MKT 300 Lecture Notes Jan 21
MKT 300 Lecture Notes Jan 21 MKT300
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This 3 page Class Notes was uploaded by Gabbi Oppenheimer on Tuesday January 19, 2016. The Class Notes belongs to MKT300 at University of Alabama - Tuscaloosa taught by Joel Strayer in Spring 2016. Since its upload, it has received 19 views. For similar materials see Marketing in Marketing at University of Alabama - Tuscaloosa.
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Date Created: 01/19/16
January 21 planning: anticipating future events and conditions and determining the best way to achieve organizational objectives includes identifying objectives and determining actions creates blueprint for everyone in the organization marketing planning: implementing planning activities devoted to achieving marketing objects many planning activities take place over the Internet w/ virtual conferences strategic planning: determining an organization’s primary objectives, adopting courses of action that will achieve these objectives, provides long-term direction for decision makers; big picture tactical planning: guides the implementation of activities speciﬁed in the strategic plan, addresses shorter-term actions; how to achieve strategy more ﬂuid and subject to change top management engages in strategic planning middle management engages in tactical planning supervisory management engages in operational planning (day to day tasks) Steps in Marketing Planning Process 1. deﬁning organization’s mission and objectives 2. assessing organizational resources and evaluating environmental risks and opportunities 3. formulating, implementing, and monitoring a marketing strategy marketing strategy: selecting and satisfying target consumers through the marketing mix elements Porter’s Five Forces Model 1. the potential of new entrants–deals with barriers to entry; internet reduces barriers to entry 2. the bargaining power of buyers–switching costs (how much does it cost a buyer to switch to a similar product; the less it costs, the more power buyer has); internet shifts greater power to consumers 3. the bargaining power of suppliers–Internet tends to increase bargaining power of suppliers 4. the threat of substitute products–Internet creates new substitution threats 5. rivalry among competitors–previous four factors contribute to rivalry; the internet blurs differences among competitors First Mover Strategy: company ﬁrst to offer a product in a marketplace will be the long-term market winner; not always true if done well, your ﬁrm’s name is synonymous with the entire market second mover strategy: observing the innovations of ﬁrst movers and then improving on their ideas to gain an advantage in the marketplace SWOT Analysis: helps planners compare internal organizational strengths and weaknesses with external opportunities and threats provides managers with a critical view of the organization’s internal and external • environments • helps them evaluate the ﬁrm’s fulﬁllment of its basic mission The Strategic Window: limited periods when key requirements of a market and a ﬁrm’s particular competencies best ﬁt together Requires a thorough analysis of: • current and projected external environmental conditions • current and projected internal company capabilities • how, whether, and when the ﬁrm can reconcile environmental conditions and company capabilities Elements of a Marketing Strategy: target market: group of people toward whom the ﬁrm directs its marketing efforts and merchandise marketing mix variables: blending product, distribution, promotion, and pricing to ﬁt needs and preferences of a speciﬁc target market The Marketing Environment: Five external dimensions that affect the marketing mix variables: • competitive • political-legal • economic • technological • social cultural constraints affect ability to work with marketing mix variable rule of three: in any industry, the three strongest, most efﬁcient companies dominate between 70 and 90 percent of a market; beneﬁt of getting marketing plan and analysis perfect is huge business portfolio analysis: evaluation of a company’s products and divisions to determine the strongest and weakest strategic business units: smaller business units owned by a large corporation that allow them to diversify into different markets and reach more consumers; i.e.: Burt’s Bees is an SBU of Clorox BCG matrix: market share/market growth matrix that plots market share against market growth potential; developed by Boston Consulting Group plots growth rate against relative market share stars: high growth, high market share; generate considerable income, strategy is to invest more funds for future growth cash cows: low growth, high market share; strong cash ﬂows; strategy is to milk proﬁts to ﬁnance growth of stars and question marks question marks: high growth, low market share; strategy either to invest more funds for growth or consider disinvesting dogs: low growth, low market share; ﬁnancial drain on ﬁrm, strategy is to consider withdrawing–usually sold off or dissolved planning becomes vital as tech advances marketers must consider a changing and diverse population and the boundary-less business environment created by the internet planning reduces risk and worry of brining new goods and services to the market
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