UNC-Chapel Hill BUSI 406 - Marketing Management (8 pages)

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Marketing Management



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Marketing Management

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Lecture number:
3
Pages:
8
Type:
Lecture Note
School:
University of North Carolina at Chapel Hill
Course:
Busi 406 - Marketing

Unformatted text preview:

BUSI 406 Principles of Marketing Lecture 3 Outline of Last Lecture I II III IV What is Marketing why it is important Micro marketing vs macro marketing Marketing and economic development Marketing concept Customer value satisfaction Outline of Current Lecture I Marketing strategy planning a 3C s b SWOT c Target marketing d 4 P s marketing mix II Attractive Opportunities Current Lecture The Management Job of Marketing The marketing management process refers to the planning implementation and control of marketing activities activities are continuous and decisions made in the past in one area can have implications on the other areas as well Planning required because marketing managers must seek new opportunities Implementation the process of putting marketing plans into action Control assessing and evaluating marketing performance o When performance falls short of expectations the marketing manager must take corrective action Strategic management planning developing and maintaining a match between an organization s resources and its market opportunities o Marketing planning is part of the strategic management planning for the entire company o The more marketing oriented a firm is the larger a role marketing planning will play in strategic planning 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 What is Marketing Strategy Planning Marketing strategy planning means finding opportunities and developing profitable marketing strategies that the company can use to capitalize on them Marketing strategy specifies a target market and a related marketing mix provides big picture of what the firm will do Target market a fairly homogeneous similar group of customers to whom a company wishes to appeal Marketing mix the controllable variables ie the 4P s the company puts together to satisfy the target market Pro forma budget or income statement Selecting a Market Oriented



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