1. The definition of marketing management, according to Kotler, is “managing profitable
customer relationships (by) attracting new customers (and) retaining and growing
customers (Power Point slide No.4, Chapter 1). Marketing management according to Ken
Schaefle is, “The building block of the marketing process and it should form the
foundation of the organization…everyone should be dedicated to the customer” (Class
10/7/04). See attached Exhibit #1, Marketing Management Orientations.
2. Strategic Planning is defined as “the process of developing and maintaining a strategic
fit between the organizations goals and capabilities and its changing marketing
opportunities”. (PowerPoint slide No. 32, Chapter 2). Strategic planning, and its 4 steps of
defining the company mission, setting company objectives and goals, designing the
business portfolio, and planning marketing and other strategies are essential for marketing
managers as they must understand the core values, mission and vision statements of the
company in order to comprehend the culture they are working in. Each of the 4 steps, and
their importance in the process, are defined in Exhibit #2, Steps in the Strategic Planning
Process. As indicated in a Business Week magazine article titled “Strategic Planning”, a
recent study by the Association of Management Consulting firms found the executives,
consultants and B-school professors all agree that business strategy is now the single most
important management issue and will remain so for the next five years. In the 1990s,
Procter & Gamble Co.s strategic decision to compete on the basis of low prices allowed