4.2 Evaluate Alignment of Marketing Strategies
Learning Objectives
- Define strategy, tactics, and objectives
- Describe how to align mission, strategy, and objectives
- Explain the role of marketing strategy in corporate strategy
- Evaluate how marketing strategies align with corporate strategies
Introduction to Chapter 4: Strategy, Objectives, and Tactics
In this chapter, we explore the key elements of marketing strategy and the tactics organizations use to bring that strategy to life. But how do you know if you have the right strategy?
Every organization starts with a mission, a clear statement of its purpose or reason for existing. To fulfill this mission, companies develop broad strategies that guide how they use their resources. These strategies are supported by specific, measurable, and time-based objectives that help leaders track progress and success.
Within this structure, marketing plays a critical role. The marketing team creates its own strategy that aligns with the company’s overall objectives. This involves understanding the target customer and choosing the right mix of product, pricing, promotion, and place (distribution) to deliver real value.
To measure success, marketing also sets its own objectives and uses a variety of tactics, the day-to-day actions that execute the strategy and move the organization closer to its goals.
Creation notes: Chat GPT was used to format, update and shorten text.
Learning Activities
- Video: What Is Strategy?
- Reading: Strategy and Tactics
- Reading: The Mission Statement
- Reading: Strategy and Objectives
