BUS600 Foundation of Business Management -Week2 Assignment Chapter1 Marketing

Assignment1- Chapter 1 Marketing

Marketing is used to identify the customer, to satisfy the customer, and to keep the customer. After I read through the first chapter – marketing. There are 3 topics I think they are important for me.

1.      The 7 steps of Marketing Strategy Development:

1.1  consumer analysis

1.2  Market analysis

1.3  Review of the competition and Self

1.4  Review of the Distribution Channels

1.5  Development of a “Preliminary” Marketing Mix

1.6  Evaluation of the Economics

1.7  Revision and Extension of Steps 1-6 until a consistent plan emerges.

2.      PLC ( Products Life Cycle)

PLC is based upon the biological life cycle. For example, a flower seed is planted (introduction); then, it begins to sprout (growth); next, it shoots out baby leaves and puts down roots as it becomes an adult plant and blooming (maturity); after a long period time and the plant begins to shrink and die (decline).
It is the same theory for a product. It started with an introduction of the new product into the market. After a period of development, it gains more and more customers as it grows; eventually the market stabilizes and the product becomes mature. Then after a period of time, the product is overtaken by development. The introduction of superior competitors, it goes into decline and is eventually withdrawn.

3.      Competitor’s SWOT (Strengths, Weaknesses, Opportunities, and Threats)

SWOT Analysis Framework

Environmental Scan           / \            Internal Analysis       External Analysis / \                  / \ Strengths   Weaknesses       Opportunities   Threats | SWOT Matrix

The SWOT analysis provides information to help in matching the company's resources and capabilities to the competitive environment in which it operates.