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Situation analysis ( prepare for a marketing plan) (Competitive advantage…
Situation analysis
( prepare for a marketing plan)
Internal
Strengths & weakness
Production costs
Marketing skills
Financial resources
Image
Technology
External
Opportunities & threats
Social
Demographic
Economic
Technological
Political / legal
Competitive
Competitive advantage
Cost
Being the low-cost competitor
in an industry while maintaining
satisfactory profit margins
Source of cost reduction
Experience curves
Efficient labour
No-frills product
Government subsidies
Product design
Reengineering
Product innovations
New service delivery methods
Product / service differentiation
Exists when firms provide sth unique and valuable to buyers beyond simply offer a lower price than other competitors
Examples
Brand name
Strong dealer network
Product reliability
Image
Service
Niche
Target and effectively serve a single segment of the market
This adv. is used by small
companies with limited resources
This adv. may be used in
a limited geographic market
State good marketing objectives
A statement of what is to be accomplished by marketing activities
Realistic
Measurable
Time specific
Compare to a benchmark
Marketing strategy
Target market
Segment the market based on gps with similar characteristics
Select one or more target market
Involves activities of selecting and describing one or more target market and developing and maintaining
a marketing mix that will produce mutually
satisfying exchanges with target market
Marketing mix
Produce mutually satisfying
exchange with target market
Four Ps
Product (good or service) eg. Watch
Place ( distribution ) eg. Sogo department store
Promotion eg. Advertisement
Pricing eg. $1000
Follow up of marketing plan
Implementation
Turns plan into action
Ensure these action are executed in a way that accomplishes the plan’s objective
Control process
Evaluation
Gauging whether marketing objectives have been achieved
Deviation
Exploiting +ve deviations
Actual results are better than the plan -> find ways to take advantage of the situation
Correcting -ve deviation
Actual performance fails to meet expectations-> take action to correct
Marketing aduit
Comprehensive
Systematic
Independent
Periodic
Business mission statement
Firm’s long term vision
Benefits sought by present potential customers
Existing and anticipated environmental conditions
Marketing myopia
Narrow, short-term thinking
Define business in terms of goods and services
rather than in terms of the benefits customers seek
Situation analysis / SWOT
Objectives
Marketing strategy
Target marketing strategy
Marketing mix
Implementation, evaluation, control
Marketing planning
Marketing plan
Written document, act as a guidebook for marketing activities
Process of designing activities