MKT 100 Chapter Notes - Chapter 2: Boston Consulting Group, Habitat, Tim Hortons
1
MKT 100 Full Course Notes
Verified Note
1 document
Document Summary
What is a marketing strategy: firm"s target market(s, related marketing mix (4 ps) - place price product promotion, plan to build sustainable competitive advantage. Customer excellence: retaining loyal customers/excellent customer service. Eg starbucks are friendly and make coffee consistent quality. Product excellence: products with high-perceived value/effective branding/positioning. Locational excellence: good physical location and internet presence. The marketing plan: written document- analysis of current marketing situation, opportunities/threats, marketing objectives and 4 ps strategies, action programs. (step 1) define business mission (statement) & objectives. Top managers define mission and objectives of business. How players affect potential for success: market trends, customer analysis, competitive analysis, changes in macro environment pest (political/legal, economic, (step 3) identify opportunities using stp socio cultural, technological) i. i. i. ii. segmentation, targeting, and positioning (stp) understanding customer needs/wants- divide market into segments, which segments to target, how to position to meet needs of targets.
