ChapterTwoNotesforMKT3010.pdf 80302 - MKT 3010 - 002
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This 2 page Class Notes was uploaded by jj on Saturday September 5, 2015. The Class Notes belongs to 80302 - MKT 3010 - 002 at Clemson University taught by Carter Willis McElveen in Fall 2015. Since its upload, it has received 34 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
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Date Created: 09/05/15
Chapter Two Notes for MKT 3010 o What is a Marketing Strategy Marketing Strategy identifies a firm s target markets a related marketing mix four P s and the bases on which the firm plans to build a sustainable competitive advantage Sustainable Competitive Advantagg advantage over the competition that is not easily copied and thus can be maintained over a long period of time There are 4 macro strategies that focus on aspects of the marketing mix to create and deliver value and develop sustainable competitive advantages 1 Customer Excellence focuses on retaining loyal customers and excellent customer service 2 Operational Excellence achieved through efficient operations and excellent supply chain and human resource management 3 Product Excellence having products with high perceived value and effective branding and positioning 4 Locational Excellence having a good physical location and internet presence The Marketing Plan is a written document composed of an analysis of the current marketing situation opportunities and threats for the firm marketing objectives and strategy specified in terms of the four P s action programs and projected or proforma income statements The three major phases of the marketing plan are planning implementation and control Step One Define the Business Mission a broad description of a firm s objectives and the scope of activities it plans to undertake Attempts to answer two main questions What type of business is it What does it need to do to accomplish its goals and objectives Step Two Conduct a Situation Analysis marketing plan uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats Step Three Identifying and Evaluating Opportunities Using STP Segmentation Targeting and Positioning the processes that firms use to identify and evaluate opportunities for increasing sales and profits a Segmentation the process of dividing the market into groups of customers with different needs wants or characteristics who therefore might appreciate products or services geared especially for them b Targeting the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market c Positioning the 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 Four Implement Marketing Mix and Allocate Resources marketers implement the actual marketing mix for each product and service on the basis of what they believe their target markets will value Marketers also make important decisions about how they will allocate their scarce resources to their various products and services Step Five Evaluate Performance Using Marketing Metrics includes evaluating the results of the strategy and implementation program using marketing metrics Metrics are used to explain why things happened and to project the future Strategic business unit SBU a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives Product Lines groups of associated items such as those that consumers use together or think of as part of a group of similar products Market Share percentage of a market accounted for by a specific entity Relative Market Share a measure of the products strength in a particular market defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry Market Growth Rate the annual rate of growth of the specific market in which the product competes 0 Growth Strategies Market Penetration Strategy a growth strategy that employs the existing marketing mix and focuses the firm s efforts on existing customers Market Development Strategy a growth strategy that employs the existing marketing offering to reach new market segments whether domestic or international Product Development Strateg a growth strategy that offers a new product or service to a firm s current target market Diversification Strateg a growth strategy whereby affirm introduces a new product or service to a market segment that it does not currently serve Related Diversification a growth strategy whereby the current target market or marketing mix shares something in common with the new opportunity Unrelated Diversification a growth strategy whereby a new business lacks any common element with the present business
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