Chapter 2.docx - MKT 100-Principles of Marketing...

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MKT 100-Principles of Marketing Textbook(Lecture 2) -1/28/16 Chapter 2 Developing Marketing Strategies and a Market Plan What is a marketing strategy? Market Strategy identifies : 1) A firm target market 2) A related marketing mix-the 4 P’S 3) The bases upon which the firm plans to build a sustainable competitive advantage Sustainable competitive An advantage over the competition that is not easily copied and thus can be maintained over a long period of time. Competitive advantage acts like a wall built by the business around its position in the market makes it hard for competitors to break the wall and take the customers o Example: Nike’s thickest wall is its strong brand based on years of tech break through .(The Nike swoosh and think about Nike as a 1 st option when considering to buy running, basketball shoes. o Where as Tim Horton’s and Starbucks have built walls that appeal to different target markets. o 4 Overarching strategies There are 4 overarching strategies that focus on aspects of the marketing mix to create and deliver value and to develop sustainable competitive advantages Customer Excellence-focuses on retaining loyal customers and excellent customer services Operational Excellence-achieved through efficient operations and excellent supply chain and HR management Product Excellence-having products with high perceives value and effective branding and positioning
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