MKTG 350 Weekl 2 notes
MKTG 350 Weekl 2 notes MKTG 350 - 001
Popular in Principles of Marketing
Popular in Marketing
MKTG 351 - 001
verified elite notetaker
This 4 page Class Notes was uploaded by Tulsi on Monday September 5, 2016. The Class Notes belongs to MKTG 350 - 001 at University of South Carolina taught by Courtney R Worsham (P) in Fall 2016. Since its upload, it has received 14 views. For similar materials see Principles of Marketing in Marketing at University of South Carolina.
Reviews for MKTG 350 Weekl 2 notes
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: 09/05/16
Week 2 Wednesday, August 31, 205:36 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 d. Promotion value communication i. Use social media ii. Customers need to know about product 5) Evaluate performance using market metrics a. Growth Strategies: Market Penetration -uses existing marketing mix -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 4 Steps to Making Ethical Decisions 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 socialresponsibility 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.
Are you sure you want to buy this material for
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'