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MARKETING FINAL REVIEW

MARKETING FINAL REVIEW - MARKETING FINAL Chapters 2 6 8 10...

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MARKETING FINAL Chapters: 2, 6, 8, 10, 11, 16-19 CHAPTER 2 : Strategic Planning for a Competitive Advantage (All about the Marketing Plan) A marketing strategy includes: who you are going to sell to, what you are selling, etc. In a marketing plan you have to explain ! Marketing plans help to put everyone in the organization on the same page. Figure out the best ways to become a market leader. Elements of a marketing plan: 1. Mission Statement —says what business you are in. You don’t look at the product, you look at the service. Ex: Better to say you are a communication enabler than a pen maker. The mission statement is the guiding post of your marketing plan. 2. Objectives —criteria for objectives to be meaningful: realistic, measurable, time- specific, and compared to a benchmark. A good objective will have all of those 4 objectives. Ex: in the first year of business, I would like my product in 110 grocery stores in the southeast. o Benefits of laying out these objectives: People know what they are working towards and where to put their time and energy Help executives to think more clearly You can evaluate your results and a way to measure performance 3. Environmental Scanning (SWOT Analysis) Strengths and Weaknesses are internal to the firm and Opportunities and Threats are external to the firm. EX: SWOT analysis of LSU (incoming freshman, why or why not come to LSU?) o Strengths : affordable, football, name recognition, choices in majors, flagship o Weaknesses : class size, facilities, parking, technology, dorms, food, REC center o Opportunities : in LA, TOPS, New Orleans, networking, culture o Threats : budget cuts, school image, hurricanes 4. Marketing Strategy o 4 P’s : product, price, place, promotion 5. Implementation and Evaluation —part of implementing is evaluating to see how you are doing according to your plan. When you get of track, you need to figure out what is wrong and what you need to do to get back on track.
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What is the ultimate goal of doing a marketing plan? To develop a competitive advantage —figuring out what the market needs, and fulfilling that need better than anyone else can o 3 areas to focus on to develop this competitive advantage: Cost (ex: Southwest) Product/Service Differentiation (ex: toms—differentiate themselves b/c of their charitable aspects) Niche—find a group of people that has a distinct need and you fulfill that need in a unique/different way (ex: Bentley) The ultimate goal with coming up with a competitive advantage is to have a sustainable competitive advantage ! You want to do something that no one else can easily copy. Different ways to view your market place and understanding what you are going to do… Ansoff’s matrix includes a present market and a new market and a present product and a new product .
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