MKT 3010Review Sheet: Chapter 2TERMS-You are responsible for all vocabulary in Chapter 2 EXCEPT: planning phase, implementation phase, control phaseVIDEOSYou are responsible for knowing the content of all videos shown in class and understanding how they relate to the course material.YOU WILL BE HELD RESPONSIBLE FOR THE FOLLOWING MATERIAL:Chapter 2 –Developing Marketing Strategies and a Marketing Plan- What is a marketing strategy?- Who engages in strategic planning within the firm?o Corporate level plans Top executiveso Business level plans Strategic business unitso Functional level plans Departmental- Strategic Marketing Planning Process – What is the function? What is the goal? What arethe steps?o Marketing Plan: Step 1 Define the Business Mission Mission Statement- Purpose of the organization- Type of business - Goals and objectives to accomplisho Sustainable competitive advantage Competitive advantage- V- something of value- I- difficult to imitate- R- rare in the marketplace- O- organization can support it Competitive advantage- Customer excellence- Company culture- Intellectual property- Operational excellence- Product excellence- Locational excellence- Social responsibilityo Step 2: Situation Analysis Assessment of organization’s internal & external environment Tool: SWAT Analysis- Strengths- Weakness- Opportunities- Threatso Step 3: Identifying & Evaluating Opportunities Using STP Segmentation- Divide the marketplace Targeting - Evaluate attractiveness Positioning- Define the marketing mixo Step 4: Implement Marketing Mix & Allocate Resources Place Product Promotion Priceo Step 5: Evaluate Performance Using Marketing Metrics Setting /benchmarks for Success- Accountability- Objectives & Metrics- Portfolio analysiso The Boston Consulting Group Matrix- What is a mission statement? What is its purpose?o Purpose of the organizationo Type of business o Goals and objectives to accomplish Sustainable competitive advantage- What is a competitive advantage? What tool can we use to identify a competitive advantage? What are examples of competitive advantages?o Competitive advantage V- something of value I- difficult to imitate R- rare in the marketplace O- organization can support ito Competitive advantage Customer excellence Company culture Intellectual property Operational excellence Product excellence Locational excellence Social responsibility- What is a SWOT analysis? What does each part of the SWOT entail (including examples)?o Assessment of organization’s internal & external environment Strengths Weakness Opportunities Threats- What is involved in each part of STP and what is important to understand about these steps in relation to consumers?o Segmentation Divide the marketplaceo Targeting Evaluate attractivenesso Positioning Define the marketing mix- How is value involved with each of the 4 P’s?o Implement Marketing Mix & Allocate Resources- How do firms evaluate performance? What is entailed?o Using Marketing Metricso Setting /benchmarks for Success Accountability Objectives & Metrics Portfolio analysis- How do metrics utilized to evaluate performance vary?- What is portfolio analysis and what does it entail?- What is involved in the Boston Consulting Group Matrix?- Is strategic planning sequential? - What are the four types of growth strategies? What is involved with each type of strategy? What are some examples?- What is downsizing? Why does it occur? YOU WILL NOT BE HELD RESPONSIBLE FOR THE FOLLOWING MATERIAL:-Exhibits: 2.3, 2.4, 2.5-Specific details about the “Social & Mobile Marketing”, “Adding Value”, and “Ethical & Societal Dilemma” modules material, though reading of these areas is recommended as it may aid in you better understanding the