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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Brightstars. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
