Directions · Your answers should show familiarity with the text and topics being covered in the unit. · Use the text, lecture notes, and/or PowerPoint as references · Each question response should consist of at least 150 words. · Responses should be free of typographical, spelling, and grammar errors. Questions 1. Compare and contrast a four Ps approach to marketing versus the value approach (creating, communicating, delivering and exchanging value). What would you expect to be the same and what would you expect to be different between two companies that apply one versus the other approach? https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/6778-4-ps-of-marketing.html 2. You are considering working for United Way upon graduation. Explain how the marketing goals, strategies, and markets for the nonprofit differ from a for-profit organization 3. How has PepsiCo employed a product development strategy? 4. Describe the value propositions the social networking sites YouTube and Facebook offer Web users. Principles of Marketing 4.0 Jeff Tanner and Mary Anne Raymond ©FlatWorld 2018 1 PUBLISHED BY: FLATWORLD ©2018 BY FLATWORLD. ALL RIGHTS RESERVED. YOUR USE OF THIS WORK IS SUBJECT TO THE LICENSE AGREEMENT AVAILABLE. NO PART OF THIS WORK MAY BE USED, MODIFIED, OR REPRODUCED IN ANY FORM BY ANY MEANS EXCEPT AS EXPRESSLY PERMITTED UNDER THE LICENSING AGREEMENT. ©FlatWorld 2018 CHAPTER 2 Strategic Planning ©FlatWorld 2018 LEARNING OBJECTIVE Explain the meaning of a value proposition. Understand why a company may develop different value propositions for different target markets. ©FlatWorld 2018 4 THE VALUE PROPOSITION It shows why the good is superior to competing goods. The value proposition answers the questions: “why should I buy from you?” “why should I hire you?” THIRTY-SECOND “ELEVATOR SPEECH” STATING THE SPECIFIC BENEFITS A PRODUCT OR SERVICE OFFERING PROVIDES A BUYER ©FlatWorld 2018 5 THE VALUE PROPOSITION Firms identify their target markets when they are developing their value propositions. The value proposition tells each group why they should buy a product or service. Once the benefits are clear, firms must develop strategies that support the value proposition. The value proposition serves as a guide for this process. Individuals and students should also develop their own personal value propositions. ©FlatWorld 2018 6 THE VALUE PROPOSITION The acronym S.O.R.E. is beneficial for developing value propositions: Simplifier: take complex scenarios and simplify them so that everyone can understand. Organizer: take the lead in organizing opportunities. Resolver: work towards efficient and effective resolutions to achieve results. Executor: take pride in executing to achieve results. ©FlatWorld 2018 7 KEY TAKEAWAYS A value proposition is a thirty-second “elevator speech” stating the specific value a product or service provides to a target market. Firms may develop different value ...

1. Directions
· Your answers should show familiarity with the text and topics
being covered in the unit.
· Use the text, lecture notes, and/or PowerPoint as references
· Each question response should consist of at least 150 words.
· Responses should be free of typographical, spelling, and
grammar errors.
Questions
1. Compare and contrast a four Ps approach to marketing versus
the value approach (creating, communicating, delivering and
exchanging value). What would you expect to be the same and
what would you expect to be different between two companies
that apply one versus the other approach?
https://www.mbaskool.com/business-concepts/marketing-and-
strategy-terms/6778-4-ps-of-marketing.html
2. You are considering working for United Way upon
graduation. Explain how the marketing goals, strategies, and
markets for the nonprofit differ from a for-profit organization
3. How has PepsiCo employed a product development strategy?
4. Describe the value propositions the social networking sites
YouTube and Facebook offer Web users.
Principles of Marketing 4.0
Jeff Tanner and Mary Anne Raymond
©FlatWorld 2018

2. 1
PUBLISHED BY:
FLATWORLD
©2018 BY FLATWORLD. ALL RIGHTS RESERVED. YOUR
USE OF THIS WORK IS SUBJECT TO THE LICENSE
AGREEMENT AVAILABLE.
NO PART OF THIS WORK MAY BE USED, MODIFIED, OR
REPRODUCED IN ANY FORM BY ANY MEANS EXCEPT AS
EXPRESSLY PERMITTED UNDER THE LICENSING
AGREEMENT.
©FlatWorld 2018
CHAPTER 2
Strategic Planning
©FlatWorld 2018
LEARNING OBJECTIVE
Explain the meaning of a value proposition.
Understand why a company may develop different value
propositions for different target markets.
©FlatWorld 2018
4
THE VALUE PROPOSITION

3. It shows why the good is superior to competing goods.
The value proposition answers the questions:
“why should I buy from you?”
“why should I hire you?”
THIRTY-SECOND “ELEVATOR SPEECH” STATING THE
SPECIFIC BENEFITS A PRODUCT OR SERVICE OFFERING
PROVIDES A BUYER
©FlatWorld 2018
5
THE VALUE PROPOSITION
Firms identify their target markets when they are developing
their value propositions.
The value proposition tells each group why they should buy a
product or service.
Once the benefits are clear, firms must develop strategies that
support the value proposition.
The value proposition serves as a guide for this process.
Individuals and students should also develop their own personal
value propositions.
©FlatWorld 2018

4. 6
THE VALUE PROPOSITION
The acronym S.O.R.E. is beneficial for developing value
propositions:
Simplifier: take complex scenarios and simplify them so that
everyone can understand.
Organizer: take the lead in organizing opportunities.
Resolver: work towards efficient and effective resolutions to
achieve results.
Executor: take pride in executing to achieve results.
©FlatWorld 2018
7
KEY TAKEAWAYS
A value proposition is a thirty-second “elevator speech” stating
the specific value a product or service provides to a target
market.
Firms may develop different value propositions for different
groups of customers.
The value proposition shows why the product or service is
superior to competing offers and why the customer should buy it
or why a firm should hire you.
©FlatWorld 2018
8
LEARNING OBJECTIVES

5. Explain how a mission statement helps a company with its
strategic planning.
Describe how a firm analyzes its internal environment.
Describe the external environment a firm may face and how it is
analyzed.
©FlatWorld 2018
9
STRATEGIC PLANNING
Typically, it is a long-term process.
The strategic planning process includes:
Conducting a situation analysis
Developing the organization’s:
Mission statement objectives
Value proposition
Strategies
PROCESS THAT HELPS AN ORGANIZATION ALLOCATE
ITS RESOURCES TO CAPITALIZE ON OPPORTUNITIES IN
THE MARKETPLACE
©FlatWorld 2018
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6. THE STRATEGIC PLANNING PROCESS
©FlatWorld 2018
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CONDUCTING A SITUATION ANALYSIS
A situation analysis must be conducted before a company can
decide on specific actions.
A situation analysis involves analyzing:
The external (macro and micro factors outside the organization)
The internal (company) environments
©FlatWorld 2018
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CONDUCTING A SWOT ANALYSIS
Organizations conduct a SWOT analysis by analyzing:
Strengths
Weaknesses
Opportunities
Threats
Strengths and weaknesses:
Internal factors
Somewhat controllable
Opportunities and threats:
External factors
Largely uncontrollable

7. ©FlatWorld 2018
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CONDUCTING A SWOT ANALYSIS
©FlatWorld 2018
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ASSESSING THE INTERNAL ENVIRONMENT
Companies can use their strengths to capitalize on opportunities
and develop their competitive advantage.
Managers need to examine both the past and current strategies
to determine what strategies succeeded and which ones failed.
©FlatWorld 2018
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INTERNAL SWOT ANALYSIS

8. Actions required:
Capitalize on a strength
Address a weakness
©FlatWorld 2018
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ASSESSING THE EXTERNAL ENVIRONMENT
Analyzing the external environment involves tracking
conditions in the macro and micro marketplace.
The macro environment includes:
Economic factors
Demographic trends
Cultural and social trends
Political and legal regulations
Technological changes
The price and availability of natural resources
The micro environment includes:
Competition
Suppliers
Marketing intermediaries (retailers, wholesalers)
The public
The company
Customers
©FlatWorld 2018
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9. EXTERNAL SWOT ANALYSIS
Actions required:
Stay informed on global markets and issues
Anticipate and prepare for government actions
Monitor technology advances
©FlatWorld 2018
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THE COMPETITIVE ENVIRONMENT
Both nonprofit and for-profit organizations compete for
customers’ resources.
An industry is group of competitors that provide similar
products or.
Michael Porter developed an approach for analyzing industries
called the five forces model.
©FlatWorld 2018
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FIVE FORCES MODEL

10. ©FlatWorld 2018
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COMPETITIVE ANALYSIS
When a firm conducts a competitive analysis, it focuses on
direct competitors and tries to determine their strengths and
weaknesses, image, and resources.
Competitive analysis involves looking at any information
available on competitors.
Another means of collecting competitive information utilizes
mystery shoppers.
According to Porter, organizations must consider the strength
and impact the following could have:
Substitute products
Potential entrants in the marketplace
The bargaining power of suppliers
The bargaining power of buyers
©FlatWorld 2018
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THE POLITICAL AND LEGAL ENVIRONMENT
All organizations must comply with government regulations and
understand the political and legal environments in which they
do business.
Different government agencies enforce regulations that have
been established to protect both consumers and businesses.

11. For example, the Sherman Act (1890) prohibits U.S. firms from
restraining trade by creating monopolies and cartels.
©FlatWorld 2018
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THE ECONOMIC ENVIRONMENT
Economic factors include variables such as:
Inflation
Unemployment
Interest rates
Whether the economy is in a growth period or a recession
Inflation occurs when the cost of living continues to rise and
erodes the purchasing power of money.
During a recession, it is possible for both high-end and low-end
products to sell well.
©FlatWorld 2018
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THE DEMOGRAPHIC, SOCIAL, AND CULTURAL
ENVIRONMENTS
The demographic and social and cultural environments are
constantly changing the global marketplace. They include:
Social trends (such as people’s attitudes toward fitness and
nutrition)
Demographic characteristics (such as people’s age, income,

12. marital status, education, and occupation)
Culture, which relates to people’s beliefs and values)
©FlatWorld 2018
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TECHNOLOGY
Technology changes the way people communicate and the way
companies do business.
Marketers increasingly use online ads and mobile marketing.
Organizations must adapt to new technologies to succeed.
©FlatWorld 2018
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NATURAL RESOURCES
Natural resources are scarce commodities.
Consumers are becoming increasingly aware of this fact.
Green marketing involves marketing environmentally safe
products and services.
The marketing is done in a way that is good for the
environment.
Green marketing not only helps the environment but also saves
the company money.

13. ©FlatWorld 2018
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THE MISSION STATEMENT
The firm’s mission statement states:
The purpose of the organization
Why it exists.
Both profit and nonprofit organizations have mission
statements.
©FlatWorld 2018
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KEY TAKEAWAYS
A firm must analyze factors in the external and internal
environments it faces throughout the strategic planning process.
These factors are inputs to the planning process.
As they change, the company must be prepared to adjust its
plans.
Different factors are relevant for different companies.
Once a company has analyzed its internal and external
environments, managers can begin to decide which strategies
are best, given the firm’s mission statement.

14. ©FlatWorld 2018
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LEARNING OBJECTIVES
Explain how companies develop the objectives driving their
strategies.
Describe the different types of product strategies and market
entry strategies that companies pursue.
©FlatWorld 2018
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DEVELOPING OBJECTIVES
Objectives are what organizations want to accomplish in a given
time frame.
Objectives should be realistic and measurable.
Objectives help guide and motivate a company’s employees and
give its managers reference points for evaluating marketing
actions.
A firm’s marketing objectives should be consistent with the
company’s objectives at other levels, such as corporate and
business.
©FlatWorld 2018
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15. FORMULATING STRATEGIES
Strategies are what a firm is going to do to achieve its
objectives.
Tactics include specific actions taken to execute the strategy,
such as:
Coupons
Television commercials
Banner Ads
Firms often use multiple strategies to accomplish their
objectives and capitalize on marketing opportunities.
A marketing plan is a strategic plan that provides a firm’s
marketing group with direction.
©FlatWorld 2018
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MARKETING PLAN
©FlatWorld 2018
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WHICH PRODUCTS WILL BE CREATED
HOW THE PRODUCTS WILL BE EXCHANGED FOR
REVENUE

16. HOW THE PRODUCTS WILL BE COMMUNICATED
HOW THE PRODUCTS WILL BE DELIVERED
SUPPORTING RESEARCH AND FORECASTS
PRODUCT AND MARKET ENTRY STRATEGIES
©FlatWorld 2018
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STRATEGIC CHOICES
There are different types of product and market-entry strategies
that a firm can pursue in order to meet objectives.
Other choices include:
Licensing
Franchising
Contract manufacturing
Joint ventures
Direct investment
Diversification strategies
©FlatWorld 2018

17. 34
Market Penetration
Product Development
Market Development
TYPES OF PRODUCT AND MARKET ENTRY STRATEGIES
Market penetration strategies:
Increasing a firm’s sales of its existing products to its existing
customers.
Product development strategies:
Creating new products for existing customers.
Market development strategies:
Entering new markets with existing products.
Firms can simply export, or sell their products to buyers abroad
The least risky and least expensive method
Also offers the least amount of control
Firms can also license some aspect of their production
processes, trademarks, or patents to individuals or firms in
foreign markets.
Franchising is a longer-term and thus riskier form of licensing.
©FlatWorld 2018
35
TYPES OF PRODUCT AND MARKET ENTRY STRATEGIES
Contract manufacturing allows companies to hire manufacturers
to produce their products in another country.

18. Joint ventures combine the expertise and investments of two
companies and help companies enter foreign markets.
Direct investment provides the most control but also has the
most risk.
©FlatWorld 2018
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MARKET ENTRY METHODS
©FlatWorld 2018
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DIVERSIFICATION STRATEGIES
Diversification strategies involve:
Entering new markets with new products
Doing something outside a firm’s current businesses.
Diversification can be profitable, but it can also be risky if a
company does not have the expertise or resources it needs.
©FlatWorld 2018
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KEY TAKEAWAYS

19. The strategic planning process includes a company’s mission
(purpose), objectives (end results desired), and strategies
(means).
Sometimes the different SBUs of a firm have different mission
statements.
A firm’s objectives should be realistic (achievable) and
measurable.
The different product market strategies firms pursue include
market penetration, product development, market development,
and diversification.
©FlatWorld 2018
39
LEARNING OBJECTIVES
Identify the different levels at which strategic planning may
occur within firms.
Understand how strategic planning that occurs at multiple levels
in an organization helps a company achieve its overall corporate
objectives.
©FlatWorld 2018
40
STRATEGIC PLANNING
Corporate-level plans are developed by top executives for the
corporation as a whole.
A strategic business unit (SBU) is a business or product line
within an organization that has its own competitors, customers,
and profit center.

20. A firm’s SBUs may also have their own mission statement.
Business-level plans are developed by SBUs for themselves.
The different departments (accounting, finance, marketing, and
so forth) within a company or SBU might also develop strategic
plans.
©FlatWorld 2018
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STRATEGIC PLANNING LEVELS IN AN ORGANIZATION
©FlatWorld 2018
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STRATEGIC PLANNING
The strategies and actions implemented at the functional level
must help an organization achieve its objectives at both the
business and corporate levels.
The SBUs at the business level must also help an organization
achieve its corporate-level objectives.
Organizations can utilize multiple methods and strategies at
different levels to accomplish their various goals.
Similarly, individuals may use different strategies to
accomplish their goals.

21. ©FlatWorld 2018
43
KEY TAKEAWAYS
Strategic planning can occur at different levels (corporate,
business, and functional) in an organization.
The number of levels may vary.
If a company has multiple planning levels, the plans must be
consistent, and all must help achieve the overall goals of the
corporation.
©FlatWorld 2018
44
LEARNING OBJECTIVES
Explain how SBUs are evaluated using the Boston Consulting
Group matrix.
Explain how businesses and the attractiveness of industries are
evaluated using the General Electric approach.
©FlatWorld 2018
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PORTFOLIO PLANNING APPROACH
Analyzing a firm’s entire collection of businesses relative to

22. one another.
Two of the most widely used portfolio planning approaches
include the:
Boston Consulting Group (BCG) matrix
General Electric (GE) approach
Two popular approaches:
Boston Consulting Group (BCG Matrix)
General Electric business and industry planning model
©FlatWorld 2018
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THE BOSTON CONSULTING GROUP MATRIX
Helps companies evaluate each of its strategic business units
based on two factors:
The SBU’s market growth rate
The SBU’s relative market share
Because the BCG matrix assumes that profitability and market
share are highly related, it is a useful approach for making
business and investment decisions.
©FlatWorld 2018
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THE BOSTON CONSULTING GROUP (BCG) MATRIX

23. ©FlatWorld 2018
48
CATEGORIES OF PRODUCTS BASED ON BCG MATRIX
Star: A product with high growth and a high market share.
Cash cow: A product with low growth and a high market share.
Question marks or problem children: Products with a low share
of a high-growth market.
Dog: A product with low growth and a low market share.
©FlatWorld 2018
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THE GENERAL ELECTRIC APPROACH
Examines a business’s strengths and the attractiveness of the
industry in which it competes.
Companies evaluate their strengths and the attractiveness of
industries as high, medium, and low.
Companies with a medium rating on industry attractiveness and
business strengths should be cautious when investing and
attempt to hold the market share they have.
©FlatWorld 2018
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24. THE GENERAL ELECTRIC APPROACH
Evaluate SBU’s on the following factors:
Market share
Growth of the SBU
Size of the opportunity
Potential for profit
Environmental factors
Competitive conditions
Green: invest for growth
Yellow: status quo
Red: divest
©FlatWorld 2018
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KEY TAKEAWAYS
A group of businesses is called a portfolio.
Organizations that have multiple business units must decide
how to allocate resources to them and decide what objectives
and strategies are feasible for them.
Portfolio planning approaches help firms analyze the businesses
relative to each other.
The BCG and GE approaches are two of the most common
portfolio planning methods.
©FlatWorld 2018

25. 52
Principles of Marketing 4.0
Jeff Tanner and Mary Anne Raymond
©FlatWorld 2018
1
PUBLISHED BY:
FLATWORLD
©2019 BY FLATWORLD. ALL RIGHTS RESERVED. YOUR
USE OF THIS WORK IS SUBJECT TO THE LICENSE
AGREEMENT AVAILABLE.
NO PART OF THIS WORK MAY BE USED, MODIFIED, OR
REPRODUCED IN ANY FORM BY ANY MEANS EXCEPT AS
EXPRESSLY PERMITTED UNDER THE LICENSING
AGREEMENT.
©FlatWorld 2018
CHAPTER 1
What Is Marketing?
©FlatWorld 2018

26. KEY QUESTIONS
What is marketing?
Who does marketing?
Why study marketing?
©FlatWorld 2018
4
LEARNING OBJECTIVE
Define marketing and outline its components.
©FlatWorld 2018
5
DEFINING MARKETING
As defined by the American Marketing Association
THE ACTIVITY, SET OF INSTITUTIONS, AND PROCESSES
FOR CREATING, COMMUNICATING, DELIVERING, AND
EXCHANGING OFFERINGS THAT HAVE VALUE FOR
CUSTOMERS, CLIENTS, AND SOCIETY AT LARGE.

27. ©FlatWorld 2018
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COMPONENTS OF MARKETING
There are four components of marketing:
Creating
Communicating
Delivering
Exchanging
The traditional way of viewing the components of marketing is
via the four Ps:
Product
Promotion
Place
Price
©FlatWorld 2018
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VALUE: THE CENTER OF MARKETING
©FlatWorld 2018
8
A MATHEMATICAL DEFINITION OF VALUE

28. Value:
The benefits buyers receive that meet their needs.
Ultimately determined by the customer.
What the customer gets by purchasing and consuming a
company’s offering.
Hassle:
The time and effort the consumer puts into the shopping
process.
VALUE* = BENEFITS RECEIVED – (PRICE + HASSLE)
©FlatWorld 2018
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MARKETING CONCEPT
A philosophy of creating value:
Marketers seek to satisfy customer wants and needs.
Every employee in the company is focused on serving the
customer at a profit.
These firms are said to be market oriented.
©FlatWorld 2018

29. 10
ORIENTATIONS OF MARKETING
Production orientation: companies competed by reducing
production costs.
Gave rise to the production era.
Selling orientation: companies pushed their products by heavily
emphasizing advertising and selling.
Gave rise to the selling era.
Product orientation: companies focused on product innovation.
Gave rise to the marketing era.
©FlatWorld 2018
11
ERAS OF MARKETING
Value era: companies emphasize creating value for customers.
One-to-one era: companies compete by building relationships
with customers one at a time and seek to serve each customer’s
needs individually.
Transformative era: marketing is transforming complete
companies and products to serve customers more completely.
©FlatWorld 2018
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CREATING OFFERINGS THAT HAVE VALUE

30. ©FlatWorld 2018
13
TANGIBLE GOOD
INTANGIBLE SERVICE
PRICE
COMMUNICATING OFFERINGS
Communicating:
Describing the offering and its value to your customers.
Learning from customers what it is they want and like.
Customers get a chance to tell the company what they think.
©FlatWorld 2018
14
COMMUNICATING OFFERINGS
Many forms of communication may be used:
Advertising on the web, TV, billboards, or magazines
Product placement in movies and on TV
Salespeople
News media
Special events

31. Sponsoring events
Describing the offering and its value for the customer.
©FlatWorld 2018
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DELIVERING OFFERINGS
Delivering an offering:
More than simply getting the product into the hands of the user
Making sure that the user understands how to get the most out
of the product and is taken care of if he or she requires service
later.
Value is delivered in part through a company’s supply chain:
Includes a number of organizations and functions that mine,
make, assemble, or deliver materials and products from a
manufacturer to consumers.
Logistics:
The actual transportation and storage of materials and products.
The primary component of supply chain management.
©FlatWorld 2018
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EXCHANGING OFFERINGS
Exchanging: the act of transacting value between a buyer and a
seller.
Exchange occurs when consumers acquire, consume, and
dispose of products and services, including during the
consumption phase.

32. Sometimes for cash, sometimes for credit cards.
©FlatWorld 2018
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KEY TAKEAWAYS
The focus has changed from the 4 Ps to value:
Product is now about creating value.
Price is now about exchanging value.
Place is now about delivering value.
Promotion is now about communicating value.
Value:
The benefits an individual receives.
The price the consumer paid.
The time and effort the consumer expended.
©FlatWorld 2018
18
LEARNING OBJECTIVE
Describe how the various institutions and entities that engage in
marketing use marketing to deliver value.
©FlatWorld 2018

33. 19
WHO DOES MARKETING?
Everyone does some form of marketing.
Here we will focus on organizations:
For-profit companies like Wal-Mart, P&G, and local businesses.
Non-profits like charities, schools, hospitals, governments.
©FlatWorld 2018
20
FOR-PROFIT COMPANIES
For-profit companies do marketing:
McDonald’s
Procter & Gamble (the makers of Tide detergent and Crest
toothpaste)
Walmart
For-profit companies can be defined by the nature of their
customers.
A B2C company sells products to be used by consumers.
B2B company sells products to be used by companies,
organizations, and government agencies and entities.
Companies that engage in marketing can be categorized as:
Manufacturer
Retailer
Wholesaler
©FlatWorld 2018
21

34. NONPROFIT ORGANIZATIONS
Nonprofit organizations also engage in marketing.
This called nonprofit marketing.
Government entities also engage in marketing activities.
Social marketing is marketing conducted to achieve social
objectives.
Social marketing can be done by:
Government agencies
Nonprofit institutions
Religious organizations
©FlatWorld 2018
22
MARKETING YOU
Completing this course will help you to more effectively:
Create value.
Communicate and deliver that value to the receiver.
Receive something in exchange.
©FlatWorld 2018
23
KEY TAKEAWAYS
Marketing can be thought of as a set of business practices that
for-profit organizations, nonprofit organizations, government
entities, and individuals can utilize.

35. When a nonprofit organization engages in marketing activities,
this is called nonprofit marketing.
Marketing conducted in an effort to achieve certain social
objectives is called social marketing.
©FlatWorld 2018
24
LEARNING OBJECTIVE
Explain the role marketing plays in individual firms and society
as a whole.
©FlatWorld 2018
25
THE IMPACTS OF MARKETING ON SOCIETY
Enables profitable transactions to occur
Delivers value
Benefits society
Costs money
Offers people career opportunities
©FlatWorld 2018
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OPPORTUNITIES AVAILABLE IN MARKETING

36. Marketing research
Merchandising
Sales
Advertising
Product development
Direct marketing
Digital media
Event marketing
Non-profit marketing
©FlatWorld 2018
27
CRITICISMS OF MARKETING
It is costly.
Prices could be lower.
It fuels consumerism.
Consumers want more and more products and services they
don’t need.
©FlatWorld 2018
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KEY TAKEAWAYS
By facilitating transactions, marketing delivers value to both
consumers and firms.
At the broader level, this process creates jobs and improves the
quality of life in a society.

37. Marketing can be costly, so firms need to hire good people to
manage their marketing activities.
Being responsible for both making money for your company and
delivering satisfaction to your customers makes marketing a
great career.
©FlatWorld 2018
29
LEARNING OBJECTIVE
Understand and outline the elements of a marketing plan as a
planning process.
©FlatWorld 2018
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MARKETING’S ROLE IN THE ORGANIZATION
Marketing is a functional area in companies.
Just like operations and accounting are.
Marketing activities do not occur separately from the rest of the
company.
©FlatWorld 2018

38. 31
MARKETING PLAN
Marketing strategists develop a marketing plan from:
Corporate strategy
Company mission
An understanding of the market
STRATEGY FOR IMPLEMENTING THE COMPONENTS OF
MARKETING: CREATING, COMMUNICATING,
DELIVERING, AND EXCHANGING VALUE.
©FlatWorld 2018
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STEPS IN CREATING A MARKETING PLAN
©FlatWorld 2018
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THE CHANGING MARKETING ENVIRONMENT

39. Marketing is changing along with the way business is
conducted.
There are several themes, or important trends:
Digital information and big data
Ethics and social responsibility
Sustainability
Service-dominant logic
Metrics
A global environment
©FlatWorld 2018
34
KEY TAKEAWAYS
A company’s marketing plan flows from its strategic plan. Both
begin with a focus on customers.
The essential components of the plan are understanding
customers, creating an offering that delivers value,
communicating the value to the customer, exchanging with the
customer, and evaluating the firm’s performance.
A marketing plan is influenced by environmental trends such as
social responsibility, sustainability, service-dominant logic, the
increased availability of data and effective metrics, and the
global nature of the business environment.
©FlatWorld 2018
35