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Hierarchy of Objectives Business Mission Business Objectives Marketing Objectives Marketing Strategy Source: adapted from Kotler & Armstrong, Principles of Marketing Center for Management Development 2 Hierarchy of Objectives Example Business Increase agricultural productivity Mission Business Research new 3 fertilizers “Specific, Objectives Raise profitability 20% Measurable” Increase sales 15% Reduce costs 5% Marketing “Specific, Objectives Increase mkt share Enter new foreign Measurable” in domestic mkt mkts Marketing Increase product Cut price and Strategy availability and call on large “Actions” promotion farms abroad Source: adapted from Kotler & Armstrong, Principles of Marketing Center for Management Development 3 Mission Statements • Who is your customer? (demographics, psychographics, firmographics) • What benefits are you offering? • How will you deliver the benefits? (The technology you will use) DCB Examples Center for Management Development 4 Mission Statement Example “Our mission is to bring better food choices to consumers through the application of advanced technology” (The NutraSweet Co., Kotler & Armstrong, Principles of Marketing, 5th Ed., p. 30) Benefit-oriented, not product-oriented Specific (?) A good mission statement helps avoid “mission creep” but enables a company to grow in appropriate directions Center for Management Development 5 Determinants of E-Commerce Marketing Strategy Business Mission Business Objectives Traditional E-Commerce Marketing Objectives Target-Market Market-Related Definition Technology Issues Marketing Specification of Four P-Related Strategy the Four P’s Technology Issues Product Promotion Price Place Center for Management Development 6
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