MKT 702 Chapter Notes - Chapter 2: Marketing Strategy, Customer Relationship Management, Strategic Planning
Document Summary
Smart competitor must design and deliver offerings for well-defined target markets at the beginning of planning process. Value creation and delivery can be divided into three phases. Choosing the value segment the market, select appropriate market target, and develop the offering"s value positioning. Providing the value determine specific product features, prices, and distribution. Communicating the value utilizing the sales force, sales promotion, advertising, and other promotional tools to inform and promote the product. Value chain: tool for identifying ways to create more customer value. Nine strategically relevant activities that create value and cost in a specific business: primary activities. Inbound logistics, or bringing materials into the business: operations, or converting materials into final products, outbound logistics, or shipping out final products, marketing, which includes sales, service. Specialized departments handle support activities: procurement, technology development, human resource management, firm infrastructure (e. g. cost of general management, planning, finance, accounting, legal, and government affairs)
