ARE 3222 Lecture Notes - Lecture 3: Marketing Strategy, Marketing Mix, New Product Development
5 Sep 2019
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Document Summary
Chapter 2: strategic planning in contemporary marketing: lecture 3. Marketing plan: the basic for strategy and tactics: marketing planning. Implementing planning activities devoted to achieving marketing objectives: many planning activities take place over the internet with virtual conferences. Strategic planning: determining an organization"s primary objectives, adopting courses of action that will achieve these objectives, provides long-term direction for its decision makers. Tactical planning: addresses short-term, guides the implementation of activities specified in the strategic plan. Successful strategies: tools and techniques: porter"s five forces model, five competitive forces that influence planning strategies, the potential of new entrants. Is influenced by the number of suppliers: the threat of substitute products, can be either products from a competing firm or industry, rivalry among competitors, all the above four factors influence rivarly. Elements of a marketing strategy: the target market, marketing mix variables, blending four strategy elements to fit the needs and preferences of a specific target market.
