Chapter 2 Notes
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This 5 page Class Notes was uploaded by Jade Notetaker on Friday October 16, 2015. The Class Notes belongs to 2300 at Wayne State University taught by Nayyer Naseem in Summer 2015. Since its upload, it has received 26 views. For similar materials see Marketing Management in Marketing at Wayne State University.
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Date Created: 10/16/15
Chapter 2 Developing marketing strategies and plan Sustainable Competitive Advantage SCA an advantage over the competition that is not easily copied and thus can be maintained over a long period of time The four strategies that create and deliver value and a SCA Customer Value Customer excellence operational excellence Product excellence Locational excellence There are many different types of strategies 3 Corporate Strategy Defines what area of business an enterprise enter into 0 An umbrella strategy of any organization which helps it to plan its longterm goals objections MISSION amp VISION as a business Business Strategy longterm plan of goals and objections with in particular SBU level 0 Where a business should compete at cost leadership 0 2 Main strategies are cost leadership and product differentiation Marketing Strategy Related to making decisions about the 4 P s and using marketers resources to help achieve goals of a company Mission Statement of organization on how it relates to society Vision Statement of an organization that tells about where it wants to be in terms of its goals and objections related to competition Cost leadership SBU s of a Business Strategy 0 SBU Cost leadership USP Unique Selling Proposition innovative offerings PRODUCT DIFFERENTATION There are interplays between the 4 P s it is Goals amp Objections Managerial Processing Business Environment 0 Political legal laws and regulations 0 Social 0 Cultural 0 Geographic 0 Competitive environment The Marketing Plan Slide 12 of PowerPoint 2 Step 1 Business mission and objectives Planning Phase Step 2 Situation analysis SWOT Planning Phase Step 3 Identify opportunities STP Segmentation Targeting Positioning Implementation Phase and Marketing strategy Step 4 Implement marketing miX 4 P s Implementation Phase and Marketing strategy Step 5 Evaluate performance using metrics of marketing Control Phase Three Phases of a Strategic Plan Planning Implementing Controlling SWOT Analysis has strengths weaknesses threats and opportunities PRICE There are 4 types of a Positioning strategy 0 Market Leader 0 Market Follows 0 Niche Player 0 Me too Brand Price Promotion Strategy Chart PROMOTION LOW LOW HIGH HIGH Slow Skimming H L Rapid Skimming H H Slow Penetration L L Rapid Penetration L H LOW HIGH LOW Market Related Growth Rate Portfolio Analysis Corporate Strategy BCG MatriX Relative Market Share SHARE LOW H S H L called Stars called Question Marks L H L L called Cash Cows called Dogs VOCAB Customer excellence achieved when a firm develops strategies of value base for retaining loyal customers and outstanding customer service Diversification strategy introduces new products or service to a market segment that currently is not served Locational excellence occurs having a good physical location and internet presence Market development strategy employs eXisting marketing offering to reach new market segments either domestic or international Market penetration strategy employs marketing miX and focuses on the firms efforts on their eXisting customers Marketing Plan written document composed of an analysis of marketing situation opportunities and threats for the firm marketing objectives and strategy specified in terms of the 4 P s and statements Mission Statement broad description of rm s objectives and the scope of activities it plans to undertake Operational excellence efficient operations and excellent supply chain and human resource management Product development strategy offers new product or service to a firms target market STP stands for segmentation targeting and positioning and is used to identify opportunities for increasing sales and profit SCA Sustainable competitive advantage is an advantage over the competition that isn t easily copied and can be maintained over a long period of time 0 Product excellence products With high perceived value and effective branding and positioning