BU352 Lecture Notes - Lecture 2: Marketing Mix
BU-5 Lecture
Marketing Strategy
• Plan that identifies
o Firm’s target market
o Related marketing mix – 4 P’s
o The bases upon which the firm plans to build a sustainable competitive advantage
Macro Strategies for Developing Customer Value
• Customer Excellence
o Retain loyal customers
o Provide excellent customer service
• Operational Excellence
o Efficient Operations
o Strong Supplier Relationships
o Excellent Supply Chain and HR Management
• Product Excellence
o High Perceived Value
o Effective Branding and Positioning
• Locational Excellence
o Close to customers
o High density areas
Developing a Marketing Plan
1. Define the Business Mission and Objectives
a. Define what the Mission is, and how your company will achieve it
2. Conduct a Situation Analysis
a. Comparing the Strengths, Weaknesses, Opportunities, and Threats that the business will
face
3. Identify and Evaluating Opportunities by using STP
a. Segmentation
b. Targeting
c. Positioning
4. Implement Marketing Mix and Allocate Resources
a. Product and Service Strategy
b. Price Strategy
c. Promotion Strategy
d. Place Strategy
e. Target Market and Positioning
5. Evaluate Performance using Marketing Metrics
a. Use Financial performance metrics (revenue, sales, profits)
b. Use Social Responsibility Performance Metrics (impact to environment, etc.)
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Marketing strategy: plan that identifies, firm"s target market, related marketing mix 4 p"s, the bases upon which the firm plans to build a sustainable competitive advantage. Macro strategies for developing customer value: customer excellence, retain loyal customers, provide excellent customer service, operational excellence, efficient operations, strong supplier relationships, excellent supply chain and hr management, product excellence, high perceived value, effective branding and positioning. Locational excellence: close to customers, high density areas. Developing a marketing plan: define the business mission and objectives, define what the mission is, and how your company will achieve it, conduct a situation analysis, comparing the strengths, weaknesses, opportunities, and threats that the business will face. Identify and evaluating opportunities by using stp: segmentation, targeting, positioning. Price and value for money: exchange: product = money, customer perception of value. Place and value delivery: product must be readily accessible when and where the customer wants it.
