Principles of Marketing: MKTG 3200 Dr.

Don Shemwell Module 1: Marketing Strategy and Developing a Marketing Plan Marketing a. Developing a set of goals/targets increase in market share, creating a brand, making people aware that THIS brand exists b. Look at current business situation SWOT strengths, weakness, opportunities, threats SW internal (i.e., smart dedicated people, inferior product, poor relations w channel partners, lack resources) OT external; Opportunities that make the business grow (viable segment of consumers not utilized, discovering the need for something, weak competitor, competitive advantage) Threat external problem (big strong competitors) c. Identify opportunities certain segment of consumers (market segmentation), targeting a narrower market, positioning (educate the consumer about what area your product is about) d. Come up with a Marketing Mix (Which is a series of strategies) guts of the strategic marketing plan PRODUCT, PRICE, PLACE (physical distribution), PROMOTION (integrated marketing communication) *Marketing isnt just advertising 1. Product 2. Price equilibrium price (using demand and supply), competitive pricing 3. Place what types of stores going to sell in 4. Promotion IMC e. Implementation can have good strategy that fails 3 causes of failures: 1. Not enough information provided 2. Not enough resources 3. Environmental/economic conditions f.

Elements of Marketing Strategy