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Chapter 2

ADM2320 Chapter 2

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University of Ottawa
Marzena Cedzynski

ADM2320 Chapter 2 Developing Marketing Strategies The Marketing Plan  A marketing plan is a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected income statements. The Planning Phase: Where marketing executives and other top manager s 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. Step 1: Define the Business Mission and Objectives  The mission statement, a broad description of a firm’s objectives and the scope of activities it plans to undertake, attempts to answer two main questions: o What type of business is it? o What does it need to do to accomplish its goals and objectives Step 2: Conduct a Situation Analysis  After developing its mission, a firm next must perform a situation analysis, using SWOT analysis that assesses o Internal environment o External environment  Strengths  Opportunities  Weaknesses  Threats  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.  Segmentation o Market Segment: A group of consumers who respond similarly to a firm’s marketing efforts. o Market Segmentation: The process of dividing the market into distinct groups of customers where each individual group has similar needs, wants, or characteristics – who therefore might appreciate products or services geared especially for them in similar ways.  Targeting o Target marketing/targeting: The process of evaluating the attractiveness of various segments and then deciding which to pursue as a market.  Positioning o 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  Product and Value Creation  Price and Value for Money o Customer perception of value. o Price is only a part of value. o Product must be readily accessible  Promotion and Value Com
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