MKT 100 Chapter Notes - Chapter 2: Marketing Mix, Strategic Business Unit, Operational Excellence
28 Jun 2018
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MKT 100 - Chapter 2 - Developing a Marketing Plan and Marketing Strategies
Corporate level planning is done by the company’s top management and focuses on
the overall direction of the entire company
Marketing planning process - a set of steps a marketer goes through to develop a
marketing plan
Market plan has 5 steps
Step 1 - planning phase - where marketing executives and other top managers
define the mission and objectives of the business
Mission statement - a broad description of a firm’s objectives and the scope
of activities it plans to undertake; attempts to answer two main questions:
what type of business is it? What does is need to do to accomplish its
goals/objectives?
oAnother key goal in a mission statement is how the firm is building a
sustainable competitive advantage
Step 2 - evaluate the situation by assessing how various players (inside and outside
the organization) affect the firm’s potential for success (still apart of planning
phase)
Situation analysis - (second step in a marketing plan), uses a SWOT analysis
that assesses both the internal environment with strengths and weaknesses
and external environment with opportunities and threats
Includes examination of market trends, customer analysis, and competitive
analysis
Assess the opportunities and uncertainties of the market place due to
changes in cultural, demographic, social, technological, economic, and
political forces (CDSTEP)
Step 3 - implementation phase - where marketing managers identify and evaluate
different opportunities by engaging in a process know as segmentation, targeting
and positioning
STP - the process of segmentation, targeting, and positioning that firms use
to identify and evaluate opportunities for increasing sales and profits
oMust understand customer needs and wants through research, divide
customers into subgroups, choose group to target and how to best
target them
Market segment - a group of consumers who respond similarly to a firm’s
marketing efforts
Market segmentation - process of dividing the market into distinct groups
of customers where each group has similar needs/wants/characteristics,
might appreciate products/services geared for them in similar ways
Target market / targeting - process of evaluating the attractiveness of
various segments and deciding which to pursue as a market
find more resources at oneclass.com
find more resources at oneclass.com
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MKT 100 Full Course Notes
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Document Summary
Mkt 100 - chapter 2 - developing a marketing plan and marketing strategies. Corporate level planning is done by the company"s top management and focuses on the overall direction of the entire company. Marketing planning process - a set of steps a marketer goes through to develop a marketing plan. Step 1 - planning phase - where marketing executives and other top managers define the mission and objectives of the business. What does is need to do to accomplish its goals/objectives: another key goal in a mission statement is how the firm is building a sustainable competitive advantage. Step 2 - evaluate the situation by assessing how various players (inside and outside the organization) affect the firm"s potential for success (still apart of planning phase) Situation analysis - (second step in a marketing plan), uses a swot analysis that assesses both the internal environment with strengths and weaknesses and external environment with opportunities and threats.
