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#1 Midterm Notes

#1 Midterm Notes - 22:32 7 building blocks MIS Corporate...

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22:32 7 building blocks MIS Corporate image Positioning Product Price Distribution Promotion What is management? Planning Organizing Executing and leading Controlling #2 Marketing Cycle Main elements of the marketing plan Develop goals that are challenging but doable Make a strategy to achieve goals, using the 7 building blocks. Then measure performance to see to what extent you achieved those goals Look at the changes necessary and take action. Marketing plan sequence
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1. SWOT analysis. Internal evaluation of strengths and weaknesses, then external evaluation of opportunities and threats. It is necessary to match the strengths with opportunities. Know what you’re good at and manage your people. Look at the past, present, and future of the company. Determine the current situation of your company and what you want/ hope to achieve in the future. Define the market by identifying the target audience, size and location of that specific need using MIS. Determine market potential. Look at size of the market, number of purchases in a year, average price. Refer to minimum threshold. If there is not enough profit, the venture is definitely NOT worth it. Identify the factors that may limit you, and if possible come up with numeric values. If there weren’t any limiting factors, everyone could be rich, but supplies, money, nothing is infinite. Also take into account gov’t regulations and such. Determine measurable goals such as sales, profits and market share. Determine the goals more difficult to measure such as the quality of the customer service, positioning (lock and key). Develop marketing strategies to achieve goals through the use of the seven building blocks. Develop sales forecasts and budgets to make strategies into action. Implement the plan. Measure results against your goals and take corrective action if necessary. BCG Portfolio Analysis (minimum threshold) o Stars: you have a large share of the growing market/ great product. o Cash cow: large share of the market, but the market isn’t growing. (Coca- Cola. Market for soda isn’t growing b/c people drink tea, coffee, etc. its not healthy.) o Dog: small share of a market that is not growing o ?: Small share of growing market. o If you have more or at least 20% of market share , it is almost always profitable. If it is less than 15% it depends. (only domestic it is questionable. Globally, more than even 10% is huge.) Market plans It is not only necessary for readers of your plan to know what you plan to do, BUT also HOW you plan to achieve these goals. 1. Summarize the entire plan 2. Explain to the reader WHY there is a need for your product. This step is the lock.
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