Chapter 2 - Developing Marketing Strategies and a Marketing Plan

Chapter 2 - Developing Marketing Strategies and a Marketing Plan

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***Most questions on EXAM from this chapter!!! What is marketing’s main goal? - To create, communicate, capture, and deliver value - In charge of getting customers to buy the products Nike Vs. Adidas - Target market: soccer fans - Nike chooses specific players to market, Adidas chose a specific “event” (FIFA) to market. What is Marketing Strategy? - Determine target market - Related marketing mix - F Sustainable Competitive Advantage*** ON EXAM - Customer Excellence Retaining loyal customers Customer service - Operational Excellence Efficient operations Excellent supply chain management Controlling price and how products are delivered to their stores, they are able to offer customers low prices on a wide array of goods. - Product Excellence Have products with high-perceived value Effective Branding and Positioning - Locational Excellence “Many say the three most important things in retailing are location, location, location.” The Marketing Plan - How will you attract customers and achieve your mission statement?
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