Ch 2: Strategic Planning for Competitive Advantage
Ch 2: Strategic Planning for Competitive Advantage Mkt 3000
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This 5 page Class Notes was uploaded by Rebecca Lord on Friday September 4, 2015. The Class Notes belongs to Mkt 3000 at Bowling Green State University taught by Fei Weisstein in Fall 2015. Since its upload, it has received 72 views. For similar materials see Marketing/non business in Marketing at Bowling Green State University.
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I'm pretty sure these materials are like the Rosetta Stone of note taking. Thanks Rebecca!!!
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Date Created: 09/04/15
CH 2 Strategic Planning for Competitive Advantage Becoming Value Driven 0 Take a long term view of customer relationships 0 Use data to assist in maintaining to the relationship Marketing Plan A written business document that provides the marketing actions and objectives for the marketing manager Why write a Marketing Plan 0 Provides a basis for comparison of actual and expected performance 0 Provides clearly stated activities to work toward common goals Serves as a reference benchmark for the success of future activities 0 Provides an examination of marketing environment Allows entry into marketplace with awareness Elements of a Marketing Plan De ning a Business Plan 0 Answers question quotWhat business are we inquot Focuses on markets rather than goods 0 Too narrow Marketing myopia business is de ned in terms of goods and services rather than customer bene ts 0 Too broad No direction Mission statement could be applied to multiple businesses Ex Best Buy 0 Just right Focuses on markets served and bene ts customers seek SituationSWOT Analysis Iden es o Company s internal strengths S 0 Internal Weaknesses W 0 External opportunities 0 o ExternaThreats T Components of SWOT StrengthsWeaknesses OpportunitiesThreats Production Costs 0 Social 0 Marketing Skills 0 Demographic Financial Resources Technological 0 Image 0 Political Technology 0 Competitive Economic Types of Competitive Advantage 0 Cost 0 Ex it will cost less money to outsource work to India where labor costs are cheaper o ProductService Differentiation 0 000 0 Brand Names Ex everyone wants an iPhone becausewell it s aniPhone Strong Dealer Network Ex DELL Computers Product Reliability Image Services 0 Niche Market 0 Ex Bluebell Ice cream ranks as one of the top three in the country yet its only available in 26 of the nations grocery stores Sources of Sustainable Competitive Advantage Patents 0 Technology Copyrights Superior Customer Service 0 Unique Location 0 Promotion Innovative Equipment Products and Services Markets Current New Current Market Penetration Product Development New Market Development Diversi cation Market Penetration Increase Market share among existing customers T share 5 Promotion Coupons Loyalty programs sales changing size of product Product Development Create new products for present markets T products 3 Ex Satis ed iPhone users will buy other Apple products T customer Market Development Attracts new customers to existing 5 products Ex Dunkin Donuts globally expanding their stores T Product amp Diversi cation Create new product for new market new markets Ex McDonalds created McCafe a trendy cafe in countries around the world with a wide range of treats People who would go here might not regularly go to McDonalds Objective Measurable realistC timespeci c shortterm goals that a company wants to accomplish through marketing activities It MUST be measurable realistic and timespeci c Examples of BAD objectives include 0 quotBecome a leader in our industryquot 0 quotIncrease pro tsquot 0 quotProvide better customer servicequot Marketing Mix The 4Ps Product Place distribution Price Promotion Must have a unique mix of all 4 of these to achieve optimal results Includes Physical unit package Warranty Service Brand mage Vaue Products can be Tangibe items Jdeas Services Product Availability where and when customers want them Physical distribution all activities from raw materials to nish Goal ensure products arrive in usable condition at Role is to bring about exchanges with target markets by nforming Educann Persuading Reminding Includes Persona selling Advertising Saes Price is what a buyer gives up money time energy to get a product This is a competitive weapon It s the most exible to change out of the 4Ps Price x OI mntihl
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