Session 2 Flashcards
What is a Marketing plan
tool used by companies. Help make decisions in line with company’s values, mission, objectives
Roadmap of marketing plan
Who is the customer
Whats the benefit
Overall market condition
How we execute the marketing mix
Financial performance we expect
What is SWOT analysis
tool to evaluate external and internal marketing environment.
Strenght: internal capabilities that help organization to succeed.
Weaknesses:internal limitation that interfere with organization success
Opportunities: ext. factors that org may be able to exploit to its advantage
Threats: current/emerging factors that may challenge org. performance
Ansoff matrix - Market product Grid
market penetration-existing market, existing product
product development-existing market, new product
market development- new market, existing product
diversification-new market, new product
Some examples of external opp and threats - ENVIRONMENTAL SCANNING
Culture/social
culture, how people understand and relate to one another and the world. Environment, equity, diversity
demographics: family size, aging
Economic: growth, recession, income
technology: New development , AI
Politics: legal protection of consumers and competitors
industry associations
consumers rights groups. Fixed book price FBP - LAW
New opportunities of technological change for marketer
Digital media, online advertising platforms
Combining new technologies
Threats of technological change
will E-commerce kill physical stores
What is PESTD
Political, economic, social, technological, demographics
What are the 3 phases
Planning phase
Implementation phase
control phase
What are the 5 steps
- business mission & objectives
- situation analysis
- identify opp= STP
- implement marketing mix= 4P
- evaluate performance by usince marketing metrics
