MKT 2221 Lecture Notes - Lecture 10: Marketing Mix, Pricing Strategies, Swot Analysis
Document Summary
The first phase of marketing planning is to analyze the marketing environment. This means understanding the firm"s current strengths and weaknesses by assessing factors that might help or hinder the development and marketing of products. The analysis must also take into account the opportunities and threats the firm will encounter in the market place. A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. Steps in the marketing plan: perform an situational analysis, managers must conduct an analysis of the marketing environment. This includes a discussion of the firm"s internal environment, which can identify firm"s strengths and weaknesses, as well as the external environment, which the firm does business so it can identify opportunities and threats. Because the product is the most fundamental part of the marketing mix, carefully developed product strategies are essential to achieving marketing objectives.
