Business Administration 1220E Lecture Notes - Target Market, Market Environment, Swot Analysis

• School: Western University
• Department: Business Administration
• Course: Business Administration 1220E
• Professor: Cole Finnbogason

Document Summary

Goal: improve the performance of the organization by establishing and nut ruing profitable relationships with customers clients, sponsors or stakeholders. Inter-related decisions when brought together into an integrated whole is called a company"s marketing program. Market - noun - exchange of demand and supply market - verb - sell. Marketing plan is a document that specifies what marketing program an organization intend to undertake, what that program makes sense, what program will require to be implemented and what results to be expected. Ten steps process of marketing management: define the marketing challenge. What decisions need to be made: identify attractive market opportunities. What are the competitors doing: select a primary market target. Which customers are available: decide on the product/service offering. How should the company differentiate from competition: decide on the distribution approach. What channels make the most sense: decide how to attract customers. What mix of communication methods should be used: decide on pricing.