MKT 100 Chapter Notes - Chapter 2: Swot Analysis, Marketing Mix, Human Resource Management

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Valerie Hung

Document Summary

Where marketing executives and other top managers define the mission and objectives of the business, and evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm"s potential for success. Where marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning. They develop and implement the marketing mix using four ps. The part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions. Mission statement - description of firm"s objectives and the scope of activities it plans to undertake; attempts to answer two main questions: Situation analysis - (uses) swot analysis that asses both the internal environment (strengthen/weakness) and the external environment (opportunities/threats) Identify and evaluate opportunities by using stp (segmentation/targeting/positioning) Stp - the process of segmentation/targeting/positioning that firms use to identify and evaluate opportunities for increasing sales and profits.