Understanding Marketing

In: Business and Management

Submitted By dipuupid
Words 3223
Pages 13
Framework for Marketing Decision Making

“What do we do well?”
“What do buyers need?”
“What are competitors doing?”
“Where should we compete?”
“How should we compete?”

I. Situation Analysis

A. Internal 1. The Organization’s Goals and Objectives 2. The Organization’s Strengths and Weaknesses

B. External 1. Customer Analysis 2. Competitor Analysis 3. PEST Analysis

C. Identify Key Problems & Opportunities
1. Perform SWOT Analysis
2. Set Priorities
3. Develop an Overall Assessment

II. Segmentation, Targeting, and Positioning (STP) A. Identify Relevant Markets and Segments B. Select Target Markets and Target Segments C. Develop Positioning Strategy

III. Determine Marketing Mix Alternatives

A. Product (Goods and/or Services) B. Price C. Place (Distribution)
D. Promotion (Advertising and Promotion)
E. Evaluation of Alternatives

IV. Implementation, Adaptation, and Renewal
A. Implement Decision
B. Monitor & Control
C. Adapt & Renew Figure 1
Framework for Marketing

Overview The framework for marketing - the process for implementing the Value Cycle - is illustrated in Figure 1. The basic steps are outlined on the previous page and each is developed more fully in the pages that follow. It is best to begin with a brief overview. The first stage, the Situation Analysis, combines internal analysis of the organization with external analysis of its customers and the competitive environment. Careful analysis of the firm’s situation - past, current, and future - provides a foundation for determining how the firm’s resources can best be deployed in terms of marketing strategy and tactics. The purpose of the Problems and Opportunities stage is to distill what has been learned from the situation analysis. The result should be a limited set of key factors that play…...

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