed-nets.
The company distributes the nets in and outside Kenya.
The chief executive of Sound Health Ltd. has stated that the objective of the company will be “to supply the best possible product to the greatest number of consumers at the lowest possible cost”.
The lowest possible cost will only be achieved by introducing a number of radical changes which will affect employees, shareholders and management. The ultimate goal will be to improve the efficiency of operations.
The holders of this view who include the chief executive are people who joined Sound Health Ltd. recently and have not stayed in the organization for more than three years. This group is small in number but they are quite influential.
The “newcomers” have had extensive private sector business experience where managerial internal controls are strict and well established.
This is in contrast with what has been happening at Sound Health Ltd., where there are many loopholes and contradictory systems of control.
Required:
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Date posted: April 27, 2021. Answers (1)
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