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BUS360DEChptr02Smry - North Carolina State University...

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North Carolina State University College of Management BUS 360 Marketing Methods Lecture Summary Chapter 2 Developing Marketing Strategies Marketing Planning Process Divided into three phases : 1. Planning Phase 2. Implementation Phase 3. Control Phase Planning Phase Step 1 Define Mission Statement 1) A broad description of the firm’s objectives and the scope of activities it plans to undertake. Answers two primary questions ● What type of business are we? ● What do we need to do to accomplish our goals and objectives 2) Addresses an objective to establish and maintain a sustainable competitive advantage. Step 2 Conduct a Situation Analysis 1) Assess the business internal and external environment to determine the: ● Strengths ● Weaknesses ● Opportunities ● Threats 2) Internal/External Examples - Strengths – Diverse businesses, well known brand - Weaknesses – Over-reliance on relationships, seasonal fluctuations, risky foreign operations - Opportunities – Building current brand in new areas - Threats – Increasing competitive pressures BUS 360DE Chapter 02 Summary  Instructor: Weems
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Step 3 Identify and Evaluate Opportunities using STP 1) Segmentation – The process of dividing the market into groups of customers with different needs, wants or characteristics. 2) Targeting – After evaluating a segments attractiveness deciding which to pursue 3) Positioning – Defining the market mix variables so that target customers have a
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