satisfy customers needs end of chapter 1 Chapter 2 Marketing Strategy What is a

Satisfy customers needs end of chapter 1 chapter 2

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satisfy customers’ needs end of chapter 1 Chapter 2 Marketing Strategy What is a marketing strategy?
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1. It identifies the firms target market 2. the marketing mix strategies 3. 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 time 4 Strategies Customer excellence - when a local firm has is the advantage it has over the competition - achieved via: o retaining customer loyalty understand the importance of a customer’s lifetime value create an emotional connecting through loyalty programs o offering excellent customer service Operational excellence - a firm builds its competitive advantage through its efficient operations excellent supply chain management and strong relationships with suppliers Product excellence - a firm builds its competitive advantage through having products with high perceived value and effective branding and positioning Location excellence - a firm builds its competitive advantage through having a good physical location and or internet presence What is a marketing Plan? 1. Analysis of the current situation 2. Opportunities and threats to the firm 3. Marketing objectives 4. Marketing mix and strategies 5. Action plan 6. Projected or pro forma income statement Step one: mission statement and objectives Defining objective - in a marketing plan firms must set their objectives as in reaching specific levels of profit or market share o the objective has to be s.m.a.r.t (smart goals) -> eg.
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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 objectives weakness: internal limitation that may interfere with a company’s ability to achieves its objective opportunities: external factors that the company may be able to exploit to its advantage threats: Step 3: STP analysis - segmentation – targeting – positioning Portfolio Analysis BCG analysis - Star - Cash cows - Question marks o have potential to become star through proper investments - Dogs o very difficult to turn into question marks o generate enough cash just to break even Growth Strategies 1. Market penetration (existing product in existing market) o sell more of your current product to current consumers 2. Product development (New, existing) o develop a new product and sell it to current consumer 3. Market development (Existing, new) o Sell your current product to a new market 4. Diversification (new, new) o Develop a new product or service and sell it to a new market Downsizing Chapter 3: Analysing the Marketing Environment The micro Environment 1. Company capabilities
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o the company’s core competencies and weaknesses affect its ability to serve its customers 2. Competitive intelligence o
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