MKT 230 1st Edition Lecture 3Outline of Last Lecture I. Important Parts of the Marketing DefinitionII. Components of Strategic Marketinga. Customers and target marketsb. Marketing mixIII. Relationships with CustomersIV. Forces Affecting the MarketV. Marketing ConceptVI. Managing Customer RelationshipsOutline of Current Lecture I. PlanningII. SWOTIII. Assessing Organizational Resources and OpportunitiesCurrent Lecture – January 21, 2015I. Planning - Strategic Planning – process of establishing an organization’s mission and forminggoals, corporate strategy, marketing objectives, marketing strategies and a marking plano Strategic planning looks at marketing, human resources, finance, etc.o This process needs to be guided by a marketing orientation- Marketing Strategy – plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that marketThese 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.- Marketing Plan – a written document that specifies actions to be preformed to implement and control the organization’s marketing activitieso A marketing plan uses a SWOT analysisII. SWOT Analysis- A SWOT analysis is a formal document put together by the company to assess their strengths, weaknesses, opportunities, and threats.o Stregnth : what the company does wello Weakness: What the company doesn’t do wello Opportunities: what are we not taking advantage ofo Threat: outside force affecting the company or their marketing efforts- Strengths and weakness (SW) are internal, meaning that the company can control them, while opportunities and threats are external forces, independent of the company.- EXAMPLE: ISU SWOT analysiso Strengths: successful athletics program, easy to navigate campus, wide range of majors, accredited Colleges, locationo Weaknesses: weak recruitment, athletic program costs money, lack of out of state enrollment, locationo Opportunity: scholarships, national coverage, internships, increasing amount of high schoolers going to college, study abroad programso Threats: online schooling, other area universities, increasing costs of tuition, state financial status- Notice that one factor can fall under both a strength and a weakness; location can be viewed as a positive to one person while another person may view the location of ISU as a negative.- 4-cell SWOT Matrix-o Companies want to match their opportunities and strengths. They should strive to convert their weaknesses into strengths and convert their threats into opportunities.III. Assessing Organizational Resources and Opportunities- Core Competencies – things a firm does extremely well which can give it an advantage over competition.StregnthWeaknessOpportunitesThreatMarket Oppor tuni ti esMa rk et Op po rt un it i esSt rateg ic WindowS tr at eg ic Wi nd owo Example: McDonalds is extremely good at pricing, consistency, brand recognition, and global presence. Starbucks is very good at quality, service, environment, and brand loyalty. Apple is good at making a lifestyle, maintaining quality of products, and innovation.- Market Opportunities – combination of circumstances and timing that permits anorganization to take action to reach a particular target market.o Many technological companies see opportunities in China and India’s markets.- Strategic window - temporary period of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in the market.- Competitive Advantages – Result of a company matching a core competency to an opportunity in the market place.o Example: Cheaper, more widely available, stronger service support Competitive