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Chapter 2

Marketing Chapter 2 Notes.docx

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Ryerson University
MKT 100
Laila Rohani

Marketing: MKT100 Chapter 2 Notes Ch. 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 The 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. There are 3 phases which encompass 5 steps for the Marketing Plan: 1. Planning Phase – (Step 1 & 2) - mission and objectives are defined and evaluating the situation by assessing the players and factors and how they affect the organization 2. Implementation Phase – (Step 3 & 4) - identifying opportunities by using processes like segmentation, targeting and positioning. The marketing mix is developed using the four P’s. 3. 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. Step 2: Conduct a Situation Analysis - 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 - Market segmentation is when a firm divides the market into distinct groups of customers where each group has similar needs, wants or characteristics. - Target marketing is the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market. - Market positioning is the process of defining the marketing mix variables so that targeted customers have a clear and distinct understanding of the product a firm is offering in comparison to the competition. Step 4: Implementing Marketing Mix and Allocate Resources - Firms will try to create value associated with their products so that customers’ needs and wants are met - Determining a price that gives enough value to the customer that they will want to buy it. - Firms must make the product readily accessible when and where the customer needs it. - Marketers communicate the value of that they are offering though promotion, media and advertising. Step 5: Evaluate Performance by Using Marketing Metrics - A metric is a measurement system that qualifies a trend, dynamic or characteristic. They are used to explain why things happened and for future projections. - At each level of the organization, the business unit and its manager is held accountable for things that they can control - Performance evaluations are used to pinpoint problematic areas of the marketing plan. - Types of metrics include performance objectives, financial performance, and social responsibility performance. Portfolio Analysis is when management evaluates the firm’s various products and businesses and allocates resources according to the products expected to be most profitable. - This is usually performed at the strategic business unit (SBU) which is a division of the company that can be managed somewhat independently from other divisions since it markets a specific set of products to a clearly defined market segment. Boston Consulting Group Portfolio Analysis SWOT Analysis Growth Strategies Market Penetration Strategy – employs the existing marketing mix and focuses on the firm’s efforts on existing customers. This can be done by getting the customer to buy from the f
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