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USC / Marketing / MKT 350 / What are the 5 steps of marketing plan?

What are the 5 steps of marketing plan?

What are the 5 steps of marketing plan?

Description

School: University of South Carolina
Department: Marketing
Course: Principles of Marketing
Professor: Courtney worsham
Term: Fall 2016
Tags: Marketing, notes, 350, and usc
Cost: 25
Name: MKTG 350 Weekl 2 notes
Description: mktg 350 worsham week 2 notes
Uploaded: 09/05/2016
4 Pages 16 Views 0 Unlocks
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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

 Week 2 Page 1

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?


Identify and evaluate opportunities using stp.



Market Penetration

-uses existing marketing mix

 Week 2 Page 2

-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

 Week 2 Page 3

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

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