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Chapter 2

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Department
Marketing
Course
MKT 100
Professor
Joanne Mc Neish
Semester
Fall

Description
Chapter 2: Marketing Plan & Marketing Strategies 3 phases of a strategic plan: planning, implementation, control  the steps involved in strategic planning are not likely to be sequential, since, planning entails an iterative process and is affected by market shifts, new research findings, and/or the introduction of new products  Planning and executing the plan are crucial to success  A poorly executed plan leads to failure, regardless of how good or solid the plan is  The world is full of good plans poorly executed Example: When initially introduced, diapers designed differently for boy and girls bombed because the market was not ready for the product; through improved execution, the diaper manufacturer ultimately found success. However, even well-executed plans require monitoring and updating, because the needs of any market constantly change. STP Segmentation, Targeting, Positioning  After completing the situation audit, the next step is to identify and evaluate opportunities for increasing sales and profits using STP (segmentation, targeting, and positioning)  With STP, the firm first divides the marketplace into subgroups or segments, determines which of those segments it should pursue or target, and finally decides how it should positi
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