MKT 3010 1st Edition Lecture 2Chapter 2: Developing Marketing Strategies and a Marketing PlanStrategic Planning within the firm- Corporate level planso Top executives- set goals for entire company- Business level planso Strategic business units- varies for every firm- Functional level planso Departmental- goals given to employees directly*****This is a trickle-down system. All goals must be clearly defined, specific, and achievable. Numbers are key (stats)Strategic Planning Process- always short term due to market constantly changing- Document: marketing plan- Function: allocate resources to meet the goals of the firm- Goals: o How we accomplish our objectiveso How do we deliver valueo How can we stay competitiveMarketing Plan—Step 1:- Define the Mission Statement- purpose of organization, type of business, general goals and objectives to accomplish- the mission statement rarely changes- Create a sustainable competitive advantage- way to stay ahead in the market, can be within the mission statement but often is taken outo V-something of valueo I-difficult to imitateo R- rare in the marketplaceo O- organization can support it Types of competitive advantage- Customer excellence: great customer service compared to everyone else- Company Culture: environment in the workplace, employee empowerment- this will lead to good talent and good product- Intellectual Property- patents- protects others from copying your product- Operational excellence- supply chainThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Often leads to lower prices: walmart- Product excellence- high perceived value for product- Apple- Locational excellence- Social responsibility- environmentally friendly, VERY IMPORTANT TO STICK TO if company is built on thisMarketing Plan—Step 2:Assessment of organization’s internal and external environment Tool: SWOT Analysiso S- strengths (internal to the firm)o W- weaknesses (internal to the firm)o O- opportunities (outside firm)o T- threats (outside firm) are there ways to use our strengths to turn threats into opportunitiesMarketing Plan—Step 3: Identifying and Evaluating Opportunities Using STP Segmentation- Divide the marketplace Targeting- evaluate attractiveness of each segment Positioning- define the marketing mix- want to clear, distinct, and create desireMarketing Plan—Step 4: Implement Marketing Mix and Allocate Resources 4 P’s- Price, place, product,
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