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CLEP Principles of Marketing Study Notes

Marketing plan written document or blueprint

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Marketing Plan - written document or blueprint governing all of a company's marketing activities, including the implementation and control of those activities. Identifies target markets and includes environmental analysis and the identified problems, opportunities, and threats, and specifies guidelines for developing the marketing mix. Basically, it's a road map for implementing the organization's strategies and achieving its objectives. To develop a Marketing Plan, an organization first needs to conduct situation analysis --identifying the opportunities and threats posed by the marketing environment, how the company compares to the competition, etc. Situation analysis - involves analyzing the current situation, the big picture, and developing a marketing plan which involves objectives that are tailored to the marketing environment and considers the company's strengths and weaknesses. Marketing Objective - statement of what is to be accomplished through marketing activities. Goal of the firm, and can either be quantitative, such as achieving a certain profit, or qualitative- -i.e. corporate image . Should be specific and stated in a way that its accomplishment can be measured accurately, and specify a time period for it to be done in. Marketing Environment - made up of forces which affect a company's marketing strategy. Some of these forces are controllable, and can be managed by the company; others are uncontrollable. Analyzed through environmental analysis to determine the forces in the environment which affect the company and its products. Forces which impact all the companies in an industry are known as Macroenvironmental factors, versus Microenvironmental factors, which are unique to a specific company. Macroenvironmental factors - forces which affect all firms in an industry , not just a specific company, and include demographics, economic conditions, technological factors, political factors, social and cultural factors, material supply, etc. Microenvironmental factors - include things such as the Target Market, Suppliers, and other external forces which are specific to each company. They are largely uncontrollable, but can sometimes be influenced to some degree, while macroenvironmental factors are completely uncontrollable forces. Companies have no direct control over environmental forces; they have to tailor their marketing mixes and choose target markets in response to the environment. Companies' primary means of response to forces in the environment is to change what they have direct control over--internal resources and what kind of decisions they make. They make up marketing mixes and choose what markets to target based on environmental analysis and the threats and opportunities it reveals. Marketing strategy - encompasses selecting and analyzing a target market, as well as creating and maintaining an appropriate marketing mix to satisfy that market. A manager develops a marketing strategy by analyzing the marketing
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