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Strategic Marketing Part 1 Introduction The global business environment is changing rapidly and is becoming highly competitive. In this environment, corporate strategy is gaining significant attention at the organizational level. Marketing is a key element in the functional activities of companies and marketers which holds a very important position in the current business context.
Corporate strategy makers should focus on identifying the synergies existing between different operating units. For this purpose, most successful organizations develop their marketing strategy in tune with the corporate strategy for the whole company. Different companies accomplish this goal in a multitude of ways and there exists considerable debate regarding the method in which the strategies for functional activities of the firm might be coherently developed with the corporate strategy of the firm (Furrer, 2010). However, one action is found to be common among most of the companies around the globe. Their executive board, which is responsible for framing the organizational corporate strategy, consists of representative members from all the functional areas within the firm (Raynor, 2007). The fact that is implied in this context is that the importance of marketing in corporate decision making goes unchallenged. Marketing activities make one of the largest contributions among other functional activities. In this section of the paper, the importance of marketing in corporate strategy is explored. ...
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