MKT 100 Study Guide - Midterm Guide: Operational Excellence, Root Mean Square, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Chapter 2: developing a marketing plan and marketing. Marketing planning process: set of steps a marketer goes through to develop a marketing plan. Planning phase: marketing executives and top managers define the mission and objectives of the business, and evaluate the situation by assessing how various players, in and out, affect the potential success of business. Implementation phase: marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting and positioning; develop and implement the marketing mix by using the four ps. Control phase: part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary action. Step 1: define the business mission and objectives. Situation analysis: uses a swot analysis that assesses both the internal environment: its strengths and weaknesses and the external environment: its opportunities and threats. Includes an examination of market trends, customer analysis and competitive analysis.