Week 2

What are the 5 steps of marketing plan?

Wednesday, August 31, 2016 5:36 PM

Chapter 2

8/30/16

5 Steps of Marketing Plan

1) Define the mission statement

2) Conduct SWOT Analysis (situation, weakness, opportunity, threat) 3) Identify and Evaluate opportunities using STP

a. Segmentation

b. Targeting

c. Positioning

4) Implement marketing mix and allocate resources

a. Product value creation

i.

Successful products are those that customers perceive as valuable  enough to buy

b. Price value capture Don't forget about the age old question of How did virginia and the carolina colony differ?

i. Price must allow customers to perceive value for the product c. Place value delivery

i. Product must be readily accessible

Define the mission statement.

d. Promotion value communication

i. Use social media

ii. Customers need to know about product

5) Evaluate performance using market metrics

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a. We also discuss several other topics like What is botulism toxin?

Growth Strategies:

Identify and evaluate opportunities using stp.

Market Penetration

-uses existing marketing mix

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-uses existing marketing mix

-uses existing customers

Market Development

-existing marketing mix

-new customers

Product Development

-new product or service

-current target market

Diversification

-new product or service

-new market segment

9/1/16

Chapter 4

Marketing Ethics and Business Ethics

American Marketing Association Code of Ethics

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4 Steps to Making Ethical Decisions We also discuss several other topics like Who would be against a ban on trade in mexico?

1) Identify issues If you want to learn more check out Why roman law is the foundation of civil law?
We also discuss several other topics like Describe how crime is measured in the united states, and list the kinds of crimes that cause people to enter correctional programs and institutions.

2) Gather information and identify stakeholders If you want to learn more check out What are the types of suicide?

3) Brainstorm and evaluate alternatives

4) Choose a course of action

Integrating Ethics into Marketing Strategy

1) Planning phase

2) Implementation phase

3) Control phase

Corporate social responsibility describes the voluntary actions taken by a  company to address the ethical, social, and environmental impacts of its business  operations and the concerns of its stakeholders.

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