Description
Week 2
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
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 Why were some colonies able to survive in the sixteenth-century?
Growth Strategies: We also discuss several other topics like What is botulism toxin?
We also discuss several other topics like Who would be against a ban on trade in mexico?
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 Don't forget about the age old question of Why are some groups more likely to commit suicide than others?
Don't forget about the age old question of What is ordeals?
We also discuss several other topics like Describe the corrections explosion of the past 20 years, including the recent leveling off of correctional populations.
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.
Week 2 Page 4