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MKT1040 Midterm: Marketing Midterm Study Sheet.docx


Department
MKT
Course Code
MKT1040
Professor
Donna Zathy
Study Guide
Midterm

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Marketing Midterm Study Sheet
Chapter 3
Marketing Plan Elements
Marketing Planning- involves designing activities relating to marketing objectives and the changing marketing
environment
Why write a marketing plan?
Actual and expected performance can be compared
Clearly stated activities that help managers and employees work towards common goals
Serve as a reference point for future activities
Business Mission Statement
Q: What business are we in?
Establishes boundaries for all subsequent decisions, objectives and strategies
Should focus on the market/s the organization is attempting to serve vs. the good or service (focusing on
the good/service is marketing myopiadon’t want this)
Objectives
Marketing objective- statement of what is to be accomplished through marketing activities
Should be realistic, measurable, and time specific
Be consistent and indicate priorities of the organization
Good objectives will: provide management direction, motivate employees, focus executives on thinking
clearly, and allow for better evaluation of results
SWOT Analysis
Identify internal strengths and weaknesses and external opportunities and threats
External- analyze aspects of the marketing environment with environmental planning
Environmental Planning- collection and interpretation of information about forces, events and
relationships in the external environment that may affect the future of the organization or the
implementation of the marketing plan
Most studied forces are: social, demographic, economic, technological, political and legal, and
competitive
Competitive Advantage
Competitive Advantage- set of unique features of a company and its products that the target market thinks to be
superior and significant compared to the competition
Can be divided into three types:
oCost-experience curves, efficient labour, no-frills goods and services, product design/product
innovations (ex.walmart)
oProduct/Service Differentiation-firm provides something unique that is valuable to buyers
beyond just low price (ex. Oakley)
oNiche- targeting unique segments with specific needs and wants (ex. Rolex, Cirque du Soleil)

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BCG (Boston Consulting Group’s)
Matrix
Star- business unit that is a fast
growing market leader (ex. Tablets)
Cash Cow- business unit that
generates more cash than it needs to
maintain its market share (ex.
Laptops)
Problem Child- business unit that
shows rapid growth but poor profit
margins
Dog- business unit that has low
growth potential and a small market
share (ex. Mainframe computer)
Target Market Strategies
Begins with a market opportunity
analysis- description and estimation
of the size and sales potential of the
segments
Three strategies for selecting target markets
oAppealing to the entire market with one marketing mix
oConcentrating on one segment
oAppealing to multiple segments using multiples marketing mixes
Elements of the Marketing Mix
Product- tangible goods, ideas or services
Place- distribution strategies are concerned with making products available when and where customers
want them
Promotion- advertising, direct marketing, public relations, online marketing
Price- what a buyer must give up in order to get the product
Target Market Identification + Marketing Mix = Market Strategy
Implementation- people must perform the actions in the plan
Evaluation- plan should be evaluated to determine whether it has achieved its objectives
Control- correcting actions that do not help the organization reach those objectives within budget guidelines
Ansoff’s Strategic Opportunity Matrix
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