8 29 14 Notes Planning the process of anticipating future events and determining strategies to achieve organization objectives in the future Marketing planning designing activities relating to marketing objectives and the changing marketing environment Marketing plan a written document that acts as a guidebook of marketing activities for the marketing Will allow the organization to achieve marketing objectives and succeed Only as good as the information it contains Business Mission What How Whom Value What Whom Value What Value Value Conducting a Situation Analysis SWOT Strengths things the company does well Weaknesses things the company does not do well Opportunities conditions in the external environment that favor strengths Threats conditions in the external environment that do not relate existing strengths or favor areas of current weakness Focus on organizational resources Production costs Marketing skills Financial resources Company or brand image Employee capabilities Technology Environmental Scanning Social Demographic Economic Technological Political legal Competitive Competitive Advantage Cost Product Service Differentiation Niche Cost Competitive set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition Product Service Differentiation making its product different from its competitors Niche seeks to target and effectively serve a single segment of the market Used by small companies with limited resources May be used in a limited geographic market Sustainable Competitive Advantage An advantage that cannot be copied by the competition Patents copyrights locations equipment tech customer services promotion Marketing objective statement of what is to be accomplished through marketing activities Should be Realistic Measureable Time specific Compared to a benchmark
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