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BUS 3113 - Chapter 2 & 3 Notes - Class Notes

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BUS 3113 - Chapter 2 & 3 Notes - Class Notes

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background image Chapter 2 Wednesday, January 17, 2018
2:49 PM
Marketing strategy identifies 1 A firm's target market
2 Related marketing mix (its 4 Ps)
3 Bases on which the firm plans to build a sustainable competitive advantage
 
Sustainable competitive advantage
Advantage over the competition that is not easily copied and can be  maintained over a long period of time  
Macro strategies for developing customer value
Customer Excellence: focuses on retaining loyal customers and excellent  customer service Operational excellence: achieved through efficient operations and  excellent supply chain and human resource management Product excellence: having products with high perceived value and  effective branding and positioning Locational excellence: having a good physical location and internet  presence.
 
Customer Excellence Achieved when a firm develops value-based strategies for retaining loyal  customers and provides outstanding customer service Viewing customers with a lifetime value perspective, rather than on a  transaction-by-transaction basis, is key to modern customer retention 
programs
Building customer loyalty: Provide your target market something unique Create an emotional attachment through loyalty programs  
Operational excellence:
Achieved through efficient operations, excellent supply chain management,  and strong relationships with their suppliers Marketers strive for efficient operations to get their customers the  merchandise they want, when they want it, in the required quantities, and at a 
lower delivered cost than their competitors.
 
Product excellence:
Providing products with high perceived value and effective branding and  positioning. Investing in their brand itself; positioning their product or service using a  clear, distinctive brand image; and constantly reinforcing that image through 
merchandise, service and promotion.
 
Marketing plan
background image Written document composed of an analysis of he current marking situation,  opportunities and threats for the firm, marketing objectives and strategy 
specified in terms of the 4 Ps, action programs, projected or pro forma income.
3 major phases: planning, implementation, and control Provides a reference point for whether or not the firm has met their objectives   5 Steps of the Marketing Plan 1 Planning phase: marketing executives with top managers define the mission  and/or vision for the business. 2 They evaluate the situation by assessing how various players affect the firm's  potential for success.  3 Implementation phase: marketing managers identify and evaluate different  opportunities by using the process segmentation, targeting, and positioning 
(STP)
4 Implementing the marketing mix using the four Ps
5 Control phase: evaluating the performance of the market strategy using 
marketing metrics and any needed corrective steps   Step 1: Define the Business Mission Mission statement: a broad description of a firm's objective and scope of  activities it plans to undertake, attempts to answer two main questions: what 
type of business are we? What do we need to do to accomplish our goals and 
objectives? 
 
Step 2: Conduct a situation analysis
Strengths  Weaknesses Opportunities Threats
background image Strengths and weaknesses and the external environment in terms of its  opportunities and threats  Asses the opportunities and uncertainties of the marketplace due to changes  in Cultural, Demographic, Social, Technological, Economic, Political forces 
(CDSTEP)
 
Step 3 :Identify and evaluate opportunities using STP 
Segmentation: o Market segment: consisting of consumers who respond similarly  to           marketing efforts. o Market segmentation: process of dividing the market into groups of  customers with different needs, wants, or characteristics  Targeting Positioning: process of defining the marketing mix variables so that target  customers have a clear, distinctive, desirable understanding of what the 
product does or represents in comparison with competing products. 
 
Step 4: Implement marketing mix and allocate resources
Product Price Place  Promotion o  Integrated marketing communication (IMC), it contains a variety  of communication disciplines (advertising, personal selling, sales 
promotion, public relations, direct marketing, and online marketing) to 
provide clarity, consistency, and maximum communication impact. 
 
value proposition: 
the unique value that a product or service provides to its customers and how  it is better than and different from those competitors.   
Step 5: Evaluate performance using marketing metrics
Metric: measuring system that quantifies a trend, dynamic, or characteristic. o Used to explain why things happened and also project the future Comparing a firm's performance over time to competing firms using the  metrics sales and profits View the firm's products or services as a portfolio An attempt to maximize one metric may therefore lower another Metrics used vary depending on the level or the organization in which the  decision is made and the resources the manager controls.  
Portfolio analysis
Management evaluates the firm's various products and businesses, and  allocates the resources according to which products are expected to be the 
most profitable for the firm in the future
Performed at the Strategic business unit (SBU, division of the firm that can be managed and operated somewhat independently) or product line (group of 
products that consumers may use together or perceive as similar in some way)
level of the firm
 

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School: Texas Woman's University
Department: OTHER
Course: Principles of Marketing
Term: Spring 2018
Tags: Marketing and principles of marketing
Name: Chapter 2 & 3 Notes
Description: Detailed notes for chapter 2 and 3
Uploaded: 02/03/2018
12 Pages 44 Views 35 Unlocks
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