MGT 3300 Lecture Notes - Lecture 10: Marketing Strategy, Marketing Mix, Direct Market
Document Summary
Chapter 3 evaluating opportunities in the changing market environment. The marketing strategy planning process guides the selection of a target market and the development of a marketing mix. Marketing strategy planning begins by gathering information about the market and company. Marketing strategy planning narrows down from broad opportunities to specific strategy. Screening criteria makes it clear why you select a strategy. Narrow down to a superior marketing mix. Marketing strategy planning: company, competitors & external market environment. Specific aspects of the external market environment, company, and competitors aid the firm in evaluating opportunities. From these opportunities, the best opportunities can be selected. Each company has objectives it wants to accomplish, and specific resources at its disposal. When looking at its competitors, firms must include not only its current competitors, but potential (future) ones as well. The external market environment is made up of: the economic environment, the technological environment, the political and legal environment, and the cultural and social environment.
