MKT 100 Chapter Notes - Chapter 2: Walmart, Swot Analysis, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Asif Salam

Document Summary

Planning phase: step 1: business mission & objectives. Mission statement - what type of business is it/ what does it need to do to accomplish goals/objectives: step 2: swot analysis. Includes examination of market trends, customer analysis, competitive analysis. Mkt segmentation divide mkt into distinct groups of customers, each group having similar need/wants. Target marketing evaluates each segments attractiveness/decides which to pursue by using. Mkt positioning defines marketing mix variables so that target customers have understanding of what product does/represents in comparison to other products: step 4: implement marketing mix. Price/value for money customer perception of value/price is only a part of value. Place/value delivery product must be readily accessible. Control phase: step 5: evaluate performance mkting metrics. Stars high growth mkt/high-mkt share products which require heavy source of investment (promo/ production facilities) Cash cows low growth mkt/high mkt share , have excess resources that can be spun off to those that need it.