Developing Marketing Strategies & Marketing Plan
Developing Marketing Strategies & Marketing Plan MK 3010
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This 3 page Class Notes was uploaded by Courtney Barnes on Tuesday January 19, 2016. The Class Notes belongs to MK 3010 at Georgia State University taught by in Spring 2016. Since its upload, it has received 68 views. For similar materials see Marketing Management in Marketing at Georgia State University.
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Date Created: 01/19/16
Chapter Two – 1.19.16 Developing Marketing Strategies & Marketing Plan STRATEGY TACTICS LONG TERM Shortterm BROAD PERSPECTIVE Specific Implications PRODUCT DEVELOPMENT, Price Drops ADVERTISING, DATA MINING Marketing Strategy Identifies: 1. Target Market 2. Marketing Mix 3. Sustainable Competitive Advantage “Something the firm can persistently do better than its competitors” Customer excellence A valuebased strategy developed for retaining loyal customers CRM identifies and builds loyalty among valued customers Operational Excellence Efficient operations, excellent supply chain management, strong relationships with partners Firms can provide lower prices or enhance other products Ex: Walmart or McDonalds Product Excellence Products with high perceived value Effective branding & positioning Locational Excellence Good physical location and internet presence Marketing Plan: written document of current marketing situation, opportunities, and threats for firm, marketing objectives and strategy. Three Major Phases : 1. Business Mission/Objectives & Situation Analysis a. Define the Mission: Be broad but concise i. What type of business are we? ii.Goals? How can we achieve them? b. Situation Analysis: S.W.O.T . i. Strengths, Weakness, Opportunities, Threats. ii.Internally & Externally 2. Implementation: Segmentation, Targeting, Position & the Four P’s (product, price, place, promotion) a. Segment: identify market segments & demographics b. Target: choose which market segment to saturate c. Position: decide how to manipulate the marketing mix d. Four P’s: i. Product: Value Creation (successful product) ii. Price: Value Capture (good price for value of product) iii. Place: Value Delivery (readily accessible) iv. Promotion: Value Communication (advertisement) 3. Control Phase: Evaluate performance a. Quantifiable performance using metrics i. Finance Related Metrics (profit, sales, revenues) ii.Marketing Related Metrics (customers satisfaction ) Portfolio Analysis Evaluate firms products/brands according to expectations about future profitability Strategic business unit (SBU) Boston Consulting Group (BCG) o Relative market share (horizontal axis) o Market’s growth rate (vertical axis)
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