MKTG 2030 Lecture Notes - Lecture 3: Sensitivity Analysis, Customer Retention, Mystery Shopping
Document Summary
Chapter 14: developing and implementing a marketing plan. If you fail to plan, you plan to fail . Businesses succeed because they are capable of developing and implementing superior strategies in the marketplace. Businesses develop plans at 3 levels: strategic, marketing, functional. The marketing plan is crucial to link the high-level strategic plan with the functional (or operational) plans developed by various functions such as sales, hr, production, and finance. Enables a business to set priorities regarding markets it wants to compete in (market segments), customers it wants to serve (target markets), and how it plans to serve those customers (marketing mix decisions) Without priorities, the company won"t have a viable product at a price customers are willing to pay. Underlying goal for a company is to create a competitive advantage. Competitive advantage the ability of a firm to outperform the competition, providing customers with a benefit the competition cannot. Success is earned; it is not a right.
