MKTG 1001 Lecture Notes - Lecture 2: Marketing Mix
Document Summary
04 what is marketing strategy? (c2 v. 4 and earlier) What is marketing strategy: a marketing strategy identifies: An advantage over the competition that is not easily copied and can be maintained over time. Building a sustainable competitive advantage: customer excellence. Focusing on retaining loyal customers and excellent customer service: operational excellence. Focusing on efficient operations and excellent supply chain management: product excellence. Focusing on achieving high-quality products: location excellence. Focusing on providing the most convenient locations for business. Strategic marketing planning: developing a marketing plan. A marketing plan is a written document composed of three phases. Planning phase: defining a firm"s mission and evaluating how various players affect the firm"s potential for success. Implementation phase : identifying and evaluating opportunities and implementing the marketing mix. Control phase: evaluating performance and taking corrective actions. 05 strategic marketing planning: planning phase (c2 v. 4 and earlier: step 1: define the business mission.
