SMG MK 323 Chapter Notes - Chapter 2,5: Ken Wilber, Marketing Strategy, Integrated Marketing Communications
11 Oct 2016
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Competitive advantage acts like a wall that the firms has built around its position in a market. Four macro, or overarching, strategies that focus on aspects of marketing mix to create and deliver value and to develop sustainable competitive advantage: customer excellence: focuses on retaining loyal customers and excellent customer service. Step 1 of planning phase, define the mission and/or vision of the business: mission statement: a broad description of a firm"s objectives and scope of activities it plans to undertake. Demographic, social, technological, economic, and political forces (cdstep) Step 3: identify and evaluate opportunities using stp: for increasing sales and profits using segmentation, targeting and positioning. Market segment consists of consumers who respond similarly to a firm"s marketing efforts. Market segmentation is the process of diving the market into groups of customers with different needs, wants or characteristics: targeting.
