class 3 Flashcards
what is the marketing plan
A very useful tool applied all the time by real companies
Helps make sure decisions are in line with your company’s values, mission and objectives
The marketing plan specifies a course of action that affects every part of a company (finance, IS, accounting, HR)
A road-map for how you will market an offering
- objectives
- SWOT
- STP
- four ps
- evaluate
what are core values?
why does our company exist? What are we trying to achieve? What business are we in?
Often expressed in a public facing mission statement
what are organizational objectives
what are we trying to do, long-term?
what are marketing objectives
what are we trying to do now / near future?
what are the overall market conditions
Situation analysis - tools for setting strategic direction
SWOT analysis
market/product growth strategies
what is the swot analysis
Strengths: internal capabilities that may help an organiΩation succeed
Weaknesses: internal limitations that interfere with an organizations ability to succeed
Opportunities: external factors that the organization may be able to exploit to its advantage
Threats: current and emerging factors that may challenge the organization’s performance
what is marketing penetration
Selling more of what you are already selling
Ex: instead of buying 6 coke cans at a time, you want consumers to buy 12 at a time
requires greater marketing efforts, easiest to implement
what is market development
Selling an exisitibg product to a new market
Ex: starting in one country but you want to sell to a new country
what is product development
Existing customers but you are adding new products to your product line
Ex: adding cherry cokes to the regular coke line
what is diversification
New customers and develop a new product
what is enviromtnal scanning
Scanning the market environment
what is CD step
looking at macro environment
Culture
Demographics
Social
Technological
Economic
Political
Firms also monitor the macroenvriomnet to determine how factors influence consumers and how to respond
what is the micro environment
Your consumers, your company (use swot), your corporate partners, your competition (analyze them)
what is the macro environment
Whats happening in the broader world in terms of culture, technology…
what are demographic factors
more diverse population in canada due to immigration, aging population (families are getting smaller). Demographics indicate the characteristics of human populations and segments, especially those used to identify consumer
markets
like gender income race
provide an easily understood snaoshot of what the typical consumer is like In the specific target market
FACTORS THAR RELATE TO THE POPULATION