MKT 100 Lecture Notes - Lecture 5: Marketing Mix, Swot Analysis, Brand Awareness

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

Document Summary

Chapter 2 situation analysis: developing marketing strategies. A marketing strategy identifies: a fir(cid:373)"s target (cid:373)arket(cid:894)s(cid:895, a related marketing mix the four ps, the bases upon which the firm plans to build a sustainable competitive advantage. Planning phase: step 1: business mission & objectives, step 2: situation analysis. Implementation phase (marketing strategy): step 3: identify opportunities, segmentation, targeting, positioning, step 4: implement marketing mix, product, price, place, promotion. Control phase: step 5: evaluate performance by using marketing metrics. Answers two questions: what business(es) are we, what do we need to do to achieve our goals, reflect competitive advantage, be motivating, be market-oriented. Define the mission: requisites for mission statements, be realistic, be specific, fit marketing environment. Cdstep: culture, demographics, social/natural, technology, economic, political/legal, culture. Step 4: implement marketing mix and allocate resources. Identify key business: assess attractiveness of each business, determine appropriate support level. Did we achieve performance goals: brand awareness, sales, profits.