MARK 3321 1st Edition Lecture 5Outline of Last Lecture I. Ansoff’s Strategic Opportunity MatrixA. Marketing penetrationB. Product developmentC. Market developmentD. DiversificationII. Strategic Business Units (SBU)III. Boston Consulting Group Matrixa. Starsb. Question Marksc. Cash Cowsd. DogsIV. Marketing Plana. Definitionb. Elements of Marketing Plani. Business mission statementii. Situation or SWOT analysisiii. Objectivesiv. Marketing Strategyv. Implementation, Evaluation, ControlV. Situational (SWOT) AnalysisVI. Environmental ScanningI. Competitive AdvantageOutline of Current Lecture I. Marketing Plan ObjectivesII. Marketing StrategyIII. Target MarketsIV. Marketing Mix: The 4 P’sa. Productb. Placec. Promotiond. PriceV. Following up on Marketing PlanVI. Ethical GuidelinesVII. Corporate Social ResponsibilityThese 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 objectiveso Marketing objective 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- Marketing strategyo The activities of selecting and describing one or more target markets and developing andmaintain a market mix that will produce mutually satisfying exchanges with target markets- Describing the target marketo 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 Producto Place (distribution)o Promotiono Price- Following up on the marketing plano Implementation Process that turns a marketing plan into action assignmentso 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 organizationCH 3 & 4 – Ethics and Social Responsibility/The Marketing Environment- Ethical guidelineso 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 responsibilityo Philanthropic Be a good corporate citizeno Ethical Do what is right. Avoid harm.o Legal Obey the lawo Economic Be profitable- Corporate social responsibilityo Sustainability 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 marketingo 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 marketingo For-profit and non-profit organizations cooperate to generate funds Generates about 7 billion annually Too many causes can cause customers