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Chapter 2: Developing Marketing Strategies And A Marketing Plan

by: Andrea Lopez

Chapter 2: Developing Marketing Strategies And A Marketing Plan MKT 301

Marketplace > University of Miami > MKT 301 > Chapter 2 Developing Marketing Strategies And A Marketing Plan
Andrea Lopez
GPA 3.8
Professor Kettle

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Chapter 2: Notes and Questionnaire. The notes are formatted nicely to make them clear and simple. The questions attached, are all answered in depth.
Professor Kettle
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This 6 page Bundle was uploaded by Andrea Lopez on Wednesday February 18, 2015. The Bundle belongs to MKT 301 at University of Miami taught by Professor Kettle in Spring2015. Since its upload, it has received 111 views.

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Date Created: 02/18/15
CHAPTER 2 Developing Marketing Strategies And A Marketing Plan WHAT IS A MARKETING STRATEGY Overarching long term plan Identi es the following 0 Target markets What group of customers are you targeting What are their characteristics Marketing mix of the four P s 0 Need to mesh with your target market 0 Ex pricesensitive vs willing to pay for convenience Identi es the following 0 Sustainable competitive advantage What you do better than your competitors Must be something not easily replicated Google vs Bing MCCAFE Target Markets 0 What groups of customers is McDonalds targeting o What are their characteristics Marketing Mix 0 What is important for these customers Price Quality Atmosphere WiFi TESLA Target Markets 0 What groups of customers is Tesla targeting o What are their characteristics Marketing Mix 0 What is important for these customers Quality product Style product Price Environment They don t advertise because it is an exclusive item Sell it in the mall because they want to have the window shopping experience for their car they don t have a dealer network so it might be a smaller price SUSTAINABLE COMPETITIVE ADVANTAGE Customer Excellence 0 Outstanding customer service o Retain loyal customers Operational Excellence 0 Efficient operations Lower costs Lower price or greater service 0 Excellent supply chain Timeliness ReHathy 0 Human resource management Excellent employees Product Excellence 0 How is your product better than others Value proposition 0 Can consumers evaluate the difference ln evaluable wine Evaluable processing speed 0 Communicate the difference Branding Positioning Locational Excellence 0 Need to be in good locations 0 Shopping centers Trendy areas Convenient area Central areas MARKETING PLAN Document that details the Marketing Strategy Includes 0 Planning Mission statement Situation analysis 0 Implementation Segmentation targeting positioning strategy Marketing mix the four P s 0 Evaluation of Performance MISSION STATEMENT Statement of purpose Describes the firm s objective Why is a mission statement important 0 Focuses the entire organization 0 Motivates employees 0 Creates a brand identity Simple is better GREAT MISSION STATEMENTS Google 0 quotTo organize the world s information and make it universally accessible and usefulquot Conoco Phillips 0 quotUse our pioneering spirit to responsibly deliver energy to the worldquot CVS 0 quotWe will be the easiest pharmacy retailer for customers to usequot NOTSO GREAT Dell 0 quotTo be the most successful computer company in the world at delivering the best customer experience in markets we servequot A ac 0 quotTo combine aggressive strategic marketing with quality products and services at competitive prices to provide the best insurance value for consumersquot SITUATION ANALYSIS SWOT o Strengths o Weaknesses 0 Opportunities 0 Threats SEGMENTATION Market Segment 0 A set of consumers who respond similarly to a firm s marketing efforts Market Segmentation o The process of diving the market into these groups How to segment 0 Income 0 Age 0 Education 0 Ethnicity 0 Geography TARGETING Deciding which segments to pursue POSITIONING De ning the marketing mix variables so the target market has a clear distinctive desirable understanding of the product Chevy Silverado vs GMC Sierra Mix of four P s price product promotion place E VALUATE PERFORMANCE Metric 0 Measuring system 0 Quanti es a trend dynamic or characteristic 0 Examples 5 change in sales total sales Market share relative market share Pro tability Wordofmouth media mentions consumer ratings Product defects product returns Performance Objectives 0 Targets for speci c metrics 0 Examples Increase sales by 10 25 market share 10 pro t margin Top trending in media mentions 000001 product defects Less than 1 product returns PERFORMANCE E VALUTATONS Evaluations depend on the strategy 4 Growth Strategies Market Penetration 0 Market Development 0 Diversi cation 0 Product Development 0 GROWTH STRATEGIES Market penetration 0 Growth with existing customers Ex high costumer satisfaction rating low product returns Market Development 0 Reaching new customers with current products Ex growth in market share wordofmouth Facebook Diversi cation 0 Adding a new product or service to portfolio Ex sales market share media mentions Product Development 0 Creating a brand new product or service Ex 5 growth in saes market share wordof mouth Apple Dyson GROWTH STRATEGIES FOR UM Market Penetration 0 Increase retention rate existing students stay for additional programs Market Development 0 Attract more international students Diversi cation 0 Add a nursing school Product Development 0 New specialized program MBA in Latin American Business Marketing Study Guide Question CHAPTER 2 Developing Marketing Strategies And A Marketing Plan 1 What are the various components of a marketing strategy a A rm s target market b A related marketing mix its four P s c The bases on which the rm plans to build a sustainable competitive advantage 2 List the four macro strategies that can help a rm develop a sustainable competitive advantage a Customer excellence b Operational excellence c Product excellence d Locational excellence 3 What are the ve steps in creating a marketing plan a Step 1 De ne the business mission b Step 2 Conduct a situation analysis c Step 3 Identifying and evaluating opportunities using STP segmentation targeting positioning d Step 4 Implement marketing mix and allocate resources e Step 5 Evaluate performance using marketing metrics 4 What tool helps a marketer conduct a situation analysis a SWOT strengths weaknesses opportunities threats 5 What do the four quadrants of the portfolio analysis represent a Stars highgrowth markets and are high market share products b Cash Cows lowgrowth markets but are high market share products c Question Marks highgrowth markets but have relatively low market shares thus they are often the most managerially intensive products in that they d Dogs lowgrowth markets and have relatively low market shares What are the four growth strategies a Market Penetration b Market Development c Product Development d Diversi cation What type of strategy is growing the business from existing customers a Market Penetration Which strategy is the riskiest a Diversi cation


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