MKT 100 Chapter Notes - Chapter 2: Operational Excellence, Marketing Plan, Swot Analysis

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Khalil Rohani

Document Summary

A marketing plan is a written document composed of: Marketing objectives/strategies specified in the 4 p"s. Marketing plan entails 5 steps: define mission and objectives (planning phase) The mission statement answers the questions: what type of business are we, what do we need to do to accomplish our goals and objectives, situational analysis: swot (planning phase) Assessing the strengths (internal) and weaknesses (internal) Also includes analysis of market trends, customer analysis, and competitor analysis. Firm should also assess uncertainties in the market due to change in cultural, demographic, social, technological, Economic, and political forces (cdstep: identifying opportunities: stp (implementation phase) Segmentation: process of dividing market into distinct groups that carry different needs, wants, or characteristics. After evaluating different market segments a firm has to decided which group to target as their desirable marketplace. Marketing position: positioning a product in a marketplace in a way that has consumers thinking of the brand in the way that is intended.