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Lecture 16

2320 Lecture 16: Chapter 2- Developing a Marketing Plan

6 Pages
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Department
Business Administration
Course Code
Business Administration 3301K
Professor
Angela White

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Description
Chapter 2 Developing A Marketing Plan: Levels of Strategic Planning in corporations: Firms plan their marketing strategies to react to changes in the environment, the competition and their customers by creating a marketing plan Strategic planning in most organizations occurs on two levels, the corporate level and the functional level Corporate level planning is done by the company;s top management and focuses on the overall direction of the entire company Focuses on long term direction of the company Large companies that operate several business lines may see each to their strategic business units develop strategic plans for their products and the markets they serve Marketing can advise SBUs of changing consumer trends or recommend that SBUs develop customer service and loyalty programs Marketing Planning Process: A set of steps a marketer goes through to develop a marketing plan The Marketing Plan: A written document composed of an analysis of the current marketing situation, opportunities, threats for the firm A written marketing plan provides a reference point for evaluating whether or not the firm met its objectives The three major phases of the marketing plan are planning, implementation and control 1.Planning Phase: Marketing executives and other top managers define the mission and objectives of the business and evaluate the situation of the business, and evaluate the situation by assessing how various players, both inside and outside the organization, affect the firms potential for success 2.Implementation Phase: Where marketing managers identify and evaluate different opportunities by engaging in a process knows as segmentation, targeting and positioning. They then develop and implement the marketing mix by using the four Ps 3.Control Phase: The part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions Step 1: Define the Business Mission and Objectives: Mission Statement: A broad description of a firms objectives and the scope of activities it plans to undertake, attempts to answer two main questions: What type of business is it? and What does it need to do to accomplish its goals and objectives Step 2: Conduct a Situation Analysis: Situation Analysis: Uses a SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats Situation Analysis also includes an examination of market trends, customer analysis and competitive analysis firms should also assess cultural, demographic, social, technological, economic and political forces
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