MKT 100 Lecture Notes - Lecture 2: Marketing Mix, Swot Analysis, In Step

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Khalil Rohani

Document Summary

Marketing planning process: a set of steps a marketer goes through to develop a marketing plan. Control phase: entails evaluating the performance of the marketing strategy by using marketing metrics and taking any necessary corrective actions (step 5) And what does it need to do to accomplish its goals and objectives: focus on limited number of goals, stress major policies and values, define major competitive spheres, take a long-term view, short, memorable, meaningful. Step 3: identifying and evaluating opportunities using stp (segmentation, targeting, positioning) marketing efforts. Market segmentation: the process of dividing the market into distinct groups of: targeting. Target marketing/targeting: after a firm has identified the various market segments it might pursue, it evaluates each segment"s attractiveness and decides which to pursue. Market positioning: involves the process of defining the marketing mix variables so that: positioning target customers have a clear, distinct, desirable understanding of what the product does or represents in comparison with competing products, set marketing objectives.