Marketing 301 Ch1 & Ch2, pt1
Marketing 301 Ch1 & Ch2, pt1 MKT 301
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This 2 page Class Notes was uploaded by Rachel_Anderson on Friday January 15, 2016. The Class Notes belongs to MKT 301 at Clemson University taught by James Gaubert in Spring 2016. Since its upload, it has received 61 views. For similar materials see Intro to Marketing in Marketing at Clemson University.
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Date Created: 01/15/16
Chapter 1: Marketing overview, short lecture on powerpoint. • If needed, email me at email@example.com Chapter 2 Developing marketing strategies: Operational Excellence • Eﬃcient operations <--> Excellent supply chain management Product Excellence Locational Excellence • in retail, location is a large part of choosing your success The Marketing Plan: • Step 1: Business mission ◦ MADD: Mission statement ◦ MADD strives to stop drunk driving, support the victims of this violent crime & prevent underage drinking. • Step 2: Situation analysis aka SWOT (strengths, weakness, opportunity, threats) ◦ Normally done by a 2x2 matrix ◦ We want to be as objective as possible ◦ helps us decide if/where we need to change our plan • Step 3: Identify opportunity ◦ Segmentation ◦ Targeting ◦ Position ourselves that stands out from the rest of the market you're in • Step 4: Implement marketing mix ◦ product - value creation = ‣ are the beneﬁts valued enough for me to achieve it ◦ price - value capture = ‣ should align ourselves of what that price point expects, how much is a product worth? ◦ place - value delivery = ‣ accessibility, making sure your product is available/recourses to expand ◦ promotion - value communication = ‣ thru tv, radio, magazines, sales force, social media • Step 5: Evaluate performance using marketing metrics ◦ Strategic Business Unit ‣ want to see if you have a high or low market share ‣ represented as a percentage normally ‣ notice if the market is increasing or decreasing ‣ categorize SBUs as Stars, Question Marks (problem child), Cash Cows, Dogs Three Phases of a Strategic Plan 1. Planning 2. Implementing 3. Controlling Chapter 2 Continued Next Week
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