MKTG1001 Lecture Notes - Lecture 3: Market Environment, Marketing Intelligence, Marketing Strategy

• School: University of Sydney
• Department: Marketing
• Course: MKTG1001
• Professor: Jeaney

Document Summary

Goal of competitive advantage : profitable, unique, sustainable. Target markets, positioning, marketing mix, marketing expenditure levels how company intends to create value for target customers. Market share = company total sales / industry related. Habitual loyalty (companies that are first to market) Differentiation avenues which firms compete for sca: result in emphasis on innovation + product-related strategies key to. Strategy to create monopoly over segment of market represent by loyal customers (compete at individual product level: differentiation is the process of adding meaningful and valued differences to distinguish product from competition (kotler) Virgin (brand extended into multiple product categories: founder: richard branson (charisma and entrepreneurial flair, differentiates through, fun/enjoyment/humour, value for money, quality, innovation, competitive challenge, brilliant customer service. Creating significant innovations that turn old products ito new. Introducing new products that are better than original offering gain competitive advantage. Environmental analysis (observe changes/trends through research/insight) informs marketing strategies (use of 4ps) precursor to overall strategy.