CLEP Principles of Marketing Study Notes

Marketing plan written document or blueprint

Info icon This preview shows pages 2–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 2

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern