satisfy customers’ needsend of chapter 1Chapter 2 Marketing StrategyWhat is a marketing strategy?
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1.It identifies the firms target market2.the marketing mix strategies3.how the firm will build a sustainable competitive advantage-A sustainable competitive advantage is an advantage over the competition that cannot be copied and thus be maintains for a very long time4 Strategies Customer excellence-when a local firm has is the advantage it has over the competition-achieved via:oretaining customer loyaltyunderstand the importance of a customer’s lifetime valuecreate an emotional connecting through loyalty programsooffering excellent customer serviceOperational excellence-a firm builds its competitive advantage through its efficient operations excellent supply chain management and strong relationships with suppliersProduct excellence-a firm builds its competitive advantage through having products with high perceived value and effective branding and positioningLocation excellence-a firm builds its competitive advantage through having a good physical location and or internet presenceWhat is a marketing Plan?1.Analysis of the current situation2.Opportunities and threats to the firm3.Marketing objectives 4.Marketing mix and strategies5.Action plan6.Projected or pro forma income statementStep one: mission statement and objectivesDefining objective-in a marketing plan firms must set their objectives as in reaching specific levels of profit or market share othe objective has to be s.m.a.r.t (smart goals) -> eg.
Step 2: conduct a situation analysis-a company must analyze its current situation-1. inside the company-in the external environment: market trends etc. Strengths: internal capabilities that may help a company reach its objectivesweakness: internal limitation that may interfere with a company’s ability to achieves its objectiveopportunities: external factors that the company may be able to exploit to its advantagethreats: Step 3: STP analysis-segmentation – targeting – positioningPortfolio AnalysisBCG analysis-Star-Cash cows-Question marksohave potential to become star through proper investments-Dogsovery difficult to turn into question marksogenerate enough cash just to break evenGrowth Strategies1.Market penetration (existing product in existing market)osell more of your current product to current consumers2.Product development (New, existing)odevelop a new product and sell it to current consumer3.Market development (Existing, new)oSell your current product to a new market4.Diversification (new, new)oDevelop a new product or service and sell it to a new marketDownsizingChapter 3: Analysing the Marketing EnvironmentThe micro Environment 1.Company capabilities
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othe company’s core competencies and weaknesses affect its ability to serve its customers2.Competitive intelligenceo
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