MKT 100 Lecture Notes - Lecture 2: Swot Analysis, Marketing Mix, Market Segmentation

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Hamed M

Document Summary

How the company wants to build a sustainable competitive advantage an advantage over the competition that is not easily copied: key to long term financial performance. Four overarching strategies that focus on the aspects of the marketing mix: Step 1: defining the mission and objectives the (cid:373)arketi(cid:374)g (cid:373)i(cid:454) (cid:271)(cid:455) usi(cid:374)g the four p"s. Control phase entails evaluating the performance of the marketing strategy by using metrics. Second step they evaluate the situation by assessing how various players affect the organization. In the implemention stage marketing managers indentify and evaluate different oppurtunities by doing stp (segmentation, targeting, and positioning) Mission is what they want to do and what activities it plans. Mission statements should be realistic, specific, fit to the environment, competitive, motivating and market oriented. Must a(cid:374)s(cid:449)er (cid:862)what t(cid:455)pe of (cid:271)usi(cid:374)ess are (cid:449)e? (cid:863) a(cid:374)d (cid:862)what do (cid:449)e (cid:374)eed to a(cid:272)(cid:272)o(cid:373)plish our o(cid:271)je(cid:272)ti(cid:448)es? (cid:863)