MKT 100 Chapter Notes - Chapter 2: Gfk Entertainment Charts, Marketing Mix, Swot Analysis

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Julie Kellershohn

Document Summary

Chapter 2 developing marketing strategies and marketing plans. Mission statement a broad description of the firm"s objectives and the scope of activities that it plans to undertake: situation analysis + swot. Examination of market trends, customer and competitive analysis. Can assess opportunities and uncertainties due to the changes in cultural, demographic, social, technological, economic and political forces. Segmentation the process of dividing the market into distinct group of customers, where each individual has similar needs, wants or characteristics. Targeting the process of evaluating the attractiveness of various segments and which to pursue as a market. Positioning involves the process of defining the marketing mix variables so that target customers have a clear, distinct and desirable understanding of what the product does or represents. Product to develop products and services that customers perceive as valuable enough to buy. Price to charge a price that customers are willing to pay for the product or service they receive.