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

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.

Growth Strategies:

Identify and evaluate opportunities using stp.

We also discuss several other topics like Why were some colonies able to survive in the sixteenth­-century?

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 Describe the corrections explosion of the past 20 years, including the recent leveling off of correctional populations.
Don't forget about the age old question of What if one person is better at everything?
If you want to learn more check out What are nutrition concepts?
If you want to learn more check out Why do people commit suicide?
We also discuss several other topics like What is curia regis?

1) Identify issues

2) Gather information and identify stakeholders

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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