New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

MKT 301: Marketing Principles

by: Brittany

MKT 301: Marketing Principles MKT 301: Marketing Principles (Goebel, Thomas B)


Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes cover chapter 2 (Strategic Planning in Contemporary Marketing) in our book Contemporary Marketing (17th Ed) by David L. Kurtz.
Marketing Principles
Goebel, Thomas B
Class Notes
Marketing, Marketing Principles
25 ?




Popular in Marketing Principles

Popular in Marketing

This 10 page Class Notes was uploaded by Brittany on Sunday February 14, 2016. The Class Notes belongs to MKT 301: Marketing Principles (Goebel, Thomas B) at Fort Hays State University taught by Goebel, Thomas B in Fall 2016. Since its upload, it has received 32 views. For similar materials see Marketing Principles in Marketing at Fort Hays State University.


Reviews for MKT 301: Marketing Principles


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 02/14/16
Chapter 2: Strategic Planning in Contemporary Marketing Marketing Planning: The Basis for Strategy and Tactics Planning:  The process of anticipating future events and conditions and determining the best way to achieve organizational objectives. Marketing Planning:  Implementing planning activities devoted to achieving marketing objectives o Establishes a basis for a marketing strategy o A lot of planning comes from virtual conferences, or teleconferences with computer interfaces. Strategic Planning v.s. tactical planning Strategic Planning:  Process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives o Provides long term direction for decision makers Tactical Planning:  Planning that guides the implementation of activities specified in the strategic plan o Address shorter term actions that focus on current and near future activities that a firm must complete to implement its larger strategies. Planning at different organizational levels Management Level Type Examples Top Management Strategic Organzationwide objectives;  Board of directors Planning fundamental strategies; long-term  Chief Executive plans; total budget Officer  Chief operating Officer  Chief Financial Officer Middle Management Tactical Quarterly and semiannual plans;  General Sales Planning business unit budgets; divisional Manager policies & procedures  Team Leader  Director of Marketing Research Supervisory Management Operational Daily and weekly plans; unit budgets;  Regional Sales Planning departmental rules & procedures. Manager  Supervisor- telemarketing office The Marketing Planning Process Defining the organization's missions and objectives Mission:  Essential purpose that differentiates one company from others o Specifies the organization's overall goals and operational scope o Provides general guidelines for future actions Determining organizational objectives:  Basic objectives or goals o These guide development of supporting marketing objectives and plans Assessing organizational resource and evaluating environmental risks and opportunities  Assess the organization's strengths, weaknesses, and available opportunities  Includes the capabilities of the firms production, marketing, finance, technology, and employees Formulating, implementing, and monitoring a market strategy Marketing Strategy:  Overall, company-wide program for selecting a particular target market and then satisfying consumers in that market through the marketing mix. Successful Strategies: Tools & Techniques 4 discussed: 1. Porter’s Five Forces Model 2. First and Second Mover Strategies 3. SWOT analysis 4. Strategic Window All planning strategies aim to create a sustainable competitive advantage for a firm in which other companies simply cannot provide the same value to their customers- no matter how hard they try. Porter’s Five Forces Model (1) Porter’s Five Forces:  Model developed by strategy expert Michael Porter that identifies five competitive forces that influence planning strategies. Five Forces: 1. Potential New Entrants a. Sometimes blocked by the cost of difficulty of entering a market 2. Bargaining Power of Buyers 3. Bargaining Power of Suppliers . The number of supplier’s available affects bargaining power i. If there’s only one supplier, they have significant bargaining power ii. More suppliers = Less bargaining power (FOR 2 AND 3) 4. Threat of Substitute Products a. When customers have the opportunity to replace a company’s products with goods or services from a competing firm or industry. 5. Rivalry among competitors First Mover and Second Mover Strategy (2) First Mover Strategy:  Attempting to capture the greatest market share and develop long term relationships by being the first to enter the market with a good or service o Risks: Companies that follow can learn from the first-movers mistakes Second-Mover Strategy:  Theory that advocates observing closely the innovations of first movers, and then improving on them to gain advantage in the marketplace. SWOT Analysis (3) SWOT Analysis:  Helps planners compare internal organizational strengths & weaknesses with external opportunities & threats Strengths: Reflect a company's core competencies (what it does well) The Strategic Window Strategic Window:  Limited periods when key requirements of a market and a firm’s particular competencies best fit together This window shows planners a way to relate potential opportunities to company capabilities.  This requires a thorough analysis of 1. Current and projected external environmental conditions 2. Current and projected internal company capabilities 3. How, where, and when the firm can feasibly reconcile environmental conditions and company capabilities by implementing one or more market strategies Elements of a Marketing Strategy 1. The target market o The group of people toward whom the firm aims its marketing efforts and ultimately its merchandise. 2. Marketing Mix Variables o Marketing Mix:  Blending of the 4 (product, distribution, promotion, and pricing) to fit the needs and preferences of a specific target market. 1. Needs to be an ever-changing combo of variables to achieve success o Product Strategy:  What goods and services a firm should offer to a group of consumers  Decisions about customer service, package design, brand names, trademarks, patents, warranties, the lifecycle of a product, positioning the product in the marketplace, and new product development. o Distribution Strategy:  Developed so consumers can find their products in the proper quantities at the right times and places. 1. Distribution decisions involve modes of transportation, warehousing, inventory control, ordinary processing, and selection of marketing channels. o Promotion Strategy  Sending messages about goods, services, and ideas 1. Through salespeople, advertisements, or promotions o Pricing Strategy  Deals with the methods of setting profitable and justifiable prices 1. Competition influences a marketers pricing strategy Methods for Marketing Planning: Business Portfolio Analysis Product Analysis:  Companies evaluate their company’s products and divisions to determine the strongest and weakest. Strategic Business Units:  Key business units within diversified firms o Focus the attention of company managers so they can respond effectively to changing consumer demand within limited markets. The market share/market growth matrix (BCG)  Places SBU’s in a four quadrant chart that plots market share against market growth potential. 4 Quadrants: 1. Starts a. Represent units with high market shares in high-growth markets 2. Cash Cows . Command high market shares in low-growth markets 3. Question Marks . Achieve low market shares in high growth markets 4. Dogs . Manage only low market shares in low-growth markets Market share:  Percentage of a market that a firm currently controls Relative Market Share Stars Question Marks Generate considerable income Have potential to become stars or cash cows Strategy: Invest more funds for future growth Strategy: Either invest funds for growth, or consider disinvesting. Cash Cows Dogs Generate strong cash flow Generate little profits Strategy: Milk profits to finance growth ofStrategy: Consider withdrawing stars and question marks.


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.