MKT 100 Chapter Notes -Strategic Planning, Habitat, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Nukhet Taylor

Document Summary

Strategic planning: process that helps an organization allocate its resources to capitalize on opportunities in the marketplace. Includes conducting a situation analysis and developing the organization"s mission statement, objectives, and strategies: followed by the development of a segmentation, targeting and positioning strategy and the implementation of the marketing mix to support the strategy. Situation analysis involves analyzing the environment in which the business operates: external (macro factors outside the organization, political/legal/regulatory, economic, socio-cultural, technological, competitive (pestc) environments, significantly affects the decisions a company makes, and thus must be continuously evaluated. Internal (micro-company: company resources (financial, technological, etc. , capabilities (personnel, and processes, corporate partners (distribution and suppliers) Important to consider how the company resources and capabilities and the corporate partnerships compare against the competition. First step is to look internally within a company (ie. the microenvironment) and assess the company (resources, capabilities) and its corporate partnerships, in comparison to the competitors: company, resources (eg. financial, technological, corporate partners, distribution, suppliers.