MKTG1001 Lecture Notes - Lecture 3: Marketing Strategy, Marketing Mix, Swot Analysis

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

Document Summary

Focus on ways to differentiate itself from its competitors, capitalising on strengths to deliver better value to customers. The marketing program: consists of the firm"s marketing mix ( the set of marketing tools that firm uses to implement its marketing strategy) Introduce x number of products into the markets: open x number of new stores, enter new markets, create awareness. New markets: market development, diversification, you just want to increase sales in existing markets with existing products. Over incentives: sales, buy one get one free: same product selling to more people, new consumers, new market. Most common technique is to expand geographically, i. e. to new countries. Look for other markets to tap: either improve product or extend range, essentially additions, line extensions -> introduce new product, improve product, most complex. > develop new products, category extensions (moving into a new product category), acquire or buy new business, add to portfolio.