MGT 103 Chapter Notes - Chapter 2: Market Segmentation, Marketing Mix, Swot Analysis
12 Apr 2018
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Strategic marketing process: an organization allocates its marketing mix resources to reach its target markets. This process is divided into three phases: planning, implementation, and evaluation. The planning phase of the strategic marketing process. Three steps in the planning phase of the strategic marketing process: (1) situation (swot) analysis. Swot analysis: acronym describing an organization"s appraisal of its internal strengths and weaknesses and its external opportunities and threats. It is based on study of four areas that form the foundation upon which the firm builds its marketing program: Research the organization"s present and prospective customers (2) market-product focus and goal setting. Determining which products will be directed toward which customers is often based on market segmentation: involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action. This enables an organization to focus specific marketing programs on its target market segments.
