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MARK 3000 Chapter 2 Cards - Grantham UGA
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©THEBRIGHTSTARS 2024 MARK 3000 Chapter 2 Cards - Grantham UGA Marketing Strategy - answerA firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage Sustainable Competitive Advantage - answerAn advantage over competition that is not easily copied and ca...

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  • September 6, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mark 3000 chapter 2 cards grantham uga

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©THEBRIGHTSTARS 2024



MARK 3000 Chapter 2 Cards - Grantham
UGA


Marketing Strategy - answer✔✔A firm's target market, marketing mix, and method of obtaining
a sustainable competitive advantage

Sustainable Competitive Advantage - answer✔✔An advantage over competition that is not
easily copied and can be maintained over a long period of time

Macro Strategies for Developing a Sustainable Advantage - answer✔✔- Customer Excellence
- Operational Excellence
- Product Excellence
- Locational Excellence

Customer Excellence - answer✔✔Focus on retaining loyal customers and excellent customer
service

Operational Excellence - answer✔✔Achieved through efficient operations, excellent supply
chain management, and strong relationships with suppliers

Product Excellence - answer✔✔Having products with high perceived value and effective
branding and positioning

Locational Excellence - answer✔✔Having a good physical location and internet presence;
especially important in retail

Marketing Plan - answer✔✔A written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives and strategy in
terms of the 4P's, action programs, and projected or pro forma income statements

Three Major Phases of the Marketing Plan - answer✔✔- Planning Phase
- Implementation Phase
- Control Phase

, ©THEBRIGHTSTARS 2024


Planning Phase (of the Marketing Plan) - answer✔✔Marketing executives and other top
managers define the mission of the business and evaluate the situation by assessing how the
various players, both inside and outside the organization, affect the firm's potential for success

Implementation Phase (of the Marketing Plan) - answer✔✔Marketing managers identify and
evaluate different opportunities by engaging in a process known as segmentation, targeting, and
positioning (STP) and then implement the marketing mix

Control Phase (of the Marketing Mix) - answer✔✔Evaluating the performance of the marketing
strategy using marketing metrics and taking any necessary corrective actions

Steps of the Marketing Plan - answer✔✔Step 1: Define the Business Mission
Step 2: Conduct a Situational Analysis
Step 3: Identify and Evaluate Opportunities Using STP
Step 4: Implement Marketing Mix and Allocate Resources
Step 5: Evaluate Performance Using Marketing Metrics

Mission Statement (Step 1 of Marketing Plan) - answer✔✔A broad description of a firm's
objectives and the scope of activities it plans to undertake


Attempts to answer 2 main questions:
- What type of business are we?
- What do we need to do to accomplish our goals and objectives?

SWOT Analysis (Step 2 of Marketing Plan) - answer✔✔Assess both internal environment w/
regard to its strengths and weaknesses, and the external environment in terms of its opportunities
and threats


Strengths - refer to the positive internal attributes of the firm
Weaknesses - negative attributes of the firm
Opportunities - positive aspects of the external environment
Threats - negative aspects of company's external environment

Segmentation, Targeting, Positioning (STP) - answer✔✔Firms use these processes to identify
and evaluate opportunities for increasing sales and profits

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