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Lecture 2

MKT 100 Lecture 2: MKT 100 Lecture 2 notes Hamed Mehrabi

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Department
Marketing
Course
MKT 100
Professor
Hamed Mehrabi
Semester
Winter

Description
MKT 100 Lecture 2 Chapter 2: Developing Marketing Strategies and a Marketing Plan Marketing Strategy - A marketing strategy identifies o A firm's target market(s), o A related marketing mix—the four Ps, and o The bases upon which the firm plans to build a sustainable competitive advantage. - Corporate level planning long term - Functional level planning short term, daily Marketing Plan - Contains 3 phases and 5 steps - Firms don’t always go through all these steps stick to existing objectives and revise the marketing plan - Steps are not always necessarily sequential Question - The marketing plan should be a written plan yet many companies do not write it down. Why do companies tend to not write down marketing plans? o Everything is done on a daily basis and is planned along the way, so they don’t have one formal marketing plan they follow all the time for every product Step 1: Defining the Mission and Objectives - Answers two questions: o What business(es) are we? o What do we need to do to achieve our goals? MKT 100 - Mission what the company is going to do now or doing now - Vision what the company hopes to achieve in the future Define the Mission - Requisites for mission statements - Market oriented vs. product oriented From Organization to Function Level Objectives Step 2: Situation Analysis Using SWOT Analysis - External environment ex. Target company failure ex. Uber MKT 100 CDSTEP - These factors can be considered in situational analysis - Having a stable political environment gives more opportunities for emerging companies SWOT Analysis - How to reflect on the SWOT analysis? o Internal under control of the firm o External not under control of the firm, firm decides whether or not they want to exploit different opportunities or not Step 3: Identifying and Evaluating Opportunities - How? Segmentation, targeting, positioning MKT 100 Positioning - “what a dog feels like when the leash breaks” Porsche targets affluent buyers with promises of driving excitement Disney: STP - “we provide entertainment experiences” o Magic Kingdom families with younger kids o Pleasure Island singles and couples o Epcot Adults, families with older kids Step 4: Implement Marketing Mix and Allocate Resources Price and Value for Money - Customer perception of value - Price is only a part of value Price and Value Delivery - Product must be readily accessible - When and where the customer wants it - Ex. Amazon prime Promotion and Value Communication - Television - Radio - Magazines MKT 100 - Sales force - New Media Allocate Resources: Design the Business Portfolio - Analyze the current portfolio o Identify key businesses o Assess attractiveness of each business o Determine appropriate support level - Typically companies have limited resources and need to invest these resources for different areas of business - How much money/resources are you going to allocate to each function of the business? Allocate Resources: Boston Consulting Group (BCG) Growth-Share Matrix - Vertical axis market growth rate for the product/business - Horizontal axis relative market share - Cash cow Microsoft office software  when a company becomes a cash cow, it
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