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Lecture 3

MARK301 Lecture Notes - Lecture 3: Energy Gel, Swot Analysis, Root Mean Square

Course Code
Utku Akkoc

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Strategic Planning
Strategic Planning
the process of developing and maintaining a fit between:
the organizations goals & capabilities
changing market
answers the questions:
who are we? what do we want to do? how do we do it?
what is the market doing?
Steps in Strategic Planning (New Product)
an iterative process - may need to go back and revise steps as you go on and learn more
1. Background, Objectives, and Goals - mission statement, current environment, set objectives
and goals
2. Identify Factors Influencing Adoption - SWOT analysis, benefits/barriers, competition,
important others
3. Segmenting, Targeting, Positioning - segment market and select a target audience;
construct positioning statement
4. Develop Marketing Strategy - product, place, price, promotion, brand strategies
5. Plan for Monitoring and Evaluation - how will you know the plan was a success?
6. Budget - estimated costs to implement research, strategies, and evaluation
7. Implementation
1. Background, Objectives, and Goals
Mission Statement
don’t want to focus on the product
a statement of the organization’s purpose
should be market-oriented and defined in terms of customer tips
be realistic
be specific - in what values, needs, and wants you are talking about
fit the environment
be motivating - what the company and employees are referring to when making decisions
be based on distinctive competencies
e.g. Google’s mission statement:
if their statement was product-oriented: “we want to be the world’s best search engine”
their current market-oriented statement: “to organize the world’s information and make it
universally accessible and useful”
this statement gives them flexibility to modify their product offering as the market evolves
Objectives and Goals
the foundation of how you would evaluate whether or not you were successful
be really specific in the goal
objectives - specify targeted behaviour and attitudes
what do you want your audience to do?
what do you want your audience to know?

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what do you want your audience to believe or feel?
goals - specify targeted rates of change in behaviour
SMART: specific, measurable, attainable, relevant, time sensitive
e.g. social marketing campaign:
mission statement - reduce traffic injuries and death
focus - cell phone usage while driving
behaviour - to wait until you arrive at your destination to use your phone
knowledge - to know the percentage of traffic accidents involving someone talking on their
belief - to believe that talking on the phone can be distraction
goal - increase the number of people who wait to use their cell phones by 25%
issue is that goal is not time sensitive
e.g. commercial marketing campaign:
mission statement - to optimize athletic performance
focus - consuming nutrients before a workout
behaviour - to consume a gel pack 5 minutes before every workout
knowledge - to know the nutrients required to optimize performance
belief - to believe that consuming a serving of energy gel will optimize training, competition
and recovery
goals - to increase the number of athletes who consume an energy gel everyday by 15% by the
end of the year
The Marketing Environment
actors and forces that affect the manager’s ability to build and maintain successful relationships
with target customers
the microenvironment - the capabilities of employees, suppliers, publics (anyone with a vested
interest in the product but not necessarily consumers)
the company, suppliers, intermediaries competitors, publics, customers
the macro-environment - demographic, economic, natural, technological, political, and cultural
2. Factors Influencing Adoption
SWOT Analysis
a complete analysis of the company’s situation
strengths - internal capabilities and resources that may improve performance
weaknesses - internal limitations that may interfere with performance
opportunities - external factors or trends that the company can exploit
threats - unfavourable external factors or trends that may challenge performance
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