BU352 Chapter Notes - Chapter All: Brainstorming, Focus Group, North American Free Trade Agreement
Document Summary
Marketing mix (4 ps: product, price, promotion, place. External forces: the marketing environment: social/cultural trends, economic, technology, political/regulatory, competitors, demographics. Eras of marketing: production-oriented era, sales-oriented era, market-oriented era, value-based marketing era. 20th century, a good product will sell itself . Have to give consumers greater value than their competitors. Strategic marketing planning process (developing a marketing plan: define mission/vision, situation analysis, identify and evaluate opportunities using stp, implement marketing mix, evaluate performance and make adjustments. Growth strategies: market penetration, market development, product development, diversification. Macro strategies: customer excellence, product excellence, operational excellence. Pricing strategies (marketing mix price" step: cost-based pricing, competitor-based pricing, value-based pricing. Levels of strategic planning: corporate planning, strategic business unit (sbu) / division planning- 3-5 years, set goals/ establish portfolio of products, functional planning - 1-3 years, develop plans for specific products/brands. 5 years, define mission, set company goals.
