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
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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