Marketing Chapter 2 Notes
Marketing Chapter 2 Notes MAR 250
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This 4 page Class Notes was uploaded by Melanie Guerrero on Sunday February 21, 2016. The Class Notes belongs to MAR 250 at Pace University taught by Harvey Markowitz in Winter 2016. Since its upload, it has received 19 views. For similar materials see Principles of Marketing (20335) in Marketing at Pace University.
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Date Created: 02/21/16
I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message quotMDIIIUDD PUI llullU llulJ 010 u LVVlllllklIlv Lllub 111u11u5V10 HOV LU kluullbllj tJVL LULLLLDIJLVV 111vuou1 UL and growth targets to analyze the strategic business units Core Values the fundamental passionate and enduring principles that guide its conduct over times Diversification analysis a technique that helps a rm search for growth opportunities from among current and new marketing as well as current and new products Goals objectives are statements of an accomplishment of a task to be achieved often by a specific time Market Segmentation involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action Market share the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry including the firm itself Marketing dashboard the visual computer display of essential information related to achieving a marketing objective Marketing metric a measure of the quantitative value or trend of a marketing action or result Marketing plan a road map for the marketing actions of an organization for a specified future time period Marketing strategy the means by which a marketing goal is to be achieved usually characterized by a speci c target marketing strategies and marketing tactics Marketing tactics are detail daytoday operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies Mission a statement of the organizations function in society that often identifies its customers markets products and technologies Organizational culture the set of values ideas attitudes and norm behavior that is learned and shared among the members of an organization Points of difference those characteristics of a product that make it superior to competitive substitutes Situation analysis taking stock of where the firm or product has been recently where it is now and where it is headed in terms of the organizations marketing plans and the external forces and trends affecting it Strategic marketing process whereby an organization allocates its marketing mix resources to reach its target markets Strategy an organizations longterm course of action designed to deliver a unique customer experience while achieving its goals SWOT Analysis internal Strengths Weaknesses and its external Opportunities and Threats I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message J m v eunuch agencies B Strategy 1 V0cab C Structure of today s organizations 1 Strategic business unit level a a subsidiary division or unit of an organization that markets a set of related offerings to a clearly de ned target market b managers set a more speci c direction for their businesses to exploit value creating opportunities 2 Functional level a where groups of specialists actually create value for the organization 11 Strategy in Visionary Organizations A Organization Foundation 1 Core Values 2 Mission 3 Organizational culture B Organizational Direction 1 Business what will we do and what business are we in 2 Goals a Pro t b Market share c Quality d Customer satisfaction e Employee welfare f Social responsibility C Organizational Strategies 1 Variation by level 2 Variation by product gt organizations often just build a marketing plan D Tracking Strategic Performance with Marketing Dashboards 1 Car DashboardsMarketing Dashboards av0cab 2 Dashboards metrics and plans a Website traf c sources b Sales performance by SBU strategic business unit c Websites visits by state I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message 3 Competitors B Growth strategies where do we want to go 1 Business portfolio analysis a Cash cows SBU that generate large amounts of b Stars SBU that may need extra cash to nance their own rapid future growth c Question marks SBU with a low share of highgrowth markets require large amounts of cash to maintain their market share d Dogs SBU that are last case scenario 2 Diversi cation analysis a Market penetration b Market Development c Product development d Diversi cation C The planning phase of the Strategic Marketing Process 1 Step 1 SWOT Analysis a Strengths b Weaknesses c Opportunities d Threats 2 Step 2 Marketproduct focus and goal setting a Set marketing and product goals b Select target markets c Find points of difference d Position the product 3 Step 3 Marketing Program a Product strategy b Price strategy c Promotion strategy d Place distribution strategy D The implementation phase of the strategic marketing process 1 Obtaining resources 2 Designing the marketing organization 3 De ning precise tasks responsibilities and deadlines 4 Executing the marketing program I n39 This file was edited using the trial version of Nitro Pro 7 Buy now at wwwnitropdfcom to remove this message
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