MKT 100 Chapter Notes - Chapter 2: Boston Consulting Group, Strategic Business Unit, Swot Analysis

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

2: developing a marketing plan and marketing strategies. A marketing planning process is a set of steps a marketer goes through to develop a marketing plan. A marketing plan is a document that is composed of an analysis of the current market situation, opportunities and threats, objectives and a strategy specified in terms of the four p"s. The marketing mix is developed using the four p"s: control phase (step 5) - evaluating performance of marketing strategies and take necessary actions. Step 1: define the business mission and objectives. A mission statement is a broad description of the firm"s objectives and plans it hopes to undertake and what goal it hopes to achieve. A swot analysis assesses the internal and external environment by identifying strengths, weaknesses, opportunities and threats. Changes in culture, demographics, technology, economy, and political forces (cdstep) are also considered. Step 3: identify and evaluate opportunities by using stp.