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Chapter 2

ADM2320C Chapter 2 - Developing Marketing Strategies

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University of Ottawa
Ajax Persaud

ADM2320C Chapter 2Developing Marketing Strategies September1511 100 PM The strategic marketing planning process steps a marketer goes through to develop a strategic marketing plan Planning phaseyo Step 1 define the business missionWhat type of business are we And What do we need to do to accomplish our goals yand objectives Sustainable competitive advantage something that a firm can persistently do better ythan its competitors o Step2 conduct a situational analysis using SWOT strengthsweaknesses internal and opportunitiesthreats externaly o Step 3 Identify and evaluate opportunities using STP Segmentationdividing the market into groups of customers with different needs ywants or characteristicswho therefore might appreciate products or services geared especially for themTargetingevaluating the attractiveness of each segment then deciding which one to ypursuePositioningprocess of defining the marketing mix variable so that target customers yhave a clear distinctive desirable understanding of what the product does or represents in comparison with competing productsImplementation phase y o Step 4 implement the marketing mix allocating resourcesDeveloping a budgetse
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