MKT 300 Eaton ASU Exam 2
Business Plan - a written document that defines the operational and financial objectives of a business over a particular time, and defines how the business plans to accomplish those objectives.
Marketing"s Role - Market analysis, monitor results, how objectives will be achieved.
Marketing Plan - a document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives
Purpose and Significance of a Marketing Plan - A good marketing plan will:
• Explain both the present and future situations of the organization • Specify the outcomes that are expected • Describe the specific actions that are to take place • Identify the resources that will be needed • Permit the monitoring of each action and its results
Action - Oriented - communicate value, generate interest, persuade customers
Market Knowledge - consumer insight, market research, market intelligence, strategic thinking.
Executive Summary - written with senior leadership as primary audience • Goals • Recommendation
Company description, purpose, and goals - Includes historical information on business and products, and the company's core competencies and reason for existence
Marketing Situation - Contains assessments of:
- Customers
- Competitors
- Product portfolio
- Distribution channels
- Marketing environment
Forecasting - Anticipated outcome if marketing objectives are met.
Marketing Strategy - What actions should be taken to meet objectives?
- Target market
- Positioning 1 / 2
- Marketing mix
Measurement and Control - How to monitor progress toward meeting objectives?
- Financial factors
- Nonfinancial factors
A good marketing plan should be: - realistic, achievable, and measurable. It should identify the committed resources and the requirements for carrying out the plan should be clear.
- Step Decision Making Process - 1. Need recognition
- Information Search
- Evaluate Alternatives
- Purchase Decision
- Post purchase Evaluation
Need Recognition - occurs when a buyer becomes aware of a difference between a desired state an actual condition.
Information Search - how much information you have, ease of obtaining information, value you place on information.
Evaluate Alternatives - consumers use criteria to evaluate alternatives based on internal and external info (awareness set, evoked set, consideration set)
Evoked Set Model - outlines how the information search process can take place.
Compensatory Model - •Cost-benefit analysis •Which one does the +'s most outweigh the -'s?
- Multi-Attribute
Non-compensatory Model - immediate rejection based on some factor • Conjunctive • Lexicographic
Multi Attribute Rule - list outcomes, rate each outcome on importance; Weighted total derived by multiplying importance rating by your evaluation (compensatory)
Conjunctive Rule - set minimum standards for one or more attributes, reject any brands that do not meet ALL minimum thresholds. (non-compensatory)
"And" Rule - must meet standards for this attribute and the second, and the third...
- Part of conjunctive rule
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