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Final

MKT 100 Study Guide - Final Guide: Swot Analysis, Marketing Mix, Pro Forma


Department
Marketing
Course Code
MKT 100
Professor
Fathima Saleem
Study Guide
Final

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Chapter 2: Developing Marketing Strategies & Marketing Plan
What is a Marketing Strategy?
A marketing strategy identifies a firm's target market (s), a related marketing mix-the four
Ps and the bases upon which the firm plans to build a sustainable competitive advantage.
Sustainable Competitive Advantage: An advantage over the competition that is not
easily copied and thus can be maintained over a long period of time.
Marketing Strategy to Marketing Plan: In order to make a marketing strategy a reality,
a company should have a strategic marketing plan.
oMarketing Plan: A written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives
and strategy specified in terms of the four Ps, action programs and projected or
pro forma income (and other financial) statements.
Marketing Plan Process
Step 1: Business Mission and Objectives. A broad description of a firm's objectives and
the scope of activities it plans to undertake; attempts to answer two main questions: What
type of business is it? What does it need to do to accomplish its goals & objectives?
Step 2: Conduct a Situational Analysis. The second step in a marketing plan, 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.
Step 3: Identify and Evaluate Opportunities by Using STP.
oSTP: The processes of segmentation, targeting and positioning that firms use to
identify and evaluate opportunities for increasing sales and profits.
oMarketing Segmentation: The process of dividing the market into distinct
groups of customers--where each individual group has similar needs, wants or
characteristics-- who therefore might appreciate products or services geared
especially for them in similar ways.
oTargeting: The process of evaluating the attractiveness of various segments and
then deciding which to pursue as a market.
oMarket Positioning: Involves the process of defining the marketing mix
variables so that target customers have a clear, distinct, desirable understanding of
what the product does or represents in comparison with competing products.
Step 4: Implement Marketing Mix and Allocate Resources. Marketers implement the
marketing mix-4Ps--for each product and service on the basis of what it believes its target
market will value. At the same time, it makes important decisions about how it will
allocate its scarce resources to its various products and services.
Step 5: Evaluate Performance by Using Marketing Metrics. Evaluating the results of the
strategy and implementation program by using marketing metrics. A metric is a
measuring system that quantifies , a trend, dynamic or characteristics. Metrics are used to
explain why things happened and project the future.
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