ADM 2320 Chapter Notes - Chapter 2: Human Resource Management, Operational Excellence, Swot Analysis
Document Summary
Step 1: define the business mission and objectives. After developing its mission, a firm next must perform a situation analysis, using swot analysis that assesses: internal environment. The firms should assess the opportunities and uncertainties of the marketplace due to changes in cultural, demographic, social, technological, economic, and political forces (cdstep) Step 3: identifying and evaluating opportunities using stp. Stp: the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits. Targeting: target marketing/targeting: the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market. Positioning: market positioning: involves the process of defining the marketing mix variable so that target customers have a clear, distinct, desirable understanding of what the product does or represents in comparison with competing products. Step 4: implement marketing mix and allocate resources.