MARK 3321 1st Edition Lecture 5 Outline of Last Lecture I Ansoff s Strategic Opportunity Matrix A Marketing penetration B Product development C Market development D Diversification II Strategic Business Units SBU III Boston Consulting Group Matrix a Stars b Question Marks c Cash Cows d Dogs IV Marketing Plan a Definition b Elements of Marketing Plan i Business mission statement ii Situation or SWOT analysis iii Objectives iv Marketing Strategy v Implementation Evaluation Control V Situational SWOT Analysis VI Environmental Scanning I Competitive Advantage Outline of Current Lecture I Marketing Plan Objectives II Marketing Strategy III Target Markets IV Marketing Mix The 4 P s a Product b Place c Promotion d Price V Following up on Marketing Plan VI Ethical Guidelines VII Corporate Social Responsibility These 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 Current Lecture Setting marketing plan objectives o Statement of what is to be accomplished through marketing activities To be useful stated objectives should be Realistic Measurable Time specific Compared to a benchmark The activities of selecting and describing one or more target markets and developing and maintain a market mix that will produce mutually satisfying exchanges with target markets Describing the target market o Marketing strategy o Marketing objective After conducting a Market Opportunity Analysis MOA firms can utilize one of three general strategies for selecting target markets Entire market Multiple segments One segment Marketing Mix The Four P s o Product o Place distribution o Promotion o Price Following up on the marketing plan o Implementation o Process that turns a marketing plan into action assignments Evaluation and control Have the marketing objectives been achieved Marketing audit A thorough systematic periodic evaluation of the objectives Strategies structure and performance of the marketing organization CH 3 4 Ethics and Social Responsibility The Marketing Environment Ethical guidelines o A code of ethics Helps identify acceptable business practices Helps control behavior internally Avoids confusion in decision making Facilitates discussion from right and wrong Pyramid of Corporate social responsibility o Philanthropic o Ethical o Be profitable Corporate social responsibility o Sustainability Obey the law Economic Do what is right Avoid harm Legal o Be a good corporate citizen The idea that socially responsible companies will outperform their peers by focusing on the world s social problems and viewing them as opportunities to build profits and help the world at the same time Green marketing o The development and marketing of products designed to minimize negative effects on the environment or improve the environment Environmentally aware customers pay more for products Companies must try to educate customers of environmental benefits Cause related marketing o For profit and non profit organizations cooperate to generate funds Generates about 7 billion annually Too many causes can cause customers cause fatigue