Principles of Marketing - Week 2
Principles of Marketing - Week 2 Mkt 3820
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This 2 page Class Notes was uploaded by Anna Notetaker on Sunday September 6, 2015. The Class Notes belongs to Mkt 3820 at Middle Tennessee State University taught by Dr. Lucy Matthews in Fall 2015. Since its upload, it has received 46 views. For similar materials see principles of marketing in Business at Middle Tennessee State University.
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Date Created: 09/06/15
Principles of Marketing MKT 3820 Lucy Matthews Week 2 There are ve characteristics when comparing sales and marketing orientations 1 Organization39s focus 2 Firm s business 3 Those to whom the product is directed 4 Firm s primary goal 5 Tools the organization uses to achieve its goals Sales Orientation is inward looking what the rm makes goods and services Market orientation is outward looking what the market wants bene ts that customers seeks The customer value requirements Offer products that perform Earn trust Avoid unrealistic pricing Give the buyer facts Offer organizationwide commitment in service and aftersales support Cocreation with customers P P PP N In relationship marketing successful strategies need customeroriented personnel effective training programs empowered employees and teamwork Strategic planning is the managerial process of creating and maintaining a t between the organization39s objectives and resources and the evolving market opportunities SWOT Analysis Strength Weakness Opportunities and Threats 1 Strength things the company does well 2 Weakness things the company does not do well 3 Opportunities conditions in the external environment that favor strengths 4 Threats conditions in the external environment that do not relate to existing strengths or favor areas of current weakness Six Major Environmental Forces Social Demographic Economic Technological PoliticalLegal Competitive P P PP N The marketing mix is a unique blend of product place promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market These are known as the four quotP39squot 1 Product 2 Place 3 Promotion 4 Pricing Following up on the Marketing Plan implementation Evaluation and Control and a Marketing Audit A marketing audit is comprehensive systematic independent and periodic After the audit three tasks remain First pro le and make recommendations about weaknesses and inhibiting factors as well as strengths and new opportunities Second ensure that the role of the audit has been clearly communicated Finally make someone accountable for implementing recommendations
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