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MKT 100 Chapter 2 Notes - Chapter 2 - Developing Marketing...

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Chapter 2 - Developing Marketing Strategies and Marketing PlanMarketing Strategyidentifies a firm`s target markets, a related marketing mix - four P`s, and thebases upon which the firm plans to build a sustainable competitiveadvantage.Sustainable Competitive Advantageis anadvantage over the competition that is not easily copied and thus can bemaintained over a long period of time.a competitive advantageacts like a wall that the firm has built around its position in amarket, in which makes it harder for competitionsto contact customers inside.Four Strategies that help to develop Sustainable Competitive Advantage :Customer Excellence- focuses onretaining loyal customers and excellent customerserviceOperational Excellence- Achieved through efficient operations andexcellent supplychain and human resource management.Product Excellence- Having products with high perceived valueand effective brandingand positioning.Locational Excellence- having a good physical location and internet presence.Marketing Planis a written document composed of an analysis of the current marketing situation,opportunities and threats for the firm, marketing objectives and strategy specified interms of the four P`s, action programs, and projected or pro forma income (and otherfinancial) statements.5 StepsoPlanning Phase1.Define the Business Mission and ObjectivesTheMission Statement, a broad description of a firm`s objectives and thescope of activities it plans to undertake, attempts to answer two mainquestions: What type of business are we? and What do we need to do toaccomplish our goals and objectives?- answered by highest corporate levels before marketing executives canget involved.
- most firms want to maximize shareholders' wealth by increasing thevalue of the firm's stock and paying dividends.2.Conduct a Situation AnalysisAfter developing a mission, a firm next must perform a situation analysis,using aSWOTanalysis that assess both the internal environment withregard to its Strengths and Weaknesses (internal analysis) and theexternal environment in terms of its Opportunities and Threats (externalanalysis).

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Term
Fall
Professor
GIBBS
Tags
Marketing, locational excellence, Value Communication

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